Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 47

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 47
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 inputs to valuation methodology are unobservable and significant to the fair measurement.

The
carrying value of the Company’s financial assets and liabilities, such as cash, accounts receivable and accounts payable are estimated
by management to approximate fair value primarily due to the short-term nature of the instruments. The Company’s advances from
related party approximates the fair value of such instruments based upon management’s best estimate of interest rates that would
be available to the Company for similar financial arrangements at December 31, 2024 and December 31, 2023.

Cash
and Cash Equivalents

Cash
equivalents include money market accounts which have maturities of three months or less when acquired. For the purpose of the statements
of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.
Cash equivalents are stated at cost plus accrued interest, which approximates market value. There were $1,749,977 cash equivalents on
hand at December 31, 2024, consistent of certificates of deposit with maturities of three months or less. There were no cash equivalents
at December 31, 2023.

Accounts
Receivable

Accounts
receivable is carried at their estimated collectible amounts. Accounts receivable is periodically evaluated for collectability based
on past credit history with customers and their current financial condition. The Company had an allowance of $5,520 at December 31, 2024
and December 31, 2023.

    F-7

Property
and Equipment

Property
and equipment is stated at cost, less accumulated depreciation. The cost of office equipment is depreciated using the straight-line method
based on a five-year life expectancy.

Repairs
and maintenance expenditures are charged to operations as incurred. Major improvements and replacements, which extend the useful life
of an asset, are capitalized and depreciated over the remaining estimated useful life of the asset. When assets are retired or sold,
the cost and related accumulated depreciation are eliminated, and any resulting gain or loss is reflected in operations.

Impairment
of Long-Lived Assets

In
accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets
such as property and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and