Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 720

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 720
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142,725 and
$117,816 of rent incurred from STVentures, LLC, an entity beneficially owned by our principal owners, our management team and their affiliates,
$456,327 and $154,347 of insurance for the years ended December 31, 2024, and 2023, respectively. Stock based compensation expense increased
to $131,180 during the year ended December 31, 2024 compared to $32,831 in the year ended December 31, 2023.

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Depreciation

We
incurred $62,738 of depreciation expense for the year ended December 31, 2024, compared to $48,771 of depreciation expense for the year
ended December 31, 2023, an increase of $13,967, or 29%. Depreciation increased as we expanded our office space and placed additional
office equipment into service during 2023.

Other
Income (Expense)

For
the year ended December 31, 2024, other expense on a net basis consisted of $15,600 of interest incurred on insurance finance charges,
partially offset by $21,247 of interest income. For the year ended December 31, 2023, other expense on a net basis consisted of $53,686
of interest incurred on the line of credit that we entered into in 2022, convertible promissory notes payable, and insurance finance
charges, as partially offset by $2,942 of interest income.

Net
Loss

Our
net loss for the year ended December 31, 2024, was $3,759,238, compared to a net loss of $2,938,343 for the year ended December 31, 2023,
an increase of $820,895. Net loss increased primarily due to the increase in salary costs related to expanded operations in 2023.

Liquidity
and Capital Resources

We
believe that our existing sources of liquidity, along with cash expected to be generated from sales and services, will not be sufficient
to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least the next twelve
months from the issuance of the financial statements included elsewhere in this annual report. In the event we are unable to achieve
profitable operations in the near term, we may require additional equity and/or debt financing; however, we cannot provide assurance
that such financing will be available to us on favorable terms, or at