Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 48

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 48
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 -  
     22,095 
  
    Net revenues 
    $3,803,973  
    $3,722,021 

    June 30, 2025  
    June 30, 2024 

    Three Months Ended 

    June 30, 2025  
    June 30, 2024 
  
    Net revenues: 

    Healthcare workforce 
    $362,447  
    $1,416,234 
  
    Population health 
     1,583,752  
     533,025 
  
    Behavioral and mental services 
     -  
     20,422 
  
    Net revenues 
     -  
     20,422 

    Net revenues 
    $1,946,199  
    $1,969,681 

Cost
of Services

The
cost of services includes wages and related payroll taxes, employee benefits and certain other employee-related costs of the Company’s
contract service employees, while the employees work on contract assignments.

Significant
Concentrations

The
majority of accounts receivable and revenue contracts are between the Company and different divisions within the Indiana Family and Social
Services Administration (“FSSA”). Most contracts require monthly payments as the projects progress. The Company generally
does not require collateral or advance payments. For the six months ended June 30, 2025 and 2024, FSSA accounted for approximately 35%
and 64% of revenues, respectively, which was derived through a combination of divisions within the State of Indiana, including the FSSA-NeuroDiagnostic
Institute, representing $607,985 and $2,225,628 of the Company’s Healthcare Workforce revenue for six months ended June 30, 2025
and 2024, respectively, and the FSSA-Division of Mental Health and Addiction and FSSA-HSCP, representing $915,882 and $172,000 of the
Company’s Population Health revenues for the six months ended June 30, 2025 and 2024, respectively. Additionally, for the six months
ended June 30, 2025, Humana, Inc accounted for approximately 24% of the Company’s Population Health revenue. In addition, the combined
divisions of the FSSA, Coordinated Care Corporation (doing business as Managed Health Services, owed 40% of the Company’s accounts