Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 10

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 10
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; (4) allocate
the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance
obligation.

The Company accounts for
revenues when both parties to the contract have approved the contract, the rights and obligations of the parties are identified, payment
terms are identified, and collectability of consideration is probable. Payment terms vary by client and the services offered.

    F-7

The Company has the following
main forms of revenue:

    –
    Healthcare Workforce

    –
    Population Health

    –
    Behavioral and Mental Health Services

The Company primarily provides its services to state
health and social service agencies and universities. Healthcare Workforce, Behavioral Mental Health Service contracts are primarily accounted
for as a single performance obligation satisfied over time because the customer simultaneously receives and consumes the benefits of our
medical staffing on an hourly or daily basis. Population Health contracts generally consist of multiple performance obligations that are
distinct, such as to provide data analytics and reporting, training, or develop technology for implementation and maintenance with the
customer. The Company allocates the transaction price across the performance obligations based on the estimated fair value of the distinct
performance obligations. Depending on the performance obligation, revenue is recognized at a point in time when the customer obtains the
benefit of the services are provide, or over time in the case of digital health revenue where the customer simultaneously receives and
consumes benefits of the contract, such as ongoing performance of our technology product. As of March 31, 2025 and December 31, 2024, the Company had remaining performance obligations of $599,213
and $16,610, primarily related to the Company’s Population Health revenue, that are expected to be satisfied within the next 12
months, included in Deferred Revenue on the Company’s balance sheets.

The contracts
generally stipulate bi-weekly or monthly billing, and the Company has elected the “as invoiced” practical expedient to recognize
revenue based on the hours incurred at the contractual rate as the Company has the right to payment in an amount that corresponds directly
with the value of performance completed to date. The Company may also be subject to penalties for violations of certain ethical standards
and non-performance measures within these state contracts. The Company recognizes revenue net of penalties.

Disaggregated revenue
data

The Company’s revenue
consists of the following revenue services within its industry:

 Schedule of Disaggregation of Revenue