Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 65

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 65
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 2025, and due to a strategic focus on streamlining our operations by reducing redundancies and optimizing our workforce.

Professional
Fees

Professional
fees primarily consisted of expenses incurred from business development, accounting, legal fees, and consulting activities. We incurred
$164,939 of professional fees for the three months ended June 30, 2025, compared to $141,456 for the three months ended June 30, 2024,
an increase of $23,483, or 17%. Professional fees increased in 2025 due to increased legal related costs from a settlement of an employment
claim in the current period, and increased accounting and audit fees.

5

Research
and Development Expenses

Research
and development expenses primarily consist of consulting expenses incurred to develop our technology-based solutions. We incurred $29,712
and $277,894 of research and development expenses for the three months ended June 30, 2025 and 2024, respectively, a decrease of $248,182,
or 89%, due to a decrease in consulting expenses incurred to develop our technology-based solutions.

Selling,
General and Administrative Expenses

SG&A
primarily consisted of marketing, rent, office, insurance, travel and repair and maintenance expenses incurred. We incurred $289,070
of SG&A expenses during the three months ended June 30, 2025, compared to $456,572 for the three months ended June 30, 2024, a decrease
of $167,502, or 37%. Our SG&A expenses decreased primarily due to our efforts to reduce overhead in 2025. SG&A included $33,626
and $32,132 of rent incurred in both periods from STVentures, LLC, an entity beneficially owned by our principal owners, our management
team and their affiliates, $46,372 and $65,185 of software expense, $119,747 and $197,836 of insurance, $6,846 and $33,739 of investor
relations, and $32,805 and $26,462 of subscription and membership fees for the three months ended June 30, 2025 and 2024, respectively.

Depreciation

We
incurred $5,978 of depreciation expense for the three months ended June 30, 2025, compared to $17,374 of depreciation expense for the
three months ended June 30, 2024, a decrease of $11,396, or 66%.