Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 14

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 14
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 that the Company will be successful in achieving these objectives.

The Company continues to pursue
sources of additional capital through debt and financing transactions or arrangements, including equity financing or other means.
The Company may not be successful in identifying suitable funding transactions in a sufficient time period or at all, and may not
obtain the required capital by other means. If the Company does not succeed in raising additional capital, resources may not be
sufficient to fund its business. The Company’s ability to scale production and distribution capabilities and further increase
the value of its brands, is largely dependent on its success in raising additional capital. From January through April of 2023, the
Company raised a total of $1,455,000
of capital from the sale of convertible notes. On October 3, 2023 the Company completed its IPO and received net proceeds of $5,332,283.
In October 2023, the convertible notes were converted into Class A common stock in accordance with the terms of the convertible
promissory notes as a result of the IPO.

On September 11, 2024, the Company completed a public
offering and received net proceeds of $1,619,021.

The financial statements do not include any adjustments
that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. These financial
statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts
and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 3 – Related Party Transactions

Office Lease

The Company
leases its current corporate headquarters under a fourteen month lease from STVentures, LLC (“STVentures”), an entity
beneficially owned by the principal owners and the management team of Syra and their affiliates.
The lease commenced on July 1, 2021 and as amended on May 1, 2022, provides for a base monthly rent of $10,711 over the three3-year term
of the lease. The lease was further amended on June 26, 2024, and provides for a base monthly rent of $11,209 over the additional three3-year
term of the lease. The lease was also amended on March 3, 2025, and provides for a base monthly rent of $11,209 through August 31, 2025.
A total of $33,626 and $32,132 was included in selling