Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 14

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 14
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 be capable of withstanding examination by the taxing authorities based on the technical merits of the position.
These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification,
interest and penalties, accounting in interim periods, disclosure, and transition.

Various
taxing authorities may periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s
tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating
the exposures connected with various tax filing positions, including state and local taxes, the Company records allowances for probable
exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully
resolved. The Company has not yet undergone an examination by any taxing authorities. The Company
recognizes interest and penalties related to uncertain tax positions, if any, as an income tax expense.

The
assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s
various filing positions.

Reclassifications

Certain
prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no effect on the reported
results of operations.

Recent
Accounting Standards

From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.

Note
2 – Going Concern

As
shown in the accompanying financial statements, as of June 30, 2025, the Company had a cash balance of $2,305,924, working capital of
$2,377,430 and an accumulated deficit of $9,360,054 since inception. The Company is too early in its development stage to project revenue
with a necessary level of certainty. Therefore, the Company may not have sufficient funds to sustain its operations for the next twelve
months from the issuance date of these financial statements and may need to raise additional cash to fund its operations. These factors
raise substantial doubt about the Company’s ability to continue as a going concern. The Company has commenced sales and continues
to develop its operations. In the event sales do not