Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 685

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 685
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 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.

The
Company has the following main forms of revenue:

    –
    Healthcare
    Workforce;

    –
    Population
    Health

    –
    Digital
    Health

    –
    Behavioral
    and Mental Health Services

    –
    Health
    Education

The
Company primarily provides its services to state health and social service agencies and universities. Healthcare Workforce, Health Education
and 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
and Digital 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.

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

    Year Ended 

    December 31, 2024  
    December 31, 2023 
  
    Net revenues: 

    Healthcare workforce 
    $5,896,433  
    $4,259,292 
  
    Population health 
     1,659,804  
     715