Syra Health Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Syra Health Corp has filed its 2023 10-K report, detailing financial performance and key corporate events including its IPO.</b>

AI Summary

Syra Health Corp (SYRA) filed a Annual Report (10-K) with the SEC on March 25, 2024. Syra Health Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Employment Agencies sector (SIC 7361). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key dates mentioned include the IPO on October 3, 2023. The report details customer concentration risks, specifically mentioning the Family and Social Services Administration.

Why It Matters

For investors and stakeholders tracking Syra Health Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Syra Health Corp's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The inclusion of specific customer data and risk factors, such as concentration with the Family and Social Services Administration, offers insight into potential revenue stability and market dependencies.

Risk Assessment

Risk Level: medium — Syra Health Corp shows moderate risk based on this filing. The company's reliance on specific customers, such as the Family and Social Services Administration, presents a medium risk due to potential revenue disruption if these relationships change.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Syra Health Corp's revenue streams and potential vulnerabilities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-25 — Filing Date (Date of submission)
• 2023-10-03 — IPO Date (Key corporate event date)

Key Players & Entities

• Syra Health Corp (company) — Filer name
• SYRA (company) — Ticker symbol
• 10-K (filing) — Form type
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• 7361 (industry_code) — Standard Industrial Classification
• Family and Social Services Administration (company) — Customer mentioned in risk factors
• 2023-10-03 (date) — IPO date

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company's revenue may be significantly impacted by its reliance on a small number of customers, including the Family and Social Services Administration.

Industry Context

Syra Health Corp operates within the employment agencies sector, focusing on healthcare workforce solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends and profitability.
2. Assess the impact of customer concentration risk on future revenue stability.
3. Review the company's business strategy and growth prospects outlined in the report.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the period covered by the annual report.
• 2024-03-25: Filing Date — Date the 10-K report was officially submitted to the SEC.
• 2023-10-03: IPO Date — Significant event marking the company's public debut.

Year-Over-Year Comparison

This is the company's 2023 Form 10-K filing, providing the most recent annual financial and operational data.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share SYRA The Nasdaq Capital M
• $5.5 million — lthough we have generated approximately $5.5 million and $5.6 million of revenues for the ye
• $5.6 million — enerated approximately $5.5 million and $5.6 million of revenues for the years ended Decembe
• $515,250 — l information. We recognized revenue of $515,250 related to SyraBot during the year ende
• $1,246,000 — ent, we may receive up to approximately $1,246,000. The Mental Health Agreement may be ter
• $305,000 — g the date of termination. We generated $305,000 and $306,000, or 6% and 5% ,of our net
• $306,000 — termination. We generated $305,000 and $306,000, or 6% and 5% ,of our net revenues purs
• $715,499 — ecember 31, 2023 and 2022, we generated $715,499 and $318,036 of revenue, respectively,
• $318,036 — 023 and 2022, we generated $715,499 and $318,036 of revenue, respectively, from such ser

Filing Documents

• form10-k.htm (10-K) — 1248KB
• ex4-1.htm (EX-4.1) — 15KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• ex97-1.htm (EX-97.1) — 77KB
• form10-k_001.jpg (GRAPHIC) — 26KB
• ex23-1_001.jpg (GRAPHIC) — 7KB
• image_001.jpg (GRAPHIC) — 7KB
• 0001493152-24-011121.txt (&nbsp;) — 6176KB
• syra-20231231.xsd (EX-101.SCH) — 41KB
• syra-20231231_cal.xml (EX-101.CAL) — 59KB
• syra-20231231_def.xml (EX-101.DEF) — 196KB
• syra-20231231_lab.xml (EX-101.LAB) — 412KB
• syra-20231231_pre.xml (EX-101.PRE) — 340KB
• form10-k_htm.xml (XML) — 698KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 41 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accountant Fees and Services 41 PART IV Item 15. Exhibits and Financial Statement Schedules 42 Item 16. Form 10-K Summary 44

SIGNATURES

SIGNATURES 45 -1- Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. All statements other than statements of historical facts contained in this Annual Report on Form 10-K are forward-looking statements. The forward-looking statements in this Annual Report on Form 10-K are only predictions. In some cases, you can identify these forward-looking statements by terms such as "anticipate," "believe," "continue," "could," "depends," "estimate," "expects," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other similar expressions, although not all forward-looking statements contain those words. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements include, but are not limited to, statements concerning the following: our projected financial position and estimated cash burn rate; our estimates regarding expenses, future revenues and capital requirements; our ability to continue as a going concern; our need to raise substantial additional capital to fund our operations; our ability to compete in the healthcare industry; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including offerings and pricing; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in th

View Full Filing

View this 10-K filing on SEC EDGAR