$SYRA
Syra Health Corp

2024 Q2 Form 10-Q Financial Statement

#000149315224018382 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $1.970M $1.752M $1.766M
YoY Change 100.99% 47.26% -68.56%
Cost Of Revenue $1.620M $1.573M $1.184M
YoY Change 90.55% 51.26% -74.01%
Gross Profit $350.0K $179.3K $582.0K
YoY Change 169.24% 19.52% -45.18%
Gross Profit Margin 17.77% 10.23% 32.95%
Selling, General & Admin $456.6K $402.3K $1.316M
YoY Change -49.27% -55.8% -58.05%
% of Gross Profit 130.45% 224.37% 226.07%
Research & Development $277.9K $277.5K $240.1K
YoY Change
% of Gross Profit 79.4% 154.81% 41.24%
Depreciation & Amortization $17.37K $12.55K $12.36K
YoY Change 73.74% 25.45% 23.6%
% of Gross Profit 4.96% 7.0% 2.12%
Operating Expenses $1.740M $1.623M $1.568M
YoY Change 91.25% 76.44% -50.24%
Operating Profit -$1.390M -$1.444M -$986.2K
YoY Change 78.25% 87.53% -52.81%
Interest Expense $100.00 $4.077K -$9.120K
YoY Change -100.5% -140.77% -67.97%
% of Operating Profit
Other Income/Expense, Net $97.00 -$3.096K
YoY Change -100.51% -72.88%
Pretax Income -$1.390M -$1.447M -$995.3K
YoY Change 73.78% 83.17% -53.01%
Income Tax
% Of Pretax Income
Net Earnings -$1.390M -$1.447M -$995.3K
YoY Change 73.78% 83.17% -53.01%
Net Earnings / Revenue -70.58% -82.58% -56.35%
Basic Earnings Per Share -$0.21 -$0.22
Diluted Earnings Per Share -$0.21 -$0.22 -$0.16
COMMON SHARES
Basic Shares Outstanding 6.422M shares 5.732M shares 13.92M shares
Diluted Shares Outstanding 6.602M shares 6.495M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.594M $3.238M $3.280M
YoY Change 3885.88% 439.66%
Cash & Equivalents $1.594M $3.238M $3.280M
Short-Term Investments
Other Short-Term Assets $391.0K $381.9K $389.8K
YoY Change 75.34%
Inventory
Prepaid Expenses $242.6K $233.5K $316.7K
Receivables $841.5K $827.8K $1.111M
Other Receivables $391.0K $381.9K $389.8K
Total Short-Term Assets $2.827M $4.448M $4.781M
YoY Change 334.9% 244.78% 235.11%
LONG-TERM ASSETS
Property, Plant & Equipment $60.17K $72.05K $142.2K
YoY Change -73.84% -73.32% 26.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $411.4K $103.9K $142.2K
YoY Change -64.23% -89.72% -84.08%
TOTAL ASSETS
Total Short-Term Assets $2.827M $4.448M $4.781M
Total Long-Term Assets $411.4K $103.9K $142.2K
Total Assets $3.238M $4.552M $4.923M
YoY Change 79.9% 97.89% 112.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.1K $645.6K $463.0K
YoY Change -24.23% 37.35%
Accrued Expenses $174.2K $319.7K $262.2K
YoY Change -32.99% -3.12% 9.65%
Deferred Revenue
YoY Change
Short-Term Debt $114.3K $99.02K $184.9K
YoY Change -61.89% -66.99%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $901.2K $1.102M $910.1K
YoY Change -26.13% 1.12% -41.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $244.7K $0.00
YoY Change
Total Long-Term Liabilities $244.7K $0.00 $0.00
YoY Change -83.24% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $901.2K $1.102M $910.1K
Total Long-Term Liabilities $244.7K $0.00 $0.00
Total Liabilities $1.146M $1.102M $910.1K
YoY Change -57.08% -53.69% -43.46%
SHAREHOLDERS EQUITY
Retained Earnings -$7.902M -$6.512M -$5.065M
YoY Change 138.17%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.092M $3.449M $4.013M
YoY Change
Total Liabilities & Shareholders Equity $3.238M $4.552M $4.923M
YoY Change 79.9% 97.89% 112.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.390M -$1.447M -$995.3K
YoY Change 73.78% 83.17% -53.01%
Depreciation, Depletion And Amortization $17.37K $12.55K $12.36K
YoY Change 73.74% 25.45% 23.6%
Cash From Operating Activities -$1.503M -$800.7K -$1.757M
YoY Change 159.18% 1501.49% 9.13%
INVESTING ACTIVITIES
Capital Expenditures $5.490K $5.619K $0.00
YoY Change -45.1% -43.81% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.490K -$5.619K $0.00
YoY Change -45.1% -43.81% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -134.9K $764.2K 5.019M
YoY Change -549.5% 17.58% 606.92%
NET CHANGE
Cash From Operating Activities -1.503M -$800.7K -1.757M
Cash From Investing Activities -5.490K -$5.619K 0.000
Cash From Financing Activities -134.9K $764.2K 5.019M
Net Change In Cash -1.644M -$42.12K 3.262M
YoY Change 193.5% -107.14% -422.98%
FREE CASH FLOW
Cash From Operating Activities -$1.503M -$800.7K -$1.757M
Capital Expenditures $5.490K $5.619K $0.00
Free Cash Flow -$1.509M -$806.4K -$1.757M
YoY Change 155.72% 1243.94% 2.15%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_z8Ho5y2QRslk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zEUU1ZPuh6gh">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SYRA HEALTH CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_ztt6pmuaE45c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zXrEcPxCmcf1">Concentrations of Credit Risk</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_iI_c20240331_zfTbk9PwTNo6" title="FDIC insured amount">250,000</span> under current regulations. The Company did not have any cash in excess of FDIC insured limits at March 31, 2024. The Company has not experienced any losses in such accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
5520 usd
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
5520 usd
CY2024Q1 us-gaap Revenues
Revenues
1752340 usd
CY2023Q1 us-gaap Revenues
Revenues
1188351 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3237957 usd
CY2024Q1 SYRA Working Capital
WorkingCapital
3345431 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6512005 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1455000 usd
CY2023Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5332283 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1925100 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28000 shares
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
148401 usd
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
73069 usd
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
233486 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
316718 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
381887 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
389787 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
76371 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
63826 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72048 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78974 usd
CY2024Q1 us-gaap Depreciation
Depreciation
12545 usd
CY2023Q1 us-gaap Depreciation
Depreciation
11763 usd
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
312576 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
148924 usd
CY2024Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
7122 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
50054 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
319698 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
198978 usd
CY2024Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1 pure
CY2024Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04 pure
CY2024Q1 SYRA Investment Retirement Account Contribution Expenses
InvestmentRetirementAccountContributionExpenses
26485 usd
CY2024Q1 SYRA Accrued Retirement Contributions
AccruedRetirementContributions
0 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
31373 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
121089 usd
CY2024Q1 SYRA Operating Lease Interest Expense
OperatingLeaseInterestExpense
759 usd
CY2023Q1 SYRA Operating Lease Interest Expense
OperatingLeaseInterestExpense
7438 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
32132 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
128527 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31826 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
63199 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
31826 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
63199 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
31826 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
63199 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0575 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0575 pure
CY2024Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
85883 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
4077 usd
CY2024Q1 us-gaap Notes Payable Current
NotesPayableCurrent
99021 usd
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
184904 usd
CY2024Q1 SYRA Recognized Expense
RecognizedExpense
18875 usd
CY2024Q1 SYRA Additional Recognized Expense At Vesting Period
AdditionalRecognizedExpenseAtVestingPeriod
48503 usd
CY2024Q1 SYRA Number Of Options Vested
NumberOfOptionsVested
0.25 pure
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.10 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0416 pure
CY2024Q1 SYRA Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExercisePrice
1.498
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
35945 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14140 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1367 usd
CY2024Q1 us-gaap Unamortized Discounts On Acceptances Executed
UnamortizedDiscountsOnAcceptancesExecuted
218760 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
140750 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
24000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.88
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
164750 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.83
CY2024Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P9Y5M1D

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