$SYRA
Syra Health Corp

2024 Q3 Form 10-Q Financial Statement

#000149315224030756 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $2.253M $1.970M $980.0K
YoY Change 42.49% 100.99% -17.65%
Cost Of Revenue $1.585M $1.620M $850.0K
YoY Change 54.37% 90.55% -21.3%
Gross Profit $668.3K $350.0K $130.0K
YoY Change 20.51% 169.24% 18.18%
Gross Profit Margin 29.66% 17.77% 13.27%
Selling, General & Admin $288.3K $456.6K $900.0K
YoY Change 23.16% -49.27% 23.29%
% of Gross Profit 43.14% 130.45% 692.31%
Research & Development $34.82K $277.9K
YoY Change
% of Gross Profit 5.21% 79.4%
Depreciation & Amortization $25.54K $17.37K $10.00K
YoY Change 106.69% 73.74%
% of Gross Profit 3.82% 4.96% 7.69%
Operating Expenses $1.097M $1.740M $910.0K
YoY Change 22.24% 91.25% 24.66%
Operating Profit -$428.9K -$1.390M -$780.0K
YoY Change 25.04% 78.25% 25.81%
Interest Expense $11.37K $100.00 -$20.00K
YoY Change -19.82% -100.5% 100.0%
% of Operating Profit
Other Income/Expense, Net $11.38K $97.00 -$18.85K
YoY Change -200.13% -100.51%
Pretax Income -$417.5K -$1.390M -$800.0K
YoY Change 17.82% 73.78% 26.98%
Income Tax
% Of Pretax Income
Net Earnings -$417.5K -$1.390M -$800.0K
YoY Change 17.82% 73.78% 26.98%
Net Earnings / Revenue -18.53% -70.58% -81.63%
Basic Earnings Per Share -$0.06 -$0.21 -$0.18
Diluted Earnings Per Share -$0.06 -$0.21 -$0.13
COMMON SHARES
Basic Shares Outstanding 6.612M shares 6.422M shares 4.379M shares
Diluted Shares Outstanding 7.265M shares 6.602M shares 4.379M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.697M $1.594M $40.00K
YoY Change 14877.57% 3885.88%
Cash & Equivalents $2.697M $1.594M $36.45K
Short-Term Investments
Other Short-Term Assets $483.0K $391.0K
YoY Change 195.73%
Inventory
Prepaid Expenses $409.9K $242.6K
Receivables $884.5K $841.5K $410.0K
Other Receivables $483.0K $391.0K $200.0K
Total Short-Term Assets $4.065M $2.827M $650.0K
YoY Change 228.83% 334.9%
LONG-TERM ASSETS
Property, Plant & Equipment $34.63K $60.17K $230.0K
YoY Change -62.09% -73.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $920.0K
YoY Change
Total Long-Term Assets $360.1K $411.4K $1.150M
YoY Change -73.73% -64.23%
TOTAL ASSETS
Total Short-Term Assets $4.065M $2.827M $650.0K
Total Long-Term Assets $360.1K $411.4K $1.150M
Total Assets $4.425M $3.238M $1.800M
YoY Change 69.75% 79.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $212.9K $500.1K $660.0K
YoY Change -77.68% -24.23%
Accrued Expenses $309.6K $174.2K $260.0K
YoY Change 12.75% -32.99%
Deferred Revenue
YoY Change
Short-Term Debt $240.2K $114.3K $300.0K
YoY Change -73.79% -61.89%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $877.8K $901.2K $1.220M
YoY Change -63.13% -26.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.460M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $216.6K $244.7K $0.00
YoY Change
Total Long-Term Liabilities $216.6K $244.7K $1.460M
YoY Change -85.12% -83.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $877.8K $901.2K $1.220M
Total Long-Term Liabilities $216.6K $244.7K $1.460M
Total Liabilities $1.094M $1.146M $2.670M
YoY Change -71.47% -57.08%
SHAREHOLDERS EQUITY
Retained Earnings -$8.320M -$7.902M
YoY Change 104.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.331M $2.092M -$876.0K
YoY Change
Total Liabilities & Shareholders Equity $4.425M $3.238M $1.800M
YoY Change 69.75% 79.9%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$417.5K -$1.390M -$800.0K
YoY Change 17.82% 73.78% 26.98%
Depreciation, Depletion And Amortization $25.54K $17.37K $10.00K
YoY Change 106.69% 73.74%
Cash From Operating Activities -$413.3K -$1.503M -$580.0K
YoY Change 11.09% 159.18% 31.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.490K $10.00K
YoY Change -100.0% -45.1% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$5.490K -$10.00K
YoY Change -100.0% -45.1% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.516M -134.9K 30.00K
YoY Change 330.87% -549.5% -95.24%
NET CHANGE
Cash From Operating Activities -413.3K -1.503M -580.0K
Cash From Investing Activities 0.000 -5.490K -10.00K
Cash From Financing Activities 1.516M -134.9K 30.00K
Net Change In Cash 1.103M -1.644M -560.0K
YoY Change -7291.07% 193.5% -411.11%
FREE CASH FLOW
Cash From Operating Activities -$413.3K -$1.503M -$580.0K
Capital Expenditures $0.00 $5.490K $10.00K
Free Cash Flow -$413.3K -$1.509M -$590.0K
YoY Change 12.53% 155.72% 31.11%

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<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zKInUKdqQkNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zG52BQtooKK6">Concentrations of Credit Risk</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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_901_eus-gaap--CashFDICInsuredAmount_iI_c20240630_zPLccIvrTjd6" title="FDIC insured amount">250,000</span> under current regulations. The Company did not have any cash in excess of FDIC insured limits at June 30, 2024. The Company has not experienced any losses in such accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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28000 shares
CY2024Q2 us-gaap Prepaid Taxes
PrepaidTaxes
148401 usd
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
73069 usd
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
242618 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
316718 usd
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
391019 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
389787 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
93746 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
63826 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60166 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78974 usd
us-gaap Depreciation
Depreciation
29919 usd
us-gaap Depreciation
Depreciation
24056 usd
CY2024Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
156163 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
148924 usd
CY2024Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
18054 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
50054 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
174217 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
198978 usd
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1 pure
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04 pure
SYRA Investment Retirement Account Contribution Expenses
InvestmentRetirementAccountContributionExpenses
52676 usd
SYRA Investment Retirement Account Contribution Expenses
InvestmentRetirementAccountContributionExpenses
44189 usd
CY2024Q2 SYRA Accrued Retirement Contributions
AccruedRetirementContributions
0 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
63199 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
121089 usd
SYRA Operating Lease Interest Expense
OperatingLeaseInterestExpense
1064 usd
SYRA Operating Lease Interest Expense
OperatingLeaseInterestExpense
7438 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
64263 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
128527 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
351193 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
63199 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
106458 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
63199 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
244735 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
351193 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
63199 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0925 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0575 pure
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
134505 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
134505 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
134505 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
403515 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
52322 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
351193 usd
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y
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
SYRA Recognized Expense
RecognizedExpense
37750 usd
SYRA Additional Recognized Expense At Vesting Period
AdditionalRecognizedExpenseAtVestingPeriod
29628 usd
SYRA Number Of Options Vested
NumberOfOptionsVested
0.25 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
45958 usd
CY2024Q2 us-gaap Unamortized Discounts On Acceptances Executed
UnamortizedDiscountsOnAcceptancesExecuted
213327 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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
32000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
12000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
160750 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.85
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P9Y2M26D

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