Core Viewpoint - Syra Health Corp. has been recommended for contract negotiations to implement Indiana's Child Mental Health Wraparound Access Site, valued at $5.8 million over three years, with a potential one-year extension [1][2]. Company Overview - Syra Health is a healthcare technology company focused on improving health through innovative technology products and services, particularly in mental health, population health, and healthcare workforce [4]. - The company emphasizes prevention, access, and affordability in its healthcare solutions, aiming to advance healthcare nationwide and globally [4]. Contract Details - The contract with the Indiana Department of Administration involves Syra Health serving as the statewide access point for families and providers in the Child Mental Health Wraparound program [3]. - Syra Health will subcontract 23.5% of the total contract value to other Indiana-based companies, indicating a commitment to local partnerships [1]. Strategic Importance - This initiative is part of Indiana's broader strategy to enhance care coordination and improve mental health outcomes for children across the state [3]. - Syra Health has a proven track record of executing complex health initiatives for state and local governments, showcasing its capability in delivering comprehensive health solutions [2].

Core Points - Syra Health Corp. is initiating a national search for a new CEO to succeed Dr. Deepika Vuppalanchi, who will serve as interim CEO during the transition [1][2] - This leadership change is part of a strategic succession plan aimed at positioning the company for future growth in the healthcare sector [2] - The Board expresses gratitude to Dr. Vuppalanchi for her contributions and plans for her continued involvement in the leadership team post-CEO appointment [3] Company Overview - Syra Health is a healthcare technology company focused on improving health in areas such as mental health, population health, and the healthcare workforce [4] - The company emphasizes prevention, access, and affordability through its innovative technology products and services [4] - Syra Health is committed to advancing healthcare solutions both nationally and globally [4]

[Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) Syra Health reported 6% YoY revenue growth to **$1.9 million**, driven by Population Health, with gross margins improving to **31.7%** and net loss narrowing Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 ($) | Q1 2024 ($) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1.9 million | $1.8 million | +6% YoY | | Gross Margin | 31.7% | 17.1% | +14.6 p.p. | | Operating Expense | $1.1 million | $1.7 million | -39% YoY | | Net Loss | ($472,000) | ($1.4 million) | +67% Improvement | | EPS (diluted) | ($0.04) | ($0.22) | +81.8% Improvement | - The Population Health business unit was the primary growth driver, with revenues reaching **$1.2 million**, a **261% increase** from **$333,000** in Q1 2024[4](index=4&type=chunk)[6](index=6&type=chunk) - This segment now constitutes **65% of total revenues**, up from **19%** in the prior year[4](index=4&type=chunk)[6](index=6&type=chunk) - As of March 31, 2025, the company reported a cash balance of **$2.5 million** and no long-term debt[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO highlighted strong Q1 momentum, attributing revenue growth and margin expansion to a strategic pivot towards higher-margin business units - The CEO emphasized that the strong Q1 momentum, including revenue growth and margin expansion, was driven by a strategic focus on higher-margin business units[5](index=5&type=chunk) - The success of the Population Health unit is cited as proof of the effectiveness of the company's refined go-to-market strategy[5](index=5&type=chunk) - The company remains focused on operational efficiency, innovative digital health solutions, and long-term value creation[5](index=5&type=chunk) [2025 Financial Outlook](index=1&type=section&id=2025%20Financial%20Outlook) Syra Health withdrew its 2025 financial guidance due to federal budgetary revisions impacting government customers and market variability - The company has withdrawn its **2025 financial guidance**[4](index=4&type=chunk) - The decision was prompted by ongoing federal budgetary revisions affecting government agency customers and the resulting variability in the healthcare market[4](index=4&type=chunk) [Recent Operational Highlights](index=1&type=section&id=Recent%20Operational%20Highlights) Syra Health is prioritizing higher-margin Population Health and Behavioral/Mental Health units, expanding into the private sector, and securing significant new contracts - The company is prioritizing higher-margin business units (Population Health, Behavioral and Mental Health) and expanding into the private sector[4](index=4&type=chunk) - Secured a **$2.5 million** Population Health contract with a major insurance provider, set to renew for two additional years at the same value[4](index=4&type=chunk) - Obtained a one-year, **$1.5 million** contract extension with Indiana FSSA NeuroDiagnostic Institute[4](index=4&type=chunk) - Awarded a **$660,000** Population Health contract extension to support a national healthcare organization's HEDIS® program[11](index=11&type=chunk) - Launched specialized content within the Syrenity platform to support individuals with Post-Traumatic Stress Disorder (PTSD)[11](index=11&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents Syra Health's unaudited consolidated financial statements for Q1 2025, including Balance Sheets, Statements of Operations, and Cash Flows [Balance Sheets](index=3&type=section&id=BALANCE%20SHEETS) As of March 31, 2025, Syra Health reported total assets of **$3.72 million**, total liabilities of **$1.27 million**, and cash of **$2.49 million** Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | $2,490,585 | $2,395,405 | | Total current assets | $3,647,229 | $3,352,795 | | Total assets | $3,722,550 | $3,679,332 | | Total current liabilities | $1,265,914 | $613,549 | | Total liabilities | $1,265,914 | $800,761 | | Total stockholders' equity | $2,456,636 | $2,878,571 | [Statements of Operations](index=4&type=section&id=STATEMENTS%20OF%20OPERATIONS) For Q1 2025, Syra Health generated net revenues of **$1.86 million**, with gross profit nearly doubling and a net loss of **($472,265)** Statement of Operations Summary (Unaudited) | Account | For the Three Months Ended March 31, 2025 ($) | For the Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net revenues | $1,857,774 | $1,752,340 | | Gross profit | $589,156 | $299,779 | | Total operating expenses | $1,062,490 | $1,743,733 | | Operating loss | ($473,334) | ($1,443,954) | | Net loss | ($472,265) | ($1,447,050) | | Net loss per common share | ($0.04) | ($0.22) | [Statements of Cash Flows](index=5&type=section&id=STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2025, Syra Health generated positive cash flow from operating activities of **$158,231**, a significant turnaround, with cash increasing to **$2.49 million** Cash Flow Summary (Unaudited) | Account | For the Three Months Ended March 31, 2025 ($) | For the Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $158,231 | ($800,745) | | Net cash used in investing activities | $0 | ($5,619) | | Net cash provided by/(used in) financing activities | ($63,051) | $764,246 | | Net change in cash and cash equivalents | $95,180 | ($42,118) | | Cash and cash equivalents at end of period | $2,490,585 | $3,237,957 | [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) Syra Health provides Adjusted EBITDA, a non-GAAP measure, to supplement GAAP results, reporting **($462,239)** for Q1 2025, a significant improvement - The company uses the non-GAAP measure Adjusted EBITDA for internal analysis and believes it is useful for investors to benchmark performance[18](index=18&type=chunk) Reconciliation of Adjusted EBITDA to Net Loss (Unaudited) | Metric | Q1 2025 ($) | Q1 2024 ($) | | :--- | :--- | :--- | | Net Loss | ($472,265) | ($1,447,050) | | Interest expense | $3,229 | $4,077 | | Depreciation expense | $6,797 | $12,545 | | Taxes | $0 | $0 | | **Adjusted EBITDA** | **($462,239)** | **($1,430,428)** |

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Syra Health Corp.'s unaudited condensed financial statements and notes for periods ended March 31, 2025, and December 31, 2024 [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets%20as%20of%20March%2031%2C%202025%20(Unaudited)%20and%20December%2031%2C%202024) Balance Sheet Data | Metric | March 31, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $2,490,585 | $2,395,405 | | Accounts receivable, net | $945,856 | $680,827 | | Total current assets | $3,647,229 | $3,352,795 | | Total assets | $3,722,550 | $3,679,332 | | Accounts payable | $325,027 | $101,690 | | Deferred revenue | $599,213 | $16,611 | | Total current liabilities | $1,265,914 | $613,549 | | Total liabilities | $1,265,914 | $800,761 | | Total stockholders' equity (deficit) | $2,456,636 | $2,878,571 | | Accumulated deficit | $(9,296,458) | $(8,824,193) | - **Total assets** increased slightly from **$3,679,332** at December 31, 2024, to **$3,722,550** at March 31, 2025 **Current assets** saw an increase, primarily driven by higher **accounts receivable** and **cash**[13](index=13&type=chunk) - **Total liabilities** significantly increased from **$800,761** to **$1,265,914**, mainly due to a substantial rise in **accounts payable** and **deferred revenue** **Stockholders' equity** decreased from **$2,878,571** to **$2,456,636**, and the **accumulated deficit** worsened from **$(8,824,193)** to **$(9,296,458)**[13](index=13&type=chunk) [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations%20for%20the%20Three%20Months%20ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) Statements of Operations Data | Metric | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net revenues | $1,857,774 | $1,752,340 | +6.02% | | Cost of services | $1,268,618 | $1,452,561 | -12.66% | | Gross profit | $589,156 | $299,779 | +96.53% | | Total operating expenses | $1,062,490 | $1,743,733 | -39.07% | | Operating loss | $(473,334) | $(1,443,954) | +67.22% | | Net loss | $(472,265) | $(1,447,050) | +67.36% | | Net loss per common share - basic and diluted | $(0.04) | $(0.22) | +81.82% | - **Net revenues** increased by **6%** year-over-year, reaching **$1,857,774** in Q1 2025 **Gross profit** nearly doubled, increasing by **96.53%** due to a significant decrease in the **cost of services**[15](index=15&type=chunk) - The company significantly reduced its **net loss** by **67.36%**, from **$(1,447,050)** in Q1 2024 to **$(472,265)** in Q1 2025, primarily driven by lower **operating expenses** and improved **gross profit** Basic and diluted **net loss per share** improved from **$(0.22)** to **$(0.04)**[15](index=15&type=chunk) [Statements of Changes in Stockholders' Equity (Deficit)](index=7&type=section&id=Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)%20for%20the%20Three%20Months%20ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) Stockholders' Equity Data | Item | March 31, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :------------- | :---------------- | | Class A Common Stock Shares | 11,339,169 | 8,979,204 | | Class A Common Stock Amount | $11,339 | $8,979 | | Convertible Class B Common Stock Shares | 600,000 | 833,334 | | Convertible Class B Common Stock Amount | $600 | $833 | | Additional Paid-in Capital | $11,741,155 | $11,692,952 | | Accumulated Deficit | $(9,296,458) | $(8,824,193) | | Total Stockholders' Equity (Deficit) | $2,456,636 | $2,878,571 | - During Q1 2025, **Class A common stock shares** increased significantly due to the conversion of **233,334 Class B shares** into **2,333,340 Class A shares** and the exercise of **warrants** **Total stockholders' equity** decreased from **$2,878,571** to **$2,456,636**, primarily due to the **net loss** incurred during the period[18](index=18&type=chunk)[77](index=77&type=chunk)[83](index=83&type=chunk) [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) Cash Flow Data | Cash Flow Activity | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by/(used in) operating activities | $158,231 | $(800,745) | | Net cash used in investing activities | $0 | $(5,619) | | Net cash provided by/(used in) financing activities | $(63,051) | $764,246 | | NET CHANGE IN CASH AND CASH EQUIVALENTS | $95,180 | $(42,118) | | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $2,490,585 | $3,237,957 | - **Operating activities** generated **$158,231** in **cash** in Q1 2025, a significant improvement from the **$(800,745)** **cash** used in Q1 2024, reflecting better working capital management and reduced expenses[21](index=21&type=chunk)[109](index=109&type=chunk) - **Cash** used in **financing activities** was **$(63,051)** in Q1 2025, primarily due to repayments on **notes payable**, contrasting with **$764,246** provided by **financing activities** in Q1 2024, which included substantial proceeds from **warrant** exercises[21](index=21&type=chunk)[112](index=112&type=chunk) [Notes to the Condensed Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements%20(Unaudited)) [Note 1 – Nature of Business and Significant Accounting Policies](index=10&type=section&id=Note%201%20%E2%80%93%20Nature%20of%20Business%20and%20Significant%20Accounting%20Policies) - Syra Health Corp provides workforce staffing solutions, health education, and healthcare research consulting services to mental health hospitals and organizations, including government agencies, integrated health networks, managed care entities, and pharmaceutical manufacturers[23](index=23&type=chunk) - The financial statements are prepared in accordance with U.S GAAP, with certain disclosures omitted as permitted for interim reports on Form 10-Q Management's estimates and assumptions are used, and actual results may differ[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $1,900,000, reflecting a 6% annual growth compared to Q1 2024 [6][20] - Gross margin expanded by 14.6 percentage points to 31.7%, driven by increased contributions from the Population Health business unit [7][22] - Net loss for Q1 2025 improved to $472,000, a reduction of over two-thirds compared to a net loss of $1,400,000 in Q1 2024 [13][23] Business Line Data and Key Metrics Changes - Population Health business unit revenue reached $1,200,000, showing significant year-over-year growth [20] - Healthcare Workforce revenue decreased to $655,000 from $1,400,000 in the previous year, indicating a strategic phase-out of less favorable contracts [20][21] - Behavioral and Mental Health business unit is experiencing growth due to increased user adoption of the Serenity app [21] Market Data and Key Metrics Changes - The company is facing delays and cancellations in contracts due to federal government budget cuts affecting state and local agencies [15][33] - The company is actively pursuing new contracts in both public and private sectors to mitigate revenue impacts from federal changes [17][34] Company Strategy and Development Direction - The company is focusing on high-margin, recurring revenue streams, particularly in Population Health and Behavioral and Mental Health [26] - A strategic decision was made to voluntarily delist from NASDAQ to reduce costs and improve focus on core fundamentals [12] - The company is consolidating its business units from five to three core units to streamline operations [19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth despite current challenges, emphasizing a commitment to operational efficiency and innovation [26] - The company withdrew its previously issued guidance for revenue growth and profitability due to uncertainties in the healthcare industry [24] Other Important Information - Cash on hand as of March 31, 2025, was $2,500,000 [24] - The company is negotiating with healthcare workforce partners to ramp up high-value contracts while allowing less desirable contracts to expire [17] Q&A Session Summary Question: What should we expect from the company now that it's traded on the OTC markets? - The company will maintain transparency and continue to provide timely updates on contract wins and quarterly results [28] Question: Should investors be concerned about the lack of revenue from the Indiana FSSA Neurodiagnostic Institute? - A one-year contract extension valued at $1,500,000 was secured, reflecting continued confidence in the company's services [29] Question: What is the status of the two federal contracts announced in early 2024? - The company is partnered with Kaduchis on a federal contract vehicle, but no task orders have been issued yet [30][32] Question: Have federal level changes affected the business? - Yes, federal changes have led to project delays and potential revenue impacts, but the company remains focused on high-margin revenue growth [33][34]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $1,900,000, reflecting a 6% annual growth compared to Q1 2024 [6][18] - Gross margin expanded by 14.6 percentage points to 31.7%, driven by increased contribution from the Population Health business unit [7][20] - Net loss for Q1 2025 improved to $472,000, a reduction of over two-thirds compared to a net loss of $1,400,000 in Q1 2024 [12][21] Business Line Data and Key Metrics Changes - Population Health business unit revenue reached $1,200,000, showing significant year-over-year growth [18] - Healthcare Workforce revenue decreased to $655,000 from $1,400,000 in the previous year, indicating a focus on phasing out less favorable contracts [18][19] - Behavioral and Mental Health business unit is experiencing growth due to increased user adoption of the Serenity app [19] Market Data and Key Metrics Changes - The company is facing delays and cancellations in contracts due to federal funding cuts impacting state and local government budgets [14][34] - A one-year contract extension valued at $1,500,000 was secured from the Indiana Neurodiagnostic Institute, reflecting continued confidence in the company's services [15][29] Company Strategy and Development Direction - The company is focusing on high-margin, recurring revenue streams, particularly in Population Health and Behavioral and Mental Health [25] - A strategic decision was made to voluntarily delist from NASDAQ to reduce costs and improve focus on core fundamentals [11] - The company is expanding into the private sector for staffing solutions, targeting companies to broaden its addressable market [15] Management Comments on Operating Environment and Future Outlook - Management acknowledged the impact of federal-level changes on revenue and contract awards, leading to a cautious outlook for 2025 [23][34] - The company is committed to maintaining transparency and discipline in communications despite the transition to OTC markets [27] - Future growth is expected to be driven by a refined focus on innovative solutions and operational efficiencies [25] Other Important Information - The company consolidated its five business units into three core units for streamlined operations [17] - Cash on hand as of March 31, 2025, was $2,500,000 [22] Q&A Session Summary Question: What should we expect from the company now that it's traded on the OTC markets? - The company will maintain transparency and continue to provide timely updates on contract wins and quarterly results [27] Question: Should investors be concerned about the lack of revenue from the Indiana FSSA Neurodiagnostic Institute? - A one-year contract extension valued at $1,500,000 was secured, and the company is shifting focus towards higher margin opportunities [29] Question: What is the status of the two federal contracts announced in early 2024? - The company is partnered with Kaduchis on a federal contract vehicle, but no task orders have been issued yet [33] Question: Have federal level changes affected the business? - Yes, federal changes have led to project delays and potential revenue impacts, but the company remains optimistic about expanding in state and local government contracts [34]

Core Insights - Syra Health Corp. reported a total revenue of $1.9 million for Q1 2025, reflecting a 6% increase from $1.8 million in Q1 2024, primarily driven by a 261% year-over-year growth in the Population Health segment [6][7] - The gross margin improved significantly to 31.7%, up 14.6 percentage points from 17.1% in the prior year, attributed to a shift towards higher-margin contracts [8][10] - The company achieved a net loss reduction to $472,000 in Q1 2025, compared to a net loss of $1.4 million in Q1 2024, indicating a substantial improvement in operational efficiency [10][9] Financial Highlights - Total revenue for Q1 2025 was $1.9 million, a 6% increase from $1.8 million in Q1 2024 [6][7] - Population Health revenues reached $1.2 million, more than tripling from $333,000 in Q1 2024, contributing to 65% of total revenues [6][7] - Gross profit margin expanded to 31.7%, up from 17.1% in the previous year [8] - Operating expenses decreased by 39% year-over-year to $1.1 million [9] - Adjusted EBITDA improved to ($462,000) from ($1.4 million) in the prior year [9] Operational Highlights - The company secured a $2.5 million contract with a major insurance provider to enhance member health plans [6] - A one-year, $1.5 million contract extension was obtained with the Indiana FSSA NeuroDiagnostic Institute [6] - A $660,000 contract extension was awarded to improve quality and reduce costs through data analysis [6] - Launched specialized content within Syrenity for individuals living with PTSD [6] Management Commentary - The CEO expressed satisfaction with the strong momentum at the start of 2025, highlighting revenue growth and gross margin expansion driven by a focus on higher-margin business units [5] - The company remains committed to operational efficiency and innovative digital health solutions [5] Financial Outlook - Due to ongoing federal budgetary revisions impacting key customers, the company has decided to withdraw its 2025 guidance until more quantifiable changes are available [6]

Core Viewpoint - Syra Health Corp. has announced its intention to voluntarily delist its common stock from the Nasdaq Capital Market to focus on strengthening its core fundamentals and reducing costs associated with the listing [1][3]. Delisting Process - The company plans to file a Form 25 with the SEC around April 11, 2025, with the delisting taking effect no earlier than ten days thereafter, expecting the last trading day on Nasdaq to be around April 21, 2025 [2]. - The delisting decision follows a notice from Nasdaq indicating that the company's stock price had been below the minimum requirement of $1.00 per share for 30 consecutive business days [4]. Strategic Focus - The management believes that this strategic pause will enhance operational efficiencies, optimize financial health, and generate sustainable long-term growth [3]. - The company will continue to provide information to shareholders and facilitate trading on the OTC market until it decides to reapply for a national securities exchange listing [5]. Company Overview - Syra Health is a healthcare technology company focused on improving health in areas such as mental health, population health, and the healthcare workforce through innovative technology products and services [6].

Core Insights - Syra Health Corp. has announced a one-year contract extension worth $660,000 with a national healthcare organization, increasing the total contract value to $1.32 million [1][2] Group 1: Contract Details - The contract extension allows Syra Health to continue providing Healthcare Effectiveness Data and Information Set (HEDIS®) outreach and support services, contributing to improved healthcare quality and member outcomes [2][3] - This extension is part of Syra Health's strategy to strengthen its revenue streams through higher-margin business segments, particularly in the Population Health business unit [3] Group 2: Company Overview - Syra Health is focused on enhancing health through innovative technology products and services, particularly in areas such as behavioral and mental health, population health, and the healthcare workforce [4] - The company aims to improve health outcomes and reduce costs through expert data analysis and member outreach initiatives [2][4]

Revenue Performance - Full-year revenue for 2024 reached $8.0 million, a 45% increase from $5.5 million in 2023[3] - Population Health revenue grew to $1.7 million in 2024, more than doubling from $715,000 in 2023, driven by demand for epidemiology and data analytics services[3] - Q4 2024 revenue was $2.0 million, a 14% increase compared to $1.8 million in Q4 2023, with Population Health revenue increasing 285% year-over-year[14] Profitability and Loss - Net income for 2024 was $(3,759,238), compared to $(2,938,343) in 2023, indicating a decline in profitability[25] - Adjusted EBITDA for 2024 was $(3,680,900), a decrease from $(2,835,886) in 2023, reflecting worsening operational performance[28] - Q4 2024 net loss reduced to $504,000 from $995,000 in Q4 2023, highlighting significant operational efficiency gains[18] Operating Expenses and Efficiency - Operating expenses in Q4 2024 decreased by 39% year-over-year to $957,000, driven by cost management efforts[17] - The gross profit margin for 2024 was 20.7%, down from 25.6% in 2023, due to a reevaluation of lower-margin contracts[9] Cash Flow and Financial Position - Cash on hand as of December 31, 2024, was $2.4 million, with no long-term debt[3] - Net cash used in operating activities for 2024 was $(2,932,033), compared to $(2,759,068) in 2023, showing increased cash outflow[25] - Cash at the end of the period for 2024 was $2,395,405, down from $3,280,075 at the end of 2023[25] - The company reported a net change in cash of $(884,670) for 2024, contrasting with an increase of $3,276,731 in 2023[25] - Proceeds received on the exercise of Class A common stock warrants in 2024 amounted to $2,469,150, a decrease from $5,332,283 in 2023[25] - Cash paid for interest in 2024 was $15,600, down from $36,226 in 2023, suggesting reduced interest obligations[25] Future Outlook and Strategy - The company expects low double-digit percentage revenue growth for 2025, primarily from higher margin Population Health and Behavioral and Mental Health units[3] - Management plans to introduce new product enhancements, including telehealth, to drive future growth[6] - The company is focused on advancing healthcare solutions in critical areas such as mental health and population health[29] - Forward-looking statements indicate potential changes in operations and financial results, subject to risks and uncertainties[30] Contracts and Agreements - The company secured a one-year Healthcare Workforce contract valued at up to $1 million and a two-year contract with the State of Minnesota[7] Asset Utilization - Total depreciation expense increased to $62,738 in 2024 from $48,771 in 2023, indicating higher asset usage[28]