Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 42

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 42
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.5% and 79.8% of total revenue, respectively.
Fewer than 350 of our more than 2,000 active customers are considered to be program clients. Our active customers are any organizations,
businesses, or divisions of a parent organization which have purchased directly or indirectly from us within the last two years, and include
organizations that have bought from other organizations for which Stran acts as an established sub-contractor. We define transactional
customers as customers that place an order with us and do not have an agreement with us covering ongoing branding requirements. We define
program clients as clients that have a contractual obligation for specific ongoing branding needs. Program offerings include ongoing inventory,
use of technology platform, warehousing, creative services, and additional client support. Those program customers are geared towards
longer-lasting relationships that help secure recurring revenue well into the future.

Our sales
increased 2.4% for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, and increased
4.9% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which we believe was primarily
due to higher spending from existing clients as well as business from new customers. We benefited from the acquisition of the assets of
T R Miller Co., Inc., a Massachusetts corporation, or T R Miller, in June 2023, and from the acquisition of the assets (the “Gander
Group Assets”) of Bangarang Enterprises, LLC, a California limited liability company (d/b/a Gander Group) (“Gander Group”),
in August 2024.

As of September 30,
2024, we had approximately $48.8 million of total assets with approximately $32.3 million of total stockholders’ equity.

Restatement of Previously Issued Consolidated
Financial Statements

This Quarterly Report on Form 10-Q includes financial
statements that restate the Company’s financial statements as of and for the three and nine months ended September 30, 2023. This
Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes restated financial
information as of and for the three and nine months ended September 30, 2023. Refer to Note B to the financial statements included in
this Quarterly Report on Form 10-Q for a discussion of the restatement and the impact on the specific accounts in such