Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 33

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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    Six months ended
 June 30, 

    2024  
    2023  
    2024  
    2023 
  
    Other information 
       
    (Restated)  
       
    (Restated) 
  
    Operating cash flows from operating lease 
    $—  
    $1,034  
    $—  
    $1,034 

The aggregate weighted average remaining lease term was 3.04 years as of June 30, 2024. The aggregate weighted average discount rate
was 3.38% as of June 30, 2024.

L.NOTE PAYABLE - LINE OF CREDIT:

The Company has a $7,000 line of credit
with Salem Five Cents Savings Bank. As of June 30, 2024 and December 31, 2023, borrowings on this line of credit amounted to zero.
The line bears interest at prime rate plus 0.5% per annum. At June 30, 2024 and December 31, 2023, the interest rate was 9.00%
and 9.00%, respectively. The line is reviewed annually and is due on demand. This line of credit is secured by substantially all
assets of the Company. The line of credit was terminated effective August 26, 2024.

M.REWARD CARD PROGRAM LIABILITY:

The Company manages reward card programs
for customers. Under this program, the Company receives cash and simultaneously records a liability for the total amount received. These
accounts are adjusted on a periodic basis as reward cards are funded or reduced at the direction of the customers. At June 30, 2024
and December 31, 2023, the Company had deposits totaling $3,350 and $875, respectively.

23

STRAN & COMPANY, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

N.STOCK-BASED COMPENSATION:

In November 2021, the Board of Directors
adopted the Amended and Restated 2021 Equity Incentive Plan (the “2021 Plan”) which provides for the granting of non-qualified
stock options and restricted stock to the Company’s employees, officers, directors, and outside consultants to purchase shares of
the Company’s common stock. As of June 30, 2024, the number of shares