Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 7

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 are an integral part
of these unaudited condensed financial statements.

6

STRAN & COMPANY, INC.

STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(CONTINUED)

(in thousands)

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    2024  
    2023 

    (Restated) 
  
    Cash paid during the period for: 

    Interest 
    $—  
    $6 
  
    Income taxes 
    $29  
    $48 

    Noncash investing and financing activities: 

    Assets acquired in T R Miller business acquisition 
    $—  
    $5,236 
  
    Liabilities assumed in T R Miller business acquisition 
    $—  
    $3,113 
  
    Lease liabilities arising from obtaining right-of-use assets 
    $—  
    $1,034 

The accompanying notes are an integral part
of these unaudited condensed financial statements.

7

STRAN & COMPANY, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

A.ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

1.Organization - Stran & Company, Inc., (the “Company”)
was incorporated under the laws of the Commonwealth of Massachusetts and commenced operations on November 17, 1995. The Company re-incorporated
under the laws of the State of Nevada on May 24, 2021.

2.Operations - The Company is an outsourced marketing solutions
provider that sells branded products to customers. The Company purchases products and branding through various third-party manufacturers
and decorators and resells the finished goods to customers.

In addition to selling branded products,
the Company offers clients custom sourcing capabilities; a flexible and customizable e-commerce solution for promoting branded merchandise
and other promotional products, managing promotional loyalty and incentives, print collateral, and event assets, order and inventory management,
and designing and hosting online retail popup shops, fixed public retail online stores, and online business-to-business service offerings;
creative and merchandising services; warehousing/fulfillment and distribution; print-on-demand; kitting; point of sale displays; and loyalty
and incentive programs.

3.Method of Accounting - The Company’s financial statements are prepared using the accrual basis of
accounting in accordance