Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1347

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 6
Chunk 1347
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of the results of operations as they would have been had the transactions been effected on the assumed date:

    December 31, 2023 
  
    Sales 
    $80,256 
  
    Net loss 
    $(600)

    Net loss per share - basic & diluted 
    $(0.03)
  
    Weighted average shares outstanding - basic & diluted 
     18,519,892 

F-22

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

G.ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Accounts payable and accrued expenses
consists of the following:

    December 31, 2024  
    December 31, 2023 
  
    Inventory purchases 
    $6,363  
    $3,218 
  
    Accrued expenses 
     2,556  
     1,527 

    $8,919  
    $4,745 

H.NOTE PAYABLE - LINE OF CREDIT:

The Company had a $7,000 line of credit
with Salem Five Cents Savings Bank. As of December 31, 2024, the line was terminated and no longer active. As of December 31, 2023,
borrowings on this line of credit amounted to zero. The line bore interest at prime rate plus 0.5% per annum. At December 31, 2023, the
interest rate was 9.00%. The line was reviewed annually and was due on demand. This line of credit was secured by substantially all assets
of the Company. The line of credit was terminated effective August 26, 2024.

I.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. As of December 31,
2024 and 2023, the Company had deposits totaling $6,000 and $875, respectively.

J.NOTE PAYABLE - WILDMAN:

In connection with the asset acquisition
of Wildman Imprints on September 26, 2020, the Company had an amount due to the seller of $162 for the inventory purchased. This amount
accrues no interest,