Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 130

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 130
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    2024  
    2023  
    2024  
    2023 
  
    Lease cost 
       
    (Restated)  
       
    (Restated) 
  
    Operating lease cost 
    $176  
    $152  
    $502  
    $417 
  
    Total 
    $176  
    $152  
    $502  
    $417 

25

STRAN & COMPANY,
INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

The following schedule represents maturities of operating
lease liabilities as of September 30, 2024: 

    Operating
 Minimum
 Lease
 Payments 
  
    Remainder of 2024 
    $198 
  
    2025 
     361 
  
    2026 
     189 
  
    2027 
     185 
  
    2028 
     65 
  
    Total payments 
     998 
  
    Less amount representing interest 
     (64)
  
    Present value of payments 
    $934 

The following schedule sets forth supplemental
cash flow information related to operating leases for the three and nine months ended September 30, 2024 and 2023 : 

    Three Months Ended
 September 30,  
    Nine Months Ended
 September 30, 

    2024  
    2023  
    2024  
    2023 

    (Restated)  
       
    (Restated) 
  
    Other information 

    Operating cash flows from operating lease 
    $—  
    $—  
    $—  
    $1,034 

The aggregate weighted average remaining lease term was 2.79 years as of September 30, 2024. The aggregate weighted average discount
rate was 3.54% as of September 30, 2024.

L.NOTE PAYABLE - LINE OF CREDIT:

The Company had a $7,000 line of credit
with Salem Five Cents Savings Bank. As of September 30, 2024, the line was terminated and no longer active.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