Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 43

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 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 helps secure recurring revenue well into the future.

Our sales
decreased 4.1% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, and increased 6.4% for
the six months ended June 30, 2024 compared to the six months ended June 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.,
or T R Miller, in June 2023.

As of June 30, 2024,
we had approximately $46.6 million of total assets with approximately $34.3 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 six months ended June 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 six months ended June 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 financial statements.

Recent Developments

Lease Agreement

On January 10, 2025, the Company entered
into a seven-year lease agreement for new office space in North Quincy, Massachusetts. The Company’s existing lease agreement
for its office space expires May 31, 2025. The new lease term begins on June 1, 2025 and expires on May 31, 2032 with an option to
extend the lease an additional five years. The lease contains an initial base rent of approximately $21 thousand per month with