Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 183

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1
Chunk 183
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10,074,195 
  
    Stock options 
     1,161,334  
     852,896 

     11,235,529  
     10,927,091 

For the years ended December 31, 2024
and 2023, as a result of the net losses in these periods, all warrants and stock options have been excluded from the calculation of diluted
earnings per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss
per share as the effect of all potentially dilutive shares outstanding was anti-dilutive.

F-28

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

Q.INCOME TAX PROVISION:

Income taxes are provided for the tax
effects of transactions reported in the financial statements and consist of taxes currently due. Deferred taxes relate to differences
between the basis of assets and liabilities for financial and income tax reporting which will be either taxable or deductible when the
assets or liabilities are recovered or settled.

The provision for income taxes consisted
of the following:

    December 31, 2024  
    December 31, 2023 
  
    Current provision 

    Federal 
    $—  
    $33 
  
    State 
     5  
     8 
  
    Total current provision 
     5  
     41 

    Deferred provision 

    Federal 
     —  
     — 
  
    State 
     —  
     — 
  
    Total deferred provision 
     —  
     — 

    Provision for income taxes 
    $5  
    $41 

The company files its federal and states
tax returns in several jurisdictions. The state jurisdictions that are significant are as follows, Massachusetts, Kansas, Indiana, and
New York. The company is not currently under any audit and its statue of limitations is still open to the extent of the net operating
losses generated within each particular year.

For the years ended December 31, 2024
and 2023, the loss before income taxes was $(4,135) and $(344), respectively. The Company had an effective tax rate of (0.12)% and (11.92)%
for the years ended December 31, 2024 and 2023, respectively. The