Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011872
Chunk: 26

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 payment liabilities 
    $781 
  
    Long-term installment payment liabilities 
    $639 

J.REVENUE:

Revenue disaggregated according to the timing of transfer
of goods or services (e.g., at a point in time) was as follows:

    Revenue generated per major product category 
    March 31,
 2024  
    March 31,
 2023 

    (Restated) 
  
    Promotional products - dropshipping 
    $8,412  
    $6,123 
  
    Promotional products – Company owned inventory 
     2,599  
     4,687 
  
    Promotional products – bulk dropshipping 
     5,765  
     2,867 
  
    Promotional products – third-party distributor 
     1,674  
     1,930 
  
    Rewards program 
     285  
     289 
  
    Additional services 
     92  
     75 

    $18,827  
    $15,971 

20

Unearned revenue includes customer
deposits and deferred revenue which represent prepayments from customers. The Company had unearned revenue as follows:

    March 31,
    2024  
    March 31,
    2023 

    (Restated) 
  
    Balance at January 1, 
    $1,116  
    $633 
  
    Revenue recognized 
     (1,014) 
     (303)
  
    Amounts collected or invoiced 
     490  
     1,542 
  
    Unearned revenue 
    $592  
    $1,872 

K.COMMITMENTS AND CONTINGENCIES:

Legal Proceedings

The Company may from time to time
become involved in various legal actions incidental to our business. As of the date of this report, the Company is not involved in any
legal proceedings that it believes could have a material adverse effect on its financial position or results of operations. However,
the outcome of any current or future legal proceeding is inherently difficult to predict and any dispute resolved unfavorably could have
a material adverse effect on the Company’s business, financial position, and operating results.

Lease Agreements - Operating
Leases

On May 31, 2020, the Company renewed
a lease for a 10,500 square foot office space in Quincy, MA. The lease renewed on June 1