Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011872
Chunk: 28

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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    $128 
  
    Total 
    $172  
    $128 

The following schedule represents maturities of operating
lease liabilities as of March 31, 2024: 

    Operating
    Minimum
    Lease
    Payments 
  
    Remainder of 2024 
    $444 
  
    2025 
     388 
  
    2026 
     189 
  
    2027 
     193 
  
    2028 
     67 
  
    Thereafter 
     — 
  
    Total payments 
     1,281 
  
    Less amount representing interest 
     (80)
  
    Present value of payments 
    $1,201 

The following schedule sets forth
supplemental cash flow information related to operating leases for the three months ended March 31, 2024 and 2023 : 

    March 31,
    2024  
    March 31,
    2023 
  
    Other information 
       
    (Restated) 
  
    Operating cash flows from operating lease 
    $19  
    $24 

The aggregate weighted average remaining
lease term was 3.04 years as of March 31, 2024. The aggregate weighted average discount rate was 3.38% as of March 31, 2024.

L.NOTE PAYABLE - LINE OF CREDIT:

The Company has a $7,000 line of credit
with Salem Five Cents Savings Bank. As of March 31, 2024 and December 31, 2023, borrowings on this line of credit amounted to zero.
The line bears interest at prime rate plus 0.5% per annum. At March 31, 2024 and December 31, 2023, the interest rate was 9.00%.
The line is reviewed annually and is due on demand. This line of credit is secured by substantially all assets of the Company. The line
of credit was terminated effective August 26, 2024.

M.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. At March 31,
2024 and December 31, 2023, the Company had deposits