Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 165

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 165
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 is then allocated to the performance obligation(s), i.e. promotional product. The agreements include clearly identified prices.

The Company recognizes revenue when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Stran evaluates transfer of control primarily from the customer’s perspective. Considering the transaction from the customer’s perspective reduces the risk that revenue is recognized for activities that do not transfer control of a good or service to the customer. Management determines, at contract inception, whether control of a good or service transfers to a customer over time or at a point in time. The assessment of whether control transfers over time or at a point in time is critical to the timing of revenue recognition. Revenue is recognized over time if any of the following three criteria are met:

| i. | the customer simultaneously receives                                                   
 and consumes the benefits provided by the entity’s performance as the entity performs; 
 or                                                                                     |

| ii. | the entity’s performance creates                                                            
 or enhances an asset (for example, work in process) that the customer controls as the asset 
 is created or enhanced; or                                                                  |

| iii. | the entity’s performance does                                                               
 not create an asset with an alternative use to the entity and the entity has an enforceable 
 right to payment for performance completed to date.                                         |

| 13. | Accounts Receivable and Allowance for Credit Losses - Accounts receivable as of December 31, 2023 and 2022 includes allowance for credit losses of $317 and $264, respectively. |

F-11 STRAN & COMPANY, INC.
NOTES TO THE RESTATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

|                                                          |     |           | December 
      31, 
     2023 |   |     |           | December 
      31, 
     2022 |   |
|:---------------------------------------------------------|:----|:----------|---------:|:--|:----|:----------|---------:|:--|
|                                                          |     | -Restated |          |   |     | -Restated |          |   |
| Trade accounts receivable                                |     | $         |   17,393 |   |     | $         |   14,014 |   |
| Less: allowance for credit losses on accounts receivable |     |           |     (317 | ) |     |           |     (264 | ) |
| Total accounts receivable, net                           |     | $