Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 188

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 188
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------------------------------------|:----|:----------|---------:|:----|:----------|---------:|
|                                     |     | -Restated |          |     | -Restated |          |
| Cost of sales - purchases           |     | $         |    3,218 |     | $         |    3,571 |
| Other payables and accrued expenses |     |           |    1,527 |     |           |      478 |
|                                     |     | $         |    4,745 |     | $         |    4,049 |

| I. | NOTE PAYABLE - LINE OF CREDIT: |

The Company has a $ 7,000line of credit with Salem Five Cents Savings Bank at December 31, 2023 and 2022, borrowings on this line of credit amounted to zero. The line bears interest at prime rate plus 0.5% per annum. At December 31, 2023 and 2022, the interest rate was 9.0% and 8.0%, respectively. 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.

| J. | 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 December 31, 2023 and 2022, the company had deposits totaling $ 875and $ 6,000, respectively.

| K. | NOTE PAYABLE - WILDMAN: |

In connection with the asset acquisition of Wildman Imprints on September 26, 2020, the Company had an amount due to the seller of $ 162for the inventory purchased. This amount accrues no interest, and is to be paid “as used” on a quarterly basis through the three years earn-out period as discussed in Note J. During the year ended December 31, 2023, the seller forgave the outstanding note payable and the Company recognized a gain on the extinguishment of debt of $ 162for the outstanding principal balance which is recorded in general and administrative expense on the statement of operations. At December 31, 2023 and 2022, the note totaled $