Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 81

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 81
---
% and 76.8% of total revenue, respectively. Fewer than 350 of our more than 2,000 active customers are considered to be program clients. Ouractive customers are any organizations, businesses, or divisions of a parent organization which have purchased directly or indirectly from us within the last two years, and include organizations that have bought from other organizations for which Stran acts as an established sub-contractor. We define transactional customers as customers that place an order with us and do not have an agreement with us covering ongoing branding requirements. We define program clients as clients that have a contractual obligation for specific ongoing branding needs. Program offerings include ongoing inventory, use of technology platform, warehousing, creative services, and additional client support. Those program customers are geared towards longer-lasting relationships that helps secure recurring revenue well into the future. Our sales increased 31.3% year-over-year in 2023 compared to 2022, which we believe was primarily due to higher spending from existing clients as well as business from new customers. Additionally, we benefited from the acquisition of the assets of G.A.P. Promotions in January 2022, the assets of Trend Brand Solutions in August 2022, the assets of Premier NYC in December 2022, and the assets of T R Miller in June 2023, respectively. As of December 31, 2023, we had approximately $49.0 million of total assets with approximately $35.7 million of total stockholders’ equity. 41 Restatement of Previously Issued Consolidated Financial Statements This Annual Report on Form 10-K/A includes financial statements that amend and restate the Company’s financial statements as of and for the fiscal years ended December 31, 2023 and 2022. This Item 7. “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” has been amended and restated to give effect to the restatement. Refer to Note B to the financial statements included in this Annual Report on Form 10-K/A for a discussion of the restatement and the impact on the specific accounts in such financial statements. In addition, Part II, Item 9A. “ Controls and Procedures” and certain other items have been amended and restated. For additional information regarding the restatement and the items of this filing that have been amended and restated, refer to the Explanatory Note to this Annual Report on Form 10-K/A. Recent Developments Restatement of Financial Statements This Annual Report on Form 10