Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 354

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1A
Chunk 354
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 CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

L.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 
    December 31, 2024  
    December 31, 2023 
  
    Promotional products - dropshipping 
    $34,531  
    $32,794 
  
    Promotional products – bulk dropshipping 
     15,939  
     17,686 
  
    Promotional products – Company owned inventory 
     14,420  
     17,911 
  
    Casino continuity program 
     8,619  
     — 
  
    Promotional products – third-party distributor 
     5,540  
     6,076 
  
    Redemption code program 
     1,856  
     — 
  
    Rewards program 
     1,199  
     1,233 
  
    Additional services 
     550  
     300 

    $82,654  
    $76,000 

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

    December 31, 2024  
    December 31, 2023 
  
    Balance at January 1, 
    $1,116  
    $633 
  
    Revenue recognized 
     (3,121) 
     (633)
  
    Amounts collected or invoiced 
     6,428  
     1,116 
  
    Unearned revenue 
    $4,423  
    $1,116 

M.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,