Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 88

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 88
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 61.5% to approximately$24.9 million, or32.7% of sales, for the year ended December 31, 2023, from approximately$15.4 million, or26.6% of sales, for the year ended December 31, 2022. The increase in the dollar amount of gross profit was due to an increase in sales of approximately $18.1 million for the reasons described above, partially offset by an increase in cost of sales of approximately $8.7 million in aggregate for the reasons described above. The increase in gross profit marginto 32.7% for the year ended December 31, 2023 compared to 26.6% for the year ended December 31, 2022, was primarily due to larger margins recognized on certain customer orders in excess of 40.0%, efficiencies gained in the sales process, and large write downs of inventory during the year ended December 31, 2022. Operating Expenses Operating expenses consist of general and administrative expenses and goodwill impairment. Our operating expenses increased 37.7%, or approximately $7.1 million, to approximately$26.1 million for the year ended December 31, 2023, from approximately$19.0 million for the year ended December 31, 2022. As a percentage of sales, operating expenses increased to34.4% for the year ended December 31, 2023, from32.8% for the year ended December 31, 2022. The increase in the dollar amount of operating expenses was primarily due to an increase in general and administrative expenses of approximately $7.5 million, or 42.3%, which in turn was primarily due to aggregate expenses related to the organic growth in our business. Other Income and (Loss) Other income and (loss) consist of other income, interest income, change in fair value of contingent earn-out liability and unrealized gain (loss) on investments. Our other income was approximately$186 thousand for the year ended December 31, 2023, compared to approximately$34 thousand for the year ended December 31, 2022. This change was primarily due to an accrual adjustment to certain earn-out obligations relating to our acquisition of the assets of Wildman Imprints, Trend Brand Solutions, and Premier NYC. Our interest income was approximately$570 thousand for the year ended December 31, 2023, compared to approximately$95 thousand for the year ended December 31,