Company: SWAGW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074995
Chunk: 340

Company: Stran & Company, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 340
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 Company adopted the standard on January
1, 2025. Its adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Recent Accounting Pronouncements
- Not Yet Adopted:

ASU 2023-09 – Income Taxes
(Topic 740)

In December 2023, the FASB issued ASU
2023-09, which amends the guidance on income tax disclosures. This update aims to improve the transparency and usefulness of income tax
disclosures by requiring entities to provide more detailed information about the nature and effects of income tax uncertainties, the components
of income tax expense, and the effective tax rate reconciliation. Additionally, the ASU mandates enhanced disclosures about deferred tax
assets and liabilities, including the valuation allowance and the impact of tax law changes.

The guidance is effective for fiscal
years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption
permitted. The Company is currently evaluating the impact of adoption of this ASU.

ASU 2024-03 - Income Statement -
Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU
2024-03, which requires the disaggregation, in the notes to the financial statements, of certain cost and expense captions presented on
the face of the Company’s statements of operations, to provide enhanced transparency to investors. The update may be applied either
prospectively or retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within
fiscal years beginning after December 15, 2027. Early adoption is permitted.

The Company is currently evaluating
the impact ASU 2024-03 will have on its disclosures.

No other new accounting pronouncements
adopted or issued had or are expected to have a material impact on the unaudited condensed consolidated financial statements.

12

STRAN & COMPANY, INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except
share and per share amounts)

B.FAIR VALUE MEASUREMENTS:

Fair value measurements discussed herein
are based upon certain market assumptions and pertinent information available to management as of June 30, 2025 and December 31,
2024.

Fair Value