Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 112

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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 Adjustment

The Company failed to recognize certain
amounts as Sales for the products that were included in Unearned Revenue but shipped as of September 30, 2023. In addition, the Company
did not reduce the inventory balance for the products that were shipped as of September 30, 2023. As a part of the restatement process,
the Company performed reconciliations of unearned revenue and adjusted overstated Unearned Revenue and Inventory balances for the products
that were shipped as of September 30, 2023.

*Represents revision for immaterial error correction.

The following tables summarize the
effect of the restatement on each financial statement line item as of the dates indicated:

    Balance Sheet as of September 30, 2023 
    As Reported  
    Adjustment  
    As Restated  
    Reference 
  
    Cash and cash equivalents 
    $9,435  
    $(73) 
    $9,362  
     * 
  
    Investments 
     10,258  
     72  
     10,330  
     * 
  
    Accounts receivable, net 
     16,530  
     (856) 
     15,674  
     4,5 
  
    Accounts receivable – related parties 
     —  
     853  
     853  
     4 
  
    Deferred income taxes 
     1,334  
     (1,334) 
     —  
     3 
  
    Inventory 
     6,903  
     (1,145) 
     5,758  
     7,9 
  
    Prepaid corporate taxes 
     87  
     14  
     101  
     3 
  
    Total current assets 
     48,229  
     (2,469) 
     45,760  
     3,4,5,7,9,* 

    Goodwill 
     —  
     810  
     810  
     1,2 
  
    Intangible assets, net 
     10,313  
     (7,113) 
     3,200  
     1 
  
    Other assets 
     —  
     23  
     23  
     1 
  
    Right of use asset -