Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 307

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part II, Item 8
Chunk 307
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ated) 
  
    Promotional products - dropshipping 
    $8,128  
    $6,959  
    $16,538  
    $13,082 
  
    Promotional products – Company owned inventory 
     3,605  
     4,258  
     6,204  
     8,945 
  
    Promotional products – bulk dropshipping 
     3,123  
     4,354  
     8,889  
     7,221 
  
    Promotional products – third-party distributor 
     1,402  
     1,537  
     3,076  
     3,467 
  
    Rewards program 
     254  
     197  
     540  
     486 
  
    Additional services 
     181  
     110  
     273  
     185 

    $16,693  
    $17,415  
    $35,520  
    $33,386 

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

    June 30,
 2024  
    June 30,
 2023 

    (Restated) 
  
    Balance at January 1, 
    $1,116  
    $633 
  
    Revenue recognized 
     (1,042) 
     (464)
  
    Amounts collected or invoiced 
     780  
     1,970 
  
    Unearned revenue 
    $854  
    $2,139 

K.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, the Company renewed
a lease for a 10,500 square foot office space in Quincy, MA. The