Stran & Company Files Q1 2024 10-Q Report

TL;DR

Stran & Co. 10-Q filed for Q1 2024. Check financials.

AI Summary

Stran & Company, Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The company, incorporated in Nevada, is an advertising agency based in Quincy, MA. The filing details its financial performance and operational status for the first quarter of 2024.

Why It Matters

This filing provides investors with an update on Stran & Company's financial health and operational performance for the first quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, Stran & Company faces inherent market and operational risks that are typical for its industry.

Key Players & Entities

• Stran & Company, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 001-41038 (other) — Commission File Number
• Nevada (location) — State of incorporation
• Quincy, MA (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share SWAG The Nasdaq Stock Market
• $4.81375 — of Common Stock at an exercise price of $4.81375 SWAGW The Nasdaq Stock Market LLC Ind

Filing Documents

• ea0229432-10q_stranandco.htm (10-Q) — 772KB
• ea022943201ex31-1_stran.htm (EX-31.1) — 11KB
• ea022943201ex31-2_stran.htm (EX-31.2) — 10KB
• ea022943201ex32-1_stran.htm (EX-32.1) — 4KB
• ea022943201ex32-2_stran.htm (EX-32.2) — 4KB
• 0001213900-25-011872.txt ( ) — 6504KB
• strn-20240331.xsd (EX-101.SCH) — 65KB
• strn-20240331_cal.xml (EX-101.CAL) — 61KB
• strn-20240331_def.xml (EX-101.DEF) — 323KB
• strn-20240331_lab.xml (EX-101.LAB) — 529KB
• strn-20240331_pre.xml (EX-101.PRE) — 346KB
• ea0229432-10q_stranandco_htm.xml (XML) — 722KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 i PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. STRAN & COMPANY, INC. UNAUDITED CONDENSED FINANCIAL Page Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 3 4 5 6 Notes to Unaudited Condensed Financial Statements (unaudited) (Restated) 8 1 STRAN & COMPANY, INC. BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,486 $ 8,059 Investments 10,710 10,393 Accounts receivable, net 14,209 16,223 Accounts receivable - related parties 878 853 Inventory 4,231 4,782 Prepaid corporate taxes — 62 Prepaid expenses 948 953 Deposits 1,578 1,717 Total current assets 42,040 43,042 Property and equipment, net 1,664 1,521 OTHER ASSETS: Intangible assets - customer lists, net 3,029 3,114 Other assets 23 23 Right of use asset - office leases 1,192 1,336 Total other assets 4,244 4,473 Total assets $ 47,948 $ 49,036 LIABILITIES AND STOCKHOLDER'S EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 3,347 $ 4,745 Accrued payroll and related 1,710 2,568 Unearned revenue 592 1,116 Rewards program liability 2,850 875 Sales tax payable 595 344 Current portion of contingent earn-out liabilities 224 224 Current portion of installment payment liabilities 781 786 Current portion of lease liability 540 528 Total current liabilities 10,639 11,186 LONG-TERM LIABILITIES: Long-term contingent earn-out liabilities

financial statements

financial statements. 6 STRAN & COMPANY, INC. THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (CONTINUED) (in thousands) SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 2024 2023 (Restated) Cash paid during the period for: Interest $ — $ 4 Income taxes $ — $ — The accompanying notes are an integral part of these unaudited condensed financial statements. 7 STRAN & COMPANY, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES : 1. Organization - Stran & Company, Inc., (the "Company") was incorporated under the laws of the Commonwealth of Massachusetts and commenced operations on November 17, 1995. The Company re-incorporated under the laws of the State of Nevada on May 24, 2021. 2. Operations - The Company is an outsourced marketing solutions provider that sells branded products to customers. The Company purchases products and branding through various third-party manufacturers and decorators and resells the finished goods to customers. In addition to selling branded products, the Company offers clients custom sourcing capabilities; a flexible and customizable e-commerce solution for promoting branded merchandise and other promotional products, managing promotional loyalty and incentives, print collateral, and event assets, order and inventory management, and designing and hosting online retail popup shops, fixed public retail online stores, and online business-to-business service offerings; creative and merchandising services; warehousing/fulfillment and distribution; print-on-demand; kitting; point of sale displays; and loyalty and incentive programs. 3. Method of Accounting - The Company's financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. ("U.S. GAAP"). 4. Basis of Present

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View this 10-Q filing on SEC EDGAR