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Stran & Company Inc. (SWAG0.00%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing reports a decrease in total sales to $16.7 million from $17.4 million in the same quarter the previous year. The decrease is attributed to lower spending from new and existing clients.
Cost of sales for the quarter was $11.2 million, representing 67.2% of sales, compared to 69.9% in the same quarter of the previous year. The decrease in cost ratio is attributed to improvements in purchasing from suppliers.
The company reported a gross profit of $5.5 million for the quarter, compared to $5.2 million in the previous year.
Operating expenses increased to $6.6 million from $6.2 million, primarily due to organic growth in the business.
Net loss for the quarter was $1.0 million, compared to $0.9 million in the previous year.
Cash provided by operating activities was $4.2 million, while cash used in investing and financing activities was $0.4 million and $0.8 million, respectively.
Stran had total assets of $46.6 million and total stockholders’ equity of $34.3 million as of June 30, 2024.
The filing includes details of a recent acquisition of assets from Bangarang Enterprises, LLC, and a new lease agreement for office space in North Quincy, Massachusetts.
Stran terminated its revolving line of credit with Salem Five Cents Savings Bank effective August 26, 2024, and entered into a factoring arrangement for accounts receivable financing.
The company identified material weaknesses in its internal controls over financial reporting and is implementing remediation actions to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stran & Company Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.