SWAG — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-12

• On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs, invalidating both the reciprocal tariffs and the fentanyl-related tariffs on Chinese imports descr…

• As a result of the above tariffs and tariff amendments and the ongoing uncertainties as to tariff refunds and future tariff rates, we have had to increase prices for certain products, and may be required to raise those prices further, which may result in the loss of customers. If prices cannot be in…

• During the quarter ended March 31, 2026, global crude oil and refined product markets were impacted by heightened geopolitical tensions in the Middle East, including the ongoing conflict involving Iran, Israel, and the United States. These developments have not had a direct material impact on our re…

• Our sales for the three months ended March 31, 2026 increased 8.9% compared to sales for the three months ended March 31, 2025, which was due to higher spending from existing clients as well as business from new customers.

• As of March 31, 2026, we had approximately $53.2 million of total assets with approximately $31.4 million of total stockholders’ equity.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• We have historically imported many of the goods or components used in our promotional products business from China in particular and to some extent from other countries. As a result, we have had to increase prices for certain products, and may be required to raise those prices further, which may res…

• Our sales for the three months ended September 30, 2025 increased 29.0% compared to sales for the three months ended September 30, 2024, and increased 56.7% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 which we believe was due to higher spending f…

• As of September 30, 2025, we had approximately $50.3 million of total assets with approximately $30.2 million of total stockholders’ equity.

• Comparison of Three Months Ended September 30, 2025 and 2024

• The following table sets forth key components of our results of operations during the three months ended September 30, 2025 and 2024 both in dollars and as a percentage of our revenues.

Text added vs the prior filing · source: 10-Q · 2026-05-12

• ●There was a material weakness in our internal controls related to the proper selection and development of certain information technology general controls related to user access, vendor management and change management controls that led to deficiencies in the design and operation of control activiti…

• Following the identification and communication of the material weaknesses described above, management continued to implement the following remediation actions relating to these material weaknesses during the three months ended March 31, 2026 as follows:

• ●Management is implementing enhanced policies and procedures governing the preparation, review, and approval of journal entries. These efforts include the implementation of improved approval workflows within the Company’s NetSuite system, the establishment of more clearly defined review criteria, an…

• ●We continued to implement enhancements and process improvements, including the design and implementation of reporting systems relating to the January 2025 launch of our NetSuite enterprise resource planning system. These enhancements include refinements to user access controls, enhancements to vend…

• The material weaknesses identified above will not be considered fully remediated until these additional controls and procedures have operated effectively for a sufficient period of time and management has concluded, through testing, that these controls are effective. Our management will monitor the …

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• ●We identified a material weakness in internal control related to the proper design and implementation of certain controls over management’s formal review process that includes multiple levels of review as well as timely review of accounts and reconciliations leading to material adjustments.

• ●We identified a material weakness in internal control related to the proper design and implementation of certain controls over income tax provision and management’s review of the income tax provision.

• ●We did not design and maintain effective controls over financial reporting for accounts receivable and unearned revenue, freight charges, and inventory and cost of sales accounts.

• ●We did not design and maintain effective controls over financial reporting related to the proper presentation and disclosure for related party transactions.

• ●We did not effectively select and develop certain information technology general controls related to access and change management controls that led to deficiencies in the design and operation of control activities.