The Stats Name option will add the Name of the LED object to the Stats, either Above and/or Below.

If you have typed in your text using the Text Tool, then the proper character will be shown. If you create a Rectangle, then the Name will be "Cabinet." If you create a Square, Circle, etc, then the Shape will be the Name.

This example has Above: Name and Above: Mod Count selected.

If you have imported your artwork, then you will have to use Assign Letters to add the charcter name to each letter in a channel letter set.

Or you can edit the Name field in the main property bar for the selected object. In the Name field you can add multiple characters, such as Cloud or Logo.

The Stats Name option just displays the name; it does not let you edit it.