Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 32

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 32
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 of credit
with Salem Five Cents Savings Bank. As of September 30, 2024, the line was terminated and no longer active. As of December 31, 2023,
borrowings on this line of credit amounted to zero. The line bore interest at prime rate plus 0.5% per annum. At December 31, 2023, the
interest rate was 9.00%. The line was reviewed annually and was due on demand. This line of credit was secured by substantially
all assets of the Company. The line of credit was terminated effective August 26, 2024.

M.REWARD CARD PROGRAM LIABILITY:

The Company manages reward card programs
for customers. Under this program, the Company receives cash and simultaneously records a liability for the total amount received. These
accounts are adjusted on a periodic basis as reward cards are funded or reduced at the direction of the customers. At September 30,
2024 and December 31, 2023, the Company had deposits totaling $3,000 and $875, respectively.

26

STRAN & COMPANY,
INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

N.STOCKHOLDERS’ EQUITY:

Stock Repurchase Program

On February 21, 2022, the Board of
Directors of the Company authorized a repurchase of up to $10,000 of the Company’s shares from time to pursuant to a stock repurchase
program, or the Repurchase Program. Under the terms of the Repurchase Program, the Company may repurchase shares through open market or
negotiated private transactions. The timing and extent of any purchases depend upon ongoing assessments of the Company’s capital
needs, market conditions and the price of the Company’s common stock, and other corporate considerations, as determined by management,
and are subject to the restrictions relating to volume, price and timing under applicable laws, including but not limited to, Rule 10b-18
promulgated under the Exchange Act. The Repurchase Plan was terminated in June 2024.

Below is a table containing information about purchases
made by the company:

    Period
     
    Total Number of Shares Purchased

    Average Price Paid per Share

    Total Number of  Shares Purchased  as Part of Publicly Announced Plans  or Programs

    Maximum Approximate Dollar Value