Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 193

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 2
Chunk 193
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 June 2023, and from the acquisition of the assets (the “Gander
Group Assets”) of Bangarang Enterprises, LLC, a California limited liability company (d/b/a Gander Group) (“Gander Group”),
in August 2024.

As of September 30,
2024, we had approximately $48.8 million of total assets with approximately $32.3 million of total stockholders’ equity.

Restatement of Previously Issued Consolidated
Financial Statements

This Quarterly Report on Form 10-Q includes financial
statements that restate the Company’s financial statements as of and for the three and nine months ended September 30, 2023. This
Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes restated financial
information as of and for the three and nine months ended September 30, 2023. Refer to Note B to the financial statements included in
this Quarterly Report on Form 10-Q for a discussion of the restatement and the impact on the specific accounts in such financial statements.

33

Recent Developments

Lease Agreement

On January 10, 2025, the Company entered into
a seven-year lease agreement for office space in North Quincy, Massachusetts. The Company’s existing lease agreement for its office space
expires May 31, 2025. The new lease term begins on June 1, 2025 and expires on May 31, 2032 with an option to extend the lease an additional
five years. The lease contains an initial base rent of approximately $21 thousand per month with 2.2% - 2.5% annual escalations, plus
a percentage of taxes and operating expenses incurred by the lessor in connection with the ownership and management of the property.

Emerging Growth Company and Smaller Reporting
Company

We qualify as an “emerging growth company”
under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we are permitted to, and intend to, rely
on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

●have an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002
(the “Sarbanes-Oxley Act”);

●present three years, and may instead present only two years, of audited financial