Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 38

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 38
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ENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

S.RELATED PARTY TRANSACTIONS:

Amount due from related party

  Name of Related Party  Relationship  Nature  September 30, 
2024   December 31, 
2023   Innovative Genetics, Inc.  Alejandro Tani, member of board of directors, the chairman of the Company’s Nominating and Corporate Governance Committee, and a member of the Compensation Committee and the Company’s Audit Committee, is the Chief Executive Officer, Chief Information Officer, and majority owner of Innovative Genetics.  Limited, non-exclusive, revocable license to use Innovative Genetics’ logos, trade names and trademarks on apparel and promotional products as branded products for sale to Innovative Genetics and Innovative Genetics-authorized persons.  $1,092   $853  

Amounts due and paid to related
party

Transactions with Engage & Excel
Enterprises Inc.

Alan Chippindale, a member of the Company’s
board of directors, the chairman of the Compensation Committee, and a member of the Nominating and Corporate Governance Committee, is
the President of Engage & Excel Enterprises Inc. (“Engage & Excel”). The Company and Engage & Excel are parties
to a Buyer’s Agreement, dated June 25, 2020 (the “Buyer’s Agreement”). Under the Buyer’s Agreement, Engage
& Excel agreed to provide certain merger and acquisition, management and recruitment consulting services in connection with the Company’s
acquisition of the Wildman Imprints assets. The Company agreed to pay Engage & Excel a fee of $20 upon completion of a purchase and
sale agreement and two annual fees of 1.5% of gross margin less costs attributable to the acquisition. The Company has paid Engage &
Excel approximately $23 as of September 30, 2024.

Separately from the Buyer’s Agreement,
in 2023, the Company paid Engage & Excel approximately $18 for recruiting fees and $20 for consulting fees relating to the T R Miller
assets acquisition. The Company also agreed to pay Engage & Excel 1.5% of the contribution margin of the T R Miller assets for two
years, paid annually. The Company has paid Engage & Excel for consulting services $5 as of September 30, 2024. The Company’s board
of directors has determined that Mr. Chippindale remains eligible under Nasdaq rules to serve as an “in