Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 101

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 101
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 of December 31, 2023. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual and interim financial statements will not be detected or prevented on a timely basis. The following material weaknesses were identified:

| ● | There                                                                                            
 was a material weakness in our internal controls related to the proper design and implementation 
 of control over formal review, approval, and evaluation of complex accounting transactions       
 associated with business combinations.                                                           |

| ● | 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.                                                                         |

53 Plan of Remediation of Material Weaknesses in Internal Control Over Financial Reporting As reported in this Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, following the identification and communication of the material weaknesses described above, management commenced remediation actions relating to these material weaknesses beginning in the fourth quarter of fiscal year 2024, as follows:

| ● | We                                                                                             
 are utilizing the services of external consultants for non-routine and\or technical accounting 
 issues as they arise.                                                                          |

| ● | We are expanding and improving                                                                    
 our review process for complex accounting transactions. We plan to further improve this process   
 by enhancing access to accounting literature, identification of third-party professionals         
 with whom to consult regarding complex accounting applications and consideration of additional    
 staff with the requisite experience and training to supplement existing accounting professionals. |

| ● | Management, with the assistance                                                                    
 of a third party,