Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 38

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 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 June 30, 2024. The Company’s board of directors
has determined that Mr. Chippindale remains eligible under Nasdaq rules to serve as an “independent director” of the Company
and as a member and chairman of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. Due to Mr.
Chippindale’s indirect compensation under the agreement, the board has determined that he is currently not eligible to be a member
of our Audit Committee.

R.ADVERTISING:

The Company follows the policy of charging
the costs of advertising to expense as incurred. For the three months ended June 30, 2024 and 2023, advertising costs amounted to $90
and $135, respectively. For the six months ending June 30, 2024 and 2023, advertising costs amounted to $195 and $307, respectively.

S.SUBSEQUENT EVENTS:

Completion of Bangarang Acquisition:

On August 23, 2024, Stran Loyalty Solutions,
LLC, a Nevada limited liability company (the “Purchaser” or “Stran Loyalty Solutions”), a wholly-owned subsidiary
of the Company, entered into a Secured Party Sale Agreement, dated as of August 23, 2024 (the “Sale Agreement”), with Sallyport
Commercial Finance, LLC, a Delaware limited liability company (“Secured Party”), pursuant to which the Purchaser agreed to
purchase, on an as-is basis, all of the rights and interests of Bangarang Enterprises, LLC, a California limited liability company (d/b/a
Gander Group) (“Bangarang”), in and to substantially all of the assets of Bangarang (the “Bangarang Assets”) from
Secured Party as a private sale pursuant to Article 9 of the Uniform Commercial Code (the “Bangarang Transaction”).

Under the Sale Agreement, the aggregate
consideration for the Bangarang Assets consisted of (a) cash payments by the Purchaser to Secured Party of $1,099 (the “Cash Purchase
Price”), and (b