Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 199

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 199
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 change for write-offs                        |     |   |      121 |   |     |   |        3 |   |
| Current period change for expected credit losses            |     |   |     (174 | ) |     |   |       36 |   |
| Balance of allowance for credit losses, end of period       |     | $ |     (317 | ) |     | $ |     (264 | ) |

F-40 STRAN & COMPANY, INC.
NOTES TO THE RESTATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

| T. | RELATED PARTY TRANSACTIONS: |

| Name of Related Party     |     | Relationship                                                                                                                                                                                                                                                                                                   |     | Nature                                                                                                                                                                                                                                      |     | December 31, 
 2023(1)      
 (Restated)   |     |     | December 31, 
 2022         |   |
|:--------------------------|:----|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------|----:|:----|:-------------|:--|
| 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. |     | $            | 853 |     | $            | — |

| (1) | As of the date of this report, such balance was repaid by Innovative Genetics, Inc. |

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