Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 105

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 2
Chunk 105
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 Under the Warehouseman’s Waiver, the Warehouse Provider
disclaimed any interest in the property of the Company stored on the premises (the “Collateral”), and agreed not to interfere
with Salem Five Cents’ enforcement of its rights in the Collateral. The Warehouse Provider further agreed to provide notice to Salem
Five Cents of any default by the Company of its obligations as to the Warehouse Provider, and to give Salem Five Cents at least 30 days
to exercise its rights, which period could be extended by Salem Five Cents up to 60 days upon its payment of the per-diem rental amount.
After that period, unless the default had been cured by Salem Five Cents, the Warehouse Provider could dispose of such Collateral as it
deemed fit. Upon the receipt of written notice from Salem Five Cents and until such notice was rescinded, the Warehouse Provider was required
to honor only instructions from Salem Five Cents with respect to the Collateral, including, any direction from Salem Five Cents to dispose
of all or any portion of the Collateral at any time, without any further consent or instruction from Company.

As of June 30, 2024 and December 31, 2023,
we had not drawn any funds from the Revolving Line of Credit.

See “—Recent Developments –
Termination of Revolving Line of Credit”.

Contractual Obligations

Property Leases

The following is a schedule by years of future
minimum lease payments (in thousands):

    Remainder of 2024 
    $287 
  
    2025 
     361 
  
    2026 
     189 
  
    2027 
     185 
  
    2028 
     65 
  
    Total future non-cancelable minimum lease payments 
    $1,087 

Lease costs for the three months ended June 30,
2024 and 2023 totaled approximately $0.2 million and $0.1 million, respectively. Lease costs for the six months ended June 30, 2024 and
2023 totaled approximately $0.3 million and $0.3 million, respectively. We anticipate no deficiencies in our ability to make these payments.

39

Other Cash Obligations

The Company manages reward card programs for clients.
Under these programs, the Company receives cash and simultaneously records a liability for the total amount received. These accounts are
adjusted on a periodic basis as reward cards are funded or reduced at