Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 407

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 407
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 the Gander Group Assets consisted of (a) cash payments by Stran Loyalty Solutions to Secured Party of approximately $1.1 million (the
“Cash Purchase Price”), and (b) the assumption by Stran Loyalty Solutions of certain liabilities totaling approximately $5.5
million (the “Gander Group Assumed Liabilities”), subject to adjustment, at and following the Gander Group Transaction Closing
(as defined below), including the payment at the Gander Group Transaction Closing of $150 thousand to Warson Capital Partners, LLC, an
investment banking firm retained by Gander Group, for its fees and expenses with respect to the Gander Group Transaction, including the
marketing for sale of the Gander Group Assets (the “Transaction Expense Payment”).

At the consummation of the transactions contemplated
by the Sale Agreement (the “Gander Group Transaction Closing”), Stran Loyalty Solutions paid the Cash Purchase Price, including
the payment of the Transaction Expense Payment, and assumed the Gander Group Assumed Liabilities. As a result of the Gander Group Transaction
Closing, the Company indirectly acquired the Gander Group Assets, including all of the equity of Gander Group Louisiana, which became
a wholly-owned subsidiary of Stran Loyalty Solutions.

In addition, Stran Loyalty Solutions entered into
a Release Agreement, dated as of August 23, 2024, between Gander Group and Stran Loyalty Solutions (the “Release Agreement”).
Under the Release Agreement, Gander Group granted a full and complete waiver and release of Stran Loyalty Solutions and its affiliates
of any non-competition, non-solicitation, or similar restrictive covenants of any parties owed to Gander Group or any of its affiliates.

The Sale Agreement and the Release Agreement included
provisions for indemnification, reimbursement for returned items, handling of assets and liabilities during Gander Group’s wind-down,
and certain other matters.

Contractual Obligations

Property Leases

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

    2025 
    $361 
  
    2026 
     189 
  
    2027 
     185 
  
    2028 
     65 
  
    Total future non-cancelable minimum lease payments 
    $800 

Lease cost for the years ended December 31, 2024
and 2023 totaled approximately $0.7 million and $0.5 million, respectively