Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 780

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 2
Chunk 780
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ation for the Gander Group Assets consisted of (a) cash payments by Stran Loyalty Solutions to Secured Party of approximately
$1,099 (the “Cash Purchase Price”), and (b) cash payment of $370 per the Release Agreement (as defined below). The aggregate
purchase price was $1,469.

As a result of the Gander Group Transaction
Closing, the Company indirectly acquired substantially all of the assets of Gander Group, including all of the equity of Gander Group
Louisiana, LLC, a Louisiana limited liability company, 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
and Stran was required to pay an additional $370 to Gander Group.

F-19

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

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.

    Cash 
    $1,099 
  
    Gander release agreement payments 
     370 
  
    Total consideration 
    $1,469 

The following table summarizes the
purchase price allocations relating to the Bangarang Acquisition:

    Accounts receivable 
    $1,717 
  
    Prepaid expenses and other assets 
     946 
  
    Inventory 
     939 
  
    Customer relationships 
     1,458 
  
    Goodwill 
     2,542 
  
    Trade name 
     654 
  
    Other long-term assets 
     58 
  
    Accounts payable and accrued expenses 
     (4,698)
  
    Customer deposits 
     (2,147)
  
    Total consideration 
    $1,469 

The
Gander Group Assets were valued using a combination of a multi-period excess earnings methodology, a form of a discounted cash
flow approach, and a relief