Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 497

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 497
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0.5% per annum. At December 31, 2023, the
interest rate was 9.00%. The line was reviewed annually and was due on demand. This line of credit was secured by substantially all assets
of the Company. The line of credit was terminated effective August 26, 2024.

I.REWARD CARD PROGRAM LIABILITY:

The Company manages reward card programs
for customers. Under this program, 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 the direction of the customers. As of December 31,
2024 and 2023, the Company had deposits totaling $6,000 and $875, respectively.

J.NOTE PAYABLE - WILDMAN:

In connection with the asset acquisition
of Wildman Imprints on September 26, 2020, the Company had an amount due to the seller of $162 for the inventory purchased. This amount
accrues no interest, and is to be paid “as used” on a quarterly basis through the three years earn-out period as discussed
in Note I. During the year ended December 31, 2023, the seller forgave the outstanding note payable and the Company recognized a gain
on the extinguishment of debt of $162 for the outstanding principal balance which is recorded in general and administrative expense on
the statement of operations.

K.INSTALLMENT PAYMENT LIABILITY:

A reconciliation of the installment
payment liability is included below:

    Balance as of December 31, 2022 
    $681 
  
    Additions pursuant to acquisitions 
     951 
  
    Interest accretion 
     11 
  
    Payments made 
     (218)
  
    Balance as of December 31, 2023 
    $1,425 
  
    Interest accretion 
     125 
  
    Payments made 
     (760)
  
    Balance as of December 31, 2024 
    $790 

    Current portion of installment payment liabilities 
    $365 
  
    Long-term installment payment liabilities 
    $425 

F-23

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

L.REVENUE:

Revenue disaggregated according to
the timing of transfer of goods or services (e.g., at a point in time) was