Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1341

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 6
Chunk 1341
---
 
  
    Finished goods (branded products) 
    $5,093  
    $4,182 
  
    Goods in process (un-branded products) 
     296  
     600 

    $5,389  
    $4,782 

F-17

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

D.PROPERTY AND EQUIPMENT, NET:

Property and equipment, net consists
of the following:

    December 31, 2024  
    December 31, 2023 
  
    Leasehold improvements 
    $6  
    $6 
  
    Office furniture and equipment 
     660  
     558 
  
    Software 
     2,967  
     2,468 
  
    Transportation equipment 
     62  
     62 

     3,695  
     3,094 
  
    Accumulated depreciation 
     (1,994) 
     (1,573)

    $1,701  
    $1,521 

The Company recorded depreciation expense
of $421 and $479 for the years ended December
31, 2024 and 2023, respectively.

E.GOODWILL AND INTANGIBLE ASSETS:

During the fourth quarter of fiscal
years 2024 and 2023, the Company completed a goodwill impairment analysis for its reporting units. During the fourth quarter of fiscal
year 2024, the Company determined that the fair value of its Stran Loyalty Solutions reporting unit was in excess of its carrying value
and no impairment charge was recorded. During the fourth quarter of fiscal year 2023, the Company determined that the carrying value of
its Stran & Company, Inc. reporting unit was in excess of its fair value and recorded a non-cash impairment charge of $810 during
the fourth quarter of fiscal year 2023. This impairment reduced the goodwill to $0 as of December 31, 2023. When performing quantitative
testing, the Company first estimates the fair values of its reporting units using a combination of an income and market approach. The
single step is to determine the estimated fair value of the reporting units and compare it to the carrying value of the reporting units,
including goodwill. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered