Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 23

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 23
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 $ 3,716     $           (602 )   $ 3,114    Total intangible assets - customer lists, net       $ 5,175     $ (874 )   $ 4,301     $ 3,716     $ (602 )   $ 3,114    Trade names   Indefinite   $ 654     $ —     $ 654     $ —     $ —     $ —    Total intangible assets - trade name       $ 654     $ —     $ 654     $ —     $ —     $ —   

The Company recorded amortization expense
of $100 and $85 for the three months ended September 30, 2024 and 2023, respectively. The
Company recorded amortization expense of $272 and $208 for the nine months ended September
30, 2024 and 2023, respectively.

The following table presents future
estimated amortization expense based on existing intangible assets held for use:

    Fiscal Years: 

    Remainder of 2024 
    $122 
  
    2025 
     488 
  
    2026 
     488 
  
    2027 
     488 
  
    2028 
     488 
  
    Thereafter 
     2,227 
  
    Total 
    $4,301 

Actual future estimated amortization
expense could differ from these estimated amounts as a result of future acquisitions, dispositions, impairments, and other factors or
changes.

20

STRAN & COMPANY,
INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

G.ACQUISITIONS

Gander
Group Acquisition

On August 23, 2024, Stran Loyalty Solutions
entered into the Sale Agreement, between Stran Loyalty Solutions and the Secured Party, pursuant to which Stran Loyalty Solutions agreed
to purchase, on an as-is basis, all of the rights and interests of the Gander Group Assets from Secured Party as the Gander Group Transaction.

Under the Sale Agreement, the aggregate
consideration 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