Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 26

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
 recognize any change in fair value of contingent earn-out liability as it was deemed immaterial
in both periods.

18

STRAN & COMPANY, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

D.INVENTORY:

Inventory consists of the following:

    June 30,
 2024  
    December 31, 
2023 
  
    Finished goods (branded products) 
    $3,249  
    $4,182 
  
    Goods in process (un-branded products) 
     725  
     600 

    $3,974  
    $4,782 

E.PROPERTY AND EQUIPMENT, NET:

Property and equipment, net consists
of the following:

    June 30,
 2024  
    December 31,
 2023 
  
    Leasehold improvements 
    $6  
    $6 
  
    Office furniture and equipment 
     584  
     558 
  
    Software 
     2,806  
     2,468 
  
    Transportation equipment 
     62  
     62 

     3,458  
     3,094 
  
    Accumulated depreciation 
     (1,743) 
     (1,573)

    $1,715  
    $1,521 

The Company recorded depreciation expense
of $126 and $192 for the three months ended June 30, 2024 and 2023, respectively. The Company
recorded depreciation expense of $170 and $284 for the six months ending June 30, 2024 and
2023, respectively.

F.INTANGIBLE ASSETS:

The following table presents details
of the Company’s intangible assets, estimated lives and related accumulated amortization:

    As of June 30, 2024  
    As of December 31, 2023 

    Estimated  Useful Life 
    Gross  
    Accumulated Amortization  
    Net Carrying Amount  
    Gross  
    Accumulated Amortization  
    Net Carrying Amount 
  
    Customer lists 
    10 - 12 years 
    $3,716  
    $(773) 
    $2,943  
    $3,716  
    $(602) 
    $3,114 
  
    Total