Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 178

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 178
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     | $ |        6 |   |
| Office furniture and equipment |     |   |      558 |   |     |   |      501 |   |
| Software                       |     |   |    2,468 |   |     |   |    1,525 |   |
| Transportation equipment       |     |   |       62 |   |     |   |       62 |   |
|                                |     |   |    3,094 |   |     |   |    2,094 |   |
| Accumulated depreciation       |     |   |   (1,573 | ) |     |   |   (1,094 | ) |
|                                |     | $ |    1,521 |   |     | $ |    1,000 |   |

The Company recorded depreciation expense of $ 479and $ 257, for the years ended December 31, 2023 and 2022, respectively.

F-24 STRAN & COMPANY, INC.
NOTES TO THE RESTATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

| F. | GOODWILL AND INTANGIBLE ASSETS: |

During the fourth quarter of fiscal years 2023 and 2022, the Company completed a goodwill impairment analysis for its single reporting unit. The Company determined that the carrying value of its reporting unit was in excess of its fair value and recorded a non-cash impairment charge of $ 1,182and $ 810during the fourth quarter of fiscal years 2023 and 2022, respectively. This impairment reduced the goodwill to $ 90and $0as of December 31, 2023 and 2022, respectively. When performing quantitative testing, the Company first estimates the fair values of its reporting unit using a combination of an income and market approach. The single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. See Note A – Organization and Summary of Significant Accounting Policies for more detail of methodology.

|                                 |     | (Restated) |        |   |
|:--------------------------------|:----|:-----------|-------:|:--|
| Balance as of December 31, 2021 |     | $          |    335 |   |