Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 179

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 179
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 |     | $        | 2,238 |

F-25 STRAN & COMPANY, INC.
NOTES TO THE RESTATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

The Company recorded amortization expense of $ 294and $ 163for the years ended December 31, 2023 and 2022, respectively. The following table presents future estimated amortization expense based on existing intangible assets held for use:

| Fiscal Years: |     | (Restated) |       |
|:--------------|:----|:-----------|------:|
| 2024          |     | $          |   343 |
| 2025          |     |            |   343 |
| 2026          |     |            |   343 |
| 2027          |     |            |   343 |
| 2028          |     |            |   343 |
| Thereafter    |     |            | 1,399 |
| Total         |     | $          | 3,114 |

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

| G. | ACQUISITIONS: |

GAP Acquisition

On January 31, 2022 (the “G.A.P. Closing Date”), the Company completed its acquisition (the “G.A.P. Acquisition”) of substantially all of the assets of G.A.P. Promotions, LLC (the “G.A.P. Acquired Assets”), pursuant to the Asset Purchase Agreement by and among the Company, G.A.P. Promotions, and Gayle Piraino and Stephen Piraino, dated as of January 21, 2022 as amended on January 31, 2022 (as amended, the “G.A.P. Purchase Agreement”).

The aggregate consideration required to be paid by the Company to G.A.P. Promotions for the purchase of the G.A.P. Acquired Assets (the “G.A.P. Purchase Price”) was: (a) $500 paid on the G.A.P. Closing Date; (b) an amount paid on the G.A.P. Closing Date equal to the amount paid by G.A.P. Promotions (at cost) for all of the Inventory (as defined in the G.A.P. Purchase Agreement) that was on hand as of the date and time of the G.A.P. Closing Date; (c