Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 22

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 22
---
 
  
    Goods in process (un-branded products) 
     268  
     600 

    $4,768  
    $4,782 

19

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

E.PROPERTY AND EQUIPMENT, NET:

Property and equipment, net consists
of the following:

    September 30, 
2024  
    December 31, 
2023 
  
    Leasehold improvements 
    $6  
    $6 
  
    Office furniture and equipment 
     642  
     558 
  
    Software 
     2,892  
     2,468 
  
    Transportation equipment 
     62  
     62 

     3,602  
     3,094 
  
    Accumulated depreciation 
     (1,875) 
     (1,573)

    $1,727  
    $1,521 

The Company recorded depreciation expense
of $131 and $97 for the three months ended September
30, 2024 and 2023, respectively. The Company recorded depreciation expense of $302 and $381 for
the nine months ending September 30, 2024 and 2023, respectively.

F.GOODWILL AND INTANGIBLE ASSETS:

The following table summarizes the
activity in the Company’s goodwill balance:

    Balance as of December 31, 2023 (1) 
    $— 
  
    Gander Group Acquisition (see Note G) 
     2,542 
  
    Balance as of September 30, 2024 
    $2,542 

(1)Net of accumulated impairment loss of $1,992 as of December
31, 2023.

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

          As of September 30, 2024     As of December 31, 2023        Weighted-
Average Remaining Useful Life   Gross     Accumulated Amortization       Net Carrying Amount       Gross     Accumulated
Amortization       Net Carrying Amount      Customer lists   8.9 years   $ 5,175     $             (874 )   $ 4,301