Company: SWAGW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109289
Chunk: 109

Company: Stran & Company, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 109
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967 
  
    Transportation equipment 
     62  
     62 

     4,203  
     3,695 
  
    Accumulated depreciation 
     (2,251) 
     (1,994)

    $1,952  
    $1,701 

The Company recorded depreciation expense
of $166 and $131 for the three months ended September 30, 2025 and 2024, respectively. The Company recorded depreciation expense of $451
and $302 for the nine months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025, the Company
wrote off fully depreciated assets totaling $192.

16

STRAN & COMPANY, INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

E.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 F) 
     2,542 
  
    Measurement period adjustment 
     (221)
  
    Balance as of December 31, 2024 
    $2,321 
  
    Balance as of September 30, 2025 
    $2,321 

(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:

      Weighted-   As of September 30, 2025     As of December 31, 2024        Average
Remaining 
Useful  Life   Gross     Accumulated 
Amortization     Net 
Carrying 
Amount     Gross     Accumulated 
Amortization     Net 
Carrying Amount    Customer lists   7.8 years   $ 5,175     $ (1,363 )   $ 3,812     $ 5,175     $ (1,005 )   $ 4,170    Total intangible assets - customer lists, net       $ 5,175     $ (1,363 )   $ 3,812     $ 5,175     $ (