Company: SWAGW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044222
Chunk: 253

Company: Stran & Company, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 253
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 $7,439  
    $5,093 
  
    Goods in process (un-branded products) 
     217  
     296 

    $7,656  
    $5,389 

D.PROPERTY AND EQUIPMENT, NET:

Property and equipment, net consists
of the following:

    March 31,  2025  
    December 31,  2024 
  
    Leasehold improvements 
    $6  
    $6 
  
    Office furniture and equipment 
     688  
     660 
  
    Software 
     3,063  
     2,967 
  
    Transportation equipment 
     62  
     62 

     3,819  
     3,695 
  
    Accumulated depreciation 
     (2,135) 
     (1,994)

    $1,684  
    $1,701 

The Company recorded depreciation expense
of $142 and $43 for the three months ended March 31, 2025 and 2024, respectively.

14

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 March 31, 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 March 31, 2025   As of December 31, 2024      Average  Remaining  Useful Life  Gross   Accumulated Amortization   Net Carrying Amount   Gross   Accumulated Amortization   Net Carrying Amount   Customer lists  8.4 years  $5,175   $(1,135