Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 491

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 491
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2023, the Company completed a goodwill impairment analysis for its reporting units. During the fourth quarter of fiscal
year 2024, the Company determined that the fair value of its Stran Loyalty Solutions reporting unit was in excess of its carrying value
and no impairment charge was recorded. During the fourth quarter of fiscal year 2023, the Company determined that the carrying value of
its Stran & Company, Inc. reporting unit was in excess of its fair value and recorded a non-cash impairment charge of $810 during
the fourth quarter of fiscal year 2023. This impairment reduced the goodwill to $0 as of December 31, 2023. When performing quantitative
testing, the Company first estimates the fair values of its reporting units using a combination of an income and market approach. The
single step is to determine the estimated fair value of the reporting units and compare it to the carrying value of the reporting units,
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.

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

    Balance as of December 31, 2022  (1) 
    $90 
  
    Acquisition (see Note F) 
     720 
  
    Impairment 
     (810)
  
    Balance as of December 31, 2023 (2) 
    $— 
  
    Gander Group Acquisition (see Note F) 
     2,542 
  
    Measurement period adjustment 
     (221)
  
    Balance as of December 31, 2024 
    $2,321 

(1)Net of accumulated impairment loss of $1,182 as of December
31, 2022.

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

F-18

STRAN & COMPANY, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

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

      Weighted-Average   As of December 31, 2024     As of December 31, 2023         Remaining 
Useful Life   Gross     Accumulated Amortization