Stran & Company, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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	$	3,716	$	(602	)	$	3,114
Total intangible assets - customer lists, net		$	5,175	$	(874	)	$	4,301	$	3,716	$	(602	)	$	3,114
Trade names	Indefinite	$	654	$	—		$	654	$	—	$	—		$	—
Total intangible assets - trade name		$	654	$	—		$	654	$	—	$	—		$	—

The Company recorded amortization expense of $100 and $85 for the three months ended September 30, 2024 and 2023, respectively. The Company recorded amortization expense of $272 and $208 for the nine months ended September 30, 2024 and 2023, respectively.

The following table presents future estimated amortization expense based on existing intangible assets held for use:

Fiscal Years:
Remainder of 2024	$	122
2025		488
2026		488
2027		488
2028		488
Thereafter		2,227
Total	$	4,301

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