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

6 Months Ended

Jun. 30, 2025

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 F)		2,542
Measurement period adjustment		(221	)
Balance as of December 31, 2024	$	2,321
Balance as of June 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:

		As of June 30, 2025							As of December 31, 2024
	Weighted - Average Remaining Useful Life	Gross		Accumulated Amortization			Net Carrying Amount		Gross		Accumulated Amortization			Net Carrying Amount
Customer lists	8.1 years	$	5,175	$	(1,241	)	$	3,934	$	5,175	$	(1,005	)	$	4,170
Total intangible assets - customer lists, net		$	5,175	$	(1,241	)	$	3,934	$	5,175	$	(1,005	)	$	4,170
Trade name	Indefinite	$	654	$	—		$	654	$	654	$	—		$	654
Total intangible assets - trade name		$	654	$	—		$	654	$	654	$	—		$	654

The Company recorded amortization expense of $106 and $85 for the three months ended June 30, 2025 and 2024, respectively. The Company recorded amortization expense of $236 and $171 for the six months ended June 30, 2025 and 2024, respectively.

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

Fiscal Years:
Remainder of 2025	$	246
2026		488
2027		488
2028		488
2029		488
Thereafter		1,736
Total	$	3,934

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