Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 27

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 $3,716  
    $(773) 
    $2,943  
    $3,716  
    $(602) 
    $3,114 

The Company recorded amortization expense
of $85 and $67 for the three months ended June 30, 2024 and 2023, respectively. The Company recorded amortization expense of $171 and
$123 for the six months ended June 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 
    $172 
  
    2025 
     343 
  
    2026 
     343 
  
    2027 
     343 
  
    2028 
     343 
  
    Thereafter 
     1,399 
  
    Total 
    $2,943 

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

19

STRAN & COMPANY, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

G.T R MILLER ACQUISITION

On
June 1, 2023 (the “T R Miller Closing Date”), the Company completed its acquisition (the “T R Miller Acquisition”)
of substantially all of the assets (the “T.R. Miller Acquired Assets”) of T R Miller Co., Inc. (“T R Miller”),
pursuant to the Asset Purchase Agreement, date as of January 25, 2023 (the “T R Miller Purchase Agreement”), among the Company,
T R Miller, and Thomas R Miller (the “T R Miller Stockholder”).

The
aggregate consideration required to be paid to T R Miller for the purchase of the T R Miller Acquired Assets was (a) $1,000 payable in
cash on the T R Miller Closing Date; (b) an amount equal to the cost basis of Inventory (as defined in the T R Miller Purchase Agreement);
(c) four annual installment payments due on each anniversary of the T R Miller Closing Date, equal to $400, $300, $200, and $200, respectively;
(d) four annual earn-out payments equal to (i) 45% of the annual Gross