Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011872
Chunk: 23

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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    $(602) 
    $3,114 
  
    Total 
      
    $3,716  
    $(687) 
    $3,029  
    $3,716  
    $(602) 
    $3,114 

The Company recorded amortization
expense of $85 and $56 for the three months ended March 31, 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 
    $258 
  
    2025 
     343 
  
    2026 
     343 
  
    2027 
     343 
  
    2028 
     343 
  
    Thereafter 
     1,399 
  
    Total 
    $3,029 

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

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 Profit (as defined in the T R Miller Purchase Agreement) during the immediately trailing
12-month period prior to the applicable T R Miller Closing Date anniversary with respect to certain customers of T R Miller or primarily
resulting