Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 25

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part II, Item 8
Chunk 25
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D CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

Pro forma disclosure for the Gander Group Acquisition

The following unaudited pro forma financial
information reflects the consolidated results of operations of the Company for the nine months ended September 30, 2024, as if the Bangarang
Acquisition had taken place on January 1, 2024. The financial results of the Bangarang Acquisition are included in the Company’s
statements of operation from the Closing Date through September 30, 2024. The pro forma financial information is not necessarily indicative
of the results of operations as they would have been had the transactions been effected on the assumed date:

    September 30, 
2024 
  
    Sales 
    $85,803 
  
    Costs of sales 
     62,308 
  
    Gross profit 
     23,495 
  
    Operating expenses 
     26,258 
  
    Loss from operations 
     (2,763)
  
    Other income (expense) 

    Other income 
     3,013 
  
    Interest income (expense), net 
     (451)
  
    Realized gain (loss) on investments 
     176 

     2,738 
  
    Loss before taxes 
     (25)
  
    Provision for income taxes 
     7 
  
    Net loss 
     (32)

    Net loss per share - basic & diluted 
    $(0.00)
  
    Weighted average shares outstanding - basic & diluted 
     18,584,359 

TR
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