Exhibit 99.3
STRAN & COMPANY, INC. AND T R MILLER CO., INC.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
AS OF AND FOR THE 12 MONTHS ENDED DECEMBER 31, 2022
| Stran & Company, Inc. | T R Miller Co., Inc. | Pro Forma Adjusting Entries | Pro Forma Combined Balances | |||||||||||||
| Assets | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash | $ | 15,253,756 | $ | 2,024,486 | $ | (4,178,716 | )(a) (e) | $ | 13,099,526 | |||||||
| Short-Term Investments | 9,779,355 | - | - | 9,779,355 | ||||||||||||
| Accounts Receivable, Net | 14,442,626 | 2,115,748 | (388,372 | )(b) | 16,170,002 | |||||||||||
| Deposits | - | 5,270 | (5,270 | )(b) | - | |||||||||||
| Due from Stockholders, Current | - | 350,000 | - | (a) | 350,000 | |||||||||||
| Deferred Income Taxes | 841,000 | - | - | 841,000 | ||||||||||||
| Inventory | 6,867,564 | 312,352 | (111,674 | ) | 7,068,242 | |||||||||||
| Notes Receivable, Current | - | 2,500 | (2,500 | )(a) | - | |||||||||||
| Prepaid Corporate Taxes | 87,459 | 51,718 | (57,718 | )(a) | 87,459 | |||||||||||
| Prepaid Expenses | 386,884 | 7,278 | (2,147 | )(b) | 392,015 | |||||||||||
| Security Deposits | 910,486 | - | - | 910,486 | ||||||||||||
| Total current assets | 48,569,130 | 4,869,352 | (4,740,397 | ) | 48,698,085 | |||||||||||
| Property and Equipment, Net | 1,000,090 | 151,838 | (151,838 | )(b) | 1,000,090 | |||||||||||
| Other Assets | ||||||||||||||||
| Due from Stockholder, Net of Current Portion | - | 702,781 | (702,781 | )(a) | - | |||||||||||
| Intangible Assets - Customer Lists, Net | 6,272,205 | - | 4,995,985 | (c) | 11,268,190 | |||||||||||
| Note Receivable, Net of Current Portion | - | 71,019 | (71,019 | )(a) | - | |||||||||||
| Right of Use Asset - Office Leases | 784,683 | - | - | 784,683 | ||||||||||||
| Total Other Assets | 7,056,888 | 773,800 | 4,222,185 | 3,426,070 | ||||||||||||
| Total assets | $ | 56,626,108 | $ | 5,835,323 | $ | (710,383 | ) | $ | 61,751,048 | |||||||
| Liabilities and shareholders’ equity | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Current Portion of Contingent Earn-Out Liabilities | $ | 1,809,874 | $ | - | $ | - | (g) | $ | 1,809,874 | |||||||
| Current Portion of Lease Liability | 324,594 | - | - | 324,594 | ||||||||||||
| Accounts Payable and Accrued Expenses | 4,051,657 | 237,693 | 149,933 | (b) | 4,439,283 | |||||||||||
| Accrued Payroll and Related | 608,589 | 299,886 | (172,516 | )(b) | 735,959 | |||||||||||
| Due to Stockholder | - | 37,805 | (37,805 | )(a) | - | |||||||||||
| Unearned Revenue | 633,148 | 340,512 | (45,394 | )(b) | 928,266 | |||||||||||
| Rewards Program Liability | 6,000,000 | - | - | 6,000,000 | ||||||||||||
| Sales Tax Payable | 365,303 | 72,852 | (72,852 | )(a) | 365,303 | |||||||||||
| Income tax payable | 162,358 | - | - | 162,358 | ||||||||||||
| Total current liabilities | 13,955,523 | 988,748 | (178,634 | ) | 14,765,637 | |||||||||||
| Long-term liabilities | ||||||||||||||||
| Long-Term Contingent Earn-Out Liabilities | 2,845,944 | - | 4,551,095 | (g) | 7,397,039 | |||||||||||
| Long- Term Lease Liability | 460,089 | - | - | 460,089 | ||||||||||||
| Total Long-Term Liabilities | 3,306,033 | - | 4,551,095 | 7,857,128 | ||||||||||||
| Shareholders’ equity | ||||||||||||||||
| Common Stock | 1,848 | 8,830 | (8,830 | ) | 1,848 | |||||||||||
| Additional Paid-In Capital | 38,279,151 | - | - | 38,279,151 | ||||||||||||
| Retained Earnings | 1,083,553 | 4,797,412 | (4,797,412 | ) | 1,083,553 | |||||||||||
| Total Stockholders’ Equity | 39,364,552 | 4,846,575 | (4,846,575 | ) | 39,364,552 | |||||||||||
| Total Liabilities and Stockholders’ equity | $ | 56,626,108 | $ | 5,835,323 | $ | (474,114 | ) | $ | 61,987,317 | |||||||
| Stran & Company, Inc. | T R Miller Co., Inc. | Pro Forma Adjustments | Pro Forma Combined Balances | |||||||||||||
| Sales | $ | 58,953,467 | $ | 19,320,747 | $ | - | $ | 78,274,214 | ||||||||
| Cost of Sales | 42,383,793 | 13,778,785 | - | 56,162,578 | ||||||||||||
| Gross profit | 16,569,674 | 5,541,962 | 22,111,636 | |||||||||||||
| Operating Expenses | 18,075,369 | 4,532,784 | 555,110 | (f) | 23,163,263 | |||||||||||
| Earnings (Loss) from Operations | (1,505,695 | ) | 1,009,178 | (555,110 | ) | (1,051,627 | ) | |||||||||
| Other Income and (Expense) | ||||||||||||||||
| Other Income (Expense) | 112,507 | (33,153 | ) | - | 79,354 | |||||||||||
| Interest Income (Expense) | 94,680 | 40,093 | - | 134,773 | ||||||||||||
| Unrealized Gain (Loss) on Short-Term Investments | (179,120 | ) | - | - | (179,120 | ) | ||||||||||
| 28,067 | 6,940 | 35,007 | ||||||||||||||
| Earnings (Loss) Before Income Taxes | (1,477,628 | ) | 1,016,118 | (555,110 | ) | (1,016,620 | ) | |||||||||
| Provision for Income Taxes | (699,187 | ) | 245,262 | - | (453,925 | ) | ||||||||||
| Net Earnings (Loss) | (778,441 | ) | 770,856 | (551,110 | ) | (562,695 | ) | |||||||||
| Net Earnings (Loss) Per Share - Basic & Diluted | $ | (0.04 | ) | $ | - | $ | - | $ | (0.03 | ) | ||||||
| Weighted-Average Shares Outstanding - Basic & Diluted | 19,202,619 | 19,202,619 | ||||||||||||||