NOTE 10 – SUBSEQUENT EVENT

On July 24, 2024, the Company acquired 100% of the outstanding membership interests of Independent Truck Upfitters (“ITU”) for cash consideration of $46,150, subject to conveyance of real estate and customary adjustments and an additional $8,000 earn-out amount subject to meeting certain performance criteria within the first two years after the acquisition. The purchase price was funded with cash on hand and borrowings under our existing credit facility. ITU is a Midwest-based provider of turnkey upfit services for fleets of commercial and government service vehicles. Due to the proximity of the closing date of the acquisition to the date of this filing, the initial accounting for the business combination is incomplete. As a result, the Company is unable to disclose certain information including provisional fair value estimates of the identifiable net assets acquired and goodwill at this time. Due to its insignificant size relative to the Company, we do not expect to provide supplemental pro forma financial information of the combined entity for the current and prior reporting period. The Company will provide preliminary purchase price allocation with its third quarter Quarterly Report on Form 10-Q.