Company: IPST
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001788230-25-000048
Chunk: 219

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 8
Chunk 219
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 nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management and the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2022.

Costa Mesa, California

April 28, 2025 

F-1

Heritage Distilling Holding Company, Inc.

Consolidated Balance Sheets

As of December 31,20242023ASSETSCurrent AssetsCash$453,162 $76,878 Accounts Receivable638,890 721,932 Inventory2,471,567 2,756,350 Other Current Assets355,928 1,717,650 Total Current Assets3,919,547 5,272,810 Long Term AssetsProperty and Equipment, net of Accumulated Depreciation5,449,412 6,428,112 Operating Lease Right-of-Use Assets, net3,303,158 3,658,493 Investment in Flavored Bourbon LLC14,285,222 10,864,000 Intangible Assets (Note 10)421,151 — Goodwill (Note 10)589,870 — Other Long Term Assets31,666 44,817 Total Long Term Assets24,080,479 20,995,422 Total Assets$28,000,026 $26,268,232 LIABILITIES & STOCKHOLDERS’ EQUITY / (DEFICIT)Current LiabilitiesAccounts Payable$4,979,353 $5,228,786 Accrued Payroll950,974 1,321,298 Accrued Tax Liability1,535,628 1,468,994 Other Current Liabilities1,253,052 1,827,