Company: IPST
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001788230-25-000175
Chunk: 154

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 1
Chunk 154
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 administrative expenses were approximately $8,294,000 for the nine months ended September 30, 2025, compared to approximately $4,632,000 for the nine months ended September 30, 2024. This approximately $3,662,000 increase included:

General and Administrative ExpenseNine Months Ended September 30,(rounded to $000’s)Change20252024Personnel - Cash Wages and Related Non-Cash Expense$1,887,000 $1,611,000 $276,000 Personnel - Share-Based Compensation1,810,000 — 1,810,000 Recruiting and retention(5,000)18,000 (23,000)Professional Fees1,077,000 1,028,000 49,000 Professional Fees - Share-Based Compensation212,000 — 212,000 Leases and Rentals430,000 447,000 (17,000)Depreciation700,000 785,000 (85,000)Other1,846,000 743,000 1,103,000 Other - Share-Based Director Fees337,000 — 337,000 $8,294,000 $4,632,000 $3,662,000 

•The approximately $276,000 increase in wages and related expenses was primarily the result of wage increases. 

•The approximately $1,810,000 of personnel - share-based compensation in the nine months ended September 30, 2025, for which there was no such expense in the comparable nine months ended September 30, 2024 included; $1,286,000 grant of matching non-cash RSU compensation related to deferred compensation. (See Notes 2 and 7 of our condensed consolidated financial statements for the Three and Nine Month Periods ended September 30, 2025 and 2024), plus additional RSU grants employee recognitions of $525,000.

•The approximately 49,000 decrease in professional fees expense was primarily the result of fewer audit fees recognized in the nine months ended September 30, 2025 compared to the same nine months ended September 30, 2024, which included audit service fees related to our 2024 IPO preparation totaling $221,000.

•The approximately $212,000 of non-cash share-based compensation Professional fees expense recognized in the nine months ended September 30, 2025, for which there was