Company: IPST
Filing Date: 2025-06-13
Form Type: S-1
Source: 0001641172-25-015121
Chunk: 107

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-06-13
Form: S-1
Chunk 107
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 been paid off in 2024.

Income Taxes

The provision for income taxes for the three months ended March 31, 2025 and 2024 was immaterial, primarily as we were in a net loss position for those periods.

Comparison of the Results of Operations for the Years Ended December 31, 2024 and 2023

The numbers presented below that have been rounded for presentation purposes have been rounded individually. As a result, totals may reflect the effect of differences between: aggregating the individually rounded component numbers; and the rounding of the total of the individual (non-rounded) component numbers. In cases where rounding occurred, the amount of the rounding difference is generally $1,000 or less. Such differences are considered to be insignificant.

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The following table summarizes our results of operations for the years ended December 31, 2024 and 2023.

| Net Sales                                           |     | For                       
 the Years Ended  December 
 31,                       
 2024                      |             |   |     | 2023 |             |   |     | Change |            |   |
|:----------------------------------------------------|:----|:--------------------------|------------:|:--|:----|:-----|------------:|:--|:----|:-------|-----------:|:--|
| Products                                            |     | $                         |   6,614,933 |   |     | $    |   5,136,482 |   |     | $      |  1,478,451 |   |
| Services                                            |     |                           |   1,787,555 |   |     |      |   2,834,742 |   |     |        | (1,047,187 | ) |
| Total Net Sales                                     |     |                           |   8,402,488 |   |     |      |   7,971,224 |   |     |        |    431,264 |   |
| Cost of Sales                                       |     |                           |             |   |     |      |             |   |     |        |            |   |
| Products                                            |     |                           |   6,173,189 |   |     |      |   4,963,176 |   |     |        |  1,210,013 |   |
| Services                                            |     |                           |     103,452 |   |     |      |     857,007 |