Company: IPST
Filing Date: 2025-12-23
Form Type: 424B3
Source: 0001213900-25-125341
Chunk: 438

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-23
Form: 424B3
Chunk 438
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 |      |             |   |
| Investment in Flavored Bourbon LLC |     |              |  (3,242,634 | ) |     |      |  (2,511,373 | ) |
| Right-of-Use Assets                |     |              |    (749,791 | ) |     |      |    (840,677 | ) |
| Intangible Assets                  |     |              |     (95,598 | ) |     |      |           — |   |
| Total Deferred Tax Liabilities     |     |              |  (4,088,023 | ) |     |      |  (3,352,050 | ) |
| Net Deferred Tax Assets            |     | $            |           — |   |     | $    |           — |   |

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above -mentionedfuture tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The change in the valuation allowance for the period ended December 31, 2024 was an increase of $3,135,451 and change in the valuation allowance for the period ended December 31, 2023 was an increase of $2,879,551. At December 31, 2024 and 2023, the Company has federal net operating loss carryforwards of $61,234,307 and $49,287,572, respectively, which have an indefinite carryforward period. Under Sections 382 and 383 of the Code, substantial changes in the Company’s ownership may limit the amount of net operating loss and research that could be used annually in the future to offset taxable income. The tax benefits related to future utilization of federal net operating loss carryforwards, credit carryovers, tax credits, and other deferred tax assets may be limited or lost if the cumulative changes in ownership exceeds 50% within any three -yearperiod. The Company has not completed

F-98

Heritage Distilling Holding Company, Inc.
Notes to Consolidated Financial Statements NOTE 11 — INCOME TAXES (cont.) a formal Section 382