Company: IPST
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001788230-25-000062
Chunk: 201

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part II, Item 8
Chunk 201
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 and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law.

Comparison of the Results of Operations for the Three Months Ended March 31, 2025 and 2024 

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 three months ended March 31, 2025 and 2024.

For the Three Months EndedMarch 31,20252024ChangeNet SalesProducts$838,055 $1,231,823 $(393,768)Services253,928 474,336 (220,408)Total Net Sales1,091,983 1,706,159 (614,176)Cost of SalesProducts814,209 1,213,565 (399,356)Services5,889 84,057 (78,168)Total Cost of Sales820,098 1,297,622 (477,524)Gross Profit271,885 408,537 (136,652)Operating ExpensesSales and Marketing1,315,386 1,189,854 125,532 General and Administrative1,407,676 1,445,553 (37,877)Total Operating Expenses2,723,062 2,635,407 87,655 Operating Loss(2,451,177)(2,226,870)(224,307)Other Income (Expense)Interest Expense(523,214)(601,006)77,792 Gain on Investment— 3,421,222 (3,421,222)Change in Fair Value of Convertible Notes— (571,089)571,089 Change in Fair Value of Warrant Liabilities— 430,208 (430,208)Other (Income) / Expense(58,656)374 (59,030)Total Other Expense(581,870)2,679,709 (3,261,579)Income/(Loss) Before Income Taxes(3,033,047)452