Company: IPST
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001788230-25-000048
Chunk: 179

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 8
Chunk 179
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Table of Contents

Item 8. Financial Statements and Supplementary Data

Our annual audited financial statements for the years ended December 31, 2024 and 2023, together with the notes thereto and the report of Marcum LLP thereon, are included in this Annual Report on pages F-1 through F-55

Index to Consolidated Financial Statements

PageAudited Consolidated Financial Statements for the years ended December 31, 2024 and 2023Report of Independent Registered Public Accounting Firm (PCAOB ID 688)F-1Consolidated Balance Sheets as of December 31, 2024 and 2023F-2Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023F-3Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2024 and 2023F-4Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023F-5Notes to Consolidated Financial StatementsF-5

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

None.

Item 9A. Controls and Procedures

Evaluation of disclosure controls and procedures.

Our management, with the participation of our Chief Executive Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management’s evaluation, our Chief Executive Officer concluded that, as a result of the material weaknesses described below, as of December 31, 2024, our disclosure controls and procedures are not designed at a reasonable assurance level and are not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, as appropriate, to allow timely decisions regarding required disclosure. The material weaknesses, which relate to internal control over financial reporting,