Company: IPST
Filing Date: 2025-05-07
Form Type: POS AM
Source: 0001641172-25-009076
Chunk: 199

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-05-07
Form: POS AM
Chunk 199
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 examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management and the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2022.

Costa Mesa, California

April 28, 2025

| F-2 |

<div align='center'>Heritage Distilling Holding Company, Inc.

Consolidated Balance Sheets</div>

| ASSETS                                                                                                                                                                                                                                                               
 Current Assets                                                                                                                                                                                                                                                       |     | 2024               
 As of December 31, 
 2024               |             |   |     | 2023 
 2023 |             |   |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------------|------------:|:--|:----|:-----|------------:|:--|
| Cash                                                                                                                                                                                                                                                                 |     | $                  |     453,162 |   |     | $    |      76,878 |   |
| Accounts Receivable                                                                                                                                                                                                                                                  |     |                    |     638,890 |   |     |      |     721,932 |   |
| Inventory                                                                                                                                                                                                                                                            |     |                    |   2,471,567 |   |     |      |   2,756,350 |   |
| Other Current Assets                                                                                                                                                                                                                                                 |     |                    |     355,928 |   |     |      |   1,717,650 |   |
| Total Current Assets                                                                                                                                                                                                                                                 |     |                    |   3,919,547 |   |     |      |   5,272,810 |   |
| Long Term Assets                                                                                                                                                                                                                                                     |     |                    |             |   |     |      |             |   |
| Property and Equipment, net of Accumulated Depreciation                                                                                                                                                                                                              |     |                    |   5,449,412 |   |     |      |   6,428,112 |   |
| Operating Lease Right-of-Use Assets, net                                                                                                                                                                                                                             |     |                    |   3,303,158 |   |     |      |   3,658,493 |   |
| Investment in Flavored Bourbon LLC                                                                                                                                                                                                                                   |     |                    |  14,285,222 |   |     |      |  10,864,