Company: IPST
Filing Date: 2025-02-04
Form Type: 424B3
Source: 0001213900-25-010139
Chunk: 303

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-02-04
Form: 424B3
Chunk 303
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381,518 |   |
| Net Income (Loss) per share of common stock - diluted       |     | $                                       |       (3.12 | ) |     | $    |      (82.94 | ) |

<div align='center'>F-38

Heritage Distilling Holding Company, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)</div>

NOTE 15 — BASIC AND DILUTED NET LOSS PER SHARE (cont.)

Diluted earnings per share reflect the potential
dilution of securities that could share in the earnings of an entity. The following number of shares of common stock from the potential
exercise or conversion of outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share
attributable to common stockholders for the periods presented because including them would have been antidilutive:

|                                          |     | For the Nine Months Ended September 30, |           |     |      |         |
|                                          |     |                                    2024 |           |     | 2023 |         |
| ISOs                                     |     |                                         |     6,011 |     |      |   6,187 |
| RSUs                                     |     |                                         |   243,089 |     |      | 117,004 |
| Equity-classified Warrants               |     |                                         |   337,495 |     |      |  70,308 |
| Liability-classified Warrants 2022 Notes |     |                                         |   908,334 |     |      |  59,221 |
| Convertible Notes                        |     |                                         | 2,946,015 |     |      | 144,524 |
| Preferred Stock                          |     |                                         | 1,065,296 |     |      |       0 |
| Total                                    |     |                                         | 5,506,240 |     |      | 397,244 |

NOTE 16 — SUBSEQUENT EVENTS

For its condensed consolidated financial statements
as of September 30, 2024 and for the period then ended, the Company evaluated subsequent events through the date these financial
statements were issued. Other than the items noted below, there were no subsequent events identified for disclosure as of the date the
financial statements were issued.

Subsequent to September 30, 2024, on November
25, 2025, the Company consummated its IPO whereby it sold a total of 1,687,500