Company: IPST
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001788230-25-000062
Chunk: 152

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part II, Item 8
Chunk 152
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 2025 and December 31, 2024 was $0, The following table provides a roll forward of the aggregate fair values of the Company’s financial instruments described above, for which fair value is determined using Level 3 inputs: 2022 and 2023Convertible NotesWhiskey Special Ops Notes2022Notes Warrant LiabilitiesWhiskey Special Ops Notes Warrant LiabilitiesBalance as of January 1, 2024$36,283,890 $1,452,562 $794,868 $1,512,692 Issuances— 2,813,850 — 302,020 Change in Fair Value(16,275,433)16,846,522 817,454 (1,247,662)Balance as of March 31, 2024$20,008,457 $21,112,934 $1,612,322 $567,050 There were no financial instruments for which fair value is determined using Level 3 inputs for the three months ended March 31, 2025.

NOTE 7 — STOCKHOLDERS’ EQUITY / (DEFICIT)

On May 11, 2024, the Board and Stockholders of the Company approved, and on May 14, 2024 the Company effected, a .57-for-1 reverse stock split. All share and per share numbers included in these condensed consolidated financial statements as of and for all periods presented reflect the effect of that stock split unless otherwise noted.On November 25, 2024, the Company consummated its initial public offering ("IPO") whereby it sold a total of 1,687,500 shares of common stock, at an offer price of $4.00 per share. The Company received net proceeds from the IPO of $5,960,000 after deducting underwriting expenses and commission of $790,000.Concurrent with the closing of the IPO on November 25, 2024, the Company consummated a private offering, to certain of its existing security holders, of common stock warrants to purchase an aggregate of up to 382,205 shares of common stock (the “Common Warrants”) at an exercise price of $0.01 per share. The Common Warrants were sold in such private placement for a purchase price of $3.99 per Common Warrant, which was equal to the $4.00 price per share at which the common stock was sold in the IPO offering less