Company: IPST
Filing Date: 2025-08-26
Form Type: S-1
Source: 0001213900-25-080839
Chunk: 370

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-08-26
Form: S-1
Chunk 370
---
 (of $4.00 per share), and the remaining fair value of the Convertible Notes was recognized as a gain in Change in Value of Convertible Notes on the Company’s consolidated statement of operations. (Calculated using the IPO price of $4.00 per share.) Until such a time, the Whiskey Notes and related Warrant Liabilities remained on the Company’s balance sheet, and the change in their fair values also continued to be recognized as Other Income/(Expense) in the Company’s Statement of Operations. Convertible Notes at fair value consisted of the following:

| 2022 Convertible Promissory Notes                 |     | December 31, 
 2024         | — |     | December 31, 
 2023         |  18,801,206 |   |
|:--------------------------------------------------|:----|:-------------|:--|:----|:-------------|------------:|:--|
| 2023 Convertible Promissory Notes                 |     |              | — |     |              |  17,482,685 |   |
| Whiskey Special Ops 2023 Notes                    |     |              | — |     |              |   1,452,562 |   |
| Total Convertible Notes Payable                   |     | $            | — |     | $            |  37,736,453 |   |
| Less: Convertible Notes Payable, Current          |     |              | — |     |              | (36,283,891 | ) |
| Convertible Notes Payable, net of Current Portion |     | $            | — |     | $            |   1,452,562 |   |

NOTE 6 — BORROWINGS Borrowings of the Company, not including the Convertible Notes discussed in Note 5, consisted of the following:

|                            |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |
|:---------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Silverview Loan            |     | $ |   10,682,438 |   |     | $ |   12,250,000 |   |
| PPP Loan                   |     |   |    2,269,456 |   |     |   |    2,269,456 |   |