Company: IPST
Filing Date: 2025-02-04
Form Type: 424B3
Source: 0001213900-25-010139
Chunk: 339

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-02-04
Form: 424B3
Chunk 339
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,452,562 |   |     | $            | 8,041,000 |

<div align='center'>F-61

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

NOTE 6 — BORROWINGS

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

|                                      |     |   | December 31, 
         2023 |   |     |   | December 31, 
         2022 |   |
|:-------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Silverview Loan                      |     | $ |   12,250,000 |   |     | $ |   12,250,000 |   |
| PPP Loan                             |     |   |    2,269,456 |   |     |   |    2,269,456 |   |
| Channel Partners Loan (January 2022) |     |   |            — |   |     |   |       82,887 |   |
| Channel Partners Loan (April 2023)   |     |   |      149,824 |   |     |   |            — |   |
| Total Notes Payable                  |     |   |   14,669,280 |   |     |   |   14,602,343 |   |
| Less: Debt Issuance Costs            |     |   |     (398,324 | ) |     |   |     (718,872 | ) |
|                                      |     | $ |   14,270,956 |   |     | $ |   13,883,471 |   |

In March and September 2021, the Company executed
a secured term loan agreement and an amendment with Silverview Credit Partners, L.P. (the “Silverview Loan”) for an aggregate
borrowing capacity of $15,000,000. The Silverview Loan matures on April 15, 2025. The Silverview Loan accrued interest through the
18-month anniversary of the closing date at (i) a fixed rate of 10.0%, which portion was payable in cash, and (ii) at a fixed
rate of 6.5%, which portion was payable in kind and added to the outstanding obligations as principal. Effective on the 19