Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 241

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 241
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 the Company’s condensed consolidated statement of operations. (Calculated using an IPO price of $ 4.00per share.) Until such a time, the Whiskey Notes and related Warrant Liabilities will remain on the Company’s balance sheet, and the change in their fair values will also continue 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                 |     | September 30, 
 2024          |   9,356,815 |   |     | December 31, 
 2023         |  18,801,206 |   |
|:--------------------------------------------------|:----|:--------------|------------:|:--|:----|:-------------|------------:|:--|
| 2023 Convertible Promissory Notes                 |     |               |   9,125,538 |   |     |              |  17,482,685 |   |
| Whiskey Special Ops 2023 Notes                    |     |               |  14,283,752 |   |     |              |   1,452,562 |   |
| Total Convertible Notes Payable                   |     | $             |  32,766,105 |   |     | $            |  37,736,453 |   |
| Less: Convertible Notes Payable, Current          |     |               | (18,482,353 | ) |     |              | (36,283,891 | ) |
| Convertible Notes Payable, net of Current Portion |     | $             |  14,283,752 |   |     | $            |   1,452,562 |   |

NOTE 6 — BORROWINGS

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

|                                       |     |   | September 30, 
          2024 |   |     |   | December 31, 
         2023 |   |
|:--------------------------------------|:----|:--|--------------:|:--|:----|:--|-------------:|:--|
| Silverview Loan                       |     | $ |    12,250,000 |   |     | $ |   12,250,000 |   |
| PPP Loan                              |     |   |