Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 314

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 314
---
 Warrants will be reclassified from
liabilities to equity under the terms of the Subscription Exchange Agreement upon the effectiveness of the Company’s anticipated
IPO — which is the remaining prerequisite for the unconditional exchange of the Whiskey Notes for equity.

| 2022 Convertible Promissory Notes                 |     | December 31, 
 2023         |  18,801,206 |   |     | December 31, 
 2022         | 8,041,000 |
|:--------------------------------------------------|:----|:-------------|------------:|:--|:----|:-------------|----------:|
| 2023 Convertible Promissory Notes                 |     |              |  17,482,685 |   |     |              |         — |
| Whiskey Special Ops 2023 Notes                    |     |              |   1,452,562 |   |     |              |         — |
| Total Convertible Notes Payable                   |     | $            |  37,736,453 |   |     | $            | 8,041,000 |
| Less: Convertible Notes Payable, Current          |     |              | (36,283,891 | ) |     |              |         — |
| Convertible Notes Payable, net of Current Portion |     | $            |   1,452,562 |   |     | $            | 8,041,000 |

F-61 Heritage Distilling Holding Company, Inc.
Notes to Consolidated Financial Statements

NOTE 6 — BORROWINGS

|                                      |     |   | 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