Company: IPST
Filing Date: 2025-12-19
Form Type: S-1/A
Source: 0001213900-25-123872
Chunk: 384

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-19
Form: S-1/A
Chunk 384
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 Agreement that was terminated in May 2023; and, the Company’s recently completed IPO. Deferred transaction costs were approximately $ 0and $ 1,397,964as of December 31, 2024 and 2023, respectively. The Company had previously incurred deferred transaction costs related to a proposed Business Combination Agreement that was terminated May 18, 2023, with related deferred transaction costs then being expensed (in the quarter ended June 30, 2023). Subsequent to the termination of the Business Combination Agreement, the Company prepared for an initial public offering (“IPO”) (which the Company successfully consummated on November 25, 2024). Accordingly, the deferred offering costs relating to the Company’s contemplated IPO continued to be deferred and capitalized as incurred through the date of the IPO. Deferred offering costs of $ 2,367,921and underwriting commissions and expenses of $ 790,000were offset against IPO proceeds as of November 25, 2024, the date of the Company’s initial public offering. Liabilities for Deferred Revenue— During 2023, the Company entered into a distilled spirits barreling production agreement with Tiburon Opportunity Fund, L.P. for the production of 1,200barrels of distilled spirits over time. There was a prepayment of $ 1,000,000made in January 2023. The agreement was amended in March 2024 to a reduced number of 600barrels for $ 500,000. The then $ 500,000excess prepayment was then used to purchase a Whiskey Note in the principal amount of $ 672,500and subsequently exchanged (upon the consummation of the Company’s IPO) under the terms of a Subscription Exchange Agreement for common stock in conjunction with the February 29, 2024 exchange of Whiskey Notes for common stock. (See Note 5.) Property and equipment, net of accumulated depreciation— Property and equipment are stated at cost and depreciated using the straight -linemethod over the estimated useful lives of the assets — generally threeto twentyyears. Leasehold improvements are amortized on a straight -linebasis over the shorter of the asset’s estimated useful life or the term of the lease. Construction in progress is related to the construction or development of property and equipment that have not yet been placed in service for their intended use. When the asset is available for use, it is transferred from construction in progress to the appropriate category of property and equipment and