Company: BLNE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023462
Chunk: 139

Company: Beeline Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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 of future financial condition and to also offer information that provides an understanding of our financial condition,
cash flows and results of operations.

Overview

The
Company was incorporated under the laws of Nevada in 2004.

Merger

On
September 4, 2024, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger”) with Bridgetown
Spirits Corp. (“Bridgetown Spirits”) and Beeline Financial Holdings, Inc. (“Beeline Financial”). The Merger closed
on October 7, 2024. On March 12, 2025, the Company changed its name to Beeline Holdings, Inc. (the “Company).

Beeline
Financial was incorporated in Delaware on July 1, 2020 via a merger with Beeline Financial Holdings, Inc., a Rhode Island corporation
founded on September 20, 2018.

Debt
Exchange Agreement

On
September 4, 2024, the Company and its subsidiary, Craft Canning + Printing (“Craft C+P”), entered into a Debt Exchange Agreement,
which closed on October 7, 2024, resulting in the assignment by the Company of 720 barrels of spirits to Craft C+P, followed by the merger
of Craft C+P into a limited liability company owned by certain creditors of the Company and the deconsolidation of Craft C+P. The Company
accounted for the asset and equity transfers associated with the various transactions at fair value in accordance with ASC 470-60, Debt
- Troubled Debt Restructurings by Debtors.

Subsequent
to the execution of the Debt Exchange Agreement, the Company organized a subsidiary, Bridgetown Spirits, which was incorporated on October
3, 2024, and assigned the Company’s business of manufacturing and marketing spirits to Bridgetown Spirits. On July 25, 2025, the
Company disposed of its 53% interest in Bridgetown Spirits in exchange for the satisfaction of debt and as a result Bridgetown Spirits
is no longer a subsidiary of the Company.

Upon
completion of the debt exchange agreements, the Company was no longer involved in the business of spirits, and digital printing and mobile
canning. The Company reports discontinued operations by applying the following criteria in accordance with ASC 205-20, Presentation
of Financial Statements – Discontinued Operations: (1) Component of an entity; (2) Held for sale criteria; and (