Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 499

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 499
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 31. The permit and license was fully impaired during
2024.

12. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following
as of December 31:

SCHEDULE OF PROPERTY AND EQUIPMENT

    (Dollars in thousands) 
    2024  
    2023 
  
    Internal-use software 
    $15,225  
    $- 
  
    Furniture and fixtures 
     654  
     625 
  
    Leasehold improvements 
     1,537  
     1,386 
  
    Computers and hardware 
     12  
     - 
  
    Vehicle 
     27  
     27 
  
    Total 
     17,455  
     2,038 
  
    Less accumulated depreciation and amortization 
     (2,680) 
     (1,869)
  
    Total property and equipment, net 
    $14,775  
    $169 

Depreciation expense related to
property and equipment was $0.1
million for both the years ended December 31, 2024 and 2023. Amortization expense related to internal-use software was $0.7
million for the year ended December 31, 2024.

The estimated future amortization expense of internal-use
software as of December 31, 2024 was as follows:

SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION EXPENSE OF INTERNAL-USE SOFTWARE

    (Dollars in thousands) 

    2025 
    $3,045 
  
    2026 
     3,045 
  
    2027 
     3,045 
  
    2028 
     3,045 
  
    2029 
     2,343 
  
    Amortization
    expense of internal use software 
    $14,523 

Beeline’s internal developers created a new
proprietary software, Hive, and launched it in 2024. The most notable feature of the new software is the integration of Bob. The
Company recorded $0.1 million of additional purchases of internal-use software for the period October 8, 2024 through December 31, 2024.

13. WAREHOUSE LINE OF CREDIT

On September 21, 2021, the Company entered into an
agreement with a lender for a $10.0 million line of credit