Company: BLNE
Filing Date: 2025-02-05
Form Type: DEF 14A
Source: 0001493152-25-005006
Chunk: 102

Company: Beeline Holdings, Inc.
Filing Date: 2025-02-05
Form: DEF 14A
Chunk 102
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 was primarily due to the amortization of debt issuance costs on agreements that matured during that year. In 2023, however, we recorded a non-cash $1.3 million loss on the debt to equity conversion that we implemented on September 29, 2023.

Net loss was $7.5 million and $16.3 million for the years ended December 31, 2023 and 2022, respectively, after recording impairment charges of $0.4 million and $7.5 million on the value of the Azuñia assets for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, we recognized a loss on the debt to equity conversion of $1.3 million.

Beeline Results of Operations

Overview

Beeline is a full service Direct-to-Consumer lender specializing in conventional conforming and non-conforming residential first-lien mortgages and providing title services. Beeline also has an emerging business in anonymized data sales and technology licensing.

Year ended December 31, 2023 Compared to the Year Ended December 31, 2022

Beeline generates revenue through the production and sale of mortgage loans and other product offerings. The revenue and mix of revenue as a percentage of total revenue attributable to Beeline’s sale of mortgage loan production, title and data and tech sales for the years ended December 31, 2023 and 2022 was as follows:

|                               |     | YEARS ENDED DECEMBER 31, 
 2023                     
 Amounts                  |           |     | Percentages |    |   |     | 2022    
 Amounts |           |     | Percentages |    |   |
|:------------------------------|:----|:-------------------------|----------:|:----|:------------|---:|:--|:----|:--------|----------:|:----|:------------|---:|:--|
| Mortgage Loan Production, Net |     | $                        | 3,231,436 |     |             | 85 | % |     | $       | 2,225,041 |     |             | 76 | % |
| Title                         |     |                          |   559,762 |     |             | 15 | % |     |         |   722,703 |     |             | 24 | % |
| Data & Tech                   |     |                          |     2,748 |