Company: BLNE
Filing Date: 2025-02-05
Form Type: DEF 14A
Source: 0001493152-25-005006
Chunk: 147

Company: Beeline Holdings, Inc.
Filing Date: 2025-02-05
Form: DEF 14A
Chunk 147
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ues at 9% per annum. See: Note 15, Stockholders Equity – Debt Satisfaction Agreement.Principal and interest on the Notes of $3.3million was exchanged for equity issued to the SPV, in which the Subscribers held a 50% ownership interest, and the Notes were then amended and restated. As of December 31, 2023, the principal balance was $0.4million and interest expense accrued was $0.1million.

14.Income Taxes

The provision for income taxes results in effective tax rates which are different than the federal income tax statutory rate. The provision (benefit) for income taxes for the years ended December 31, 2023 and 2022 were as follows, assuming a 21% federal effective tax rate. The Company also has a state tax rate for Oregon of 6.6% for both the years ended December 31, 2023 and 2022.

The provision of income taxes for the years ended December 31, 2023 and 2022 were as follows:

Schedule of Provision of Income Taxes

|                            | (Dollars      
 in thousands) |   |   2023 |   |     |   |   2022 |   |
|:---------------------------|:--------------|:--|-------:|:--|:----|:--|-------:|:--|
| Expected                   
 federal income tax benefit |               | $ | (1,478 | ) |     | $ | (3,190 | ) |
| State                      
 income taxes after credits |               |   |   (497 | ) |     |   | (1,074 | ) |
| Change                     
 in allowance               |               |   |  1,975 |   |     |   |  4,264 |   |
| Total                      
 provision for income taxes |               | $ |      - |   |     | $ |      - |   |

The components of the net deferred tax assets and liabilities as of December 31 consisted of the following:

Schedule of Deferred Tax Assets and Liabilities

| (Dollars                     
 in thousands)                
 Deferred                     
 tax assets                   |     | 2023 |         |   |     | 2022 |         |   |
|:-----------------------------|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| Net                          
 operating loss carryforwards |     | $    |