Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 338

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 338
---
-core functions, including production. As a result, its overall expenses decreased related to manufacturing, distribution, and sales
activities. To further enhance efficiency, Bridgetown Spirits established key partnerships with external resources to achieve lower costs
and improved sales performance. The impact of these changes was partially reflected in the fourth quarter of 2024, but full-year results
do not yet capture their complete effect.

Results of Operations

For
the year ended December 31, 2024, the Company reported total revenue of $3.8 million on a consolidated basis, consistent with
the prior year’s revenue. The Company recorded a net loss of $13.1 million for 2024, compared to a net loss of $7.5 million in
2023.

The Merger was structured and accounted for as a business combination with Eastside as the acquirer of 100% of the
controlling equity interests of Beeline Financial and subsidiaries. The Company’s consolidated financial statements for the year
ended December 31, 2024 include Beeline’s results of operations from October 8, 2024 through December 31, 2024. The Company’s
consolidated financial statements reflect the final purchase accounting adjustments in accordance with ASC 805, Business Combinations,
whereby the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values on the
acquisition date. Due to the Merger, management believes that the consolidated results of
operations for 2024 are not directly comparable to those of 2023, as the prior year primarily reflects the performance of Bridgetown Spirits.

Certain prior year amounts have been
reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
As a result of the merger, the statement of operations has been restructured to represent the new consolidation of both businesses and
is reflected for 2023. The 2023 consolidated balance sheet and statement of operations have been reclassified to retrospectively present
discontinued operations.

Given
these structural changes, management believes that segment-level reporting provides a more meaningful basis for evaluating performance.
Accordingly, a comparative analysis of the Company’s operating segments is presented below, which
more accurately reflects the ongoing composition of the business.

Year
Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Consolidated
Results

    (Dollars in thousands) 
    2024