Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 395

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 395
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    $
    8,042

On April 1, 2021, Eastside entered into promissory
notes of $7.8 million with the Investors bearing interest of 6.0%. The notes had an original maturity of April 2024. Accrued interest
was paid in accordance with a monthly amortization schedule. These notes were converted or exchanged as part of the Debt Exchange Agreement
on October 7, 2024, further described above in Note 5 - Debt Exchange Agreement.

During 2024, the Company issued notes payable of $3.6
million maturing September 5, 2025 with payments made in nine equal monthly installments of $0.4 million beginning January 2025. As of
December 31, 2024, the principal balance was $3.6 million, accrued interest was $0.2 million and unamortized debt discount were $0.6 million.

During 2023, the Company issued a
note payable for proceeds of $0.5
million, net of offering costs. However, this balance is not included in the 2023 consolidated balance sheet due to the Merger
closing October 7, 2024, see Note 4 – Merger.  Interest accrues at 18.0%
per annum and interest-only payments are made monthly. This loan matured December 2024. As of December 31, 2024, the principal
balance was $0.5
million and accrued interest was $0.1
million. See Note 25 – Subsequent Events.

On April 29, 2021, the Company and Beeline
Loans entered into a term loan agreement with the Business Development Company of Rhode Island for $0.3
million which was originally to mature on April
29, 2026 with an interest rate of 6.0%.
The loan was amended in June 2024 to accelerate the maturity to June 21, 2024, and to change the personal guarantees from two guarantors
to solely the Company’s Chief Executive Officer, as the guarantor. The Company made interest-only payments during 2024 and one
principal payment of $25,000.
As of December 31, 2024, the principal balance was $0.3
million, accrued interest was $2,529
and unamortized debt discount was $4,659.
The Company is in current discussions with