Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 57

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 its subsidiaries.
The Company’s consolidated financial statements for the three months ended March 31, 2024 do not include Beeline Financial’s
results of operations. 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 2025 are not directly comparable to those of 2024, as the prior year 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., the statement of operations was restructured to represent the new consolidation
of both businesses for 2024. In addition, the 2024 consolidated statement of operations has 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.

Three
Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Consolidated
Results

    (Dollars in thousands, except per share amounts) 
    2025  
    2024 
  
    Revenues 

    Beeline Financial 
    $1,350  
    $- 
  
    Bridgetown Spirits 
     482  
     597 
  
    Total Revenues 
    $1,832  
    $597 

    Net Loss and Loss per Share 

    Net loss from continuing operations 
    $(6,927) 
    $(703)
  
    Net loss 
     (6,927) 
     (1,293)
  
    Basic and diluted net loss per common share available to common stockholders 
    $(6.14) 
    $(7.80)

For
the three months ended March 31, 2025, net loss from continuing operations increased to $6.9 million from $0.7 million for the three
months ended March 31, 2024, reflecting the inclusion of Beeline’s results of operations for 2025.

Interest
Expense. Interest expense, exclusive of the warehouse line