Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 30

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 is also subject to loan repurchase provisions as defined in the
agreement and certain non-financial covenants. Beeline Financial grants to the lender a security interest in and to all of Beeline Financial’s
right, title, and interest in and to each mortgage loan in which the lender has acquired a warehouse interest. As of March 31, 2025,
the warehouse line of credit and accrued interest outstanding balance was $4.5 million. Interest expense on the warehouse line of credit
was $0.1 million for the three months ended March 31, 2025.

12.
NOTES PAYABLE

Notes
payable consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    (Dollars in thousands) 
    March 31, 2025  
    December 31, 2024 
  
    Note payable - 2023 
    $500  
    $500 
  
    Term loan agreement 
     250  
     275 
  
    Total 
     750  
     775 
  
    Accrued interest 
     69  
     70 
  
    Debt discount 
     (4) 
     (5)
  
    Notes payable, net 
    $815  
    $840 

During
2023, Beeline Financial 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. Interest accrues at 18.0% per annum and interest-only
payments are made monthly. This loan matured December 2024. As of March 31, 2025, the principal balance was $0.5 million and accrued
interest was $0.1 million. Beeline Financial is in current discussions with the lender to extend this note payable.

On
April 29, 2021, Beeline Financial 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 Beeline Financial’s Chief Executive Officer, as the guarantor.