Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 808

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 808
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 Other noncurrent liabilities 
     (37)
  
    Assets
    acquired, goodwill, and liabilities assumed, net 
    $48,221 

    F-18

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

The Company incurred acquisition related costs of
$0.1 million during the year ended December 31, 2024 that have been recorded in general and administrative expenses in the consolidated
statements of operations.

For income tax purposes, this is a non-taxable merger
as it was an all-stock transaction and accordingly goodwill will not be deductible for tax purposes.

Pro Forma Financial Information

The following unaudited pro forma consolidated results
of operations for the years ended December 31, 2024 and 2023 assume that the acquisition of Beeline was completed on January 1, 2023 and
exclude the Craft C+P business operations that has been classified as discontinued operations:

SCHEDULE OF BUSINESS ACQUISITION, PRO FORMA FINANCIAL INFORMATION 

    (Dollars in thousands) 
    2024  
    2023 
  
    Pro forma net revenues 
    $7,581  
    $7,581 
  
    Pro forma net losses 
    $(16,165) 
    $(18,435)
  
    Pro forma basic and diluted net loss per share 
    $(69.08) 
    $(169.13)

Pro forma data does not purport to be indicative of
the results that would have been obtained had these events actually occurred at the beginning of the periods presented and is not intended
to be a projection of future results.

5. DEBT EXCHANGE AGREEMENT

On September 4, 2024, Eastside and its then subsidiary,
Craft Canning + Printing, LLC (“Craft C+P”) entered into the Debt Exchange Agreement with The B.A.D. Company, LLC (the “SPV”),
Aegis Security Insurance Company (“Aegis”), Bigger, District 2, LDI Investments, LLC (“LDI”), William Esping ((“Esping”),
WPE Kids Partners (“WPE”) and Robert Grammen (“Grammen”), a 2024 director of Eastside (collectively the “Investors”).
On October 3, 2024, the Investors executed the First Amended and Restated Debt Exchange Agreement (the collectively “Debt Exchange
Agreement”).

Subsequent