Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 555

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 555
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 origination of loans and is charged by investors at the sale of loans excluding interest. Other operating expenses
were $0.5 million for the period October 8, 2024 through December 31, 2024.

Bridgetown Spirits

    Years Ended December 31, 
  
    (Dollars in thousands) 
    2024  
    2023  
    Variance 
  
    Net sales, spirits 
    $2,577  
    $3,787  
    $(1,210)
  
    Cost of sales, spirits 
     2,081  
     2,609  
     (528)
  
    Salaries and benefits 
     559  
     917  
     (358)
  
    Marketing and advertising 
     375  
     205  
     170 
  
    General and administrative expenses 
     -  
     294  
     (294)
  
    Depreciation and amortization 
     45  
     57  
     (12)
  
    Other operating expenses 
     1  
     3  
     (2)
  
    Impairment loss 
     3,356  
     364  
     2,992 
  
    Total operating expenses 
     6,417  
     4,449  
     1,968 
  
    Loss from operations 
     (3,840) 
     (662) 
     (3,178)
  
    Other income 
     -  
     61  
     (61)
  
    Net loss 
    $(3,840) 
    $(601) 
    $(3,239)
  
    Gross profit 
    $496  
    $1,178  
    $(682)
  
    Gross margin 
     19% 
     31% 
     -12%

51

Net sales. Net sales were $2.6 million
and $3.8 million for the years ended December 31, 2024 and 2023, respectively, due to less bulk spirits sales and lower sales of spirits.
In 2024, Spirits sold 23,261 9-liter equivalent cases compared to 26,004 cases in the prior year, a decline of 11%. Bulk sales were $0.2
million in 2024 compared to $0