Company: BLNE
Filing Date: 2025-02-05
Form Type: DEF 14A
Source: 0001493152-25-005006
Chunk: 245

Company: Beeline Holdings, Inc.
Filing Date: 2025-02-05
Form: DEF 14A
Chunk 245
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33,416 |
| Mortgage loans held for sale, at fair value |     | $ |          6,271,551 |     | $ |         2,301,012 |

| F-96 |

<div align='center'>BEELINE FINANCIAL HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENT

September 30, 2024

(Unaudited)</div>

NOTE 5 - PROPERTY AND EQUIPMENT

Property and Equipment

Property and equipment as of September 30, 2024 and December 31, 2023, consisted of the following:

Schedule of Property And Equipment

|                               |     |   | September 30, 2024 |   |     |   | December 31, 2023 |   |
|:------------------------------|:----|:--|-------------------:|:--|:----|:--|------------------:|:--|
| Leasehold improvements        |     | $ |            696,894 |   |     | $ |           696,894 |   |
| Furniture and fixtures        |     |   |            129,962 |   |     |   |           129,962 |   |
| Computers and hardware        |     |   |             81,779 |   |     |   |            81,779 |   |
| Property and equipment gross  |     |   |            908,635 |   |     |   |           908,635 |   |
| Less accumulated depreciation |     |   |           (713,474 | ) |     |   |          (599,942 | ) |
| Property and equipment, net   |     | $ |            195,161 |   |     | $ |           308,693 |   |

Depreciation expense totaled $113,532 and $113,532 for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 6 - CAPITALIZED SOFTWARE DEVELOPMENT COSTS

Capitalized Software Development Costs

Beeline released its proprietary software “Hexagon” in May 2020.

Beeline continues to use the “Hexagon” software for processing mortgages of commercial and residential properties and intends on licensing this software to other mortgage loan originators in the future.

In January 2023, Beeline’s internal developers began the initial development of a new proprietary software, “Hive”. The new software is an entirely new platform and code built