Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 546

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 546
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 we refer to in this Report as “Eastside,” was incorporated
under the laws of Nevada in 2004 under the name of Eurocan Holdings, Ltd. In December 2014, Eastside changed its corporate name to Eastside
Distilling, Inc. to reflect the acquisition of Eastside Distilling, LLC.

Merger

On September 4, 2024, Eastside entered into an
Agreement and Plan of Merger and Reorganization (the “Merger”) with Bridgetown Spirits Corp. (“Bridgetown Spirits”)
and Beeline Financial Holdings, Inc. (“Beeline Financial”). The Merger closed on October 7, 2024. On March 12, 2025, Eastside
changed its name to Beeline Holdings, Inc. (the “Company”), see Note 4, Merger in the Notes to Consolidated Financial
Statements.

Beeline Financial was incorporated in Delaware on
July 1, 2020 via a merger with Beeline Financial Holdings, Inc., a Rhode Island corporation founded on September 20, 2018. 

Debt Exchange Agreement

On September 4, 2024, Eastside and its subsidiary,
Craft Canning + Printing (“Craft C+P”), entered into a Debt Exchange Agreement (the “Debt Exchange Agreement”),
which closed on October 7, 2024, resulting in the assignment by Eastside of 720 barrels of spirits to Craft C+P, followed by the merger
of Craft C+P into a limited liability company owned by certain creditors of the Company and the deconsolidation of Craft C+P. The Company
accounted for the asset and equity transfers associated with the various transactions at fair value in accordance with ASC 470-60, Debt
- Troubled Debt Restructurings by Debtors. See Note 5 - Debt Exchange Agreement and Note 6 - Discontinued Operations
in the Notes to Consolidated Financial Statements.

Subsequent to the execution of the Debt Exchange
Agreement, the Company organized a subsidiary, Bridgetown Spirits, which was incorporated on October 3, 2024, and assigned Eastside’s
business of manufacturing and marketing spirits to Bridgetown Spirits. See
Note 5 - Debt Exchange Agreement in the Notes
to Consolidated Financial Statements.

Upon completion of the Debt Exchange Agreement, Eastside
was no longer involved in the business of digital printing and mobile canning. The Company reports discontinued operations by applying