Company: BLNE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024044
Chunk: 33

Company: Beeline Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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 2025, the Company sold 6,417,159
shares of Series G Preferred Stock and 5 five-year Warrants to purchase a total of 320,862
shares of common stock for total gross proceeds of $3.3 million. The Company incurred offering costs of $6,270 related to the
offering. In addition, the Company’s Chief Executive Officer converted his $0.7 million bridge loan into $0.7 million of units
comprised of 1,372,549 shares of Series G Preferred Stock and five-year Warrants to purchase a total of 68,628 shares of common
stock.

On
March 25, 2025 (“the trigger date”), the Company sold common shares under the ELOC at $1.67 per share, which was less than
the Series G Preferred Stock original conversion price of $5.10 per share, resulting in the reduction of the conversion price of the
Series G Preferred Stock to $1.67 per share as a result of the price protection adjustment related to the conversion of the Series G
Preferred Stock. The Company recorded a deemed dividend related to the Series G Preferred Stock price protection of $1.5 million. The
deemed dividend was computed as the fair value of the embedded conversion option with the reduced conversion price of $1.67 less the
fair value of the embedded conversion option with the original conversion price of $5.10 as computed on the trigger date. See below for
the warrant related deemed dividend allocation and assumptions used in the Black-Scholes model.

    25

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

June 30, 2025

(Unaudited)

During
the six months ended June 30, 2025, 4,380,664 shares of Series G Preferred Stock were converted into 438,066 shares of common stock.

In
January 2025, the Company issued a consultant 245,098 shares of Series G Preferred Stock as payment for past legal services of $0.1 million
included in stock to be issued on the consolidated balance sheets as of December 31, 2024, and 19,698 shares of Series G Preferred Stock
as payment in 2025.

Stock-Based
Compensation

On
September 8, 2016, the Company adopted the 2016 Equity Incentive Plan (the “2016 Plan”). As of June 30, 2025, there were