Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 29

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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Depreciation
expense related to property and equipment was $0.1
million and $22,653
for the three months ended March 31, 2025 and 2024, respectively. Amortization expense related to internal-use software was $0.8
million for the three months ended March 31, 2025.

The
estimated future amortization expense of internal-use software as of March 31, 2025 was as follows:

 SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE OF INTERNAL-USE SOFTWARE

    (Dollars in thousands) 

    2025 
    $2,300 
  
    2026 
     3,045 
  
    2027 
     3,045 
  
    2028 
     3,045 
  
    2029 
     2,330 
  
    Amortization
    expense of internal use software 
    $13,765 

Beeline’s
internal developers created a new proprietary software, Hive, and launched it in 2024. The most notable feature of the new software
is the integration of Bob. The Company recorded $0.1 million of additional purchases of internal-use software for the three months ended
March 31, 2025.

    19

Beeline
Holdings, Inc.

Notes
to Consolidated Financial Statements

March
31, 2025

(Unaudited)

11.
WAREHOUSE LINE OF CREDIT

On
September 21, 2021, Beeline Financial entered into an agreement with a lender for a $10.0 million line of credit. The line automatically
renews for successive one-year terms, unless terminated by Beeline Financial or the lender upon 60 days’ notice. The line was renewed
on September 30, 2023 with a reduction in available funding from $10.0 million to $5.0 million. The line has subsequently been renewed
with the latest renewal through September 21, 2025 at the current $5.0 million limit subject to lender discretion. The interest rate
is the greater of interest on the underlying loan or 4.25% - 5.50%, depending on how many loans Beeline Financial closes per month. Beeline
Financial is required to provide the lender with annual audited financial statements, quarterly unaudited financial statements, and monthly
interim unaudited financial statements if requested. Beeline Financial