Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 138

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 138
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 October 7, 2024, further described above in Note 5 - Debt Exchange Agreement.

16. SECURED CREDIT FACILIITES

Secured credit facilities consisted of the following
as of December 31:

SCHEDULE OF SECURED CREDIT FACILITES 

    (Dollars in thousands) 
    2024 
     
    2023

    Purchase agreement 
    $1,938 
     
    $
     -

    Side letter 
     448 

    -

    2024 secured notes 
     - 

    -

    Note purchase agreement 
     - 

    -

    6% Secured convertible promissory notes 
     - 

    399

    Total 
     2,386 

    399

    Accrued interest 
     - 

    10

    Debt discount 
     (1,073)

    (67
    )
  
    Total secured credit facilities, net 
    $1,313 
     
    $
    342

Purchase Agreement

On November 14, 2024, the Company
sold $1.9
million in aggregate principal amount of Senior Secured Notes (the “Notes”) and Pre-Funded Warrants to purchase a total
of 36,360
shares of common stock (the “Warrants”) for total net proceeds of $1.6
million in a private placement offering (the “Offering”). As of December 31, 2024, debt issuance costs were $0.7
million.

The Notes have a maturity date of 120 days from issuance,
were issued with a 20% original issue discount and do not bear interest unless and until one or more of the customary events of default
set forth therein occurs, whereupon each Note will bear interest at a rate of 18% per annum. If the Note remains outstanding as of May 14, 2025,
the Note also requires a special one-time interest payment of 30% which will increase the principal of each Note accordingly. Upon the
occurrence of an event of default, each Investor also has the right to require the Company to pay all or any portion of the Note at a
25% premium. Further, the Company is required to prepay the Notes in connection with certain sales of securities or assets at each Investor’s
election in an amount equal to 35% of the gross proceeds from such sales. The Company also has