Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 278

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 278
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 assumed based upon their estimated fair values on the acquisition date.

Beeline is a fintech mortgage lender and title provider
aimed at transforming the home loan process into a shorter, easier path than conventional mortgage lending for millions of Americans seeking
a digital experience. Beeline has built a proprietary mortgage and title platform leveraging advanced technical tools with sophisticated
language learning models and combining an appropriate amount of human interaction to create a better outcome for mortgage borrowers.

The purchase price was valued at $48.2 million based
on the estimated fair value of the Series F and Series F-1 preferred stock issued on October 7, 2024. The allocation of the purchase price
to the fair value of the assets acquired and liabilities assumed and to
goodwill was as follows, subject to adjustment during a one-year measurement period from the Merger date:

SCHEDULE OF ALLOCATION OF PURCHASE PRICE 

    (Dollars in thousands) 
    October 7, 2024 
  
    Cash and cash equivalents 
    $167 
  
    Restricted cash 
     91 
  
    Mortgage loans held for sale, net, at fair value 
     7,242 
  
    Interest rate lock commitment derivative 
     124 
  
    Prepaid expenses and other current assets 
     89 
  
    Goodwill 
     33,310 
  
    Intangible assets 
     4,950 
  
    Right-of-use assets 
     1,406 
  
    Property and equipment, net 
     15,345 
  
    Equity method investment 
     75 
  
    Other assets, net 
     127 
  
    Warehouse line of credit 
     (7,067)
  
    Accounts payable 
     (1,614)
  
    Accrued liabilities 
     (713)
  
    Current portion of notes payable and accrued interest, net of discount 
     (3,671)
  
    Lease liabilities, net of current portion 
     (1,603)
  
    Other noncurrent liabilities 
     (37)
  
    Assets
    acquired, goodwill, and liabilities assumed, net 
    $48,221 

    F-18

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

The Company incurred acquisition related costs of
$0.1 million during the year ended December 31, 2024 that have been recorded in general and administrative expenses in the