Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 49

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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2025

(Unaudited)

21.
SUBSEQUENT EVENTS

Advances

During April 2025, Mr. Liuzza and a consultant each advanced the Company $0.2 million.

Notes
Payable

The
Company is in current discussions with a lender to extend the note payable that was due December 31, 2024 for an additional six months.

The
Company is in current discussions with a lender to extend the note payable that was due June 21, 2024. The principal balance as of March
31, 2025 was $0.3 million.

Secured
Credit Facilities

On May 12, 2025, the Company entered into an agreement
with certain secured lenders pursuant to which such lenders agreed to extend the maturity date of their respective Senior Secured Notes
(the “Notes”) which were issued on November 14, 2024 pursuant to the Purchase Agreement having an aggregate principal amount
of $0.5 million, as previously extended, to August 14, 2025.

On May 13, 2025, the Company borrowed $0.3 million from an affiliate
of one of the lenders and issued it a $0.3 million non-convertible promissory note which is due on July 13, 2025, and bears interest computed
at the per annum minimum Internal Revenue Service imputed as it may change from time-to-time prior to maturity. Such promissory note may
be exchanged for convertible preferred stock of the Company having such terms as are reasonably acceptable to the Company and the lender.

On May 14, 2025, the Company entered into an
agreement with two secured lenders pursuant to which the parties agreed to an extension to the Notes and certain related
transactions on the following terms and conditions. Specifically, the Company paid 50%
of the outstanding principal balance of $0.5
million on May 14, 2025, and the maturity date of each Note was extended to May 26, 2025. The Company’s obligations under
these Notes, with a combined outstanding principal balance of $0.5
million, may be satisfied in one of the following manners as mutually determined by the lenders: (i)
the Company shall pay the remaining principal balance of the Notes, plus a premium equal to 3% of such amount, in cash, on or before
May 26, 2025; or (ii) the lenders may collectively exchange the outstanding principal balance of