Company: BLNE
Filing Date: 2025-01-03
Form Type: S-1/A
Source: 0001493152-25-000284
Chunk: 139

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-03
Form: S-1/A
Chunk 139
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) per common share as of December 31, 2023 and 2022.

| F-23 |

Eastside Distilling, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2023

17.Stockholders’ Equity

Reverse Stock Split

All shares and per share information in these financial statements has been adjusted to give effect to the 1-for-20 reverse stock splitof the Company’s common stock effected on May 12, 2023.

Debt Satisfaction Agreement

On September 29, 2023, the Company entered into a Debt Satisfaction Agreement (the “DSA”) with the SPV, Aegis, Bigger Capital Fund, LP (“Bigger”), District 2 Capital Fund, LP (“District 2”), LDI Investments, LLC (“LDI”) and TQLA, LLC. The SPV is a special purpose vehicle whose equity is shared 50% by Bigger and District 2 and 50% by Aegis and LDI.

Pursuant to the DSA, on September 29, 2023, the Company issued to the SPV 296,722shares of the Company’s common stock and 200,000shares of its Series C Preferred Stock, and executed a Registration Rights Agreement providing that the Company will register for public resale that common stock and the common stock issuable upon conversion of the Series C Preferred Stock. In exchange for that equity, the Company’s debts to the members of the SPV were reduced by a total of $ 6.5million and the Company recognized a loss on the conversion of $ 1.3 million for the year ended December 31, 2023. Specifically, the debt was reduced as follows:

| ● | the                                                                                                                    
 principal balance of the Secured Promissory Note issued by the Company to Aegis on October 6, 2022 was reduced by $1.9 
 million;                                                                                                               |

| ● | the                                                      
 Company’s debt to LDI of $1.4                            
 million arising from advances made by LDI                
 to the Company during the past 10 months was eliminated; |

| ● | the                                                                                                                              
 aggregate principal balance of the Secured Convertible Promissory Notes issued by the Company to Bigger in April and May of 2021 
 was reduced by $1.6                                                                                                              
 million; and                                                                                                                     |

| ● | the                                                                                                                                  
 aggregate principal balance of the Secured Convertible Promissory