Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 288

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 288
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    $169 

Depreciation expense related to
property and equipment was $0.1
million for both the years ended December 31, 2024 and 2023. Amortization expense related to internal-use software was $0.7
million for the year ended December 31, 2024.

The estimated future amortization expense of internal-use
software as of December 31, 2024 was as follows:

SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION EXPENSE OF INTERNAL-USE SOFTWARE

    (Dollars in thousands) 

    2025 
    $3,045 
  
    2026 
     3,045 
  
    2027 
     3,045 
  
    2028 
     3,045 
  
    2029 
     2,343 
  
    Amortization
    expense of internal use software 
    $14,523 

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 period October 8, 2024 through December 31, 2024.

13. WAREHOUSE LINE OF CREDIT

On September 21, 2021, the Company 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 the Company or 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 the Company closes per month. The Company is required to provide the lender with annual audited financial statements,
quarterly unaudited financial statements, and monthly interim unaudited financial statements if requested. The Company is also subject
to loan repurchase provisions as defined in the agreement and certain non-financial covenants. The Company grants to the lender a security
interest in and to all