Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 1020

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1020
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 services under an engagement letter predating 2021.
In anticipation of closing the Merger, the legal firm released the Company from prior invoiced amounts billed for services, late fees
and adjustments of $0.6 million upon the closing of the Merger and Debt Exchange Agreement, and for payment of $0.1 million before October
7, 2024. The Company recorded $0.6 million to gain on extinguishment of debt in the consolidated statements of operations and comprehensive
loss for the year ended December 31, 2024.

6. DISCONTINUED OPERATIONS

Eastside reports discontinued
operations by applying the following criteria in accordance with ASC 205-20, Presentation of Financial Statements –
Discontinued Operations: (1) Component of an entity; (2) Held for sale criteria; and (3) Strategic shift. Given that the effect
of the Debt Exchange Agreement meets all the criteria for classification of held for sale, the assets and liabilities of Craft C+P
have been classified as held for sale as of December 31, 2023 and were disposed of on October 7, 2024. The operating results of Craft C+P have been classified as
discontinued operations during the years ended December 31, 2024 and 2023. The consolidated financial statements for the prior
periods have been adjusted to reflect comparable information.

Assets and liabilities related to Craft C+P were as
follows as of December 31:

SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATIONS 

    (Dollars in thousands) 
    2023 
  
    Assets 

    Current assets: 

    Cash 
    $96 
  
    Trade receivables, net 
     396 
  
    Inventories 
     526 
  
    Prepaid expenses and other current assets 
     250 
  
    Total current assets 
     1,268 
  
    Property and equipment, net 
     4,598 
  
    Right-of-use assets 
     1,923 
  
    Intangible assets, net 
     827 
  
    Other assets, net 
     321 
  
    Total Assets 
    $8,937 

    Liabilities 

    Current liabilities: 

    Accounts payable 
    $1,014 
  
    Accrued liabilities 
     110 
  
    Deferred revenue 
     88 
  
    Current portion of lease liabilities