Company: BLNE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023462
Chunk: 33

Company: Beeline Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
 
  
    Total 
     -  
     775 
  
    Accrued
    interest 
     -  
     70 
  
    Debt
    discount 
     -  
     (5)
  
    Notes
    payable, net 
    $-  
    $840 

On
May 13, 2025, the Company borrowed $0.3 million from an affiliate of one of the secured credit lenders and issued a $0.3 million non-convertible
promissory note which was due on July 13, 2025, and bore interest computed at the per annum minimum Internal Revenue Service rate imputed
as it may change from time-to-time prior to maturity. In June 2025, the note was repaid in full.

During
2023, Beeline Financial issued a note payable for proceeds of $0.5 million, net of offering costs. However, this balance is not included
in the 2023 consolidated balance sheet due to the Merger closing October 7, 2024. Interest accrues at 18.0% per annum and interest-only
payments are made monthly. This loan matured December 2024. On June 27, 2025, the lender agreed not to take action against the Company
if the principal and any outstanding interest was paid by September 15, 2025. During September 2025, the principal balance and any accrued
interest was fully repaid.

On
April 29, 2021, Beeline Financial and Beeline Loans entered into a term loan agreement with the Business Development Company of Rhode
Island (“BDCRI”) for $0.3 million which was originally to mature on April 29, 2026 with an interest rate of 6.0%. The loan
was amended in June 2024 to accelerate the maturity to June 21, 2024, and to change the personal guarantees from two guarantors to solely
Beeline Financial’s Chief Executive Officer, as the guarantor. Beeline Financial made interest-only payments during 2024. On June
26, 2025, BDCRI agreed not to take action against the Company if the principal and any outstanding interest is paid by October 1, 2025.
During September 2025, the principal balance and accrued interest was fully repaid.

    21

Beeline
                                            Holdings, Inc.

Notes
to Consolidated Financial Statements