Company: BLNE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024044
Chunk: 44

Company: Beeline Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 one-year redemption period,
all remaining shares of Series A Preferred Stock (in addition to the Special Conversion Amount) will
become convertible at the option of the holder. 

The
Series A Preferred Stock is
entitled to vote with the Company’s common stock on an as-converted basis, subject to beneficial ownership limitations.

During July 2025, the holder converted 2.0
million shares of Series A Preferred Stock into 571,428 shares of common stock.

Bridgetown
Spirits

On
July 25, 2025, the Company entered into a Debt Satisfaction Agreement (the “DSA”) with Bridgetown Spirits and three individuals
(the “Buyers”) including Geoffrey Gwin, the President of Bridgetown Spirits, pursuant to which the Company transferred to
the Buyers all 530,000 shares of its Bridgetown Spirits common stock held by the Company in exchange for the satisfaction of outstanding
amounts payable by the Company to the Buyers totaling $0.4 million and released from Spirits and the Buyers relating thereto. The Company
also released Spirits from certain obligations and liabilities in connection with the transaction. As a result of the foregoing, Bridgetown
Spirits is no longer a subsidiary of the Company.

In
connection with the DSA, Bridgetown Spirits issued a Senior Secured Original Issue Discount Promissory Note and Security Agreement (the
“Note”) in the principal amount of $0.1 million payable to the Company with an original issue discount of $25,000. The Note
is receivable as follows: (i) $50,000 is receivable on April 24, 2026, and the remaining $50,000 is payable on July 25, 2026. The Note
is secured by the assets of Bridgetown Spirits.

Warrants

On
July 10, 2025, the Company issued a consultant 25,000 warrants as consideration for the waiver and release of certain contractual rights.

31

Item
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking
Statements

This
section of the Quarterly Report includes “forward-looking statements” as that term is defined in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events about the company or our outlook
and involve uncertainties that could significantly impact results. You can identify forward-looking statements by the fact