Company: BLNE
Filing Date: 2025-01-08
Form Type: S-1/A
Source: 0001493152-25-001415
Chunk: 143

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-08
Form: S-1/A
Chunk 143
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 equity, the Company’s debts to the members of the SPV were reduced by a total of $ 6.5million.

During the year ended December 31, 2022, the Company issued 19,265shares of common stock to directors and 4,808shares of its common stock to each of the Subscribers of the 6% Secured Convertible Promissory Notes for stock-based compensation of $ 0.3million These shares were valued using the closing share price of the Company’s common stock on the date of grant, within the range of $ 5.60to $ 19.20per share.

On April 5, 2022, the Company sold 10,000shares of common stock to its Chief Executive Officer for proceeds of $ 0.2million based on the market price of the stock at that date.

On February 4, 2022, 8,500shares were issued at $ 24.20per share to the Company’s former Chief Executive Officer pursuant to his separation agreement for stock-based compensation of $ 0.2million.

Issuance of Series B Preferred Stock

On October 19, 2021, Company entered into a securities purchase agreement (“Purchase Agreement”) with an accredited investor (“Subscriber”) for its purchase of 2.5million shares (“Preferred Shares”) of Series B Convertible Preferred Stock (“Series B Preferred Stock”) at a purchase price of $ 1.00per Preferred Share, which Preferred Shares are convertible into shares of the Company’s common stock pursuant to the terms and conditions set forth in a Certificate of Designation Establishing Series B Preferred Stock of the Company with an initial conversion price of $ 62.00per share. 42,500shares of common stock were reserved for issuance in the event of conversion of the Preferred Shares.

The Series B Preferred Stock accrues dividends at a rate of 6% per annum, payable annually on the last day of December of each year. Dividends shall accrue from day to day, whether or not declared, and shall be cumulative. Dividends are payable at the Company’s option either in cash or “in kind” in shares of common stock; provided, however that dividends may only be paid in cash following the fiscal year in which the Company has net income (as shown in its audited financial statements contained in its Annual Report on Form 10-K for such year) of at least $ 0.5million. For “in-kind” dividends, holders