Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 951

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 951
---
2023 
  
    Expected federal income tax benefit 
    $(2,139) 
    $(1,478)
  
    State income taxes after credits 
     (1,145) 
     (497)
  
    Change in allowance 
     3,284  
     1,975 
  
    Total provision for income taxes 
    $-  
    $- 

The Company’s approximate net deferred tax assets
as of December 31, 2024 and 2023 were as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

    (Dollars in thousands) 
    2024  
    2023 
  
    Deferred tax assets 

    Net operating loss carryforwards 
    $34,853  
    $23,673 
  
    Property and equipment 
     42  
     - 
  
    Stock-based compensation 
     947  
     896 
  
    Total deferred tax assets 
     35,842  
     24,569 

    Deferred tax liability 

    Mortgage loans held for sale 
    $(57) 
    $- 
  
    Intangible assets 
     (4,709) 
     - 
  
    Equity method investment 
     (129) 
     - 
  
    Depreciation and amortization 
     (2,411) 
     (2,444)
  
    Total deferred tax liability 
     (7,306) 
     (2,444)
  
    Valuation Allowance 
     (28,536) 
     (22,125)
  
    Net deferred tax assets 
    $-  
    $- 

    F-37

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

The gross operating loss carryforward was $85.0 million
as of December 31, 2024. The Company provided a valuation allowance equal to the net deferred income tax assets for the years ended December
31, 2024 and 2023 because it was not known whether future taxable income will be sufficient to utilize the loss carryforward and other
deferred tax assets.

Additionally, the future utilization of the net operating
loss carryforward to offset future taxable income is subject to an annual limitation as a result of ownership or business changes that
may occur in the future. The Company