Company: BLNE
Filing Date: 2025-01-03
Form Type: S-1/A
Source: 0001493152-25-000284
Chunk: 203

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-03
Form: S-1/A
Chunk 203
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 in the Change of Control transaction. Alternatively, we have reduced the term of the Notes to three (3) years(from five (5) years)and provided that, if a holder’s Note remains outstanding after such three (3)-year period, then it shall automatically convert into the class or series of shares of capital stock of the Company last issued in a Non-Qualified Financing, at a per share purchase price equal to the lower of (x) 80% of the per share price paid by the investors for the shares issued in such Non-Qualified Financing, and (y) the Valuation Cap PPS.

In 2023, three investors who made an investment of at least $ 500,000in the 2022 Convertible Notes were entitled to exchange, for no additional consideration, Beeline Series A Preferred stock held by the investors for 2022 Convertible Notes having the same value as the investor’s existing investment. These three investors exchanged 224,950shares of Series A Preferred stock for 2022 Convertible Notes having principal amounts totaling $ 5,206,763. There were no gains or losses on these exchanges.

All Convertible Notes are three-year notes of: $ 4,436,238(raised in 2022) maturing in 2025 and $ 13,439,516(raised in 2023) maturing in 2026. As of December 31, 2023 and 2022, interest of $ 965,378and $ 77,883, respectively, has accrued on all these notes. At December 31, 2023 and 2022, the balance due on these notes, consisting of related party and non-related party notes, was $ 17,875,754and $ 4,436,238, respectively.

| F-70 |

Beeline Financial Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2023 and 2022

Convertible notes at December 31, were as follows:

Schedule of Convertible Notes

|                                   |     |   |       2023 |     |   |      2022 |
|:----------------------------------|:----|:--|-----------:|:----|:--|----------:|
| Convertible notes                 |     | $ |  8,889,261 |     | $ |   745,238 |
| Convertible notes - related party |     |   |  8,986,493