Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 101

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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. As of March 31, 2025, the principal balance was $0.5 million and accrued
interest was $0.1 million. Beeline Financial is in current discussions with the lender to extend this note payable.

On
April 29, 2021, Beeline Financial and Beeline Loans entered into a term loan agreement with the Business Development Company of Rhode
Island 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.
As of March 31, 2025, the principal balance was $0.3
million and unamortized debt discount was $3,786.
Beeline Financial is in current discussions with the lender to extend this term loan agreement. 

    20

Beeline
Holdings, Inc.

Notes
to Consolidated Financial Statements

March
31, 2025

(Unaudited)

13.
NOTES PAYABLE – RELATED PARTIES

Notes
payable, related parties consisted of the following:

 SCHEDULE OF NOTES PAYABLE RELATED PARTIES

    (Dollars in thousands) 
    March 31, 2025  
    December 31, 2024 
  
    Chief Executive Officer 
    $122  
    $737 
  
    Board member 
     -  
     87 
  
    Total 
     122  
     824 
  
    Accrued interest 
     -  
     67 
  
    Total notes payable, related parties 
    $122  
    $891 

In
February and March of 2025, Mr. Liuzza advanced the Company a total of $122,241
which the Company used for working capital and general corporate purposes. In exchange for these advances, on April 25, 2025, the
Board of Directors approved the advances as loans, and the Company issued Mr. Liuzza a promissory note which bears interest at a
rate of 8%
per annum and is payable on demand. On December 31, 2024, Nicholas Liuzza, the Company’s Chief Executive Officer,