Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 102

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 loaned
$0.7
million to Beeline Loans in exchange for a demand promissory note, which accrues interest at the rate of 8%
per annum and is payable within 15 days of a demand notice made by Mr. Liuzza. The funds were held in a restricted account to permit
Beeline Loans to improve its ability to make real estate loans. On February 17, 2025, he converted the $0.7
million bridge loan into $0.7
million of units comprised of 1,372,549
shares of Series G Preferred Stock and five-year Warrants to purchase a total of 68,628
shares.

In
July 2023, Beeline Financial issued a note to a private company in which Joseph Freedman, a Board member of the Company and Beeline Financial,
has an ownership interest. This note was for $0.1 million and accrued interest at 7% per annum and is due on demand. This note was subsequently
repaid in January 2025.

14.
SECURED CREDIT FACILIITES

Secured
credit facilities consisted of the following:

 SCHEDULE OF SECURED CREDIT FACILITIES

    (Dollars in thousands) 
    March 31, 2025  
    December 31, 2024 
  
    Purchase agreement 
    $1,472  
    $1,938 
  
    Side letter 
     493  
     448 
  
    Senior secured debentures 
     2,567  
     3,600 
  
    Total 
     4,532  
     5,986 
  
    Accrued interest 
     -  
     199 
  
    Debt issuance costs 
     (259) 
     (1,719)
  
    Total secured credit facilities, net 
    $4,273  
    $4,466 

Purchase
Agreement

On
November 14, 2024, the Company sold $1.9 million in aggregate principal amount of Senior Secured Notes (the “Notes”) and
Pre-Funded Warrants to purchase a total of 36,360 shares of common stock for total net proceeds of $1.6 million in a private placement
offering (the “Offering”). As of March 31, 2025, debt issuance costs were fully amortized. In March 2025, the Company and
c