Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 157

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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-use software and was $0.8 million for the three months
ended March 31, 2025.

Other operating expenses. Other
operating expenses consist of expenses directly related to the origination of loans and is charged by investors at the sale of loans excluding
interest. Other operating expenses were $0.6 million for the three months ended March 31, 2025.

Bridgetown
Spirits

    Three Months Ended March 31, 
  
    (Dollars in thousands) 
    2025  
    2024 
  
    Net sales, spirits 
    $482  
    $597 
  
    Cost of sales, spirits (inclusive of depreciation) 
     418  
     460 
  
    Salaries and benefits 
     162  
     147 
  
    Marketing and advertising 
     61  
     87 
  
    Professional fees 
     9  
     - 
  
    General and administrative expenses 
     52  
     - 
  
    Depreciation and amortization 
     4  
     - 
  
    Total operating expenses 
     706  
     694 
  
    Loss from operations 
     (224) 
     (97)
  
    Other income 
     -  
     5 
  
    Net loss 
    $(224) 
    $(92)
  
    Gross profit 
    $64  
    $137 
  
    Gross margin 
     13% 
     23%

37

Net
sales. Net sales were $0.5 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively. In 2025,
Spirits sold 4,995 9-liter equivalent cases compared to 5,684 cases in the prior year, a decline of 12%.

Cost
of sales. Cost of sales declined to $0.4 million for the three months ended March 31, 2025 from $0.5 million for the three months
ended March 31, 2024 related to the decrease in net sales.

Gross
profit and Gross margin. Gross profit is calculated by subtracting the cost of products sold and services rendered from net sales.
Gross margin is gross profit stated as a percentage of net sales.

Gross
profit was $0.1 million for both the three months ended March 31