Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 399

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 399
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 the Company and the remaining Note holders entered into
an agreement for a second extension of the maturity dates of the Notes held by such holders to May 14, 2025. The terms of the recent extension
are as follows: (i) if the Notes are paid off on or before April 29, 2025, then there will be no additional principal payment required;
and (ii) if the principal of the applicable Notes are not paid off on or before April 29, 2025 but are paid on or before May 13, 2025,
then an additional payment in an amount equal to 5% of the outstanding principal of the applicable Notes will be due. See Note 25 - Subsequent Events.

    F-26

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

2024 Secured Notes

On May 15, 2024, Eastside entered into a Loan Agreement
with the SPV, Aegis, Bigger, District 2, and LDI.

Pursuant to the Loan Agreement, Bigger, District 2
and LDI purchased from Eastside for $1.1 million cash promissory notes in the aggregate principal amount of $1.1 million (the “2024
Secured Notes”). The 2024 Secured Notes may be satisfied by payment of 110% of principal on or before November 29, 2024, by payment
of 130% of principal on or before March 30, 2025 or by payment of 140% of principal on March 31, 2025.

With each 2024 Secured Note, Eastside issued Warrants
to purchase a share of Eastside’s common stock for $50.00 exercisable for five years after December 2, 2024 if on November 29, 2024
the 2024 Secured Note issued to the Warrant-holder remained unsatisfied. LDI received a Warrant to purchase 59,802 shares and each of
Bigger and District 2 received a Warrant to purchase 29,901 shares resulting in a debt discount of $0.3 million, which were subsequently
forgiven as part of the Debt Exchange Agreement and recorded to troubled debt restructuring in the consolidated statements of operations.

The Loan Agreement provided that if the 2024 Secured
Notes had not been satisfied by November 29, 2024, then until