Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 1456

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 1456
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 dividends may only be paid in cash following the fiscal year in which Eastside has net income
(as shown in its audited financial statements contained in its Annual Report on Form 10-K for such year) of at least $0.5 million. For
“in-kind” dividends, holders will receive that number of shares of common stock equal to (i) the amount of the dividend payment
due such stockholder divided by (ii) the volume weighted average price of the common stock for the 90 trading days immediately preceding
a dividend date (“VWAP”). For the year ended December 31, 2024, Eastside issued dividends of 17,773 shares of common stock
at $8.44 per share to its Series B Preferred stockholders. For the year ended December 31, 2023, Eastside issued dividends of 9,296 shares
of common stock at a VWAP of $16.14 per share to its Series B Preferred stockholders. For both the years ended December 31, 2024 and 2023,
Eastside accrued $0.2 million of preferred dividends.

Issuance of Series C Preferred Stock

Pursuant to the terms of
the DSA on September 29, 2023, Eastside issued to the SPV 200,000 shares of its Series C Preferred Stock. Each share of Series C Preferred
Stock has a stated value of $28.025 and is convertible into shares of the Company’s common stock pursuant to the terms and conditions
set forth in a Certificate of Designation Establishing Series C Preferred Stock with an initial conversion price of $30.50 per share.

During 2024, the SPV converted
200,000 shares of its Series C Preferred Stock into 183,784 shares of common stock, see Note 5 – Debt Exchange Agreement.
In January 2025, the Certificate of Designation was withdrawn for the Series C Preferred Stock.

Issuance of Series D Preferred Stock

Each share of
Series D Preferred Stock has a stated value of $10.00
and is convertible into shares of the Company’s common stock pursuant to the terms and conditions set forth in a Certificate of
Designation establishing Series D Preferred Stock with an initial conversion price of $18.00
per share. In the event that the Company declares a dividend payable in cash or stock to holders of any class of the Company’s
stock (including the Series B Preferred Stock), the holder
of a share of Series