Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 99

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 99
---
, 2025  
    December 31, 2024 
  
    Internal-use software 
    $15,290  
    $15,225 
  
    Furniture and fixtures 
     654  
     654 
  
    Leasehold improvements 
     1,537  
     1,537 
  
    Computers and hardware 
     12  
     12 
  
    Vehicle 
     27  
     27 
  
    Total 
     17,520  
     17,455 
  
    Less accumulated depreciation and amortization 
     (3,490) 
     (2,680)
  
    Total property and equipment, net 
    $14,030  
    $14,775 

Depreciation
expense related to property and equipment was $0.1
million and $22,653
for the three months ended March 31, 2025 and 2024, respectively. Amortization expense related to internal-use software was $0.8
million for the three months ended March 31, 2025.

The
estimated future amortization expense of internal-use software as of March 31, 2025 was as follows:

 SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE OF INTERNAL-USE SOFTWARE

    (Dollars in thousands) 

    2025 
    $2,300 
  
    2026 
     3,045 
  
    2027 
     3,045 
  
    2028 
     3,045 
  
    2029 
     2,330 
  
    Amortization
    expense of internal use software 
    $13,765 

Beeline’s
internal developers created a new proprietary software, Hive, and launched it in 2024. The most notable feature of the new software
is the integration of Bob. The Company recorded $0.1 million of additional purchases of internal-use software for the three months ended
March 31, 2025.

    19

Beeline
Holdings, Inc.

Notes
to Consolidated Financial Statements

March
31, 2025

(Unaudited)

11.
WAREHOUSE LINE OF CREDIT

On
September 21, 2021, Beeline Financial entered into an agreement with a lender for a $10.0 million line of credit. The line automatically
renews for successive one-year