DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

6. DISCONTINUED OPERATIONS

Eastside reports discontinued operations by applying the following criteria in accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations: (1) Component of an entity; (2) Held for sale criteria; and (3) Strategic shift. Given that the effect of the Debt Exchange Agreement meets all the criteria for classification of held for sale, the assets and liabilities of Craft C+P have been classified as held for sale as of December 31, 2023 and were disposed of on October 7, 2024. The operating results of Craft C+P have been classified as discontinued operations during the years ended December 31, 2024 and 2023. The consolidated financial statements for the prior periods have been adjusted to reflect comparable information.

Assets and liabilities related to Craft C+P were as follows as of December 31:

(Dollars in thousands)	2023
Assets
Current assets:
Cash	$	96
Trade receivables, net		396
Inventories		526
Prepaid expenses and other current assets		250
Total current assets		1,268
Property and equipment, net		4,598
Right-of-use assets		1,923
Intangible assets, net		827
Other assets, net		321
Total Assets	$	8,937
Liabilities
Current liabilities:
Accounts payable	$	1,014
Accrued liabilities		110
Deferred revenue		88
Current portion of lease liabilities		665
Total current liabilities		1,877
Lease liabilities, net of current portion		1,366
Total liabilities	$	3,243

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

Income and expense related to Craft C+P were as follows for the years ended December 31:

(Dollars in thousands)	2024			2023
Sales	$	6,903		$	6,817
Less customer programs and excise taxes		120			105
Net sales		6,783			6,712
Cost of sales		6,510			6,829
Gross profit (loss)		273			(117	)
Operating expenses:
Sales and marketing expenses		45			126
General and administrative expenses		2,436			2,878
Gain on disposal of property and equipment		(195	)		(367	)
Total operating expenses		2,286			2,637
Loss from operations		(2,013	)		(2,754	)
Other income (expense), net
Interest expense		-			(12	)
Deconsolidation loss		(4,829	)		-
Other income		4			17
Total other income, net		(4,825	)		5
Loss before income taxes		(6,838	)		(2,749	)
Provision for income taxes		-			-
Net loss from discontinued operations	$	(6,838	)	$	(2,749	)