BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENTS

5. BUSINESS SEGMENTS

The Company’s CODM, the Chief Executive Officer, evaluates how the Company views and measures its performance. ASC 280, Segment Reporting establishes the standards for reporting information about segments in financial statements. After consideration of this criteria, the CODM has determined that there are three reportable segments, consisting of Beeline, Bridgetown Spirits and Corporate.

Beeline is an AI-driven fintech mortgage lender that develops proprietary software in the form of major enhancements and new developments in its lending platform, including Beeline’s Chat API “Bob.” Bridgetown Spirits brands span several alcoholic beverage categories, including whiskey, vodka, rum, and tequila and are sold on a wholesale basis to distributors in open states, and to brokers in control states. Corporate consists of key executive and accounting personnel and corporate expenses such as public company and board costs, as well as interest on debt.

The Company measures segment performance to allocate resources primarily based on revenues of Beeline and profit margin of Bridgetown. Total asset information by segment is not provided to, or reviewed by, the CODM as it is not used to make strategic decisions, allocate resources or assess performance. The accounting policies of the segments are the same as those described for the Company in Note 3 - Summary of Significant Accounting Policies.

Segment information was as follows for the three months ended March 31:

(Dollars in thousands)	2025			2024
Beeline
Gain on sale of loans, net	$	814		$	-
Title fees		376			-
Loan origination fees		150			-
Interest income		71			-
Interest expense		(65	)		-
Data and tech services		4			-
Total net revenues		1,350			-
Salaries and benefits		1,167			-
Marketing and advertising		527			-
Professional fees		35			-
General and administrative expenses		495			-
Depreciation and amortization		795			-
Other operating expenses		643			-
Total operating expenses		3,662			-
Loss from operations		(2,312	)		-
Interest expense		(10	)		-
Other expense		(3	)		-
Net loss	$	(2,325	)	$	-

Bridgetown Spirits
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	%

Corporate
Salaries and benefits	$	1,002		$	203
Marketing and advertising		3			-
Professional fees		1,131			45
General and administrative expenses		218			102
Depreciation and amortization		24			14
Other operating expenses		8			-
Total operating expenses		2,386			364
Interest income		1			-
Interest expense		(1,879	)		(248	)
Loss on equity method investment		(75	)		-
Other income		14			1
Other expense		(53	)		-
Net loss	$	(4,378	)	$	(611	)

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

March 31, 2025

(Unaudited)