NOTES PAYABLE

3 Months Ended

Mar. 31, 2025

Notes Payable

NOTES PAYABLE

12. NOTES PAYABLE

Notes payable consisted of the following:

(Dollars in thousands)	March 31, 2025			December 31, 2024
Note payable - 2023	$	500		$	500
Term loan agreement		250			275
Total		750			775
Accrued interest		69			70
Debt discount		(4	)		(5	)
Notes payable, net	$	815		$	840

During 2023, Beeline Financial issued a note payable for proceeds of $0.5 million, net of offering costs. However, this balance is not included in the 2023 consolidated balance sheet due to the Merger closing October 7, 2024. Interest accrues at 18.0% per annum and interest-only payments are made monthly. This loan matured December 2024. As of March 31, 2025, the principal balance was $0.5 million and accrued interest was $0.1 million. Beeline Financial is in current discussions with the lender to extend this note payable.

On April 29, 2021, Beeline Financial and Beeline Loans entered into a term loan agreement with the Business Development Company of Rhode Island for $0.3 million which was originally to mature on April 29, 2026 with an interest rate of 6.0%. The loan was amended in June 2024 to accelerate the maturity to June 21, 2024, and to change the personal guarantees from two guarantors to solely Beeline Financial’s Chief Executive Officer, as the guarantor. Beeline Financial made interest-only payments during 2024. As of March 31, 2025, the principal balance was $0.3 million and unamortized debt discount was $3,786. Beeline Financial is in current discussions with the lender to extend this term loan agreement.

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

March 31, 2025

(Unaudited)