Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 238

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 238
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 the holders of outstanding warrants exercised 436,533 warrants for common stock at various exercise prices and the Company
received net proceeds of approximately $1.5 million.

In
February 2024, we completed an underwritten offering of common stock and warrants generating approximately $5.7 million of net proceeds.

In
October 2024, we completed a registered direct offering of common stock and pre-funded warrants, and concurrent private placement of
common stock warrants generating approximately $2.7 million of net proceeds.

During
2024, we received approximately $0.1 million from the exercise of warrants.

As
of December 31, 2024, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the consolidated financial statements. These factors raise substantial doubt about the
Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining
the necessary financing and/or revenues to meet its obligations arising from normal business operations when they become due. Accordingly,
we will seek additional capital to continue to execute our strategy as discussed above.

Consolidated
Cash Flow Data

    Year
    ended December 31,  
    Net
    Change 

    2024  
    2023  

    Net cash (used in) provided by 

    Operating
    activities 
    $(5,610,249) 
    $(6,001,299) 
    $391,050 
  
    Investing activities 
     -  
     -  
     - 
  
    Financing
    activities 
     8,421,502  
     8,568,359  
     (146,857)
  
    Net increase in cash
    and cash equivalents 
    $2,811,253  
    $2,567,060  
    $244,193 

Cash Flows
Used in Operating Activities

Net
cash used in operating activities for the year ended December 31, 2024 decreased by approximately $391,000 compared to the same period
ended December 31, 2023 primarily due to paying down accrued expenses for technology access, consultants, and compensation in 2023, partially
offset by increased operating costs in 2024 primarily relating to increased personnel costs.

Cash Flows
Used in Investing Activities

There
was no cash used in investing activities during any of the