Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 15

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 15
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2025 and designed to enhance clinical trial efficiency, extract actionable insights from
historical and ongoing data and improve strategic planning for Eleison’s oncology pipeline, was deemed to have multiple deliverables
with revenue to be recognized at the time each deliverable was completed. In exchange for the services provided, the Company is entitled
to consideration in the form of cash or equity securities of the customer or any combination at the customer’s sole discretion.
The Company received the initial payment in the second quarter of 2025, representing 50% of the total consideration, in the form of equity
securities of the customer (see Note 3) valued at approximately $58,000, and the remaining consideration, also valued at approximately
$58,000, was due upon completion of the final deliverable. The Company allocated the total proceeds to each of the separate deliverables
on a relative basis based on the estimated stand-alone selling price of each deliverable. All deliverables were completed in the nine
months ended September 30, 2025 and, consequently, the Company recognized approximately $117,000 of revenue at the point in time that
each deliverable was completed.

In
June 2025, the Company entered into a strategic collaboration with Sygnature Discovery (“Sygnature”), a UK-based contract
research organization specializing in drug discovery. Under this collaboration, Sygnature will introduce BullFrog Data Networks™,
the Company’s proprietary AI-driven data insights platform powered by the bfLEAP™ engine, to Sygnature’s global biopharma
client base. Any commercial terms for the marketing collaboration will be agreed by the parties in a subsequent agreement. The Company has not yet recognized any revenue under this collaboration. 

The
Company currently has no other revenue agreements. Additionally, the Company has no contract assets or contract costs at September 30,
2025.

5.Notes
                                            Payable

In
February 2025, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy
for the policy period of February 2025 through February 2026. The agreement provides for financing of $181,797 of the premium, which
financing will be repaid in 10 equal monthly installments of $18,743 each through December 2025 and accrues interest at 6.70%.

6.Stockholders’
                                            Equity

Preferred
Stock

The
Company has 10,000,000 shares of preferred stock authorized