Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 45

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 45
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 fair value
calculated as its cost less any impairment charges until such time as there is evidence of an orderly transaction (see Note 2). As of June 30,
2025, no fair value adjustments have been recognized, nor have there been any impairment charges. This investment is considered a
financial asset that is measured at fair value on a non-recurring basis.

4. Revenue

In
the quarter ended June 30, 2025, the Company had an agreement with a single
customer for contract services. The agreement was deemed to have multiple deliverables with revenue to be recognized at the time each
deliverable is completed. In exchange for the services to be 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 form of equity securities of the customer (see Note 3) valued at approximately $58,000
and the remaining consideration is 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.

A
single deliverable was completed in the quarter ended June 30, 2025 and, consequently, the Company recognized approximately $33,000 of
revenue at that point in time. The balance of the initial consideration received is reflected as deferred revenue on our balance sheet
at June 30, 2025. This balance plus the remaining consideration to be received will be recognized as revenue as the remaining performance
obligations are completed.

The
Company has no additional revenue agreements. Additionally, the Company has no contract assets or contract costs at June 30, 2025.

    9

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. The
agreement provides for financing of $181,797 of the premium, repayments 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 at a par value of $0.00001 with 5,500,000 being designated as Series A Convertible
Preferred Stock. Of the 5,500,000 authorized shares of Series