Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 1088

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 9C
Chunk 1088
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rued legal fees 
     27,601  
     - 
  
    Accrued licensing and royalty fees 
     20,000  
     - 
  
    Accrued Board fees 
     16,875  
     16,875 
  
    Accrued research and development project costs 
     -  
     28,937 
  
    Accrued other expenses 
     6,975  
     2,882 
  
    Total Accrued expenses 
    $152,156  
    $80,694 

 5. Convertible Notes 

August 2021
Note 

In August 2021,
the Company entered into a convertible loan agreement with an unrelated party for a commitment of up to $195,000 with a 5% original issue
discount and a 9% interest rate. The loan was repaid in its entirety in February 2023.

December 2021
Note 

In
December 2021, the Company entered into a loan agreement with an unrelated party with a principal amount of $25,000, a 10% original issue
discount and a 6% interest rate. Concurrent with the closing of the Company’s initial public offering (“IPO”) in February
2023, the note converted according to its terms into 6,939 shares of common stock. No gain or loss was recognized on the conversion. 

Convertible
Bridge Notes 

In
2022, the Company received approximately $991,000 of gross proceeds from the issuance of Convertible Bridge Notes from several offerings.
Concurrent with the closing of the Company’s IPO in February 2023, all of the Convertible Bridge Notes converted according to their
terms into 269,513 shares of common stock. No gain or loss was recognized on the conversions.

 6. Convertible Notes – Related Party 

SAFE Agreement

In
July 2021, the Company entered into a Simple Agreement for Future Equity (“SAFE”) with a related party at a purchase price
of $150,000. In February 2023, the SAFE terminated and converted into 32,967 shares of common stock according to its terms upon the closing
of the Company’s IPO. The conversion was considered a redemption for accounting purposes and consequently, the Company recognized
a $63,626 loss on the conversion.

August 2021
Note 

In
August 2021, the Company entered into a convertible loan agreement with a related