Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 419

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 419
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 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 party in the amount of $99,900. In February 2023, the
related party elected to convert the convertible loan into 21,747 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 $29,333
loss on the conversion.

 7. Notes Payable

In
January 2023, the Company entered into a short-term note payable with a principal balance of $100,000, an original issue discount of
20% and a 9% interest rate. The note was repaid in its entirety in February 2023.

In
February 2023, the Company entered into an agreement to finance a portion of the premium for its Directors and Officers Insurance. The
agreement provided for financing of $697,534 of the premium, repayments in 10 equal monthly installments of $71,485 each through December
2023 and accrued interest at 6.5%. The note was repaid in its entirety in 2023. 

In
February 2024, the Company again entered into an agreement to finance a portion of the premium for its Directors and Officers Insurance.
The agreement provided for financing of $561,885 of the premium, repayments in 10 equal monthly installments of $58,005 each through
December 2024 and accrued interest at 6.99%. The note was