Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 284

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 284
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 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 repaid in its entirety in 2024.

     F-11 

 8. 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 A Convertible Preferred Stock, 73,449 were issued and outstanding as of
December 31, 2024. Each share of Series A Convertible Preferred Stock is convertible at any time into 10 shares of the Company’s
common stock. The Series A Preferred Stock is the economic equivalent of the common stock but has no voting rights and is subject to
a blocker which prohibits the conversion into common stock if it would result in the investor owning more than 4.99% of the Company’s
outstanding common stock at such time.

Common
Stock

The
Company has 100,000,000 shares of common stock authorized at a par value of $0.00001. 

In
February 2023, the Company completed its IPO for the sale of 1,297,318 units (each, a “Unit,” collectively, the “Units”)
at a price of $6.50 per Unit generating approximately $8.4 million of gross proceeds. Each Unit consisted of one share of the Company’s
common stock, one tradeable warrant (each, a “Tradeable Warrant,” collectively, the “Tradeable Warrants”) to
purchase one share of common stock at