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

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 13
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    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 A Convertible Preferred Stock, 73,449 were issued and outstanding as of
June 30, 2025. 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 2024, the Company received approximately $6.5 million
of gross proceeds from the sale of 1,247,092 shares
of common stock, 478,429 pre-funded
warrants and 1,725,521 common
warrants (each share of common stock or pre-funded warrant and common warrant, collectively, the “Units”). The Units
were sold at a price of $3.782 and
the sale was completed via an underwritten public offering and includes the underwriter’s exercise of their overallotment
option. The warrants have an exercise price of $4.16 and
expire five
years from issuance. In conjunction with the
transaction, the Company issued to the placement agent warrants to purchase an aggregate of 90,428 shares
of common stock. The placement agent warrants have an exercise price of $4.16 and
expire five
years from issuance. The pre-funded warrants
had an exercise price of $0.001 and
were all exercised in their entirety in the first quarter of 2024.

In
October