10-Q Filing

BULLFROG AI HOLDINGS, INC. CIK: 1829247 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-018911`
Period End Date	20230331
Filing Date	20230524
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 32 Cash Flow Statement 57 Stockholders Equity 20

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$57.67K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$15.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$806.30K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$72.67K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.70K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.27K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total assets	`Assets`	$6.23M	USD	Point-in-time
Total assets	`Assets`	$80.37K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$636.89K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$543.99K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$982.99K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$310.89K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	5.66M	shares	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$32.00K	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	4.02M	shares	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$32.00K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	4.02M	shares	Point-in-time
Short term insurance financing	`ShortTermBorrowings`	$629.49K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.66M	shares	Point-in-time
Short term insurance financing	`ShortTermBorrowings`	$49.00K	USD	Point-in-time
Short term insurance financing	`ShortTermBorrowings`	-	USD	Point-in-time
Convertible notes	`ConvertibleDebtCurrent`	$1.32M	USD	Point-in-time
Convertible notes	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Convertible notes - related party	`ConvertibleNotesPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Convertible notes - related party	`ConvertibleNotesPayableRelatedPartiesCurrent`	$254.85K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.14M	USD	Point-in-time
Series A Convertible Preferred stock, $0.00001 par value, 5,500,000 shares authorized; 73,449 shares issued and outstanding, as of March 31, 2023 and December 31, 2022.	`PreferredStockValue`	$1.00	USD	Point-in-time
Series A Convertible Preferred stock, $0.00001 par value, 5,500,000 shares authorized; 73,449 shares issued and outstanding, as of March 31, 2023 and December 31, 2022.	`PreferredStockValue`	$1.00	USD	Point-in-time
Common stock, $0.00001 par value, 100,000,000 shares authorized; 5,658,111 and 4,021,935 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.	`CommonStockValue`	$57.00	USD	Point-in-time
Common stock, $0.00001 par value, 100,000,000 shares authorized; 5,658,111 and 4,021,935 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.	`CommonStockValue`	$40.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.72M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$4.62M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-1.01M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-1.55M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$6.23M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$80.37K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Revenue, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Total revenue	`Revenues`	-	USD	1 Quarter
Total revenue	`Revenues`	-	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	-	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	-	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$316.28K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$369.93K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$820.71K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$233.97K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$550.25K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-550.25K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.19M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$16.49K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$60.28K	USD	1 Quarter
Loss on conversion of notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on conversion of notes	`GainsLossesOnExtinguishmentOfDebt`	$-92.96K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$18.34K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$381.00	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-16.11K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-134.90K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-566.36K	USD	1 Quarter
Net loss per common share attributable to common stockholders - basic and diluted	`EarningsPerShareBasic`	$-0.27	USD	1 Quarter
Net loss per common share attributable to common stockholders - basic and diluted	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.84M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.62M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-566.36K	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	1 Quarter
Depreciation	`Depreciation`	$431.00	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$127.45K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$50.00K	USD	1 Quarter
Shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$30.02K	USD	1 Quarter
Loss on conversion of notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on conversion of notes	`GainsLossesOnExtinguishmentOfDebt`	$-92.96K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$4.03K	USD	1 Quarter
Imputed interest	`ReceivablesWithImputedInterestAmount`	-	USD	1 Quarter
Imputed interest	`ReceivablesWithImputedInterestAmount`	$-2.36K	USD	1 Quarter
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$791.30K	USD	1 Quarter
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$85.54K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$92.90K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-608.23K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$412.63K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$22.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.36M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.78K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of common stock (initial public offering), net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$7.29M	USD	1 Quarter
Proceeds from issuance of common stock (initial public offering), net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$23.75K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$100.00K	USD	1 Quarter
Payments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments of notes payable	`RepaymentsOfNotesPayable`	$299.95K	USD	1 Quarter
Proceeds from short term insurance financing	`ProceedsFromOtherShortTermDebt`	$629.49K	USD	1 Quarter
Proceeds from short term insurance financing	`ProceedsFromOtherShortTermDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$23.75K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.72M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.36M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.97K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.42M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.01K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.67K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.99K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.42M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.01K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.67K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.99K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$83.07K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$1.44K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Reclassification of warrant	`ReclassificationOfWarrant`	$11.10K	USD	1 Quarter
Reclassification of warrant	`ReclassificationOfWarrant`	-	USD	1 Quarter
Issuing of common stock upon conversion of notes payable	`IssuingOfCommonStockUponConversionOfNotesPayable`	$1.54M	USD	1 Quarter
Issuing of common stock upon conversion of notes payable	`IssuingOfCommonStockUponConversionOfNotesPayable`	-	USD	1 Quarter
Issuance of common stock for services	`StockIssued1`	$50.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$4.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.55M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$30.02K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$127.45K	USD	1 Quarter
Issuance of common stock (initial public offering), net of issuance cots	`StockIssuedDuringPeriodValueNewIssues`	$7.29M	USD	1 Quarter
Issuance of common stock (initial public offering), net of issuance cots, shares	`StockIssuedDuringPeriodSharesNewIssues`	29,286.00	shares	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$50.00K	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$50.00K	USD	Point-in-time
Issuance of common stock for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	7,692.00	shares	Point-in-time
Conversion of convertible debt to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-566.36K	USD	1 Quarter
Imputed interest	`AdjustmentsToAdditionalPaidInCapitalOther`	$2.36K	USD	1 Quarter
Reclassification of warrant	`AdjustmentsToAdditionalPaidInReclassificationsOfWarrant`	$-11.10K	USD	1 Quarter
Balance	`StockholdersEquity`	$4.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.55M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.