Bullfrog AI (BFRG) - 2023 Q4 - Annual Report

Executive Compensation - Bullfrog AI Holdings, Inc. reported a target annual bonus for the fiscal years ended 2022 through 2025 of a minimum of 20% of the current base salary, with a maximum payout of up to 100% based on target achievement[27]. - Vininder Singh has an annual base salary of $400,000, subject to bi-annual review[27]. - Mr. Singh's target annual bonus for fiscal years 2022 through 2025 is a minimum of 20% of his base salary, with a maximum payout of 100% based on target achievement[27]. - For 2023, the criteria for Mr. Singh's bonus include achieving $500,000 in sales and filing an IND Application with the FDA for mebendazole[27]. - The company aims to enter into two strategic partnerships and commence negotiations for HSV-1, bf-114, or bf-222 as part of the bonus criteria[27]. - There are no pension, retirement, or similar benefits provided for directors or executive officers[29]. - The company has no material bonus or profit-sharing plans for directors or executive officers, except for stock options at the Board's discretion[29]. - The annual value of stock options issued during fiscal year 2023 is part of the compensation structure[28]. Business Strategy - The company aims to achieve $500,000 in sales as part of the criteria for executive bonuses in 2023[27]. - Bullfrog plans to file an Investigational New Drug (IND) Application with the FDA for mebendazole in 2023[27]. - Bullfrog is targeting the establishment of two strategic partnerships in 2023[27]. - Bullfrog is also commencing partner negotiations with a third party for HSV-1, bf-114, or bf-222[27]. - The company is focused on expanding in three principal business markets and into new markets and industry verticals[17]. Risk Factors - Bullfrog's future financial performance is subject to risks including revenue, costs of revenue, operating expenses, and profitability[17]. Diversity and Inclusion - Bullfrog is in the process of establishing a diversity and inclusion policy for its Board of Directors[19]. - The company has not identified candidates fulfilling the diversity requirement with the requisite professional experience[19]. Customer Focus - The company emphasizes the importance of attracting and retaining customers across all business segments[17].