Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 83

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 83
---
 over financial reporting at December 31, 2023
which continue to be unremediated as of June 30, 2025. Specifically, management noted the Company did not properly document, implement
or operate a system of effective internal controls over financial reporting. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management
is in the process of implementing improvements to its internal controls over financial reporting. Namely, the Company has and is continuing
to:

  ●
  transition its day-to-day accounting processes to an external
firm including automating its vendor payments;

  ●
  complete the transfer of the overall accounting process to
an enterprise type accounting platform;

  ●
  review the design and effectiveness of our controls including
the creation of an annual risk assessment and ongoing monitoring activities;

  ●
  evaluate all internal and external resources to ensure they
are appropriate for the level and complexity of our current operations;

  ●
  hired a Corporate Controller in 2024; and

  ●
  engaged a third-party specialist to assist in the remediation
and ongoing evaluation of our internal controls over financial reporting.

While
we believe that these efforts will improve our internal control over financial reporting, the implementation of these measures is ongoing
and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial
reporting cycles. We will continue to monitor and evaluate the effectiveness of our internal controls over financial reporting on an
ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as
funds allow. We cannot assure you that the measures we have taken to date, or that we may take in the future, will be sufficient to remediate
the material weaknesses we have identified or avoid potential future material weaknesses. Accordingly, there could continue to be a reasonable
possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis.

Changes
in Internal Control Over Financial Reporting 

Other
than the material weakness remediation efforts described above, there has been no change in the Company’s internal control over
financial reporting during the Company’s most recent quarter that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting.