Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 375

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 375
---
. Research and development expenses are recorded in operating expenses in the period in which they are incurred. Estimates
will be used in determining the expense liability of certain costs where services have been performed but not yet invoiced. We will monitor
levels of performance under each significant contract for external services through communications with the service providers to reflect
the actual amount expended. 

General and
Administrative Expenses 

General
and administrative costs and expenses in 2023 and 2024 include personnel costs and costs associated with being a public company such
as D&O insurance, audit and tax provider fees, SEC legal counsel, and exchange listing costs. Additionally, our general and administrative
costs include expenses for our business development, investor relations and marketing efforts. We anticipate our general and administrative
expenses increasing in the future to support our service offerings and clinical and pre-clinical research and development activities
associated with strategic partnering and collaborations. 

Emerging
Growth Company and Smaller Reporting Company Status 

The
Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may
take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are
required to comply with those standards. We have elected to use the extended transition period to comply with new or revised accounting
standards. This may make it difficult to compare our financial results with the financial results of another public company that is either
not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period
exemptions because of the potential differences in accounting standards used.

 29 

We
are also considered a “smaller reporting company”, meaning that the market value of our stock held by non-affiliates plus
the aggregate amount of gross proceeds to us as a result of the IPO is less than $700 million and our annual revenue was less than $100
million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value
of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently
completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. If