Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 563

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 4
Chunk 563
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 31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net operating losses 
    $2,650,540  
    $1,432,634 
  
    Capitalized research and development 
     647,602  
     283,353 
  
    Stock-based compensation 
     183,856  
     175,213 
  
    Intangibles 
     162,701  
     173,273 
  
    Other 
     12,374  
     9,438 
  
    Total deferred tax assets 
     3,657,073  
     2,073,911 
  
    Valuation allowance 
     (3,656,627) 
     (2,073,459)
  
    Net deferred tax asset 
     446  
     452 
  
    Deferred tax liabilities: 

    Property and equipment 
     (446) 
     (452)
  
    Total deferred tax liabilities 
     (446) 
     (452)
  
    Net deferred tax asset / (liability) 
    $-  
    $- 

Realization
of the Company’s deferred tax assets is dependent upon future earnings, if any, the timing, and amount of which are uncertain.
Because of the Company’s lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation
allowance. The valuation allowance increased by $1,583,168 and $1,151,827 during the years ended December 31, 2024 and 2023, respectively.

As
of December 31, 2024, the Company has available for federal income tax purposes a gross net operating loss carryforward of approximately
$10.8 million and a gross state net operating loss carryforward of approximately $4.7 million. The federal net operating loss carryforward
does not expire and may be used to offset future taxable income. The state gross net operating loss begins to expire in 2043. Utilization
of some of the federal and state net operating loss carryforwards are subject to annual limitations due to the “change in ownership”
provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of
net operating losses and credits before utilization.

The
Company has provided a valuation allowance against the full amount of the