Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 201

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 201
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were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material
to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication
of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or
disclosures to which they relate.

Going
Concern 

In
prior years, the Company reported continued net losses from operations and negative cash flows from operations. As of December 31, 2024,
management determined their cash and cash equivalents balance may not sufficiently cover operating expenditures for the next twelve-month
period without raising additional funds. Auditing management’s evaluation of a going concern can be a significant judgment given
the fact that the Company uses management estimates on future expenditures, which are difficult to substantiate.

We
evaluated the appropriateness of management’s evaluation of the company’s going concern, we examined and evaluated the financial
information along with management’s plans to mitigate the going concern consideration and management’s disclosure on going
concern.

/s/ M&K CPAS, PLLC 

We have served as the Company’s auditor since 2021. 

The Woodlands, Texas 

March 14, 2025

 F-2 

BULLFROG
AI HOLDINGS, INC.

CONSOLIDATED
BALANCE SHEETS

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    Assets 

    Current assets: 

    Cash and cash equivalents 
    $5,435,983  
    $2,624,730 
  
    Prepaid expenses 
     111,597  
     145,882 
  
    Total current assets 
     5,547,580  
     2,770,612 

    Property and equipment, net 
     4,250  
     5,974 
  
    Total assets 
    $5,551,830  
    $2,776,586 

    Liabilities and Stockholders’ Equity (Deficit) 

    Current liabilities: 

    Accounts payable 
    $435,934  
    $103,656 
  
    Accrued expenses