Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 686

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 6
Chunk 686
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 a going concern, which contemplates
continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. Accordingly, these
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 2. Summary of Significant Accounting Policies

Basis
of Presentation 

The
accompanying consolidated financial statements include the accounts of Bullfrog AI Holdings, Inc. and its wholly owned subsidiaries and
have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts
and transactions have been eliminated in consolidation.

In
February 2023, the Company completed a 1-for-7 reverse split of its common stock. Stockholders’ equity and all references to shares
and per share amounts in the accompanying consolidated financial statements have been adjusted to reflect the reverse stock split for
all periods presented.

Use
of Estimates

The
preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that
affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited
to, revenue recognition, stock-based compensation, allowances for doubtful accounts, recoverability of deferred tax assets and certain
other accrued liabilities. Actual results could differ from these estimates.

Segment
Reporting

The
Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. The CODM is assisted
in his responsibilities of making decisions regarding resource allocation and performance assessment by the leadership team, consisting
of executives and vice presidents.

The
Company views its operations and manages its business as one operating segment, focused on advancing drug development using AI/ML to
analyze complex data sets in medicine and healthcare. Segment profit or loss is measured as the Company’s net loss as reported
on the Company’s Statement of Operations. The Company monitors its cash and cash equivalents, as reported on the Company’s
Balance Sheets, to determine funding for its research and development.

As
the Company did not generate revenues in 2024, the CODM assessed Company performance through the achievement of target identification
goals. In addition to the Company’s Statement of Operations, the CODM is regularly provided with budgeted and forecasted expense
information which is used to determine the Company’s liquidity needs and cash allocation.

Revenue
Recognition 

The
Company recognizes revenue based on the following five step model:

●Identification
                                            of the contract with a customer

This
step outlines the criteria that must be met