Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 82

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 82
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 the same period ended June 30, 2024 primarily
due to payments of vendor payables partially offset by the reduction in our prepaid director and officer insurance policy premium.

Cash
Flows Used in Investing Activities 

There
was no cash used in investing activities during the six months ended June 30, 2025 or 2024.

Cash
Flows Provided by Financing Activities

Net
cash provided by financing activities for the six months ended June 30, 2025 decreased compared to the same period of 2024 primarily
due to proceeds from our secondary offering in February 2024 and a reduction in our director and officer insurance policy premium financing
partially offset by proceeds from sales of common stock under our ATM Agreement.

Item
3. Quantitative and Qualitative Disclosures about Market Risk

As
a smaller reporting company, this disclosure is not required.

21

Item
4. Controls and Procedures 

Evaluation
of Disclosure Controls and Procedures 

We
are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e) under the Securities
Exchange Act of 1934 (the “Exchange Act”). In designing and evaluating our disclosure controls and procedures, our management
recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of disclosure controls and procedures are met. The design of any disclosure controls and procedures is
also based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions. We conducted an evaluation of the effectiveness of our disclosure
controls and procedures as of June 30, 2025. Based on this evaluation, our chief executive officer and chief financial officer concluded
that our disclosure controls and procedures were not effective as of the end of the reporting period covered in this Quarterly Report
on Form 10-Q as a result of the previously identified material weaknesses in our internal control over financial reporting described
below. Notwithstanding the identified material weaknesses, our management has concluded that the unaudited condensed consolidated financial
statements in this filing on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash
flows as of and for the periods presented in conformity with GAAP.

Material
Weakness and Ongoing Remediation Efforts

As
previously disclosed, management identified material weaknesses in its internal controls