Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 68

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 68
---
 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 over financial reporting at December 31, 2023
which continue to be unremediated as of June 30, 2025. Specifically, management noted the Company did not properly document, implement
or operate a system of effective internal controls over financial reporting. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management
is in the process of implementing improvements to its internal controls over financial reporting. Namely, the Company has and is continuing
to:

  ●
  transition its day-to-day accounting processes to an external
firm including automating its vendor payments;

  ●
  complete the transfer of the overall accounting process to
an enterprise type accounting platform;

  ●
  review the design and effectiveness of our controls including
the creation of an annual risk assessment and ongoing monitoring activities;

  ●
  evaluate all internal and external resources to ensure they
are appropriate for the level and complexity of our current operations;

  ●
  hired a Corporate Controller in 2024; and

  ●
  engaged a third-party specialist to assist in the remediation
and ongoing evaluation of our internal controls over financial reporting.

While
we believe that these efforts will improve our internal control over financial reporting, the implementation of these measures is ongoing
and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial
reporting cycles. We will continue to monitor and evaluate the effectiveness of our internal controls over financial