Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 311

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 311
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 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 the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management
conducted an assessment of our internal control over financial reporting as of December 31, 2024 based on the framework and criteria
established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013).
Based on the assessment, and the noted material weaknesses, management concluded that, as of December 31, 2024, our internal control
over financial reporting was not effective.

Ongoing
Remediation Efforts

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;

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

●evaluate
                                            all internal and external resources to ensure they are appropriate for the level and complexity
                                            of our current operations. This includes the hiring of a Corporate Controller in 2024.

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 control over financial reporting on an ongoing
basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds
allow. We cannot assure you that the measures we have taken to date, or that we may take in the future, will be sufficient to remediate
the material weaknesses we have identified or avoid potential future material weaknesses. Accordingly, there could continue to be a reasonable
possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis. 

Changes
in Internal Control Over Financial Reporting

Other
than the material weaknesses and remediation efforts described above, there has been no change in the Company’s internal control