Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 87

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 3
Chunk 87
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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 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;

  ●