Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 990

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 9A
Chunk 990
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 12,374  
     9,438 
  
    Total deferred tax assets 
     3,657,073  
     2,073,911 
  
    Valuation allowance 
     (3,656,627) 
     (2,073,459)
  
    Net deferred tax asset 
     446  
     452 
  
    Deferred tax liabilities: 

    Property and equipment 
     (446) 
     (452)
  
    Total deferred tax liabilities 
     (446) 
     (452)
  
    Net deferred tax asset / (liability) 
    $-  
    $- 

Realization
of the Company’s deferred tax assets is dependent upon future earnings, if any, the timing, and amount of which are uncertain.
Because of the Company’s lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation
allowance. The valuation allowance increased by $1,583,168 and $1,151,827 during the years ended December 31, 2024 and 2023, respectively.

As
of December 31, 2024, the Company has available for federal income tax purposes a gross net operating loss carryforward of approximately
$10.8 million and a gross state net operating loss carryforward of approximately $4.7 million. The federal net operating loss carryforward
does not expire and may be used to offset future taxable income. The state gross net operating loss begins to expire in 2043. Utilization
of some of the federal and state net operating loss carryforwards are subject to annual limitations due to the “change in ownership”
provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of
net operating losses and credits before utilization.

The
Company has provided a valuation allowance against the full amount of the net operating loss benefit and its other net deferred tax assets
since, in the opinion of management, based upon the earnings history of the Company, it is more likely than not that the future tax benefits
of the Company’s net deferred tax assets will not be realized. All or portion of the remaining valuation allowance may be reduced
in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.

The
Company has incurred net operating losses since inception and it did not have unrecognized tax benefits as of December 31, 202