Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 377

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 377
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 audited consolidated financial statements in
this filing on Form 10-K, 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.

Management’s
Report on Internal Control over Financial Reporting

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange
Act Rule 13a-15. Internal control over financial reporting is defined in Rule 13a-15(f) and 15(d)-15(f) under the Exchange Act as a process
designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of
published financial statements.

A
control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances of error or fraud, if any, within our Company have been
detected. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design
safeguards into the process to reduce, though not eliminate, this risk.

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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 December 31, 2024. 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 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