Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 79

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 79
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as a fee in advance of any sales pursuant to this facility.

As
of September 30, 2025, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the unaudited condensed consolidated financial statements. This risk factor, as well as
other factors, raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a
going concern is dependent upon the Company obtaining the necessary financing or revenues to meet its obligations arising from normal
business operations when they become due. Accordingly, we will seek additional capital to continue to execute our strategy as discussed
above.

On
August 21, 2025, the Company received a letter from the listing staff of The Nasdaq Stock Market LLC (“Nasdaq”) that the
Company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq pursuant
to Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”). The Stockholders’ Equity Rule requires companies
listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 or to meet alternatives of market value
of listed securities or net income from continuing operations, which the Company does not currently meet. In accordance with Nasdaq rules,
the Company had 45 calendar days, or until October 6, 2025, to submit a plan to regain compliance. After submitting the plan to regain
compliance, on October 7, 2025, Nasdaq granted the Company an extension until February 17, 2026, to comply with Listing Rule 5550(b)(1).
The Company is taking steps in accordance with its plan to regain and evidence compliance with the Stockholders’ Equity Rule or
meet the alternative compliance standards, but there can be no assurance that the Company will regain compliance.

23

Consolidated
Cash Flow Data

    Nine Months Ended September 30,  

    2025  
    2024  
    Change 
  
    Net cash (used in) provided by 

    Operating activities 
    $(4,337,270) 
    $(4,338,214) 
    $944 
  
    Investing activities 
     -  
     -  
     - 
  
    Financing activities 
     996,999  
     5,952,472