Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 17

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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,510,830. The Company determined that an excise tax liability should be recorded due to the redeemed shares. As of March
31, 2025 and December 31, 2024, the Company has a charge to stockholders’ deficit of $1,946,052 and $1,880,944 of excise tax liability,
including $65,108 and $16,838 charged during the periods ended March 31, 2025 and December 31, 2024, calculated as 1% of the value of
shares redeemed.

On July 3, 2024, the Treasury issued final regulations with respect
to the procedure and administration of the Excise Tax. These regulations provided that the filing and payment deadline for any liability
incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024. As of March 31, 2025 and the date of this
report, the excise tax was not paid and was recorded as excise tax payable. Any amount of such Excise Tax not paid in full, could be subject
to additional interest and penalties which are currently estimated at 7% interest per annum and a 0.5% underpayment penalty per month
or portion of a month up to 25% of the total liability for any amount that is unpaid.

As of March 31, 2025 and December 31, 2024, $1,946,052 and $1,880,944
in excise tax was accrued on the accompanying condensed consolidated balance sheets, respectively. On January 29, 2025, the Company claimed
disaster relief under IRC Section 7508A relating to Hurricane Beryl as announced in IRS Announcement TX-2024-08.  Under the disaster
relief claim, the time for filing of the September 30, 2024 Quarterly Federal Excise Tax Return and payment of the 2023 excise taxes on
repurchases of corporate stock normally due on October 31, 2024 should be postponed to February 3, 2025. The Company was not subject to
excise tax interest and penalties until February 3, 2025.  On January 29, 2025, the Company filed their 2024 excise tax return. The
Company did not repay the excise tax in full by March 31, 2025. As of March 31