Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 44

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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2024 
  
    General and administrative expenses 
    $583,581  
    $470,841 
  
    Interest earned on the Trust Account 
    $79,925  
    $116,664 

The key measures of segment profit or loss
reviewed by our CODM are interest earned on the Trust Account and general and administrative expenses. The CODM reviews interest earned
on the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust
Account funds while maintaining compliance with the trust agreement. General and administrative expenses are reviewed and monitored by
the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination
period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs
are aligned with all agreements and budget.

Note 10 – Subsequent Events

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based on
the Company’s review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the
condensed consolidated financial statements, other than as previously disclosed, and as described below.

On April 2, 2025, the parties to the Merger Agreement entered into
an Amendment No. 5 to the Merger Agreement (“Amendment No. 5”) pursuant to which Section 9.01 of the Merger Agreement is hereby
amended such that the reference to “March 22, 2025” shall be replaced with “June 22, 2025” by which the Company
must consummate a Business Combination.

On April 30, 2025, Marcum informed the Company
that Marcum resigned as the Company’s independent registered public accounting firm. Also on April 30, 2025, the Company, with
the approval of the Audit Committee of the Registrant’s Board of Directors, engaged CBIZ CPAs P.C. as the Company’s independent
registered public accounting firm.

On May 8, 2025, the Company entered into a non-redemption agreement
(the “Non-Redemption Agreement”) with I-Bankers Securities, Inc. and Dawson James Securities, Inc. (together, the “Investors”),
pursuant to which such Investors agreed that to the extent that redemptions in connection with the vote to approve