Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 19

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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or otherwise issued not in connection with a Business Combination
but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury.
The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability
to complete a Business Combination.

On March 22, 2023 and December 21, 2023, the
Company’s stockholders redeemed 18,000,868 and 140,663 shares, respectively, for a total of $184,845,836 and $1,565,078, respectively.
On March 26, 2024, the Company’s stockholders redeemed 95,394 shares for a total of $1,088,361. On September 30, 2024, the Company’s
stockholders redeemed 50,556 shares for a total of $595,439. On March 26, 2025, the Company’s stockholders redeemed 532,958 shares
for a total of $6,510,830. On June 16, 2025, the Company’s stockholders redeemed 52,784 shares for a total of $661,012. The Company
determined that an excise tax liability should be recorded due to the redeemed shares. As of June 30, 2025 and December 31, 2024, the
Company has a charge to stockholders’ deficit of $1,952,662 and $1,880,944 of excise tax liability, including $71,718 and $16,838
charged during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively, 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 June 30, 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% or 9% interest per annum and a