Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 620

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 620
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. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 5 — Debt (cont.) Interest expense on the promissory notes was less than $0.1 million for each of the years ended December 31, 2023 and 2022. The carrying value of the promissory notes as of December 31, 2023 and 2022 was $0.8 million and $0.6 million, respectively. As of December 31, 2023 and 2022, outstanding balance of promissory notes includes related party promissory notes of $0.8 million and $0.6 million, respectively. Paycheck Protection Program On May 25, 2021, the Company borrowed $1.3 million (the “PPP Loan 2”) as a Paycheck Protection Program loan. The Paycheck Protection Program, established as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, provides for loans to qualifying businesses and is administered by the U.S. Small Business Administration (the “SBA”). The annual interest rate of the PPP Loan 2 is 1%. Under the terms of PPP Loan2, if the Company does not submit forgiveness application within 24 weeks the initial disbursement of the loan (the “Covered Period”), the Company must begin to make equal monthly payments of principal and interest starting 10 months from the end of the Covered Period until May 25, 2026. Interest on the loan continues to accumulate during any deferment period. As of December 31, 2023, the Company has not applied for forgiveness under PPP Loan 2. As of December 31, 2022 and 2023, the Company was in default on PPP Loan 2 due to non -paymentof minimal repayment amounts required by the terms of PPP Loan 2. Accordingly, the Company classified the entire amount outstanding under PPP Loan 2 as current and accrued respective late penalties for the total amount of less than $0.1 million as of December 31, 2023 and 2022, respectively. The total past due amount of PPP Loan 2 repayments as of December 31, 2023 and 2022 was $0.4 million and $0.1 million, respectively. As of December 31, 2023, the contractual future minimum payments for the PPP Loan 2 were as follows (in thousands):

| Years Ending December 31, |