Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 552

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 552
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assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue
as a Going Concern,” management has determined that mandatory liquidation, and subsequent dissolution, should the Company be unable
to complete a business combination, raises substantial doubt about the Company’s ability to continue as a going concern for the
next twelve months from the issuance of these consolidated financial statements. No adjustments have been made to the carrying amounts
of assets and liabilities should the Company be required to liquidate after June 22, 2025.

Off-Balance
Sheet Financing Arrangements

We
did not have any off-balance sheet arrangements as of December 31, 2024 and 2023.

Contractual
Obligations

As
of December 31, 2024 and 2023, we did not have any long-term debt or capital or operating lease obligations.

We
entered into an administrative services agreement with our sponsor pursuant to which we pay for office space and secretarial and administrative
services provided to members of our management team, in an amount of $5,000 per month. As of June 30, 2023, the Company and the sponsor
terminated this agreement. For the year ended December 31, 2024, $0 had been incurred and billed relating to the administrative service
fee. For the year ended December 31, 2023, $30,000 had been incurred and billed relating to the administrative service fee. As of December
31, 2024 and 2023, $50,000 relating to the administrative service fee was not paid and recorded as due to related party.

47

NorthView previously engaged I-Bankers as an advisor
to assist in holding meetings to discuss the potential business combination and the target business’ attributes, introduce NorthView
to potential investors that are interested providing funding in connection with a Business Combination, assist NorthView in obtaining
stockholder approval for such business combination and assist NorthView with its press releases and public filings in connection with
such business combination (the “Business Combination Marketing Agreement”). In connection with such engagement, NorthView
agreed to pay I-Bankers and Dawson James a cash fee (the “Business Combination Fee”) for such services upon the consummation
of a business combination in an amount equal to 3.68% of