Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 94

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 94
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 Markets operated on The OTC Market systems (“OTC
Market”) under the symbols “NVAC,” “NVACR” and “NVACW.” 

45

Results
of Operations

As
of December 31, 2024, we had not commenced any operations. All activity for the period from April 19, 2021 (inception) through December
31, 2024 relates to our formation and the Initial Public Offering, and, subsequent to the IPO, identifying a target company for a Business
Combination. We have neither engaged in any operations nor generated any operating revenues to date. We will not generate any operating
revenues until after the completion of our initial Business Combination, at the earliest. We will generate non-operating income in the
form of interest income and unrealized gains from the cash and marketable securities held in the Trust Account. We expect to incur expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses.

For the year ended December 31, 2024, we had
net loss of $8,711,619 which consisted of operating costs of $1,351,038, income tax provision of $80,513, change in fair value of our
warrant liabilities of $539,531 and change in fair value of convertible note of $7,165,953, offset by interest income on securities held
in the Trust Account of $425,416.

For the year ended December 31, 2023, we had
net income of $1,161,910, which consisted of interest income on securities held in the Trust Account of $2,248,538 and a gain of $701,148
for the change in fair value of our warrant liabilities and change in fair value of convertible note of $177,697, offset by operating
costs of $1,508,683, and income tax provision of $456,790.

Liquidity
and Going Concern

As of December 31, 2024, we had $16,204 in cash and a working capital
deficit of $12,254,024.

For the year ended December 31, 2024, cash used
in operating activities was $1,296,812. Net loss of $8,711,619 was impacted primarily by trust interest income of $425,416, change in
fair value of convertible note of $7