Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 95

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 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 March 31, 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% interest per annum and a 0.5% underpayment penalty per month
or portion of a month up to 25% of the total liability for any amount that is unpaid.

As of March 31, 2025 and December 31, 2024, $1,946,052 and $1,880,944
in excise tax was accrued on the accompanying condensed consolidated balance sheets, respectively. On January 29, 2025, the Company claimed
disaster relief under IRC Section 7508A relating to Hurricane Beryl as announced in IRS Announcement TX-2024-08.  Under the disaster
relief claim, the time for filing of the September 30, 2024 Quarterly Federal Excise Tax Return and payment of the 2023 excise taxes on
repurchases of corporate stock normally due on October 31, 2024 should be postponed to February 3, 2025. The Company was not subject to
excise tax interest and penalties until February 3, 2025.  On January 29, 2025, the Company filed their 2024 excise tax return. The
Company did not repay the excise tax in full by March 31, 2025. As of March 31, 2025, the Company accrued approximately $39,000 interest
and penalties in the accompanying condensed consolidated statement of operations.

Note 2 – Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of
America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not
include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial
statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances
and results for the periods presented