Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 850

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 850
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ated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common
stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors approved and
the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase the principal
amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note also allows for the conversion of
the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per share at the
election of the sponsor. The Company had principal outstanding of $1,919,796 and is presenting the Note at fair value on its balance sheet
at December 31, 2024 in the amount of $8,908,052.

The Company has until June 22, 2025 to consummate
a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by June 22, 2025. If a Business
Combination is not consummated by the required date, there will be an option to either extend the time available for us to consummate
our initial business combination or execute a mandatory liquidation and subsequent dissolution. In connection with the Company’s
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