Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 524

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 524
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2023, 140,663shares of the Company’s common stock were redeemed. In January 2024, $ 1,565,078was paid from the Trust Account to redeeming stockholders in connection with the extension. As a result, the Company recorded a liability of $ 1,565,078as common stock to be redeemed and reduced common stock subject to possible redemption as of December 31, 2023 on the balance sheet. Additionally, as part of the adjustment of common stock subject to possible redemption, the Company classified $ 1,565,078of the trust account as a current asset on the consolidated balance sheets, which was paid from the Trust Account in January 2024 to redeeming stockholders.

On March18, 2025, the company commenced a special meeting of stockholders, which was adjourned until March21, 2025 without conducting any business. On March21, 2025, the Company reconvened the special meeting to approve an extension of time for the Company to consummate an initial business combination from March22, 2025 to June22, 2025. The meeting was adjourned until March21, 2025, at which the stockholders approve the extension of the business combination period until June22, 2025. As a condition of the extension, the Company contributed $ 30,000to the Trust Account, for the entire extension period, on March21, 2025.

As of December31, 2024, all of the Trust assets were classified as noncurrent assets.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying consolidated balance sheets, primarily due to their short -termnature, except for the warrant liabilities and convertible promissory note.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the consolidated financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. As of December 31, 2024 and 2023, the Company’s deferred tax asset had a full valuation allowance recorded against it.

ASC 740 also clarifies the accounting