Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 109

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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 effective date of the IPO,
the Company began paying its Sponsor a total of $5,000 per month for office space, utilities, secretarial support and other administrative
and consulting services. As of June 30, 2023, the Company and the Sponsor terminated this agreement. For the three months ended March
31, 2025 and 2024, $0 had been incurred and billed relating to the administrative service fee, respectively. As of March 31, 2025 and
December 31, 2024, $50,000 relating to the administrative service fee was not paid and recorded as due to related party.

Advances from Profusa

For the three months ended March 31, 2025 and
2024, Profusa agreed to advance funds to the Company to pay for operating expenses. As of March 31, 2025 and December 31, 2024, there
was $1,176,565 and $791,407, respectively owed to Profusa, which is due upon demand or at the completion of the Business Combination.

Due to Related Party

As of March 31, 2025 and December 31, 2024, $50,000 relating to the
administrative service fee was not paid and recorded as due to related party. On February 24, 2025, the Company paid costs on behalf of
its Sponsor which reduced the balance due by $8,820.

Note 6 – Commitments and Contingencies

Registration Rights

The holders of the Founder Shares, the Private
Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any underlying securities) are entitled
to registration rights pursuant to a registration rights agreement signed on the closing date of the IPO requiring the Company to register
such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that
the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to the completion of the initial Business Combination. However, the registration rights agreement
provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination
of the applicable Lock-up period described in Note 5. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.

Underwriters Agreement

The underwriters had a 30-day option from
the date of