Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 31

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 Trust Account would be used to repay such loaned amounts. Up
to $1,500,000 of such loans may be convertible, at the option of the lender, into warrants at a price of $1.00 per warrant of the post
Business Combination entity. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability
and exercise period. At March 31, 2025 and December 31, 2024, the Company had no borrowings under the Working Capital Loans, other than
the Note described in “Note 5 – Related Party Transactions – Convertible Promissory Note – Related Party”.

17

Administrative Service Fee

Commencing on the 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