Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 20

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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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 June 30, 2025 and December 31, 2024, $1,952,662
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 June 30, 2025. As of June 30, 2025, the Company accrued approximately
$105,970 interest and penalties in the accompanying condensed consolidated statements 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. The interim results for the three and six months ended June 30, 2025 are not necessarily indicative
of the results to be expected for the year ending December 31, 2025 or for any future periods.

The accompanying unaudited condensed consolidated
financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in
the Form 10-K annual report filed by the Company with the SEC on March 31, 2025.

10

Principles of Consolidation

The accompanying condensed consolidated