Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 333

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 333
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ATED FINANCIAL STATEMENTS Note 1 — Description of Organization and Business Operations(cont.) On March 22, 2023 and December 21, 2023, the Company’s stockholders redeemed 18,000,868and 140,663shares, respectively, for a total of $ 184,845,836and $ 1,565,078, respectively. On March 26, 2024, the Company’s stockholders redeemed 95,394shares for a total of $ 1,088,361. On September 30, 2024, the Company’s stockholders redeemed 50,556shares for a total of $ 595,439. The Company determined that an excise tax liability should be recorded due to the redeemed shares. As of December 31, 2024, the Company has a charge to stockholders’ deficit of $ 1,880,944of excise tax liability, including $ 16,838charged during the year ended December 31, 2024, calculated as 1% of the value of shares redeemed. On July 3, 2024, the Treasury issued final regulations with respect to the procedure and administration of the Excise Tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024. As of December 31, 2024 and the date of this report, the excise tax was not paid and recorded as excise tax payable. Any amount of such Excise Tax not paid in full, could be subject to additional interest and penalties which are currently estimated at 7% interest per annum and a 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 December 31, 2024 and 2023, $ 1,880,944and $ 1,864,106were accrued on the accompanying 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,