Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 57

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 and subsequent dissolution. In connection with the Company’s
assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue
as a Going Concern,” management has determined that mandatory liquidation, and subsequent dissolution, should the Company be unable
to complete a business combination, raises substantial doubt about the Company’s ability to continue as a going concern for the
next twelve months from the issuance of these condensed consolidated financial statements. No adjustments have been made to the carrying
amounts of assets and liabilities should the Company be required to liquidate after June 22, 2025.

29

Off-Balance Sheet Financing Arrangements

We did not have any off-balance sheet arrangements
as of March 31, 2025 and December 31, 2024.

Contractual Obligations

As of March 31, 2025 and December 31, 2024, we
did not have any long-term debt or capital or operating lease obligations.

We entered into an administrative services agreement
with our sponsor pursuant to which we pay for office space and secretarial and administrative services provided to members of our management
team, in an amount of $5,000 per month. 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. 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.

NorthView previously engaged I-Bankers as an
advisor to assist in holding meetings to discuss the potential business combination and the target business’ attributes, introduce
NorthView to potential investors that are interested providing funding in connection with a Business Combination, assist NorthView in
obtaining stockholder approval for such business combination and assist NorthView with its press releases and public filings in connection
with such business combination (the “Business Combination Marketing Agreement”). In connection with such engagement, NorthView
agreed to pay I-Bankers and Dawson James a cash fee (the “Business Combination Fee”) for such services upon the consummation
of a business combination in an amount equal to 3.68% of the