Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 411

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 411
---
 company for a Business Combination. We have neither engaged in any operations nor generated any operating revenues to date. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We will generate non -operatingincome in the form of interest income and unrealized gains from the cash and marketable securities held in the Trust Account. We expect to incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. For the year ended December31, 2024, we had net loss of $8,711,619 which consisted of operating costs of $1,351,038, income tax provision of $80,513, change in fair value of our warrant liabilities of $539,531 and change in fair value of convertible note of $7,165,953, offset by interest income on securities held in the Trust Account of $425,416. For the year ended December31, 2023, we had net income of $1,161,910, which consisted of interest income on securities held in the Trust Account of $2,248,538 and a gain of $701,148 for the change in fair value of our warrant liabilities and change in fair value of convertible note of $177,697, offset by operating costs of $1,508,683, and income tax provision of $456,790. Liquidity and Going Concern As of December31, 2024, we had $16,204 in cash and a working capital deficit of $12,254,024. For the year ended December31, 2024, cash used in operating activities was $1,296,812. Net loss of $8,711,619 was impacted primarily by trust interest income of $425,416, change in fair value of convertible note of $7,165,953 and change in fair value of our warrant liabilities of $539,531. Changes in operating assets and liabilities reflected cash provided by operating activities of $134,739 during such period. For the year ended December31, 2024, cash provided by investing activities included $485,350 of extension payments made to the trust, $204,459 of reimbursement from the trust of franchise and income tax payments and cash withdrawn from the trust of $3,248,878 in relation to stock redemptions. For the year ended December31, 2024, cash used in financing activities included $797,981 of proceeds from