Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 22

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 effect of a condition, situation or set of circumstances
that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Some of the more significant estimates are in connection with
determining the fair value of the warrant liabilities and convertible promissory note. Accordingly, the actual results could differ significantly
from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject
the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal
Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.

Cash and Cash Equivalents and Restricted Cash

The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. At June 30, 2025 and December 31, 2024, the
Company had $1,751 and $0 of restricted cash, respectively, related to funds withdrawn from the Trust Account reserved for
the payment of income and state franchise taxes. The Company did not have any cash equivalents as of June 30, 2025 and December 31, 2024.

11

Cash Held in Trust Account

At June 30, 2025 and December 31, 2024, substantially
all of the assets held in the Trust Account were held in an interest-bearing demand deposit account at a bank.

During the six months ended June 30, 2025, pursuant
to the trust agreement dated as of December 20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $78,813 of interest income from the Trust Account was withdrawn by the Company for the payment of franchise
and income taxes.

During the six months ended June 30, 2024, pursuant
to the trust agreement dated as of December 20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $204,460 of interest income from the Trust Account was withdrawn by the Company for the payment of
franchise and income taxes.

Cash

    Fair Value as of June 30,
2025  
    Fair Value as of December 31, 2024 
  
    Cash 
    $1,935,561  
    $8