Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1381

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 1381
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 future periods are subject to the risk
that controls may become inadequate because of changes in conditions or because the degree of compliance with policies or procedures
may deteriorate.

Under the supervision and with the participation
of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation
of the effectiveness of our internal control over financial reporting as of December 31, 2024, as such term is defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Based upon their evaluation, our principal executive officer and principal financial and accounting
officer, concluded that our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act) were not effective as of December 31, 2024 due to the existence of material weaknesses. Our internal controls did not detect an error
in (i) the review of the convertible promissory notes valuation and warrant valuation (ii) proper recording of accounts payable and accrued
expenses, expensing or prepaid expenses and the calculation of our income tax provision.

We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions

This
Annual Report on Form 10-K does not include an attestation report of our registered public accounting firm due to a transition period
established by rules of the SEC for an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933,
as amended, or the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012.

Changes
in Internal Control over Financial Reporting

There were no changes in our internal