Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 976

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 976
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 to the financial statements, the Company is
a Special Purpose Acquisition Corporation that was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses on or before June 22, 2025. The Company entered
into a definitive business combination agreement with a business combination target on November 7, 2022; however, the completion of this
transaction is subject to the approval of the Company’s stockholders among other conditions. There is no assurance that the Company
will obtain the necessary approvals, satisfy the required closing conditions, raise the additional capital it needs to fund its operations,
and complete the transaction prior to June 22, 2025, if at all. The Company also has no approved plan in place to extend the business
combination deadline and fund operations for any period of time after June 22, 2025, in the event that it is unable to complete a business
combination by that date. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s
plans with regard to these matters are also described in Note 1. The financial statements do not include any adjustments that may be necessary
should the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to