Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 306

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 306
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 The Company adopted ASU 2023-07, which was applied retrospectively
to all prior periods presented. See Note 10 for further details regarding this adoption.

Standards not yet Adopted

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),
which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional
information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income
taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions.
ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of
ASU 2023-09.

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s consolidated financial statements.

Note
3 – Initial Public Offering

Public
Units

On
December 22, 2021, the Company sold 18,975,000 Units, (which included 2,475,000 Units issued pursuant to the full exercise of the over-allotment
option) at a purchase price of $10.00 per Unit. Each unit that the Company is offering has a price of $10.00 and consists of one share
of common stock, one right, and one-half of one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10)
of one share of common stock upon the consummation of an initial business combination. Each whole warrant entitles the holder thereof
to purchase one share of common stock at a price of $11.50 per share, subject to adjustment as described herein.

Public
Warrants

Each
whole warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment as
discussed herein. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for
capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price
of less than $9.20 per share of common stock