Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 60

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 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.

Our management does not believe that any other
recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed
consolidated financial statements.

JOBS Act

The JOBS Act contains provisions that,
among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company”
under the JOBS Act and are allowed to comply with new or revised accounting pronouncements based on the effective date for
private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result,
we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our condensed consolidated financial statements may not be comparable to companies that
comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating
the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set
forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required
to, among other things, (i) provide an independent registered public accounting firm’s attestation report on our system of internal
controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth
public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may
be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the independent registered public accounting firm’s
report providing additional information about the audit and the condensed consolidated financial statements (auditor discussion and analysis),
and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance
and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years
following the completion of our initial public offering or until we are no longer an