Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 550

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 550
---
 note of $7,165,953 and change in fair value of our warrant liabilities of $539,531. Changes in operating assets
and liabilities reflected cash provided by operating activities of $134,739 during such period.

For
the year ended December 31, 2024, cash provided by investing activities included $485,350 of extension payments made to the trust, $204,459
of reimbursement from the trust of franchise and income tax payments and cash withdrawn from the trust of $3,248,878 in relation to stock
redemptions.

For the year ended December 31, 2024, cash used in financing activities
included $797,981 of proceeds from a convertible promissory note, $791,407 of an advance from Profusa and $3,248,878 paid out in relation
to stock redemptions.

For
the year ended December 31, 2023, cash used in operating activities was $2,064,860. Net income of $1,161,910 was impacted primarily by
trust interest income of $2,248,538, change in fair value of convertible note of $177,697, change in fair value of our warrant liabilities
of $701,148. Changes in operating assets and liabilities reflected a use of cash of $99,387 from operating activities during such period.

46

For
the year ended December 31, 2023, cash provided by investing activities included $438,360 of extension payments made to the trust, $1,192,438
of reimbursement from the trust of franchise and income tax payments and cash withdrawn from the trust of $184,845,836 in relation to
a partial stock redemption.

For
the year ended December 31, 2023, cash used in financing activities included $1,121,815 of proceeds from a convertible promissory note
and $184,845,836 of a partial stock redemption.

Prior
to the completion of the initial public offering, our liquidity needs had been satisfied through a capital contribution from the sponsor
of $25,000 for the founder shares to cover certain of the offering costs and the loan under an unsecured promissory note from the sponsor
of $204,841, which was fully paid upon the initial public offering. Subsequent to the consummation of the initial public offering and
private placement, our liquidity needs have been satisfied through the proceeds from the consummation of the private placement not held
in the trust account