Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 337

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 337
---
 adjourned until March 21, 2025 without conducting any business. On March 21, 2025,
the Company reconvened the special meeting to approve an extension of time for the Company to consummate an initial business combination
from March 22, 2025 to June 22, 2025. The meeting was adjourned until March 21, 2025, at which the stockholders approve the extension
of the business combination period until June 22, 2025. As a condition of the extension, the Company contributed $ to the Trust
Account, for the entire extension period, on March 21, 2025.

As of December 31, 2024, all
of the Trust assets were classified as noncurrent assets.

Fair Value of Financial Instruments

The fair value of the Company’s
assets and liabilities approximates the carrying amounts represented in the accompanying consolidated balance sheets, primarily due to
their short-term nature, except for the warrant liabilities and convertible promissory note.

Income Taxes

The Company accounts for income
taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and
liabilities for both the expected impact of differences between the consolidated financial statements and tax basis of assets and liabilities
and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires
a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
As of December 31, 2024 and 2023, the Company’s deferred tax asset had a full valuation allowance recorded against it.

ASC 740 also clarifies
the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure
and transition.

F-66 NORTHVIEW ACQUISITION CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 2 — Summary of Significant Accounting Policies(cont.) The Company recognizes interest and penalties related to unrecognized tax benefits as a formation cost expense. The Company is currently not aware of