Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 133

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 133
---
usa and $6,510,830 paid out in relation to stock redemptions.

For the three months ended March 31, 2024, cash
used in operating activities was $280,853. Net loss of $820,277 was impacted primarily by trust interest income of $116,664, change in
fair value of convertible note of $60,077, change in deferred tax provision of $13,661 and change in fair value of our warrant liabilities
of $504,723. Changes in operating assets and liabilities reflected cash provided of $225,103 from operating activities during such period.

28

For the three months ended March 31, 2024, cash
provided by investing activities included $125,051 of extension payments made to the trust, $28,484 of reimbursement from the trust of
franchise and income tax payments and cash withdrawn from the trust of $2,653,439 in relation to a partial stock redemption.

For the three months ended March 31, 2024, cash
used in financing activities included $378,185 of proceeds from a convertible promissory note and $2,653,439 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, and the
drawdowns on the convertible promissory note.

In order to finance transaction costs in connection
with an intended Business Combination, the initial stockholders or an affiliate of the initial stockholders or certain of the Company’s
officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5).

On April 27, 2023, the Company signed a Convertible
Working Capital Promissory Note (“the Note”) with the Sponsor for $1,200,000. The Note is non-interest bearing and is due
the earlier of the consummation of a business combination or the date of liquidation. The Sponsor may elect to convert all or any portion
of the unpaid principal balance of this