Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 810

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 810
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 its balance sheet at December 31, 2024 in the amount of $8,908,052.

Related
Party Loans

In
order to finance transaction costs in connection with an intended initial 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, loan the Company
funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company
would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. Otherwise, such loans would be repaid
only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may
use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account
would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible, at the option of the lender, into warrants
at a price of $1.00 per warrant of the post Business Combination entity. The warrants would be identical to the Private Placement Warrants,
including as to exercise price, exercisability and exercise period. At December 31, 2024 and 2023, the Company had no borrowings under
the Working Capital Loans, other than the Note described in “Note 5 – Related Party Transactions – Convertible Promissory
Note – Related Party”.

Administrative
Service Fee

Commencing on the effective date of the IPO, the Company began paying
its Sponsor a total of $5,000 per month for office space, utilities, secretarial support and other administrative and consulting
services. As of June 30, 2023, the Company and the Sponsor terminated this agreement. For the year ended December 31, 2024, $0 had been
incurred and billed relating to the administrative service fee, respectively. For the year ended December 31, 2023, $30,000 had been incurred
and billed relating to the administrative service fee. As of December 31, 2024 and 2023, $50,000 relating to the administrative service
fee was not paid and recorded as due to related party.

Advances
from Profusa

During
the year ending December 31, 2024, Profusa agreed to advance funds to the Company to pay for operating expenses. As of