Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 134

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 Note into warrants, at a price of $1.00 per warrant. On January 10, 2024, the Company’s
Board of Directors approved, and the Company amended the Note to increase the principal amount of the Note that could be drawn on to
$1.5 million. The amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be
repaid in shares of Company common stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s
Board of Directors approved and the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the
sponsor to increase the principal amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note
also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price
of $2.22 per share at the election of the sponsor. The Company had principal outstanding of $1,919,796 and is presenting the Note
at fair value on its balance sheet at March 31, 2025 and December 31, 2024 in the amount of $9,133,382 and $8,908,052, respectively.

The Company has until June 22, 2025 to consummate
a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by June 22, 2025. If a Business
Combination is not consummated by the required date, there will be an option to either extend the time available for us to consummate
our initial business combination or execute a mandatory liquidation and subsequent dissolution. In connection with the Company’s
assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue
as a Going Concern,” management has determined that mandatory liquidation, and subsequent dissolution, should the Company be unable
to complete a business combination, raises substantial doubt about the Company’s ability to continue as a going concern for the
next twelve months from the issuance of these condensed consolidated financial statements. No adjustments have been made to the carrying
amounts of assets and liabilities should the Company be required to liquidate after June 22