Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 352

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 352
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 sheet
at December 31, 2024 in the amount of $8,908,052.

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 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, 2025.

Off-Balance
Sheet Financing Arrangements

We
did not have any off-balance sheet arrangements as of December 31, 2024 and 2023.

Contractual
Obligations

As
of December 31, 2024 and 2023, we did not have any long-term debt or capital or operating lease obligations.

We
entered into an administrative services agreement with our sponsor pursuant to which we pay for office space and secretarial and administrative
services provided to members of our management team, in an amount of $5,000 per month. 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. 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.

47

NorthView previously engaged I-Bankers as an advisor
to assist in holding meetings to discuss the potential business combination and the