Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 752

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 752
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, 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 target business’ attributes, introduce NorthView
to potential investors that are interested providing funding in connection with a Business Combination, assist NorthView in obtaining
stockholder approval for such business combination and assist NorthView with its press releases and public filings in connection with
such business combination (the “Business Combination Marketing Agreement”). In connection with such engagement, NorthView
agreed to pay I-Bankers and Dawson James a cash fee (the “Business Combination Fee”) for such services upon the consummation
of a business combination in an amount equal to 3.68% of the gross proceeds of its initial public offering (exclusive of any applicable
finders’ fees which might become payable). In connection with the Business Combination, NorthView, I-Bankers and Dawson James amended
the Business Combination Marketing Agreement to revise a portion of the Business Combination Fee to be partially payable in NorthView
securities and partially payable in cash upon the closing of the Merger with Profusa, with such securities to be subject to lock-up provisions. 
Subsequently, on January 19, 2025, the agreement was modified by the parties such that the Company will be required to pay $2,000,000,
payable in cash, if a business combination is consummated.

Critical Accounting Estimates

Certain of our accounting policies require that
management apply significant judgments in defining the appropriate assumptions integral to financial estimates. On an ongoing basis, management
reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented
fair