Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 250

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 250
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,711,619 which consisted of operating costs of $1,351,038, income tax provision of $80,513, change in fair value of our
warrant liabilities of $539,531 and change in fair value of convertible note of $7,165,953, offset by interest income on securities held
in the Trust Account of $425,416.

For the year ended December 31, 2023, we had
net income of $1,161,910, which consisted of interest income on securities held in the Trust Account of $2,248,538 and a gain of $701,148
for the change in fair value of our warrant liabilities and change in fair value of convertible note of $177,697, offset by operating
costs of $1,508,683, and income tax provision of $456,790.

Liquidity
and Going Concern

As of December 31, 2024, we had $16,204 in cash and a working capital
deficit of $12,254,024.

For the year ended December 31, 2024, cash used
in operating activities was $1,296,812. Net loss of $8,711,619 was impacted primarily by trust interest income of $425,416, change in
fair value of convertible note of $7,165,953 and change in fair value of our warrant liabilities of $539,531. Changes in operating assets
and liabilities reflected cash provided by operating activities of $134,739 during such period.

For
the year ended December 31, 2024, cash provided by investing activities included $485,350 of extension payments made to the trust, $204,459
of reimbursement from the trust of franchise and income tax payments and cash withdrawn from the trust of $3,248,878 in relation to stock
redemptions.

For the year ended December 31, 2024, cash used in financing activities
included $797,981 of proceeds from a convertible promissory note, $791,407 of an advance from Profusa and $3,248,878 paid out in relation
to stock redemptions.

For
the year ended December 31, 2023, cash used in operating activities was $2,064,860. Net income of $1,161,910 was impacted primarily by
trust interest income of $2,248,538, change in fair value of convertible note of $177,697, change