Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 623

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 623
---
 382 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in stock ownership of a company. The annual limitation may result in the expiration of the Company’s net operating loss and tax credit carryforwards prior to utilization. The Company has not completed an IRC section 382 study as of December 31, 2023. No liability related to uncertain tax positions is recorded in the financial statements. The Company accrues for interest and penalties as part of income tax expense. As of December 31, 2023 and 2022, the Company has not accrued interest and/or penalties. The Company files tax returns in the U.S. Federal, California and various other state income tax returns. Due to the Company’s net operating losses, its Federal and state income tax returns remain subject to examination since inception. As of December 31, 2023, there are no ongoing tax examinations. On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The act contains many tax incentives intended to assist companies and individuals during the COVID -19outbreak. The Company received Paycheck Protection Program Loans during the years ended December 31, 2021 and December 31, 2020 of $1.3 million and $1.2 million, respectively. The Company had $1.4 million and 1.3 million of Paycheck Protection Program loans outstanding as of December 31, 2023 and 2022. The Company has historically been in a NOLs position and, as such, the Company will not utilize the net operating loss carryback provisions of the CARES Act.

F-92

PROFUSA, INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 7 — Income Taxes (cont.) The Consolidated Appropriations Act, 2021, which was enacted on December 27, 2020, has expanded, extended, and clarified selected CARES Act provisions, specifically on Paycheck Protection Program loans and Employee Retention Tax Credits, 100% deductibility of business meals as well as other tax extenders. The Consolidated Appropriations Act did not have a material impact on the Company’s tax provision for the years ended December 31, 2023 or 2022. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into federal law. IRA,