Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 367

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 367
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 derived from tax loss and tax credit carry forwards. ASC 740 additionally requires
a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
As of December 31, 2024 and 2023, the Company’s deferred tax asset had a full valuation allowance recorded against it.

ASC 740 also clarifies
the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure
and transition.

<div align='center'>F-66

NORTHVIEW ACQUISITION CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 2 — Summary of Significant Accounting Policies (cont.)

The Company recognizes interest
and penalties related to unrecognized tax benefits as a formation cost expense. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position. Interest and penalties expense amounted
to $0 and $19,158 during the years ended December 31, 2024 and 2023, respectively.

The Company has identified
the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities
since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax
jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of
unrecognized tax benefits will materially change over the next twelve months.

Derivative Financial Instruments

The Company evaluates its financial
instruments, such as warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives
in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at fair value
on the grant date and re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of
operations. Derivative assets and liabilities are classified in the consolidated balance sheets as current or non-current based on
whether or not net-cash settlement or conversion of the instrument could be