Heart Test Laboratories, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Heart Test Laboratories, Inc. filed its Q3 2024 10-Q, detailing financial activities and stock transactions.</b>

AI Summary

Heart Test Laboratories, Inc. (HSCSW) filed a Quarterly Report (10-Q) with the SEC on March 14, 2024. Heart Test Laboratories, Inc. filed a 10-Q for the period ending January 31, 2024. The filing references various preferred stock series, including Series B and C Convertible Preferred Stock. Key dates mentioned include April 30, 2023, January 31, 2024, and March 14, 2024. The company's fiscal year ends on April 30. The filing details transactions related to common stock, preferred stock, and warrants.

Why It Matters

For investors and stakeholders tracking Heart Test Laboratories, Inc., this filing contains several important signals. This 10-Q provides an update on the company's financial position and recent corporate actions, crucial for investors assessing its current standing. The detailed breakdown of stock and warrant activity offers insights into potential dilution and capital raising efforts.

Risk Assessment

Risk Level: medium — Heart Test Laboratories, Inc. shows moderate risk based on this filing. The company's filings indicate a complex capital structure with various preferred stock and warrant issuances, suggesting potential financial complexities and dilution risks.

Analyst Insight

Investors should review the detailed financial statements and disclosures in this 10-Q to understand the company's financial health and equity structure.

Key Numbers

• 2024-01-31 — Reporting Period End Date (Conformed period of report)
• 2024-03-14 — Filing Date (Filed as of date)
• 0430 — Fiscal Year End (Fiscal year end)
• 001-41422 — SEC File Number (SEC file number)

Key Players & Entities

• Heart Test Laboratories, Inc. (company) — Filer name
• 2024-01-31 (date) — Conformed period of report
• 2024-03-14 (date) — Filed as of date
• TX (location) — State of incorporation
• 550 RESERVE ST, SUITE 360 (address) — Business address street 1
• SOUTHLAKE (location) — Business address city
• 682-237-7781 (phone) — Business phone
• Series C Convertible Preferred Stock (security) — Mentioned in relation to Additional Paid In Capital

FAQ

Industry Context

The company operates in the orthopedic, prosthetic & surgical appliances & supplies industry.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Analyze the detailed financial statements for the period ending January 31, 2024.
2. Review disclosures related to preferred stock and warrant issuances.
3. Monitor subsequent events for any material changes impacting the company's financial position.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-14: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-02-29: Subsequent Event — Related to common stock and ATM facility.
• 2024-03-14: Subsequent Event — Related to common stock.

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Heart Test Laboratories, Inc. in this format, providing a baseline for future comparisons.

Key Financial Figures

• $1.5M — Common Stock issued upon conversion of $1.5M Notes — — — — — — — 909
• $75.0 million — ompany's public float equals or exceeds $75.0 million. In the event the aggregate market valu

Filing Documents

• hscs-20240131.htm (10-Q) — 2122KB
• hscs-ex31_1.htm (EX-31.1) — 15KB
• hscs-ex31_2.htm (EX-31.2) — 15KB
• hscs-ex32_1.htm (EX-32.1) — 8KB
• hscs-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-031457.txt (&nbsp;) — 7539KB
• hscs-20240131.xsd (EX-101.SCH) — 1176KB
• hscs-20240131_htm.xml (XML) — 1010KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

Signatures

Signatures 33 i HEART TEST LABORATORIES, INC.

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. Heart Test Laboratories, Inc. C ondensed Balance Sheets January 31, April 30, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,076,497 $ 1,660,467 Accounts receivable 14,700 — Inventory 670,278 676,359 Prepaid expenses 233,322 143,460 Other current assets 40,374 40,374 Deferred offering costs 655,579 175,921 Total current assets 8,690,750 2,696,581 Property and equipment, net 58,393 61,428 Intangible assets, net 1,568,818 - Right-of-use assets, net 482,743 529,224 TOTAL ASSETS $ 10,800,704 $ 3,287,233 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 415,076 $ 631,369 Accrued expenses 584,427 623,391 Operating lease liabilities, current 98,319 29,535 Current portion of notes payable 500,000 500,000 Other current liabilities 108,187 48,596 Total current liabilities 1,706,009 1,832,891 LONG-TERM LIABILITIES Notes payable — 500,000 Accrued expenses — 187,450 Operating lease liabilities, long-term portion 460,859 536,335 Total long-term liabilities 460,859 1,223,785 TOTAL LIABILITIES 2,166,868 3,056,676 COMMITMENTS AND CONTINGENCIES (NOTE 2, 5, and 8) STOCKHOLDERS' EQUITY Series A, B, and C convertible preferred stock, $ 0.001 par value, 20,000,000 shares authorized and 620,000 designated; 380,440 shares issued and outstanding as of January 31, 2024 and 380,871 shares issued and outstanding as of April 30, 2023. 380 381 Common Stock, $ 0.001 par value, 500,000,000 shares authorized; 63,611,630 shares issued and outstanding as of January 31, 2024 and 10,118,440 shares issued and outstanding as of April 30, 2023. 63,611 10,118 Additional paid-in capital 74,086,087 60,977,256 Accumulated deficit ( 65,516,242 ) ( 60,757,198 ) TOTAL STOCKHOLDERS' EQUITY 8,633,83

View Full Filing

View this 10-Q filing on SEC EDGAR