Heart Test Labs Files Q1 10-Q, Details Preferred Stock & Warrants

TL;DR

HSCS Q1 10-Q out: Series C preferred stock and warrants issued. Streeterville Note event on 9/12.

AI Summary

Heart Test Laboratories, Inc. filed a 10-Q for the period ending July 31, 2024. The filing details financial activities including the issuance of Series C Convertible Preferred Stock and warrants. It also mentions a subsequent event on September 12, 2024, related to the Streeterville Note.

Why It Matters

This filing provides insight into Heart Test Laboratories' financial health and capital structure, including recent stock and warrant activity, which can impact investor decisions.

Risk Assessment

Risk Level: medium — The company is in the medical device sector and the filing indicates ongoing financial activities like stock and warrant issuances, which can be associated with higher risk.

Key Numbers

• 2024-07-31 — Reporting Period End Date (The 10-Q covers financial activities up to this date.)
• 2024-09-12 — Subsequent Event Date (A significant event related to the Streeterville Note occurred on this date.)

Key Players & Entities

• Heart Test Laboratories, Inc. (company) — Filer of the 10-Q
• 2024-07-31 (date) — End of the reporting period
• Series C Convertible Preferred Stock (dollar_amount) — Type of stock issued
• Streeterville Note (dollar_amount) — Mentioned in subsequent events
• 2024-09-12 (date) — Date of subsequent event
• John Q. Adams (person) — Mentioned in relation to a Note Conversion Letter Agreement

FAQ

Key Financial Figures

• $0.001 — split shares of common stock, par value $0.001 per share (the "Common Stock"), were co
• $75.0 million — ompany's public float equals or exceeds $75.0 million. In the event the aggregate market valu

Filing Documents

• hscs-20240731.htm (10-Q) — 1282KB
• hscs-ex31_1.htm (EX-31.1) — 16KB
• hscs-ex31_2.htm (EX-31.2) — 16KB
• hscs-ex32_1.htm (EX-32.1) — 9KB
• hscs-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-105914.txt ( ) — 6163KB
• hscs-20240731.xsd (EX-101.SCH) — 1149KB
• hscs-20240731_htm.xml (XML) — 864KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 PART II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 30 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 July 31, April 30, 2024 2024 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,339,778 $ 5,807,648 Inventory, net 643,039 629,179 Prepaid expenses 387,974 183,704 Other current assets 40,374 40,374 Deferred offering costs 663,490 692,988 Total current assets 6,074,655 7,353,893 Property and equipment, net 86,127 97,991 Intangible assets, net 1,590,079 1,589,246 Right-of-use assets, net 440,529 461,983 TOTAL ASSETS $ 8,191,390 $ 9,503,113 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 396,506 $ 448,183 Accrued expenses 331,098 398,331 Accrued interest expense 291,340 268,813 Operating lease liabilities 106,402 102,293 Notes payable, current — 500,000 Other current liabilities 226,343 34,147 Total current liabilities 1,351,689 1,751,767 LONG-TERM LIABILITIES Notes payable 500,000 — Operating lease liabilities, long-term 405,743 434,045 Total long-term liabilities 905,743 434,045 TOTAL LIABILITIES 2,257,432 2,185,812 COMMITMENTS AND CONTINGENCIES (NOTE 2, 4-6, 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 July 31, 2024 and April 30, 2024. 380 380 Common stock, $ 0.001 par value, 500,000,000 shares authorized; 906,416 shares issued and outstanding as of July 31, 2024 and 676,598 shares issued and outstanding as of April 30, 2024. 907 677 Additional paid-in capital 75,346,766 74,678,650 Accumulated deficit ( 69,414,095 ) ( 67,362,406 ) TOTAL STOCKHOLDERS EQUITY 5,933,958 7,317,301 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 8,191,390 $ 9,503,113 The accompanyin

View Full Filing

View this 10-Q filing on SEC EDGAR