$HSCS
HeartSciences Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023048168 Filed on September 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $765.0K
YoY Change -23.27%
% of Gross Profit
Research & Development $565.6K
YoY Change 30.27%
% of Gross Profit
Depreciation & Amortization $7.338K
YoY Change 14.44%
% of Gross Profit
Operating Expenses $1.331M
YoY Change -7.03%
Operating Profit -$1.331M
YoY Change -6.95%
Interest Expense $36.26K
YoY Change -74.75%
% of Operating Profit
Other Income/Expense, Net -$36.20K
YoY Change -74.72%
Pretax Income -$1.370M
YoY Change -12.92%
Income Tax
% Of Pretax Income
Net Earnings -$1.367M
YoY Change -13.12%
Net Earnings / Revenue
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.13
COMMON SHARES
Basic Shares Outstanding 10.36M
Diluted Shares Outstanding 10.33M

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $580.0K
YoY Change -86.42%
Cash & Equivalents $575.7K
Short-Term Investments
Other Short-Term Assets $40.37K
YoY Change 0.0%
Inventory $676.4K
Prepaid Expenses $453.0K
Receivables
Other Receivables
Total Short-Term Assets $2.029M
YoY Change -62.68%
LONG-TERM ASSETS
Property, Plant & Equipment $59.00K
YoY Change -16.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $568.7K
YoY Change 334.83%
TOTAL ASSETS
Total Short-Term Assets $2.029M
Total Long-Term Assets $568.7K
Total Assets $2.598M
YoY Change -53.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $454.8K
YoY Change -0.2%
Accrued Expenses $631.0K
YoY Change 24.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change 284.62%
Total Short-Term Liabilities $1.898M
YoY Change 23.07%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K
YoY Change -50.0%
Other Long-Term Liabilities $720.0K
YoY Change 421.85%
Total Long-Term Liabilities $1.220M
YoY Change 7.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.898M
Total Long-Term Liabilities $1.220M
Total Liabilities $3.118M
YoY Change 16.33%
SHAREHOLDERS EQUITY
Retained Earnings -$62.10M
YoY Change 10.89%
Common Stock $10.67K
YoY Change 30.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$519.7K
YoY Change
Total Liabilities & Shareholders Equity $2.598M
YoY Change -53.34%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.367M
YoY Change -13.12%
Depreciation, Depletion And Amortization $7.338K
YoY Change 14.44%
Cash From Operating Activities -$1.404M
YoY Change -22.49%
INVESTING ACTIVITIES
Capital Expenditures $4.910K
YoY Change -32.25%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.910K
YoY Change -32.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 324.4K
YoY Change -93.73%
NET CHANGE
Cash From Operating Activities -1.404M
Cash From Investing Activities -4.910K
Cash From Financing Activities 324.4K
Net Change In Cash -1.085M
YoY Change -132.34%
FREE CASH FLOW
Cash From Operating Activities -$1.404M
Capital Expenditures $4.910K
Free Cash Flow -$1.409M
YoY Change -22.53%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
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LongTermNotesPayable
500000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
1938
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10670980
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10118440
CY2023Q2 hscs Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
11449295
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12017038
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10118440
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
552540
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10670980
CY2023Q3 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2023 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2023Q2 hscs Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
2590342
CY2023Q2 hscs Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
3.73
CY2023Q3 hscs Warrants Outstanding And Exercisable Forfeited
WarrantsOutstandingAndExercisableForfeited
-7688
CY2023Q3 hscs Exercise Price Per Share Forfeited
ExercisePricePerShareForfeited
3.47
CY2023Q3 hscs Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
2582654
CY2023Q3 hscs Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
3.73
CY2023 hscs Share Based Compensation Arrangement By Share Based Payment Award Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTerm
P10Y
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
10268546
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9701650
CY2023Q3 hscs Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
909729
CY2023Q2 hscs Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
934999
CY2023Q3 hscs Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
564843
CY2023Q2 hscs Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
538669
CY2023Q3 hscs Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
3168
CY2023Q2 hscs Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
3111
CY2023Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
255600
CY2023Q2 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
255600
CY2023Q3 hscs Deferred Tax Assets Research And Development Warrants
DeferredTaxAssetsResearchAndDevelopmentWarrants
21488
CY2023Q3 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
On September 27, 2022, the Company entered into the First Amendment to Lease (the “Lease Amendment”), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months, commencing February 1, 2023, and expiring on May 31, 2028 (the “Extension Term”). Pursuant to the amendment, the Company will pay initial monthly payments of $13,129, beginning February 2023, subject to 3% annual increases.
CY2023Q3 hscs Operating Lease Option To Extend Additional Lease Term
OperatingLeaseOptionToExtendAdditionalLeaseTerm
P64M
CY2023Q3 hscs Operating Lease Commencing Date
OperatingLeaseCommencingDate
2023-02-01
CY2023Q3 hscs Operating Lease Expiring Date
OperatingLeaseExpiringDate
2028-05-31
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
13129
CY2023Q3 hscs Operating Lease Percentage Of Annual Increase
OperatingLeasePercentageOfAnnualIncrease
0.03
CY2023Q3 hscs Operating Leases Rent Expense
OperatingLeasesRentExpense
36645
CY2023Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.12
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
509726
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
70871
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
512145
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
583016
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
98053
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
161164
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
165190
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
169307
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
188052
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
781766
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
198750
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
583016

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