2024 Q3 Form 10-K Financial Statement
#000095017024087271 Filed on July 29, 2024
Income Statement
Concept | 2024 Q3 | 2024 Q2 | 2024 |
---|---|---|---|
Revenue | $0.00 | $18.60K | |
YoY Change | 261.17% | ||
Cost Of Revenue | $0.00 | $6.081K | |
YoY Change | 117.18% | ||
Gross Profit | $0.00 | $12.52K | |
YoY Change | 432.72% | ||
Gross Profit Margin | 67.31% | ||
Selling, General & Admin | $850.7K | $833.7K | $3.440M |
YoY Change | 11.2% | -21.66% | -5.88% |
% of Gross Profit | 27476.12% | ||
Research & Development | $1.225M | $1.046M | $2.879M |
YoY Change | 116.56% | 95.74% | 16.97% |
% of Gross Profit | 22993.48% | ||
Depreciation & Amortization | $11.86K | $9.190K | $27.89K |
YoY Change | 61.68% | 34.55% | 3.61% |
% of Gross Profit | 222.8% | ||
Operating Expenses | $2.076M | $1.880M | $6.318M |
YoY Change | 55.99% | 17.59% | 3.32% |
Operating Profit | -$2.076M | -$1.880M | -$6.306M |
YoY Change | 55.99% | 17.59% | 3.15% |
Interest Expense | -$20.94K | $354.1K | |
YoY Change | -38.34% | -245.61% | |
% of Operating Profit | |||
Other Income/Expense, Net | $23.98K | $54.56K | -$299.4K |
YoY Change | -166.24% | 20884.62% | -16285.84% |
Pretax Income | -$1.846M | -$6.605M | |
YoY Change | 13.1% | 3.95% | |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$2.052M | -$1.846M | -$6.605M |
YoY Change | 50.1% | 13.1% | 3.95% |
Net Earnings / Revenue | -35511.87% | ||
Basic Earnings Per Share | -$2.64 | -$19.00 | |
Diluted Earnings Per Share | -$2.64 | -$2.82 | -$19.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 856.0K | 352.5K | |
Diluted Shares Outstanding | 777.7K | 352.5K |
Balance Sheet
Concept | 2024 Q3 | 2024 Q2 | 2024 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $4.340M | $5.808M | $5.808M |
YoY Change | 648.24% | 249.76% | 249.76% |
Cash & Equivalents | $4.340M | $5.808M | $5.808M |
Short-Term Investments | |||
Other Short-Term Assets | $40.37K | $40.37K | $917.1K |
YoY Change | 0.0% | -88.78% | 154.91% |
Inventory | $643.0K | $629.2K | $629.2K |
Prepaid Expenses | $388.0K | $183.7K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $6.075M | $7.354M | $7.354M |
YoY Change | 199.38% | 172.71% | 172.71% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $86.13K | $97.99K | $560.0K |
YoY Change | 45.98% | -83.41% | -5.19% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $2.117M | $2.149M | $2.149M |
YoY Change | 272.19% | 263.87% | 263.87% |
TOTAL ASSETS | |||
Total Short-Term Assets | $6.075M | $7.354M | $7.354M |
Total Long-Term Assets | $2.117M | $2.149M | $2.149M |
Total Assets | $8.191M | $9.503M | $9.503M |
YoY Change | 215.32% | 189.09% | 189.09% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $396.5K | $448.2K | $448.2K |
YoY Change | -12.83% | -29.01% | -29.01% |
Accrued Expenses | $331.1K | $398.3K | $769.4K |
YoY Change | -47.53% | -38.99% | 17.84% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | $500.0K | $500.0K |
YoY Change | -100.0% | 0.0% | 0.0% |
Total Short-Term Liabilities | $1.352M | $1.752M | $1.752M |
YoY Change | -28.78% | -4.43% | -4.43% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $500.0K | $0.00 | $0.00 |
YoY Change | 0.0% | -100.0% | -100.0% |
Other Long-Term Liabilities | $405.7K | $434.1K | $434.1K |
YoY Change | -43.65% | -40.03% | -40.03% |
Total Long-Term Liabilities | $905.7K | $434.0K | $434.1K |
YoY Change | -25.74% | -64.53% | -64.53% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.352M | $1.752M | $1.752M |
Total Long-Term Liabilities | $905.7K | $434.0K | $434.1K |
Total Liabilities | $2.257M | $2.186M | $2.186M |
YoY Change | -27.59% | -28.49% | -28.49% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$69.40M | -$67.40M | |
YoY Change | 11.76% | 10.86% | |
Common Stock | $907.00 | $677.00 | |
YoY Change | -91.5% | -93.31% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $5.934M | $7.317M | $7.317M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $8.191M | $9.503M | $9.503M |
YoY Change | 215.32% | 189.09% | 189.09% |
Cashflow Statement
Concept | 2024 Q3 | 2024 Q2 | 2024 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.052M | -$1.846M | -$6.605M |
YoY Change | 50.1% | 13.1% | 3.95% |
Depreciation, Depletion And Amortization | $11.86K | $9.190K | $27.89K |
YoY Change | 61.68% | 34.55% | 3.61% |
Cash From Operating Activities | -$2.019M | -$1.536M | -$6.070M |
YoY Change | 43.76% | -17.47% | 5.14% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $830.00 | $109.6K | $64.46K |
YoY Change | -83.1% | 1343.61% | 252.02% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$833.00 | -$109.6K | -$125.3K |
YoY Change | -83.03% | 1343.61% | 584.17% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 551.7K | 377.1K | 10.34M |
YoY Change | 70.08% | -76.41% | 58.29% |
NET CHANGE | |||
Cash From Operating Activities | -2.019M | -1.536M | -6.070M |
Cash From Investing Activities | -833.0 | -109.6K | -125.3K |
Cash From Financing Activities | 551.7K | 377.1K | 10.34M |
Net Change In Cash | -1.468M | -1.269M | 4.147M |
YoY Change | 35.31% | 369.08% | 458.77% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$2.019M | -$1.536M | -$6.070M |
Capital Expenditures | $830.00 | $109.6K | $64.46K |
Free Cash Flow | -$2.020M | -$1.646M | -$6.135M |
YoY Change | 43.31% | -11.95% | 5.92% |
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Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
103595 | |
CY2023 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
61381 | |
CY2024 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
67241 | |
CY2023 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
108538 | |
CY2024 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
405025 | |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
248307 | |
CY2024 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
335633 | |
CY2023 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
171326 | |
CY2024 | hscs |
Issuance Of Common Stock As Consideration For Consulting Services
IssuanceOfCommonStockAsConsiderationForConsultingServices
|
-100000 | |
CY2023 | hscs |
Gain On Settled Accounts Payable
GainOnSettledAccountsPayable
|
101200 | |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2321 | |
CY2024 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-47180 | |
CY2023 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
2220 | |
CY2024 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-236932 | |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-385773 | |
CY2024 | us-gaap |
Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
|
517067 | |
CY2023 | us-gaap |
Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
|
-60432 | |
CY2024 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-183186 | |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
37824 | |
CY2024 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-58690 | |
CY2023 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-310146 | |
CY2024 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-29532 | |
CY2023 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-108538 | |
CY2024 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-6070185 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5773577 | |
CY2024 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
64455 | |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
18308 | |
CY2024 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
60816 | |
CY2024 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-125271 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-18308 | |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5194740 | |
CY2023 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
17250 | |
CY2023 | hscs |
Issuance Of Common Stock For Exercise Of Pre Funded Warrants
IssuanceOfCommonStockForExerciseOfPreFundedWarrants
|
14 | |
CY2023 | hscs |
Issuance Of Common Stock For Bridge Warrant Exercises
IssuanceOfCommonStockForBridgeWarrantExercises
|
1141023 | |
CY2023 | hscs |
Issuance Of Common Stock Under Equity Line Net Of Offering Costs
IssuanceOfCommonStockUnderEquityLineNetOfOfferingCosts
|
429325 | |
CY2023 | hscs |
Issuance Of Pre Funded Warrants For Bridge Warrant Exercises
IssuanceOfPreFundedWarrantsForBridgeWarrantExercises
|
150000 | |
CY2024 | hscs |
Issuance Of Common Stock Under Equity Line Net Of Fees
IssuanceOfCommonStockUnderEquityLineNetOfFees
|
10300013 | |
CY2024 | us-gaap |
Proceeds From Contributed Capital
ProceedsFromContributedCapital
|
334249 | |
CY2024 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
291625 | |
CY2023 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
398260 | |
CY2024 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10342637 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
6534092 | |
CY2024 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
4147181 | |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
742207 | |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1660467 | |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
918260 | |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5807648 | |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1660467 | |
CY2023 | us-gaap |
Stock Issued1
StockIssued1
|
1500000 | |
CY2023 | hscs |
Issuance Of Common Stock For Bridge Note And Accrued Interest Conversions
IssuanceOfCommonStockForBridgeNoteAndAccruedInterestConversions
|
3618704 | |
CY2023 | hscs |
Issuance Of Common Stock For Series A And B Preferred Conversions
IssuanceOfCommonStockForSeriesAAndBPreferredConversions
|
703 | |
CY2023 | hscs |
Issuance Of Common Stock For Series C Preferred Conversions
IssuanceOfCommonStockForSeriesCPreferredConversions
|
348 | |
CY2023 | hscs |
Issuance Of Series C Preferred Stock For Note Conversion
IssuanceOfSeriesCPreferredStockForNoteConversion
|
130000 | |
CY2023 | hscs |
Issuance Of Common Stock For Cashless Bridge Warrant Exercises
IssuanceOfCommonStockForCashlessBridgeWarrantExercises
|
31 | |
CY2023 | hscs |
Issuance Of Common Stock Warrants In Payment Of Payables
IssuanceOfCommonStockWarrantsInPaymentOfPayables
|
171326 | |
CY2024 | hscs |
Issuance Of Common Stock As Consideration For Note Conversions
IssuanceOfCommonStockAsConsiderationForNoteConversions
|
1022850 | |
CY2024 | hscs |
Issuance Of Common Stock As Consideration For Acquired Intangible Assets
IssuanceOfCommonStockAsConsiderationForAcquiredIntangibleAssets
|
1528431 | |
CY2023 | hscs |
Warrants Issued As Underwriter Compensation
WarrantsIssuedAsUnderwriterCompensation
|
39953 | |
CY2024 | hscs |
Financed Insurance Premiums
FinancedInsurancePremiums
|
277176 | |
CY2023 | hscs |
Financed Insurance Premiums
FinancedInsurancePremiums
|
445636 | |
CY2023 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
549227 | |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">– </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Organization and Operations</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Heart Test Laboratories, Inc. d/b/a HeartSciences (“HeartSciences” or the “Company”) is a medical technology company specializing in cardiovascular diagnostic technology. The Company is a Texas C-Corporation and is headquartered in Southlake, Texas.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">HeartSciences’ focus is on applying AI-based technology to an electrocardiograph (“ECG”) device, to expand and improve an ECG's clinical usefulness. The Company's objective is to make an ECG a far more valuable cardiac screening tool by expanding its clinical capability to detect a broader range of cardiac indications through the development of AI-based ECG cardiovascular algorithms (“AI-ECG”). The Company is seeking to provide AI-ECG solutions in any care setting worldwide in a manner that best suits different providers, either via one of the millions of ECG’s currently in clinical use or via its proprietary MyoVista </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">wav</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ECG device. The MyoVista </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">wav</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ECG, is a resting 12-lead ECG that will incorporate HeartSciences’ proprietary AI-ECG algorithm designed to provide diagnostic information related to cardiac dysfunction as well as conventional ECG information in the same test. Additionally, the Company is developing a cloud-based platform to provide access to AI-ECG algorithms, both HeartSciences developed and third-party algorithms, (the “MyoVista Insights Cloud Platform”). In the future, the Company intends to deliver a range of AI-ECG algorithms for each product. The Company is preparing to seek U.S. Food and Drug Administration (“FDA”) submission in the first calendar quarter of 2025.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On May 6, 2024, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of Texas to effect a </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_01020043-f9ba-45f7-8409-cc802ff45eee;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1-for-100</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> reverse stock</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> split of its outstanding shares of Common Stock, with an effective date of May 17, 2024. As a result of the reverse stock split, every </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of the Company's issued and outstanding pre-reverse split common stock were combined into one share of Common Stock, except to the extent that the reverse stock split resulted in any of the Company's shareholders owning a fractional share, which was rounded up to the next highest whole share. In connection with the reverse stock split, there was no change in the par value per share of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.001</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As a result of the reverse stock split, equitable adjustments corresponding to the reverse stock split ratio will be made to the Company’s outstanding warrants and upon the exercise or vesting of all stock options such that every one hundred (</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">) shares of Common Stock that may be issued upon the exercise of the warrants and stock options held immediately prior to the reverse stock split will represent one share of Common Stock that may be issued upon exercise of such warrants and stock options immediately following the reverse stock split. Correspondingly, the exercise price per share of Common Stock attributable to the warrants and stock options immediately prior to the reverse stock split will be proportionately increased by a multiple of 100 following the reverse stock split.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">All Common Stock share and per share data, and exercise price data for applicable Common Stock equivalents, included in these financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless otherwise indicated.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> | |
CY2024 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1-for-100 reverse stock | |
CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-67400000 | |
CY2024 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;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:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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> | |
CY2024Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
5800000 | |
CY2023Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
1700000 | |
CY2024Q2 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
322996 | |
CY2023Q2 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
322996 | |
CY2024Q2 | hscs |
Inventory Sub Assemblies
InventorySubAssemblies
|
347436 | |
CY2023Q2 | hscs |
Inventory Sub Assemblies
InventorySubAssemblies
|
347436 | |
CY2024Q2 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
21741 | |
CY2023Q2 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
21741 | |
CY2024Q2 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
22581 | |
CY2023Q2 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
28662 | |
CY2024Q2 | hscs |
Inventory Reserve For Obsolescence
InventoryReserveForObsolescence
|
85575 | |
CY2023Q2 | hscs |
Inventory Reserve For Obsolescence
InventoryReserveForObsolescence
|
44476 | |
CY2024Q2 | us-gaap |
Inventory Net
InventoryNet
|
629179 | |
CY2023Q2 | us-gaap |
Inventory Net
InventoryNet
|
676359 | |
CY2024 | hscs |
Useable Life Of Device
UseableLifeOfDevice
|
P7Y | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
597750 | |
CY2023Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
533295 | |
CY2024Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
499759 | |
CY2023Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
471867 | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
97991 | |
CY2023Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
61428 | |
CY2024 | us-gaap |
Depreciation
Depreciation
|
27892 | |
CY2023 | us-gaap |
Depreciation
Depreciation
|
26915 | |
CY2024Q2 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
692988 | |
CY2023Q2 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
175921 | |
CY2024Q2 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
0 | |
CY2023Q2 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
0 | |
CY2024Q2 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
0 | |
CY2023Q2 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
0 | |
CY2024Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
0 | |
CY2023Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
0 | |
CY2024 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company maintains its cash with high-credit quality financial institutions. At April 30, 2024 and April 30, 2023, the Company had cash balances in excess of federally insured limits of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, respectively. The Company does not anticipate non-performance by its financial institution.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> | |
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
5600000 | |
CY2023Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
1400000 | |
CY2024Q2 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
500000 | |
CY2023Q2 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
500000 | |
CY2023Q2 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
500000 | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
20000000 | |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2024 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
20 | |
CY2024Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
500000000 | |
CY2024Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2024Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
676598 | |
CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
101332 | |
CY2022Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
33383 | |
CY2023 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
67949 | |
CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
101332 | |
CY2024 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
575266 | |
CY2024Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
676598 | |
CY2023Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
50000000 | |
CY2024 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
0 | |
CY2023 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
0 | |
CY2022Q2 | hscs |
Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
|
14477 | |
CY2022Q2 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
|
900 | |
CY2023 | hscs |
Warrants Outstanding And Exercisable Issued
WarrantsOutstandingAndExercisableIssued
|
40543 | |
CY2023 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Issued
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareIssued
|
375 | |
CY2023 | hscs |
Warrants Outstanding And Exercisable Exercised
WarrantsOutstandingAndExercisableExercised
|
15254 | |
CY2023 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Exercised
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareExercised
|
386 | |
CY2023 | hscs |
Warrants Outstanding And Exercisable Forfeited
WarrantsOutstandingAndExercisableForfeited
|
-146 | |
CY2023 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Forfeited
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareForfeited
|
1396 | |
CY2023 | hscs |
Warrants Outstanding And Exercisable Cancelled
WarrantsOutstandingAndExercisableCancelled
|
13677 | |
CY2023 | hscs |
Exercise Price Per Share Cancelled
ExercisePricePerShareCancelled
|
516 | |
CY2023 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Cancelled
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareCancelled
|
516 | |
CY2023Q2 | hscs |
Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
|
25943 | |
CY2023Q2 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
|
373 | |
CY2024 | hscs |
Warrants Outstanding And Exercisable Issued
WarrantsOutstandingAndExercisableIssued
|
30799 | |
CY2024 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Issued
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareIssued
|
24 | |
CY2024 | hscs |
Warrants Outstanding And Exercisable Forfeited
WarrantsOutstandingAndExercisableForfeited
|
-187 | |
CY2024 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share Forfeited
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareForfeited
|
545 | |
CY2024Q2 | hscs |
Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
|
56555 | |
CY2024Q2 | hscs |
Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
|
182 | |
CY2024Q2 | hscs |
Class Of Warrant Or Right Number Of Securities Cancelled By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCancelledByWarrantsOrRights
|
13677 | |
CY2024 | hscs |
Share Based Compensation Arrangement By Share Based Payment Award Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTerm
|
P10Y | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
11378409 | |
CY2023Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
9701650 | |
CY2024Q2 | hscs |
Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
|
833918 | |
CY2023Q2 | hscs |
Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
|
934999 | |
CY2024Q2 | hscs |
Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
|
694206 | |
CY2023Q2 | hscs |
Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
|
538669 | |
CY2024Q2 | hscs |
Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
|
3339 | |
CY2023Q2 | hscs |
Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
|
3111 | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
255600 | |
CY2023Q2 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
255600 | |
CY2024Q2 | hscs |
Deferred Tax Assets Research And Development Warrants
DeferredTaxAssetsResearchAndDevelopmentWarrants
|
21488 | |
CY2023Q2 | hscs |
Deferred Tax Assets Research And Development Warrants
DeferredTaxAssetsResearchAndDevelopmentWarrants
|
21488 | |
CY2024Q2 | hscs |
Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
|
13180282 | |
CY2023Q2 | hscs |
Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
|
11449295 | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
13180282 | |
CY2023Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
11449295 | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
CY2023Q2 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
CY2024 | 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. | |
CY2024 | hscs |
Operating Lease Option To Extend Additional Lease Term
OperatingLeaseOptionToExtendAdditionalLeaseTerm
|
P64M | |
CY2024 | hscs |
Operating Lease Commencing Date
OperatingLeaseCommencingDate
|
2023-02-01 | |
CY2024 | hscs |
Operating Lease Expiring Date
OperatingLeaseExpiringDate
|
2028-05-31 | |
CY2024 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
13129 | |
CY2024 | hscs |
Operating Lease Percentage Of Annual Increase
OperatingLeasePercentageOfAnnualIncrease
|
0.03 | |
CY2024 | hscs |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
187517 | |
CY2023 | hscs |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
167309 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.12 | |
CY2024Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
461983 | |
CY2024Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
102293 | |
CY2024Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
434045 | |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
536338 | |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P4Y1M6D | |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.12 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
161167 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
165190 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
169307 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
173559 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
14493 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
683716 | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
147378 | |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
536338 | |
CY2024 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |