2024 Q3 Form 10-K Financial Statement

#000095017024087271 Filed on July 29, 2024

View on sec.gov

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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CY2023 us-gaap Nature Of Operations
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<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>
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<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>
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<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>
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CY2024 us-gaap Lessee Operating Lease Option To Extend
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