$HSCS
HeartSciences Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024105914 Filed on September 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $850.7K
YoY Change 11.2%
% of Gross Profit
Research & Development $1.225M
YoY Change 116.56%
% of Gross Profit
Depreciation & Amortization $11.86K
YoY Change 61.68%
% of Gross Profit
Operating Expenses $2.076M
YoY Change 55.99%
Operating Profit -$2.076M
YoY Change 55.99%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $23.98K
YoY Change -166.24%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$2.052M
YoY Change 50.1%
Net Earnings / Revenue
Basic Earnings Per Share -$2.64
Diluted Earnings Per Share -$2.64
COMMON SHARES
Basic Shares Outstanding 856.0K
Diluted Shares Outstanding 777.7K

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.340M
YoY Change 648.24%
Cash & Equivalents $4.340M
Short-Term Investments
Other Short-Term Assets $40.37K
YoY Change 0.0%
Inventory $643.0K
Prepaid Expenses $388.0K
Receivables
Other Receivables
Total Short-Term Assets $6.075M
YoY Change 199.38%
LONG-TERM ASSETS
Property, Plant & Equipment $86.13K
YoY Change 45.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.117M
YoY Change 272.19%
TOTAL ASSETS
Total Short-Term Assets $6.075M
Total Long-Term Assets $2.117M
Total Assets $8.191M
YoY Change 215.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $396.5K
YoY Change -12.83%
Accrued Expenses $331.1K
YoY Change -47.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.352M
YoY Change -28.78%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K
YoY Change 0.0%
Other Long-Term Liabilities $405.7K
YoY Change -43.65%
Total Long-Term Liabilities $905.7K
YoY Change -25.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.352M
Total Long-Term Liabilities $905.7K
Total Liabilities $2.257M
YoY Change -27.59%
SHAREHOLDERS EQUITY
Retained Earnings -$69.40M
YoY Change 11.76%
Common Stock $907.00
YoY Change -91.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.934M
YoY Change
Total Liabilities & Shareholders Equity $8.191M
YoY Change 215.32%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.052M
YoY Change 50.1%
Depreciation, Depletion And Amortization $11.86K
YoY Change 61.68%
Cash From Operating Activities -$2.019M
YoY Change 43.76%
INVESTING ACTIVITIES
Capital Expenditures $830.00
YoY Change -83.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$833.00
YoY Change -83.03%
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
YoY Change 70.08%
NET CHANGE
Cash From Operating Activities -2.019M
Cash From Investing Activities -833.0
Cash From Financing Activities 551.7K
Net Change In Cash -1.468M
YoY Change 35.31%
FREE CASH FLOW
Cash From Operating Activities -$2.019M
Capital Expenditures $830.00
Free Cash Flow -$2.020M
YoY Change 43.31%

Facts In Submission

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<p style="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;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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CommonStockSharesIssued
676598
CY2024Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
229818
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
906416
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
50000000
CY2024Q3 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2024 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2024Q2 hscs Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
56555
CY2024Q2 hscs Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
182
CY2024Q3 hscs Warrants Outstanding And Exercisable Granted
WarrantsOutstandingAndExercisableGranted
2500
CY2024Q3 hscs Exercise Price Per Share Granted
ExercisePricePerShareGranted
5.15
CY2024Q3 hscs Class Of Warrant Or Right Weighted Average Strike Price Per Share Granted
ClassOfWarrantOrRightWeightedAverageStrikePricePerShareGranted
5.15
CY2024Q3 hscs Warrants Outstanding And Exercisable
WarrantsOutstandingAndExercisable
59055
CY2024Q3 hscs Class Of Warrant Or Right Weighted Average Strike Price Per Share
ClassOfWarrantOrRightWeightedAverageStrikePricePerShare
174.42
CY2023 hscs Share Based Compensation Arrangement By Share Based Payment Award Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTerm
P10Y
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0435
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.039
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
11658241
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
11378409
CY2024Q3 hscs Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
808647
CY2024Q2 hscs Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
833918
CY2024Q3 hscs Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
705662
CY2024Q2 hscs Deferred Tax Assets Stock Option And Warrant Payments
DeferredTaxAssetsStockOptionAndWarrantPayments
694206
CY2024Q3 hscs Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
-159300
CY2024Q2 hscs Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
3339
CY2024Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
255600
CY2024Q2 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
255600
CY2024Q3 hscs Deferred Tax Assets Research And Development Warrants
DeferredTaxAssetsResearchAndDevelopmentWarrants
21488
CY2024Q2 hscs Deferred Tax Assets Research And Development Warrants
DeferredTaxAssetsResearchAndDevelopmentWarrants
21488
CY2024Q3 hscs Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
13608938
CY2024Q2 hscs Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
13180282
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13608938
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13180282
CY2024Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2024Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2024Q3 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.
CY2024Q3 hscs Operating Lease Option To Extend Additional Lease Term
OperatingLeaseOptionToExtendAdditionalLeaseTerm
P64M
CY2024Q3 hscs Operating Lease Commencing Date
OperatingLeaseCommencingDate
2023-02-01
CY2024Q3 hscs Operating Lease Expiring Date
OperatingLeaseExpiringDate
2028-05-31
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
13129
CY2024Q3 hscs Operating Lease Percentage Of Annual Increase
OperatingLeasePercentageOfAnnualIncrease
0.03
CY2024Q3 hscs Operating Leases Rent Expense
OperatingLeasesRentExpense
37000
CY2024Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.12
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
440529
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
106402
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
405743
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
512145
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
162167
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
166214
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
170361
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
144928
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
643670
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
131525
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
512145

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