Exhibit 99.1
HEART TEST LABORATORIES, INC. D/B/A HEARTSCIENCES |
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Balance Sheet |
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Unaudited |
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| Pro Forma |
| Note | As Adjusted |
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| October 31, |
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| Adjustments |
| Reference | October 31, |
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| 2023 |
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| 2023 |
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| ASSETS |
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| CURRENT ASSETS: |
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| Cash and cash equivalents |
| $ | 100,144 |
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| $ | 9,340,209 |
| (1) | $ | 9,440,353 |
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| Accounts receivable |
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| 3,900 |
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| — |
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| 3,900 |
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| Inventory, net |
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| 674,839 |
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| — |
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| 674,839 |
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| Prepaid expenses |
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| 368,803 |
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| — |
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| 368,803 |
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| Other current assets |
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| 40,374 |
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| — |
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| 40,374 |
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| Deferred offering costs |
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| 624,171 |
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| (131,684 | ) | (1) |
| 492,487 |
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| Total current assets |
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| 1,812,231 |
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| 9,208,525 |
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| 11,020,756 |
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| Property and equipment, net |
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| 53,316 |
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| — |
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| 53,316 |
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| Acquired Intangible asset, net |
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| — |
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| 1,528,430 |
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| 1,528,430 |
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| Right-of-use assets, net |
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| 502,831 |
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| — |
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| 502,831 |
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| TOTAL ASSETS |
| $ | 2,368,378 |
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| $ | 10,736,955 |
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| $ | 13,105,333 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
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| CURRENT LIABILITIES |
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| Accounts payable |
| $ | 1,088,297 |
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| $ | (102,125 | ) | (2) | $ | 986,172 |
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| Accrued expenses |
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| 772,670 |
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| (85,000 | ) | (4) |
| 687,670 |
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| Operating lease liabilities |
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| 94,463 |
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| — |
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| 94,463 |
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| Current portion of notes payable net of amortization |
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| 1,417,125 |
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| (917,125 | ) | (4) (5) |
| 500,000 |
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| Other current liabilities |
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| 158,620 |
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| — |
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| 158,620 |
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| Total current liabilities |
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| 3,531,175 |
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| (1,104,250 | ) |
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| 2,426,925 |
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| LONG-TERM LIABILITIES |
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| Operating lease liabilities, long-term |
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| 486,885 |
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| — |
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| 486,885 |
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| Total long-term liabilities |
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| 486,885 |
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| 486,885 |
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| TOTAL LIABILITIES |
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| 4,018,060 |
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| (1,104,250 | ) |
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| 2,913,810 |
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| COMMITMENTS AND CONTINGENCIES (NOTE 2, 4-6, and 8) |
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| STOCKHOLDERS (DEFICIT) EQUITY |
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| 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 October 31, 2023 and 380,871 shares issued and outstanding as of April 30, 2023. |
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| 380 |
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| 380 |
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| Common stock, $0.001 par value, 500,000,000 shares authorized; 11,213,438 shares issued and outstanding as of October 31, 2023 and 10,118,440 shares issued and outstanding as of April 30, 2023. |
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| 11,213 |
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| 52,398 |
| (1) (3) (4) (5) |
| 63,611 |
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| Additional paid-in capital |
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| 62,211,156 |
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| 11,714,803 |
| (1) (2) (3) (4) (5) |
| 73,925,959 |
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| Accumulated deficit |
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| (63,872,431 | ) |
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| 74,004 |
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| (63,798,427 | ) |
| TOTAL STOCKHOLDERS (DEFICIT) EQUITY |
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| (1,649,682 | ) |
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| 11,841,205 |
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| 10,191,523 |
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| TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY |
| $ | 2,368,378 |
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| $ | 10,736,955 |
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| $ | 13,105,333 |
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| Notes to the ProForma Balance Sheet: |
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| This Pro Forma Balance Sheet reflects the Heart Test Laboratories, Inc (HSCS) Balance Sheet as reported in the Company's 10-Q for the quarter ended October 31, 2023, filed with the Securities and Exchange Commission on December 14, 2023, adjusted to reflect the subsequent events after the balance sheet date of October 31, 2023 through the date of filing, as set out in Note 9 of the 10-Q as described below: |
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| (1) The sale of 586,833 shares of Common Stock under the Equity Line and the sale of 40,175,218 shares of Common Stock under the ATM Facility receiving total gross proceeds of $9.8 million and net proceeds of approximately $9.2 million net of commissions fees and deferred offering costs. |
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Exhibit 99.1
| (2) The issuances of warrants to purchase up to 240,000 shares of common stock, at an exercise price of $0.17 per share, to a consultant of the Company as consideration for services rendered. |
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| (3) The issuance to Mount Sinai of 4,854,853 shares of common stock, 710,605 pre-funded warrants to purchase shares of common stock with an exercise price of $0.00001, and 914,148 warrants to purchase shares of common stock with an exercise price of $.5060, as consideration for the acquired rights to certain license agreements. |
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| (4) The issuance to Mr. John Q. Adams of 3,656,288 shares of common stock in consideration for the conversion of principal and interest in the amounts of $585,006 due under the JQA Note. |
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| (5) The issuance to Matthews Holdings Southwest, Inc. of 3,125,000 shares of common stock in consideration for the conversion of principal in the amount of $500,000 due under the MSW Note. |
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