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Heart Test Laboratories, Inc.(HSCSW), doing business as HeartSciences, h as released its financial statements for the fiscal year ending April 2023. The company, focused on cardiovascular diagnostic solutions, disclosed its balance sheets and statements of operations, revealing a net loss of $6.35 million and revenue of $5.15 million for the period.
The financial data indicates both positive and challenging aspects of HeartSciences' performance. The following sections provide a detailed overview of the company's financial position and operations during the reported period.
Financial Performance Overview
Balance Sheets
The company's total assets for the fiscal year ending April 2023 amounted to $3,287,233, reflecting substantial growth from the previous year's total assets of $2,089,448.
Current Assets
Cash and cash equivalents increased significantly, reaching $1,660,467 compared to $918,260 in the previous fiscal year.
Inventory witnessed a marginal increase to $676,359 from $674,139.
Prepaid expenses showed a notable growth, standing at $143,460 compared to $49,384 in the previous year.
Other current assets remained steady at $40,374.
The total current assets for the fiscal year ending April 2023 reached $2,696,581, reflecting a considerable rise from $1,930,878 in the previous fiscal year.
Long-term Assets
Property and equipment, net, decreased to $61,428 from $70,035.
Right-of-use assets, net, saw a significant increase, reaching $529,224 from $88,535.
The company's total long-term assets for the fiscal year ending April 2023 amounted to $590,652, compared to $158,570 in the previous fiscal year.
Liabilities and Stockholders' Equity (Deficit)
HeartSciences' total liabilities and stockholders' equity (deficit) for the fiscal year ending April 2023 was $3,287,233, representing a significant rise from the previous year's total liabilities and stockholders' equity (deficit) of $2,089,448.
Current Liabilities
Accounts payable decreased to $631,369 from $694,745.
Accrued expenses also decreased to $623,391 from $1,053,636.
Operating lease liabilities, current portion, decreased to $29,535 from $90,968.
Current portion of notes payable decreased to $500,000 from $1,630,000.
Other current liabilities decreased to $48,596 from $1,220.
The total current liabilities for the fiscal year ending April 2023 amounted to $1,832,891, compared to $3,470,569 in the previous fiscal year.
Long-term Liabilities
Notes payable decreased to $500,000 from $4,441,807.
Accrued expenses decreased to $187,450 from $232,868.
Operating lease liabilities, long-term portion, increased to $536,335 from $0.
The total long-term liabilities for the fiscal year ending April 2023 reached $1,223,785, reflecting a decrease from $4,674,675 in the previous fiscal year.
Stockholders' Equity (Deficit)
The stockholders' equity (deficit) for the fiscal year ending April 2023 was $230,557, compared to ($6,055,796) in the previous fiscal year.
Statement of Operations
The company reported revenue of $5,150 for the fiscal year ending April 2023, compared to $14,373 in the previous fiscal year.
The cost of sales for the fiscal year ending April 2023 amounted to $2,796, down from $7,890 in the previous fiscal year, resulting in a gross margin of $2,354 compared to $6,483.
The company reported a net loss of $6,354,290 for the fiscal year ending April 2023, compared to a net loss of $4,828,260 in the previous fiscal year.
HeartSciences experienced significant growth in its total assets and improvements in revenue for the fiscal year ending April 2023. However, the company also reported an increased net loss, which may pose challenges for its future financial performance. The management's strategies and market developments will be crucial in determining the company's trajectory in the coming year.