HSCS HeartSciences Inc

1

ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2023

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-41422

 

HEART TEST LABORATORIES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Texas	26-1344466
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
550 Reserve Street, Suite 360 Southlake, Texas	76092
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (682)-237-7781

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		HSCS		The Nasdaq Stock Market LLC
Warrants		HSCSW		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
Emerging growth company		☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of December 14, 2023, the registrant had 63,611,630 shares of Common Stock outstanding.

 

 

 

 

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HEART TEST LABORATORIES, INC.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements relate to our future plans, objectives, expectations and intentions and may be identified by terminology such as “may,” “will,” “should,” “expects,” “aims,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “intends,” or “continue,” or the negative of these terms or other comparable terminology. Readers are cautioned that these forward-looking statements are based on our current beliefs, expectations and assumptions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified below, under Part II, Item 1A “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and those risks identified under Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 30, 2023 filed with the Securities and Exchange Commission on July 19, 2023 ("2023 Annual Report on Form 10-K"). Therefore, actual results may differ materially and adversely from those expressed, projected or implied in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development, completion and use of our device, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

 

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These statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise for any reason.

The Company will continue to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). Forward-looking statements speak only as of the dates specified in such filings. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances arising after any such date, whether as a result of new information or future events or otherwise. You should not place undue reliance on the forward-looking statements included in this report or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

NOTE REGARDING COMPANY REFERENCES

Throughout this Quarterly Report on Form 10-Q, “HeartSciences”, the “Company,” “we,” “us” and “our” refer to Heart Test Laboratories, Inc. References to “Fiscal 2024” refer to the 12 months ending April 30, 2024 and references to “Fiscal 2023” refer to the 12 months ended April 30, 2023.

 

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Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Condensed Unaudited Financial Statements:
	Condensed Balance Sheets as of October 31, 2023 and April 30, 2023	1
	Condensed Statements of Operations for the three and six months ended October 31, 2023 and 2022	2
	Condensed Statements of Stockholders' Equity (Deficit) for the three months ended October 31, 2023 and 2022	3
	Condensed Statements of Stockholders' Equity (Deficit) for the six months ended October 31, 2023 and 2022	4
	Condensed Statements of Cash Flows for the six months ended October 31, 2023 and 2022	5
	Notes to the Condensed Unaudited Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
PART II.	OTHER INFORMATION	28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		33

 

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HEART TEST LABORATORIES, INC.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Heart Test Laboratories, Inc.

Condensed Balance Sheets

		October 31,				April 30,
		2023				2023
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	100,144			$	1,660,467
Accounts receivable			3,900			$	-
Inventory, net			674,839				676,359
Prepaid expenses			368,803				143,460
Other current assets			40,374				40,374
Deferred offering costs			624,171				175,921
Total current assets			1,812,231				2,696,581
Property and equipment, net			53,316				61,428
Right-of-use assets, net			502,831				529,224
TOTAL ASSETS		$	2,368,378			$	3,287,233
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable		$	1,088,297			$	631,369
Accrued expenses			772,670				623,391
Operating lease liabilities			94,463				29,535
Current portion of notes payable net of amortization			1,417,125				500,000
Other current liabilities			158,620				48,596
Total current liabilities			3,531,175				1,832,891
LONG-TERM LIABILITIES
Notes payable			—				500,000
Accrued expenses			—				187,450
Operating lease liabilities, long-term			486,885				536,335
Total long-term liabilities			486,885				1,223,785
TOTAL LIABILITIES			4,018,060				3,056,676
COMMITMENTS AND CONTINGENCIES (NOTE 2, 4-6, and 8)
STOCKHOLDERS (DEFICIT) EQUITY
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.			380				381
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.			11,213				10,118
Additional paid-in capital			62,211,156				60,977,256
Accumulated deficit			(63,872,431	)			(60,757,198	)
TOTAL STOCKHOLDERS (DEFICIT) EQUITY			(1,649,682	)			230,557
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY		$	2,368,378			$	3,287,233

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

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Heart Test Laboratories, Inc.

Condensed Statements of Operations

 

		Three months ended October 31,								Six months ended October 31,
		2023				2022				2023				2022
Revenue		$	3,900			$	—			$	3,900			$	3,200
Cost of sales			1,520				—				1,520				2,036
Gross margin			2,380				—				2,380				1,164
Operating expenses:
Research and development			757,303				848,976				1,322,935				1,283,174
Selling, general and administrative			815,020				925,929				1,580,043				1,922,992
Total operating expenses			1,572,323				1,774,905				2,902,978				3,206,166
Loss from operations			(1,569,943	)			(1,774,905	)			(2,900,598	)			(3,205,002	)
Other income (expense)
Interest expense			(178,438	)			(32,805	)			(214,698	)			(176,412	)
Other income			3				1,199				63				1,600
Total other (expense) income			(178,435	)			(31,606	)			(214,635	)			(174,812	)
Net loss		$	(1,748,378	)		$	(1,806,511	)		$	(3,115,233	)		$	(3,379,814	)
Net loss per share, basic and diluted		$	(0.16	)		$	(0.22	)		$	(0.29	)		$	(0.49	)
Weighted average common shares outstanding, basic and diluted			10,938,932				8,210,497				10,658,151				6,934,872

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

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Heart Test Laboratories, Inc.

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited)

Three Month Periods Ended October 31, 2023 and 2022

 

	Series A Convertible Preferred Stock								Series B Convertible Preferred Stock								Series C Convertible Preferred Stock								Total Convertible Preferred				Common Stock								Additional Paid-in				Accumulated				Total Stockholder's
	Shares				Amount				Shares				Amount				Shares				Amount				Stock				Shares				Amount				Capital				Deficit				Deficit
BALANCE AT JULY 31, 2023		—			$	—				—			$	—				380,440			$	380			$	380				10,670,980			$	10,671			$	61,593,300			$	(62,124,053	)		$	(519,702	)
Sale of common stock, net of fees																		—				—				—				542,458				542				279,402				—				279,944
Warrants issued to nonemployees																		—				—				—				—				—				232,614				—				232,614
Stock based compensation - management & other employees		—				—				—				—				—				—				—				—				—				105,840				—				105,840
Net loss		—				—				—				—				—				—				—				—				—				—				(1,748,378	)			(1,748,378	)
BALANCE AT OCTOBER 31, 2023		—			$	—				—			$	—				380,440			$	380			$	380				11,213,438			$	11,213			$	62,211,156			$	(63,872,431	)		$	(1,649,682	)
BALANCE AT JULY 31, 2022		—			$	—				—			$	—				412,589			$	413			$	413				8,174,375			$	8,173			$	58,854,894			$	(55,976,211	)		$	2,887,269
Common stock issued upon conversion of Series C Convertible Preferred Stock		—				—				—				—				(9,361	)			(10	)			(10	)			36,128				37				(27	)			—				—
Stock based compensation - management & other employees		—				—				—				—				—				—				—				—				—				1,918				—				1,918
Net loss		—				—				—				—				—				—				—				—				—				—				(1,806,511	)			(1,806,511	)
BALANCE AT OCTOBER 31, 2022		—			$	—				—			$	—				403,228			$	403			$	403				8,210,503			$	8,210			$	58,856,785			$	(57,782,722	)		$	1,082,676

 

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

 

 

 

 

 

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Heart Test Laboratories, Inc.

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited)

Six Month Periods Ended October 31, 2023 and 2022

	Series A Convertible Preferred Stock								Series B Convertible Preferred Stock								Series C Convertible Preferred Stock								Total Convertible Preferred				Common Stock								Additional Paid-in				Accumulated				Total Stockholder's
	Shares				Amount				Shares				Amount				Shares				Amount				Stock				Shares				Amount				Capital				Deficit				Deficit
BALANCE AT APRIL 30, 2023		—			$	—				—			$	—				380,871			$	381			$	381				10,118,440			$	10,118			$	60,977,256			$	(60,757,198	)		$	230,557
Sale of common stock, net of fees		—				—				—				—				—				—				—				984,364				984				670,910				—				671,894
Common stock issued for consulting services		—				—				—				—				—				—				—				108,696				109				99,891				—				100,000
Common stock issued upon conversion of Series C Convertible Preferred Stock		—				—				—				—				(431	)			(1	)			(1	)			1,938				2				(1	)			—				—
Warrants issued to nonemployees		—				—				—				—				—				—				—				—				—				232,614				—				232,614
Stock based compensation - management & other employees		—				—				—				—				—				—				—				—				—				230,486				—				230,486
Net loss		—				—				—				—				—				—				—				—				—				—				(3,115,233	)			(3,115,233	)
BALANCE AT OCTOBER 31, 2023		—			$	—				—			$	—				380,440			$	380			$	380				11,213,438			$	11,213			$	62,211,156			$	(63,872,431	)		$	(1,649,682	)
BALANCE AT APRIL 30, 2022		10,000			$	10				10,000			$	10				463,265			$	463			$	483				3,323,942			$	3,323			$	48,343,305			$	(54,402,908	)		$	(6,055,797	)
Sale of common stock and warrants, net of fees		—				—				—				—				—				—				—				1,500,000				1,500				5,193,240				—				5,194,740
Common stock issued upon conversion of $1.5M Notes		—				—				—				—				—				—				—				909,071				909				1,499,091				—				1,500,000
Common stock issued upon conversion of Bridge Notes and accrued interest		—				—				—				—				—				—				—				1,544,114				1,544				3,617,160				—				3,618,704
Common stock issued upon conversion of Series A and B Convertible Preferred Stock		(10,000	)			(10	)			(10,000	)			(10	)			—				—				(20	)			703,290				703				(683	)			—				—
Common stock issued upon conversion of Series C Convertible Preferred Stock		—				—				—				—				(60,037	)			(60	)			(60	)			230,086				231				(171	)			—				—
Stock based compensation - management & other employees		—				—				—				—				—				—				—				—				—				147,640				—				147,640
Warrants issued to non-employees		—				—				—				—				—				—				—				—				—				57,203				—				57,203
Net loss		—				—				—				—				—				—				—				—				—				—				(3,379,814	)			(3,379,814	)
BALANCE AT OCTOBER 31, 2022		—			$	—				—			$	—				403,228			$	403			$	403				8,210,503			$	8,210			$	58,856,785			$	(57,782,722	)		$	1,082,676

The accompanying notes are an integral part of these condensed unaudited financial statements.

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Heart Test Laboratories, Inc.

Statements of Cash Flows

		Six months ended October 31,
		2023				2022
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(3,115,233	)		$	(3,379,814	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation			14,974				13,225
Amortization of debt discounts and deferred financing costs			82,876				61,381
Stock-based compensation			230,486				147,640
Warrants issued to non-employees			232,614				—
Gain on settled accounts payable			—				(81,200	)
Changes in current assets and liabilities:
Accounts receivable			(3,900	)			2,321
Inventory			1,520				(3,530	)
Prepaid and other current assets			193,704				160,388
Deferred offering costs			(448,250	)			236,353
Accounts payable			456,928				181,721
Accrued liabilities			(38,171	)			(230,334	)
Net cash used in operating activities			(2,392,452	)			(2,891,849	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(6,862	)			(7,247	)
Net cash used in investing activities			(6,862	)			(7,247	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock in IPO, net of fees			—				5,194,740
Issuance of warrants in IPO			—				17,250
Issuance of common stock under Equity Line, net of fees			617,052				—
Issuance of common stock under ATM Facility, net of fees			54,842
Proceeds from shareholder note, net			334,249				—
Principal repayments of finance lease obligations			(167,152	)			(155,188	)
Net cash provided by financing activities			838,991				5,056,802
Net change in cash and cash equivalents during the period			(1,560,323	)			2,157,706
Cash and cash equivalents, beginning of period			1,660,467				918,260
Cash and cash equivalents, end of period		$	100,144			$	3,075,966
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:
Issuance of Common Stock for $1.5M Note conversions		$	-			$	1,500,000
Issuance of Common Stock for Bridge Note and accrued interest conversions		$	-			$	3,618,704
Issuance of Common Stock for Series A and B Preferred Stock conversions		$	-			$	703
Issuance of Common Stock for Series C Preferred Stock conversions		$	2			$	231
Warrants issued as underwriter compensation		$	-			$	39,953
Issuance of Common Stock as consideration for consulting services		$	100,000			$	—
Issuance of Common Stock warrants in connection with MSW Note		$	165,751			$	—
Issuance of Common Stock warrants as consideration for consulting services		$	7,561			$	—
Issuance of Common Stock warrants in connection with note extensions		$	59,302			$	—
Financed insurance premiums		$	277,176			$	445,638
Operating lease assets obtained in exchange for lease obligations		$	-			$	549,227

The accompanying notes are an integral part of these condensed unaudited financial statements.

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Heart Test Laboratories, Inc.

Notes to Condensed Unaudited Financial Statements

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods indicated. The discussion should be read in conjunction with our unaudited financial statements and the notes presented herein included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes set forth in our 2023 Annual Report on Form 10-K. The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “Cautionary Note Regarding Forward-Looking Statements” and under “Risk Factors” as identified under Part 1, Item 1A of our 2023 Annual Report on Form 10-K.

Overview

We are a medical technology company focused on applying innovative AI-based technology to an ECG, also known as an “EKG,” to expand and improve an ECG’s clinical usefulness. Our objective is to make an ECG a far more valuable cardiac screening tool. HeartSciences’ first product candidate for FDA clearance, the MyoVista, is a resting 12-lead ECG that will incorporate HeartSciences’ first AI-based algorithm designed to provide diagnostic information related to cardiac dysfunction as well as conventional ECG information in the same test. In the future, we intend to incorporate additional AI-based algorithms in the MyoVista and develop a cloud-based platform to provide access to a range of AI-based ECG cardiovascular algorithms on an ECG hardware agnostic basis. The AI-based ECG algorithms provide diagnostic information related to structural heart disease which traditionally has only been available through the use of cardiac imaging. We believe, the MyoVista is particularly well suited for a frontline or point of care clinical setting and the initial revenue model, which involves the use of the MyoVista hardware, associated software and consumables for each test, is expected to be “razor-razorblade” as the cable connection to the electrodes used with the MyoVista are proprietary to HeartSciences, and new electrodes are used for every test performed. As further algorithms are made commercially available via the MyoVista or cloud-based platform we would expect to adopt revenue models based on algorithm usage and/or recurring subscriptions.

On September 20, 2023, we entered into multiple definitive license agreements (each a “License Agreement” and collectively, the “License Agreements”) with Icahn School of Medicine at Mount Sinai (“Mount Sinai”) to commercialize a range of AI-based cardiovascular algorithms developed by Mount Sinai as well as a memorandum of understanding for ongoing cooperation encompassing de-identified data access, on-going research, and the evaluation of the MyoVista. The License Agreements, of which there are eleven in total, cover rights to thirteen AI-based cardiovascular algorithms, two data science methods for use with ECG waveforms and three filed patents. These License Agreements closed on December 1, 2023.

Neither the MyoVista hardware, nor any of the AI-based ECG algorithms, are cleared for marketing by the FDA and our future success is dependent upon receiving FDA clearances. Additional funding may be required as part of achieving FDA clearance and thereafter would be required to support the sales launch of the MyoVista into the U.S., provide working capital and support further research and development (“R&D”).

We believe that there is currently no low-cost, front-line, medical device that is effective at screening broadly for many types of heart disease. As a result, we believe that frontline physicians face a significant challenge in determining if a patient has heart disease. Although many think of the ECG as the frontline test for heart disease, in 2012, the United States Preventive Services Task Force conducted an evaluation of conventional ECG testing and stated: “There is no good evidence the test, called an ECG, helps doctors predict heart risks any better than traditional considerations such as smoking, blood pressure and cholesterol levels in people with no symptoms.”

ECG devices record the electrical signals of a patient’s heart. The ECG is a ubiquitous, relatively low-cost, simple and quick test; it is portable and can be performed in a wide range of clinical settings by a non-specialist clinician or clinical aide. There are three basic categories of heart disease: electrical (such as an arrhythmia), structural (such as valvular disease) and ischemic (such as coronary artery disease, or CAD). Conventional resting ECGs have limited sensitivity in detecting structural and ischemic disease and are typically used for diagnosing cardiac rhythm abnormalities, such as atrial fibrillation, or acute coronary syndrome, such as a myocardial infarction which is also known as a heart attack. However, traditional ECGs have a limited role in identifying cardiac dysfunction associated with structural and ischemic disease.

HeartSciences has designed or licensed algorithms to help address these limitations and extend the clinical capability of an ECG to detect cardiac dysfunction or specific cardiovascular disease types. The first AI algorithm to be incorporated into the MyoVista has been designed by the Company and applies AI learning to the signal processed ECG signal to develop a proprietary algorithm designed to detect cardiac dysfunction caused by heart disease and/or age cardiac dysfunction. We recently proposed adjustment of the echocardiographic measurement thresholds to the FDA to reflect recent clinical findings in respect of ≥ 60 year old patients which we

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believe will further increase the clinical value of the algorithm. The FDA has now confirmed this approach and we are in the process of updating our algorithm to reflect these updated echo measurement thresholds. The MyoVista has not yet received FDA clearance.

The editorial comment associated with the study titled “Prediction of Abnormal Myocardial Relaxation from Signal Processed Surface ECG” presented below discusses recent applications of machine learning to data derived from surface 12-lead ECGs in relation to cardiac dysfunction:

“These represent some of the most significant advances in electrocardiography since its inception, which has historically had a limited, if any, role in the evaluation of cardiac dysfunction. In the past, our cardiovascular community was resigned to the fact that surface ECGs are poor indicators for cardiac dysfunction.”

Khurram Nasir, MD, MPH, MSC, Department of Cardiology, Houston Methodist DeBakey Heart & Vascular Center, Houston, Texas, et. al., Journal of American College of Cardiology Editorial Comment Volume 76 Number 8 2020.

Almost all forms of heart disease, including CAD and structural disease, affect heart muscle, or cardiac, function prior to symptoms. Impaired cardiac function is first observed as impaired cardiac relaxation which is an early indicator of diastolic dysfunction and usually continues to increase in severity as heart disease progresses. The diastolic phase of the cardiac cycle occurs when the heart muscle relaxes (following contraction). Diastolic dysfunction may also be related to age-related cardiac dysfunction.

If we receive FDA clearance for our first product candidates, the MyoVista hardware and its associated cardiac dysfunction algorithm, our main target markets would be frontline healthcare environments in the U.S., such as primary care, to assist physician decision making in the cardiology referral process. Currently, cardiology referral decisions are often based on a patient’s risk factors and/or a conventional ECG test. Accordingly, many patients with heart disease are left undetected while no current treatment or intervention is required for most patients referred for cardiac imaging. We believe that adding the capability to detect cardiac dysfunction to a standard 12-lead resting ECG could help improve cardiac referral pathways and be valuable for patients, physicians, health systems and third-party payors.

New Class II devices, such as the MyoVista, require FDA premarket review. The MyoVista along with its proprietary software and hardware is classified as a Class II medical device by the FDA. Premarket review and clearance by the FDA for these devices is generally accomplished through the 510(k) premarket notification process or De Novo classification request, or petition process. We previously submitted an FDA De Novo classification request in December 2019 and, following feedback and communications with the FDA during and since that submission, we have been making modifications to our device, including our proprietary algorithm. We are part-way through a new, pivotal clinical validation study and have been undertaking device and algorithm development testing for a revised FDA submission. In August 2023, the FDA granted an industry first De Novo clearance and created a new Class II product code for cardiovascular machine learning-based notification software in respect of a hypertrophic cardiomyopathy algorithm and in December 2023 we received confirmation from the FDA that a change to submit the MyoVista, including it’s AI algorithm, under the 510(k) pathway would be acceptable. The 510(k) pathway is more common than De Novo and, on average, has a faster decision process than De Novo by the FDA. As a result, we now expect a revised submission to be filed during the first half of calendar year 2024. Assuming a submission under 510(k) in the first half of calendar year 2024, we would anticipate a determination by the FDA in 2024 which, if successful, would provide the ability to market and sell the MyoVista in the U.S. If successful, additional funding would be required to support the sales launch of the MyoVista in the U.S., provide working capital and support further R&D.

Recent Developments

Compliance with Nasdaq Listing Requirements

On December 21, 2022, we received notice from the Listing Qualifications Staff of The Nasdaq Stock Market, LLC, or Nasdaq, stating that we were not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market, under Listing Rule 5550(b)(1) (the “Minimum Stockholders’ Equity Requirement”), because our stockholders’ equity of $1,082,676 as reported in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2022 was below the required minimum of $2.5 million, and because, as of October 31, 2022, we did not meet the alternative compliance standards, relating to the market value of listed securities of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.

On February 3, 2023, we submitted to Nasdaq a plan to regain compliance with the Minimum Stockholders’ Equity Requirement. On February 8, 2023, Nasdaq notified us that they granted us an extension of up to 180 calendar days from December 21, 2022, or through June 19, 2023, to regain compliance. On June 20, 2023, we received a delist determination letter from Nasdaq advising us that Nasdaq determined that we did not meet the terms of the extension by the June 19, 2023 deadline.

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On June 27, 2023, we submitted a hearing request to the Nasdaq Hearing Panel (the “Panel”) to appeal the delisting determination. In response to our request for a hearing, on June 27, 2023, we received a letter from Nasdaq stating that its delisting action has been stayed, pending a final decision by the Panel and a hearing will be held on August 17, 2023.

On August 2, 2023, we received a letter from the Listing Qualifications staff of Nasdaq indicating that, based upon the closing bid price of the Company’s Common Stock for the last 30 consecutive business days, the Company no longer met the requirement to maintain a minimum bid price of $1 per share (the “Minimum Bid Price Requirement”). In accordance with Nasdaq listing rules, we have until January 29, 2024 to regain compliance with the Minimum Bid Price Requirement. In the event we do not regain compliance during this period, we may be eligible to seek an additional 180 calendar day compliance period if we meet the Nasdaq continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the Minimum Bid Price Requirement, and provide written notice to Nasdaq of our intent to cure the deficiency during this second compliance period.

The Company attended an August 17, 2023 hearing before the Panel, and requested the continued listing of its securities on the Nasdaq Capital Market pending its return to compliance with the Minimum Stockholder's Equity Requirement and Minimum Bid Price Requirement.

On August 28, 2023, the Company received a decision from the Panel granting the Company's request for continued listing on the Nasdaq Capital Market, subject to the Company demonstrating compliance with the Minimum Stockholders’ Equity Requirement on or before November 21, 2023, and certain other conditions. In addition, the Company has until January 29, 2024, to demonstrate compliance with the Minimum Bid Price Requirement.

On November 22, 2023, the Company was formally notified by the Panel that the Company has demonstrated compliance with the Minimum Stockholders’ Equity Requirement. The Company will be subject to a Mandatory Panel Monitor through November 22, 2024.

Patents

In August 2023, we were issued a notice of patent allowance from the European Patent Office covering quantification by an ECG of key echocardiographic measures of heart function using AI methods.

In September 2023, we were issued a notice of patent allowance from the Brazilian Patent and Trademark Office and the United Arab Emirates Ministry of Economy covering MyoVista wavelet technology utilizing AI for early detection of heart disease.

 

MSW Note

On September 7, 2023, we entered into the MSW Note with Matthews Southwest Holdings, Inc., for an unsecured drawdown loan of up to $1,000,000, drawn in installments consisting of (i) $250,000 on or prior to September 8, 2023, (ii) $250,000 on or prior to September 20, 2023, and (iii) further drawdowns of up to $500,000 in such amounts and such times to be mutually agreed upon between the Company and Matthews Southwest Holdings, Inc. In September 2023, we drew down $0.5 million pursuant to the terms of the note and issued 1,000,000 warrants to purchase shares of Common Stock in lieu of a facility fee.

On November 16, 2023, we entered into the MSW Note Conversion Letter Agreement with the Lender. Pursuant to the MSW Note Conversion Letter Agreement, in consideration for the conversion of the aggregate principal and interest amount due under the MSW Note, on November 16, 2023, we (i) issued to the Lender 3,125,000 shares of common stock at a conversion price of $0.16 per share; and (ii) entered into the MSW Warrant Amendment Agreement with the Lender, amending the Existing MSW Warrants to reduce the exercise price of an aggregate of 1,000,000 Existing MSW Warrants to $0.16 per share.

Equity Distribution Agreement

On September 18, 2023, we entered into an EDA with Maxim Group LLC as sales agent pursuant to which we may offer and sell up to $3.25 million of our shares of Common Stock in an at-the-market offering. The shares may be issued and sold from time to time through or to the placement agent acting as sales agent or principal pursuant to our shelf registration statement on Form S-3 (the “Shelf S”), as filed with the SEC on September 18, 2023. Pursuant to General Instruction I.B.6 of Form S, we may not sell the shelf securities in a public primary offering with a value exceeding more than one of the aggregate market value of its voting and non-voting ordinary shares held by non-affiliates in any 12 month period as long as the aggregate market value of our outstanding ordinary shares held by non-affiliates is less than $75 million. The $3.25 million shares comprised of Common Stock that may be offered, issued and sold under the at-the-market offering prospectus is included in the $50.0 million of securities that may be offered, issued, and sold by us under the base prospectus of the Shelf S-3. The Shelf S-3 was declared effective by the SEC on September 28, 2023. On November 9, 2023, we entered into Amendment No.1 of the EDA with Maxim pursuant to which, we may issue and sell up to

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$10.0 million worth of shares of Common Stock from time to time through the sales agent. On November 11, 2023, we entered into Amendment No. 2 of the EDA with Maxim pursuant to which, we may issue and sell up to $15.0 million shares of Common Stock through the sales agent. During November and December 2023, we sold 40,175,218 shares of Common Stock under the ATM Facility, receiving gross proceeds of $9.7 million and net proceeds of approximately $9.2 million after Maxim fees, legal fees and other costs.

Debt conversion

As previously disclosed in our Current Report on Form 8-K filed with the SEC on January 24, 2023, we entered into Amendment No. 4 to the $1M Loan and Security Agreement with FRV and John Q. Adams. Pursuant to the $1M Loan and Security Agreement, a secured promissory note in the original principal amount of $500,000 was issued to FRV and a secured promissory note in the original principal amount of $500,000 was issued to John Q. Adams. The Loan and Security Agreement was further amended on September 29, 2023 to amend the dates on which principal and accrued interest is due under the JQA Note. As consideration for such extension, we issued FRV and Mr. Adams $1M Lender Warrants to purchase an aggregate of 200,000 shares of Common Stock at an exercise price of $0.44 per share.

On November 16, 2023, we entered into the Adams Note Conversion Letter Agreements with Mr. Adams. Pursuant to the Adams Note Conversion Letter Agreement, in consideration for the conversion of the principal and interest amounts due under the JQA Note, on November 16, 2023, we: (1) issued 3,656,288 shares of Common Stock to Mr. Adams; and (2) entered into the Adams Warrant Amendment, amending the $1M Lender Warrants owned by Adams to reduce the exercise price of an aggregate of 107,575 $1M Lender Warrants to $0.16 per share.

Mount Sinai Agreement

On September 20, 2023, we entered into the License Agreements with Mount Sinai to commercialize a range of AI cardiovascular algorithms developed by Mount Sinai as well as a memorandum of understanding for ongoing cooperation encompassing de data access, on research, and the evaluation of the MyoVista. The License Agreements, of which there are eleven in total, cover rights to thirteen AI cardiovascular algorithms, two data science methods for use with ECG waveforms and three filed patents.

The closing of the MTS Transaction, dated as of September 20, 2023, by and between us and Mount Sinai, and the effectiveness of the licenses under the License Agreements, are subject to the satisfaction or waiver of certain conditions, including a condition that we must complete the Financing Requirement prior to December 31, 2023. On November 15, 2023, we satisfied the Financing Requirement and, accordingly, the licenses under the License Agreements were deemed effective.

On November 16, 2023, and pursuant to the Securities Purchase agreement, the Company issued to Mount Sinai the following:

The License Agreements may be terminated by Mount Sinai if the Company does not meet the Additional Financing Requirement by June 30, 2024. Registration rights related to the MTS Securities provide that on or prior to the date of one hundred and fifty days (150) days after the closing date, the Company shall prepare and file with the SEC a Registration Statement on Form S-1 (or such other form as applicable) covering the resale under the Securities Act of the MTS Securities issued to Mount Sinai, subject to any limitations imposed by the Nasdaq Rules. On December 1, 2023, the Company satisfied the Additional Financing Requirement.

Results of Operations

Revenues

Revenues, which have been minimal to date, consist mainly of sales of devices, electrodes and other supplies in the establishment of distributor relationships outside the U.S. during the approval, development and improvement of the MyoVista.

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Cost of Sales

Cost of sales consists primarily of costs related to materials, components and subassemblies. Cost of sales also includes certain direct costs such as those incurred for shipping and freight.

Operating Expenses

Our operating expenses have consisted solely of research and development expenses and selling, general and administrative expenses.

Research and Development Expenses

Our research and development activities primarily consist of clinical, regulatory, engineering and research work associated with our MyoVista device. Research and development expenses include payroll and personnel-related costs for our research and development, clinical and regulatory personnel, including expenses related to stock-based compensation for such employees, consulting services, clinical trial expenses, regulatory expenses, prototyping and testing. Research and development expenses also include costs attributable to clinical trial expenses including clinical trial design, site development and study costs, data, related travel expenses, the cost of products used for clinical activities, internal and external costs associated with regulatory compliance and patent costs. We have expensed research and development costs as they have been incurred.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses consist of payroll and personnel-related costs for field support personnel, business development, consulting, stock-based compensation, and for administrative personnel that support our general operations such as executive management and financial accounting. Selling, general and administrative expenses also include costs attributable to professional fees for legal and accounting services, premises costs, IT, insurance, consulting, recruiting fees, travel expenses and depreciation.

Interest Expense

Interest expense relates to our loan facilities and convertible notes.

The following table summarizes our results of operations for the periods presented on our statement of operations data.

		Three months ended October 31,																Six months ended October 31,
		2023				2022				$ Change				% Change				2023				2022				$ Change				% Change
		(In thousands, except percentages, unaudited)																(In thousands, except percentages, unaudited)
Revenue		$	4			$	—			$	4				—	%		$	4			$	3			$	1				22	%
Cost of sales			2				—				2				—	%			2				2				(1	)			(25	)%
Gross margin			2				—				2				—	%			2				1				1				104	%
Operating expenses:
Research and development			757				849				(92	)			(11	)%			1,323				1,283				40				3	%
Selling, general and administrative			815				925				(110	)			(12	)%			1,580				1,922				(342	)			(18	)%
Total operating expenses			1,572				1,774				(202	)							2,903				3,205				(302	)			(9	)%
Loss from operations			(1,570	)			(1,774	)			204								(2,901	)			(3,204	)			303				(9	)%
Interest expense			(178	)			(33	)			(146	)			444	%			(215	)			(176	)			(38	)			22	%
Other income			-				1				(1	)			(100	)%			—				2				(2	)			(100	)%
Other income (expense), net			(178	)			(33	)			(146	)			444	%			(215	)			(176	)			(38	)			22	%
Net loss		$	(1,748	)		$	(1,807	)		$	58							$	(3,115	)		$	(3,380	)		$	265				(8	)%

Summary of Statements of Operations for the three and six months ended October 31, 2023 compared with the three and six months ended October 31, 2022:

Revenues were $4,000 and costs of sales were $2,000 for the three months ended October 31, 2023. Revenues were $4,000 and costs of sales were $2,000 for the six months ended October 31, 2023 compared to revenues of $3,000 and costs of sales of $2,000 for

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the six months ended October 31, 2022. Our revenues to date have been mainly generated in the establishment of distributor relationships outside the United States as part of obtaining feedback during product development and improvement. The decrease in revenue, and related decrease in cost of sales, is due to our proactive reduction in new international distributor engagement in the run up to FDA submission and until we update our certificate of conformity, called a CE Mark, under the new European Union Medical Device Regulation regime to reflect hardware and software improvements being incorporated into the device for FDA submission.

Research and development expenses were $757,000 and $1.3 million for the three and six months ended October 31, 2023, representing a decrease of $92,000, or 11%, and an increase of $40,000, or 3%, when compared to the same periods in 2022. For the three months ended October 31, 2023, decrease is primarily due to reductions in clinical trial related expenditures resulting from the completion of patient enrollment in our clinical study for FDA submission. For the six months ended October 31, 2023, the increase is primarily due to personnel expenses.

Selling, general, and administrative expenses were $815,000 and $1.6 million for the three and six months ended October 31, 2023, representing a decrease of $110,000, or 12%, and a decrease of $342,000, or 18%, when compared to the same periods in 2022. For the three and six months ended October 31, 2023, the decrease is primarily due to reduction in legal expenses, reduced D&O insurance premiums, and related supplier credits.

Interest expense during the three and six months ended October 31, 2023, of $178,000 and 215,000, respectively, is related to interest on the $1M Loan and Security Agreement, warrants issued as consideration for extension of the JQA interest maturity date in October 2023, and interest and debt service amortization related to MSW Note. Interest expense during the three and six months ended October 31, 2022 of $33,000 and $176,000, respectively, is related to interest on the $1M Loan and Security Agreement and debt service amortization related to the Bridge Notes for approximately half of the quarter ended July 31, 2022. All of the Bridge Notes and accrued interest were converted to equity upon consummation of the IPO in June 2022.

Liquidity and Capital Resources

Going Concern Considerations

We have incurred significant losses and have experienced negative cash flows from operations since inception. At October 31, 2023, we had an accumulated deficit of $63.9 million and stockholder's deficit of $1.6 million compared to an accumulated deficit of $60.8 million and stockholder's equity of $0.2 million as of April 30, 2023. At October 31, 2023, we incurred a net loss of $3.1 million for the six month period then ended and a net loss of $3.4 million for the six month period ended October 31, 2022.

During the year ended April 30, 2023, we raised approximately $5.2 million in net proceeds from the sale of Common Stock and Warrants in our IPO and raised approximately $1.3 million from warrant exercises.

On March 10, 2023, we entered into the Lincoln Park Purchase Agreement providing for the purchase, from time to time at our discretion, of up to $15.0 million of our Common Stock, over the 36-month term of the agreement. Actual sales of shares of Common Stock will depend on a variety of factors to be determined by us from time to time. The net proceeds received from these purchases will depend on the frequency and prices at which we sell shares of our Common Stock to Lincoln Park. As of the date of this Quarterly Report, we have received approximately $1.1 million from the sale of Common Stock pursuant to the Lincoln Park Purchase Agreement. We expect that any proceeds received from such sales to Lincoln Park will be used for working capital and general corporate purposes.

On September 18, 2023, we entered into an EDA with Maxim Group LLC as sales agent pursuant to which we may offer and sell up to $3.25 million of our shares of Common Stock in at-the-market offerings. The EDA was further amended on November 9, 2023 and again on November 17, 2023, to increase the amount of shares of Common Stock we may sell to up to $15.0 million. The shares may be issued and sold from time to time through or to the placement agent acting as sales agent or principal pursuant to our shelf registration statement on the Shelf S-3, as filed with the SEC on September 18, 2023. As of the date of this Quarterly Report, we have received approximately $9.2 million in net proceeds, after Maxim fees, legal fees and other costs, from the sale of Common Stock pursuant to the amended EDA. We expect that any proceeds received from such sales under the ATM Facility will be used for working capital and general corporate purposes

In September 2023, the Company entered into the MSW Note for up to $1.0 million, drawn in installments consisting of (i) $0.25 million on or prior to September 8, 2023, (ii) ) $0.25 million on or prior to September 20, 2023, and (iii) further drawdowns of up to $0.5 million in such amounts and such times to be mutually agreed upon between the Company and lender. As of October 31, 2023, the Company has drawn $0.5 million pursuant to the terms of the note. In November 2023, the MSW Note was converted into shares of Common Stock.

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As of the date of this Annual Report, we have begun the process of an offering with Maxim Group, for the sale of up to $8.0 million worth of shares of our Common Stock, on a best-efforts basis. This offering has not yet been declared effective by the SEC.

Our cash requirements are, and will continue to be, dependent upon a variety of factors. We expect to continue devoting significant capital resources to R&D, clinical studies and go-to-market strategies. We will need to continue to raise capital through the sale of additional equity securities, debt, or capital inflows from strategic partnerships, however we can provide no assurance that that we will be able to consummate the sale of any such securities or strategic relationships will be available on terms acceptable to us, if at all.

Liquidity

Since our inception, we have raised capital through the public and private sale of debt and equity. As of October 31, 2023, we had cash of approximately $0.1 million and negative working capital of approximately $1.7 million.

The table below presents our cash flows for the periods indicated:

		Six months ended October 31,
U.S. dollars, in thousands		2023				2022
		(Unaudited)
Net cash used in operating activities		$	(2,392	)		$	(2,892	)
Net cash (used in) provided by investing activities		$	(7	)		$	(7	)
Net cash provided by financing activities		$	839			$	5,057
Net change in cash and cash equivalents during the period		$	(1,560	)		$	2,158

Operating Activities

Net cash used by our operating activities of $2.4 million during the six months ended October 31, 2023 is primarily due to our net loss of $3.1 million plus $561,000 in non-cash expenses plus $162,000 of net changes in operating assets and liabilities.

Net cash used by our operating activities of $2.9 million during the six months ended October 31, 2022 is primarily due to our net loss of $3.4 million plus $141,000 in non-cash expenses plus $347,000 of net changes in operating assets and liabilities.

Financing Activities

Net cash provided by financing activities of $0.8 million during the six months ended October 31, 2023 is primarily from the issuance of Common Stock under the Equity Line, ATM Facility, and net proceeds from the MSW Note.

Net cash provided by financing activities of $5.1 million during the six months ended October 31, 2022 is primarily from the issuance of Common Stock in our IPO.

From November 1, 2023, through the date of filing, the Company has raised additional capital of approximately $9.3 million, net of fees, from the Equity Line and ATM Facility.

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” included in our 2023 Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not required to be provided by a smaller reporting company.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the SEC. The Company's disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to

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management to allow timely decisions regarding required disclosure. Based upon the most recent evaluation of internal controls over financial reporting, our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer) determined that our disclosure controls and procedures were not effective as of October 31, 2023 as a result of identified material weaknesses in our internal control over financial reporting. The identified material weaknesses were as follows: (i) lack of proper approval processes and review processes and documentation for such reviews; (ii) we did not maintain sufficient U.S. GAAP and SEC accounting resources commensurate with those required of a public company; and (iii) insufficient number of staff to maintain optimal segregation of duties and levels of oversight. We have taken and continue to take remedial steps to improve our internal controls over financial reporting, which includes hiring additional accounting and financial reporting personnel and implementing additional policies, procedures, and controls. We cannot assure you that these measures will significantly improve or remediate the material weaknesses described above. Management is monitoring the effectiveness of these and other processes, procedures and controls and will make any further changes deemed appropriate. Management believes the foregoing actions will effectively remediate the material weaknesses, however, our material weaknesses will not be considered remediated until the above controls are in place for a period of time, the controls are tested, and management concludes that these controls are properly designed and operating effectively.

Changes in Internal Control Over Financial Reporting

Except as described above with respect to the remediation steps we are taking, there have been no changes in our internal control over financial reporting during the quarter ended October 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

CEO and CFO Certifications

Exhibits 31.1 and 31.2 to this Quarterly Report are the Certifications of our Chief Executive Officer and Interim Chief Financial Officer, respectively. These Certifications are required in accordance with Section 302 of the Sarbanes-Oxley Act (the “Section 302 Certifications”). This Item 4 of this Quarterly Report, which you are currently reading, is the information concerning the evaluation referred to above and in the Section 302 Certifications and this information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

There are no actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company, threatened against or affecting the Company, our Common Stock, any of our officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect on the Company.

Item 1A. Risk Factors.

For a discussion of risk factors, please refer to Item 1A of our 2023 Annual Report on Form 10-K. There have been no material changes to the risk factors contained in Item 1A of our 2023 Annual Report on Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On November 16, 2023, the Company issued 3,656,288 shares of Common Stock following the conversion of the JQA Note.

On November 16, 2023, the Company issued 3,125,000 shares of Common Stock following the conversion of the MSW Note.

On November 16, 2023, the Company issued 4,854,853 shares of Common Stock pursuant to the MTS Transaction.

There were no other sales of equity securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act and were not previously reported in a Current Report on Form 8-K filed by the Company.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

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Item 6. Exhibits.

Exhibit Number		Description
1.1		Underwriting Agreement dated June 15, 2022 by and between the Heart Test Laboratories, Inc. and The Benchmark Company, LLC (incorporated by reference to Exhibit 1.1 to our Current Report on Form 8-K filed on June 15, 2022)
1.2		Equity Distribution Agreement, dated as of September 18, 2023 by and between the Company and Maxim Group LLC (incorporated by reference to Exhibit 1.2 to our Registration Statement on Form S-3, filed with the SEC on September 18, 2023)
1.3		Amendment No. 1 to Equity Distribution Agreement dated November 9, 2023 between Heart Test Laboratories, Inc. and Maxim Group LLC (incorporated by referred to Exhibit 1.1 to our Current Report on Form 8-K filed with the SEC on November 13, 2023)
1.4		Amendment No. 2 to Equity Distribution Agreement dated November 17, 2023 between Heart Test Laboratories, Inc. and Maxim Group LLC (filed as Exhibit 1.3 on our Current Report on Form 8-K filed with the SEC on November 17, 2023)
3.1		Amended and Restated Certificate of Formation of Heart Test Laboratories, Inc. (incorporated by reference to Exhibit 3.1 to our Registration Statement on Form S-1 filed May 17, 2022)
3.2		Certificate of Designations, Number, Voting Power, Preferences and Rights of Series C Convertible Preferred Stock of Heart Test Laboratories, Inc. (incorporated by reference to Exhibit 3.2 to our Registration Statement on Form S-1 filed May 17, 2022)
3.3		Second Amended and Restated Bylaws of Heart Test Laboratories, Inc. (incorporated by reference to Exhibit 3.3 to our Registration Statement on Form S-1 filed May 17, 2022)
3.4		Form of Certificate of Amendment to Amended and Restated Certificate of Formation of Heart Test Laboratories, Inc. (incorporated by reference to Exhibit 3.4 to Amendment No. 1 to our Registration Statement on Form S-1 filed June 6, 2022)
3.5		Certificate of Amendment to Amended and Restated Certificate of Formation of Heart Test Laboratories, Inc., as amended (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 23, 2022)
4.1		Form of Registration Rights Agreement by and between Heart Test Laboratories, Inc. and Buyers listed as signatories thereto, dated December 22, 2021 (incorporated by reference to Exhibit 4.2 to our Registration Statement on Form S-1 filed May 17, 2022)
4.2		Form of Registration Rights Agreement by and among Heart Test Laboratories, Inc. and the parties listed as signatories thereto related to the Series C Preferred Stock (incorporated by reference to Exhibit 4.3 to our Registration Statement on Form S-1 filed May 17, 2022)
4.3		Form of Bridge Warrant (incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-1 filed May 17, 2022)
4.4		Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.5 to our Registration Statement on Form S-1 filed May 17, 2022)
4.5		Form of $1M Lender Warrant and $1.5M Lender Warrant (incorporated by reference to Exhibit 4.6 to our Registration Statement on Form S-1 filed May 17, 2022)
4.6		Form of Investor Warrant (incorporated by reference to Exhibit 4.7 to our Registration Statement on Form S-1 filed May 17, 2022)
4.7		Representative’s Warrant Agreement issued June 17, 2022 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed June 23, 2022)
4.8		Warrant Agent Agreement dated June 17, 2022 between Heart Test Laboratories, Inc. and American Stock Transfer & Trust Company, LLC (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed June 23, 2022)
4.9		Form of Certificated Warrant (incorporated by reference to Exhibit 4.10 to Amendment No. 2 to our Registration Statement on Form S-1 filed June 10, 2022)
4.10		Amendment No. 1 to Bridge Warrants dated September 8, 2022 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on September 9, 2022)
4.11		Form of Amendment No. 2 to Bridge Warrants dated February 3, 2023 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on February 3, 2022)
4.12		Form of Amended and Restated Warrant to Purchase Common Stock, as amended through February 3, 2023 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed with the SEC on February 22, 2023)
4.13		Form of Pre-Funded Warrant, issued pursuant to Amendment No. 2 to Warrants to Purchase Common Stock (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K/A, filed with the SEC on March 14, 2023)
4.14		Form of Warrant to Purchase Common Stock dated September 7, 2023 (incorporated by reference to Exhibit 4.1 our Current Report on Form 8-K, filed with the SEC on September 7, 2023)
4.15		Form of Pre-Funded Purchase Warrant dated as of September 20, 2023 (incorporated by reference to Exhibit 4.1 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)

29

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30

4.16		Form of Common Stock Warrant dated September 20, 2023 (incorporated by reference to Exhibit 4.2 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.1		MyoVista Technology Agreement, by and between Heart Test Laboratories, Inc. and Guangren “Gary” Chen, dated December 31, 2013 (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-1 filed May 17, 2022)
10.2		First Amendment of MyoVista Technology Agreement by and between Heart Test Laboratories, Inc. and Guangren “Gary” Chen, dated March 13, 2017 (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form S-1 filed May 17, 2022)
10.3		Master Assignment by and between Heart Test Laboratories, Inc. and Guangren “Gary” Chen, dated January 1, 2014 (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form S-1 filed May 17, 2022)
10.4		Security Agreement and Pledge by and between Heart Test Laboratories, Inc. and Guangren “Gary” Chen, dated March 14, 2014 (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form S-1 filed May 17, 2022)
10.5		Evaluation, Option and License Agreement by and between Heart Test Laboratories, Inc. and The University Court of The University of Glasgow, dated June 2, 2015 (incorporated by reference to Exhibit 10.5 to our Registration Statement on Form S-1 filed May 17, 2022)
10.6		Exercise of Option Agreement by and between Heart Test Laboratories, Inc. and The University Court of The University of Glasgow, dated December 23, 2015 (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form S-1 filed May 17, 2022)
10.7		$130K Note by and between Heart Test Laboratories, Inc. and Front Range Ventures, LLC, dated August 12, 2019 (incorporated by reference to Exhibit 10.7 to our Registration Statement on Form S-1 filed May 17, 2022)
10.8		$1M Loan and Security Agreement by and among Heart Test Laboratories, Inc., Front Range Ventures, LLC and John Q. Adams, Sr., dated April 24, 2020 (incorporated by reference to Exhibit 10.8 to our Registration Statement on Form S-1 filed May 17, 2022)
10.9		Amendment No. 1 to the $1M Loan and Security Agreement, dated September 30, 2021 (incorporated by reference to Exhibit 10.9 to our Registration Statement on Form S-1 filed May 17, 2022)
10.10		Amendment No. 2 to the $1M Loan and Security Agreement, dated November 3, 2021 (incorporated by reference to Exhibit 10.10 to our Registration Statement on Form S-1 filed May 17, 2022)
10.11		Form of $1.5M Note (incorporated by reference to Exhibit 10.11 to our Registration Statement on Form S-1 filed May 17, 2022)
10.12		Form of Amendment No. 1 to the Form of $1.5M Note by and among Heart Test Laboratories, Inc. and the Requisite Noteholders, dated November 2, 2021 (incorporated by reference to Exhibit 10.12 to our Registration Statement on Form S-1 filed May 17, 2022)
10.13		Form of Securities Purchase Agreement by and between Heart Test Laboratories, Inc. and Purchasers listed as signatories thereto, dated December 22, 2021 (incorporated by reference to Exhibit 10.13 to our Registration Statement on Form S-1 filed May 17, 2022)
10.14		Form of Bridge Note (incorporated by reference to Exhibit 10.14 to our Registration Statement on Form S-1 filed May 17, 2022)
10.15		Consulting Agreement by and between Heart Test Laboratories, Inc. and Kyngstone Limited, Inc., dated June 25, 2013 (incorporated by reference to Exhibit 10.15 to our Registration Statement on Form S-1 filed May 17, 2022)
10.16		FRV Side Letter by and between Heart Test Laboratories, Inc. and Front Range Ventures, LLC, dated April 10, 2019 (incorporated by reference to Exhibit 10.16 to Amendment No. 1 to our Registration Statement on Form S-1 filed June 6, 2022)
10.17		Amended and Restated Employment Agreement by and between Heart Test Laboratories, Inc. and Mark Hilz, dated April 5, 2022 (incorporated by reference to Exhibit 10.17 to our Registration Statement on Form S-1 filed May 17, 2022)
10.18		Employment Agreement by and between Heart Test Laboratories, Inc. and Andrew Simpson, dated April 5, 2022 (incorporated by reference to Exhibit 10.18 to our Registration Statement on Form S-1 filed May 17, 2022)
10.19		Form of Amendment No. 3 to the $1M Loan and Security Agreement, dated May 2022 (incorporated by reference to Exhibit 10.19 to our Registration Statement on Form S-1 filed May 17, 2022)
10.20		Form of Amendment No. 2 to the Form of $1.5M Note by and among Heart Test Laboratories, Inc. and the Requisite Noteholders, dated May 2022 (incorporated by reference to Exhibit 10.20 to our Registration Statement on Form S-1 filed May 17, 2022)
10.21		Form of Time-Based Vesting Nonstatutory Stock Option Agreement of Heart Test Laboratories, Inc. (incorporated by reference to Exhibit 10.21 to our Registration Statement on Form S-1 filed May 17, 2022)
10.22		Form of Performance-Based Vesting Nonstatutory Stock Option Agreement of Heart Test Laboratories, Inc (incorporated by reference to Exhibit 10.22 to our Registration Statement on Form S-1 filed May 17, 2022)
10.23		Amendment No. 4 to the $1M Loan and Security Agreement, dated January 24, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed with the SEC on January 24, 2023)

30

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31

10.24		Purchase Agreement, dated as of March 10, 2023, by and between Heart Test Laboratories, Inc. and Lincoln Park (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 10, 2023)
10.25		Registration Rights Agreement, dated as of March 10, 2023, by and between Heart Test Laboratories, Inc. and Lincoln Park (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 13, 2023)
10.26†		Heart Test Laboratories, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 16, 2023)
10.27†		Form of Heart Test Laboratories, Inc.'s Incentive Stock Option Agreement under Heart Test Laboratories Inc.’s 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 23, 2023)
10.28†		Form of Heart Test Laboratories Inc.’s Non-Qualified Stock Option Agreement under Heart Test Laboratories Inc.’s 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 23, 2023)
10.29		Amendment No. 2 License Agreement by and between Heart Test Laboratories, Inc. and The University Court of The University of Glasgow, dated March 31, 2023 (incorporated by reference to Exhibit 10.29 to the Annual Report on Form 10-K, filed with the SEC on July 19, 2023)
10.30		Senior Unsecured Promissory Drawdown Loan Note by and among Heart Test Laboratories, Inc., and Matthews Southwest Holdings, Inc., dated September 6, 2023 and executed on September 7, 2023 (incorporated by reference to Exhibit 10.1 our Current Report on Form 8-K, filed with the SEC on September 7, 2023)
10.31		Securities Purchase Agreement, dated as of September 20, 2023, by and between the Company and Icahn School of Medicine at Mount Sinai (incorporated by reference to Exhibit 10.1 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.32		License: Pulmonary Embolism Detection From the Electrocardiogram Using Deep Learning (incorporated by reference to Exhibit 10.2 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.33		License: Deep Learning Algorithm to Predict PVC-Related Cardiomyopathy (incorporated by reference to Exhibit 10.3 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.34		License: Deep Learning on ECGs to Derive Left and Right Ventricular Function (incorporated by reference to Exhibit 10.4 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.35		License: Prediction of right ventricular size and systolic function from the 12-lead ECG (incorporated by reference to Exhibit 10.5 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.36		License: Deep learning for electrocardiograms to identify left heart valvular dysfunction – aortic stenosis (incorporated by reference to Exhibit 10.6 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.37		License: Deep learning for electrocardiograms to identify left heart valvular dysfunction – mitral regurgitation (incorporated by reference to Exhibit 10.7 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.38		License: HeartBEiT: Vision Transformers improve diagnostic performance for electrocardiograms (incorporated by reference to Exhibit 10.8 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.39		License: Derivation of low Left Ventricular Ejection fraction based on a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.9 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.40		License: Diagnosis of Hypertrophic Cardiomyopathy using a model derived from a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.10 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.41		License: Diagnosis of STEMI using a model derived from a foundational vision transformer (HeartBEiT) (incorporated by reference to Exhibit 10.11 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.42		License: Electrocardiogram Deep Learning Interpretability Toolbox (incorporated by reference to Exhibit 10.12 our Current Report on Form 8-K, filed with the SEC on September 21, 2023)
10.43		Amendment No. 5 to the $1M Loan and Security Agreement, dated September 29, 2023 (incorporated by reference to Exhibit 10.45 to our Registration Statement on Form S-1 filed October 16, 2023)
10.44		Note Conversion Letter Agreement, dated November 16, 2023, by and between Heart Test Laboratories, Inc. and Matthews Southwest Holdings, Inc. (filed as Exhibit 10.1 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)
10.45		Note Conversion Letter Agreement, dated November 16, 2023, by and between Heart Test Laboratories, Inc. and John Q. Adams (filed as Exhibit 10.2 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)
10.46		Warrant Amendment, dated November 16, 2023, by and between Heart Test Laboratories, Inc. and Matthews Southwest Holdings, Inc. (filed as Exhibit 10.3 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)
10.47		Warrant Amendment, dated November 16, 2023, by and between Heart Test Laboratories, Inc. and John Q. Adams (filed as Exhibit 10.4 on our Current Report on Form 8-K, filed with the SEC on November 17, 2023)
10.48		Employment Agreement by and between Heart Test Laboratories, Inc. and Danielle Watson, dated October 15, 2021 (incorporated by reference to Exhibit 10.19 to our Registration Statement on Form S-1 filed October 16, 2023)

31

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32

31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith

** Furnished herewith

† Management contract or compensatory arrangement

32

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33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Heart Test Laboratories, Inc.
Date: December 14, 2023		By:	/s/ Andrew Simpson
		Name:	Andrew Simpson
		Title:	President, Chief Executive Officer, and Chairman of the Board of Directors (Principal Executive Officer)
Date: December 14, 2023		By:	/s/ Danielle Watson
		Name:	Danielle Watson
		Title:	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

 

33

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Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew Simpson, certify that:

 

Date: December 14, 2023		By:	/s/ Andrew Simpson
			Andrew Simpson
			President, Chief Executive Officer, and Chairman of the Board of Directors (Principal Executive Officer)

 

 

---

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Danielle Watson, certify that:

 

Date: December 14, 2023		By:	/s/ Danielle Watson
			Danielle Watson
			Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

 

 

---

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Heart Test Laboratories, Inc. (the “Company”) for the period ended October 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew Simpson, as the Chief Executive Officer of the Company, hereby, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

 

Date: December 14, 2023		By:	/s/ Andrew Simpson
			Andrew Simpson
			President, Chief Executive Officer, and Chairman of the Board of Directors (Principal Executive Officer)

 

 

---

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Heart Test Laboratories, Inc. (the “Company”) for the period ended October 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Danielle Watson, as the Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

 

Date: December 14, 2023		By:	/s/ Danielle Watson
			Danielle Watson
			Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

 

 

---

v3.23.3

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2023	Dec. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	HEART TEST LABORATORIES, INC.
Entity Central Index Key	0001468492
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-41422
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	26-1344466
Entity Address, Address Line One	550 Reserve Street
Entity Address, Address Line Two	Suite 360
Entity Address, City or Town	Southlake
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76092
City Area Code	682
Local Phone Number	237-7781
Entity Common Stock, Shares Outstanding		63,611,630
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	HSCS
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	HSCSW
Security Exchange Name	NASDAQ

v3.23.3

Condensed Balance Sheets - USD ($)	Oct. 31, 2023	Apr. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 100,144	$ 1,660,467
Accounts receivable	3,900
Inventory, net	674,839	676,359
Prepaid expenses	368,803	143,460
Other current assets	40,374	40,374
Deferred offering costs	624,171	175,921
Total current assets	1,812,231	2,696,581
Property and equipment, net	53,316	61,428
Right-of-use assets, net	502,831	529,224
TOTAL ASSETS	2,368,378	3,287,233
CURRENT LIABILITIES
Accounts payable	1,088,297	631,369
Accrued expenses	772,670	623,391
Operating lease liabilities	94,463	29,535
Current portion of notes payable net of amortization	1,417,125	500,000
Other current liabilities	158,620	48,596
Total current liabilities	3,531,175	1,832,891
LONG-TERM LIABILITIES
Notes payable		500,000
Accrued expenses		187,450
Operating lease liabilities, long-term	486,885	536,335
Total long-term liabilities	486,885	1,223,785
TOTAL LIABILITIES	4,018,060	3,056,676
COMMITMENTS AND CONTINGENCIES (NOTE 2, 4-6, and 8)
STOCKHOLDERS (DEFICIT) EQUITY
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.	11,213	10,118
Additional paid-in capital	62,211,156	60,977,256
Accumulated deficit	(63,872,431)	(60,757,198)
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	(1,649,682)	230,557
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY	2,368,378	3,287,233
Series A, B and C Convertible Preferred Stock
STOCKHOLDERS (DEFICIT) EQUITY
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.	$ 380	$ 381

v3.23.3

Condensed Balance (Parenthetical) - $ / shares	Oct. 31, 2023	Apr. 30, 2023
Preferred stock par value	$ 0.001
Preferred stock, shares authorized	20,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	11,213,438	10,118,440
Common stock, shares outstanding	11,213,438	10,118,440
Series A, B and C Convertible Preferred Stock
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares designated	620,000	620,000
Preferred stock, shares issued	380,440	380,871
Preferred stock, shares outstanding	380,440	380,871

v3.23.3

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Revenue	$ 3,900		$ 3,900	$ 3,200
Cost of sales	1,520		1,520	2,036
Gross margin	2,380		2,380	1,164
Operating expenses:
Research and development	757,303	$ 848,976	1,322,935	1,283,174
Selling, general and administrative	815,020	925,929	1,580,043	1,922,992
Total operating expenses	1,572,323	1,774,905	2,902,978	3,206,166
Loss from operations	(1,569,943)	(1,774,905)	(2,900,598)	(3,205,002)
Other income (expense)
Interest expense	(178,438)	(32,805)	(214,698)	(176,412)
Other income	3	1,199	63	1,600
Total other (expense) income	(178,435)	(31,606)	(214,635)	(174,812)
Net loss	$ (1,748,378)	$ (1,806,511)	$ (3,115,233)	$ (3,379,814)
Net loss per share, basic	$ (0.16)	$ (0.22)	$ (0.29)	$ (0.49)
Net loss per share, diluted	$ (0.16)	$ (0.22)	$ (0.29)	$ (0.49)
Weighted average common shares outstanding, basic	10,938,932	8,210,497	10,658,151	6,934,872
Weighted average common shares outstanding, diluted	10,938,932	8,210,497	10,658,151	6,934,872

v3.23.3

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Total	IPO	Series C Convertible Preferred Stock	Preferred Stock Series A Convertible Preferred Stock	Preferred Stock Series B Convertible Preferred Stock	Preferred Stock Series C Convertible Preferred Stock	Preferred Stock Series A and B Convertible Preferred Stock	Preferred Stock Total Convertible Preferred Stock	Common Stock	Common Stock IPO	Common Stock Series C Convertible Preferred Stock	Common Stock Series A and B Convertible Preferred Stock	Additional Paid-in Capital	Additional Paid-in Capital IPO	Additional Paid-in Capital Series C Convertible Preferred Stock	Additional Paid-in Capital Series A and B Convertible Preferred Stock	Accumulated Deficit	Non Employee	Non Employee Additional Paid-in Capital	$1.5M Notes	$1.5M Notes Common Stock	$1.5M Notes Additional Paid-in Capital	Bridge Notes and Accrued Interest	Bridge Notes and Accrued Interest Common Stock	Bridge Notes and Accrued Interest Additional Paid-in Capital
Beginning Balance, Shares at Apr. 30, 2022				10,000	10,000	463,265			3,323,942
Beginning Balance at Apr. 30, 2022	$ (6,055,797)			$ 10	$ 10	$ 463		$ 483	$ 3,323				$ 48,343,305				$ (54,402,908)
Sale of Common Stock and warrants, net of fees, Shares										1,500,000
Sale of Common Stock and warrants, net of fees		$ 5,194,740								$ 1,500				$ 5,193,240
Stock issued upon conversion, Shares				(10,000)	(10,000)	(60,037)					230,086	703,290									909,071			1,544,114
Stock issued upon conversion				$ (10)	$ (10)	$ (60)	$ (20)				$ 231	$ 703			$ (171)	$ (683)				$ 1,500,000	$ 909	$ 1,499,091	$ 3,618,704	$ 1,544	$ 3,617,160
Warrants issued																		$ 57,203	$ 57,203
Stock based compensation - management & other employees	147,640												147,640
Net loss	(3,379,814)																(3,379,814)
Ending Balance, Shares at Oct. 31, 2022						403,228			8,210,503
Ending Balance at Oct. 31, 2022	1,082,676					$ 403		403	$ 8,210				58,856,785				(57,782,722)
Beginning Balance, Shares at Jul. 31, 2022						412,589			8,174,375
Beginning Balance at Jul. 31, 2022	2,887,269					$ 413		413	$ 8,173				58,854,894				(55,976,211)
Stock issued upon conversion, Shares						(9,361)			36,128
Stock issued upon conversion						$ (10)			$ 37				(27)
Stock based compensation - management & other employees	1,918												1,918
Net loss	(1,806,511)																(1,806,511)
Ending Balance, Shares at Oct. 31, 2022						403,228			8,210,503
Ending Balance at Oct. 31, 2022	1,082,676					$ 403		403	$ 8,210				58,856,785				(57,782,722)
Beginning Balance, Shares at Apr. 30, 2023						380,871			10,118,440
Beginning Balance at Apr. 30, 2023	$ 230,557					$ 381		381	$ 10,118				60,977,256				(60,757,198)
Sale of Common Stock and warrants, net of fees, Shares	1,094,998								1,094,998	984,364
Sale of Common Stock and warrants, net of fees		671,894								$ 984				670,910
Common stock issued for consulting services, Shares									108,696
Common stock issued for consulting services	$ 100,000								$ 109				99,891
Stock issued upon conversion, Shares	1,938		431			(431)			1,888,641		1,938
Stock issued upon conversion						$ (1)					$ 2				$ (1)
Warrants issued																		232,614	232,614
Stock based compensation - management & other employees	$ 230,486												230,486
Net loss	(3,115,233)																(3,115,233)
Ending Balance, Shares at Oct. 31, 2023						380,440			11,213,438
Ending Balance at Oct. 31, 2023	(1,649,682)					$ 380		380	$ 11,213				62,211,156				(63,872,431)
Beginning Balance, Shares at Jul. 31, 2023						380,440			10,670,980
Beginning Balance at Jul. 31, 2023	(519,702)					$ 380		380	$ 10,671				61,593,300				(62,124,053)
Sale of Common Stock and warrants, net of fees, Shares										542,458
Sale of Common Stock and warrants, net of fees		$ 279,944								$ 542				$ 279,402
Warrants issued																		$ 232,614	$ 232,614
Stock based compensation - management & other employees	105,840												105,840
Net loss	(1,748,378)																(1,748,378)
Ending Balance, Shares at Oct. 31, 2023						380,440			11,213,438
Ending Balance at Oct. 31, 2023	$ (1,649,682)					$ 380		$ 380	$ 11,213				$ 62,211,156				$ (63,872,431)

v3.23.3

Statements of Cash Flows - USD ($)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net loss	$ (3,115,233)	$ (3,379,814)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	14,974	13,225
Amortization of debt discounts and deferred financing costs	82,876	61,381
Stock-based compensation	230,486	147,640
Warrants issued to non-employees	232,614
Gain on settled accounts payable		(81,200)
Changes in current assets and liabilities:
Accounts receivable	(3,900)	2,321
Inventory	1,520	(3,530)
Prepaid and other current assets	193,704	160,388
Deferred offering costs	(448,250)	236,353
Accounts payable	456,928	181,721
Accrued liabilities	(38,171)	(230,334)
Net cash used in operating activities	(2,392,452)	(2,891,849)
Cash flows from investing activities:
Purchase of property and equipment	(6,862)	(7,247)
Net cash used in investing activities	(6,862)	(7,247)
Cash flows from financing activities:
Issuance of Common Stock in IPO, net of fees		5,194,740
Issuance of warrants in IPO		17,250
Issuance of common stock under Equity Line, net of fees	617,052
Issuance of common stock under ATM Facility, net of fees	54,842
Proceeds from shareholder note, net	334,249
Principal repayments of finance lease obligations	(167,152)	(155,188)
Net cash provided by financing activities	838,991	5,056,802
Net change in cash and cash equivalents during the period	(1,560,323)	2,157,706
Cash and cash equivalents, beginning of period	1,660,467	918,260
Cash and cash equivalents, end of period	100,144	3,075,966
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:
Issuance of Common Stock for $1.5M Note conversions		1,500,000
Issuance of Common Stock for Bridge Note and accrued interest conversions		3,618,704
Issuance of Common Stock for Series A and B Preferred Stock conversions		703
Issuance Of Common Stock for Series C Preferred Stock conversions	2	231
Warrants issued as underwriter compensation		39,953
Issuance of Common Stock as consideration for consulting services	100,000
Issuance of Common Stock warrants in connection with MSW Note	165,751
Issuance of Common Stock warrants as consideration for consulting services	7,561
Issuance of Common Stock warrants in connection with note extensions	59,302
Financed insurance premiums	$ 277,176	445,638
Operating lease assets obtained in exchange for lease obligations		$ 549,227

v3.23.3

Basis of Presentation	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation 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 corporation and is headquartered in Southlake, Texas. HeartSciences’ initial focus is on applying novel technology to extend the clinical indications for use of an electrocardiograph (“ECG”) device. HeartSciences’ first product candidate, the MyoVista, is a resting 12-lead ECG that will incorporate HeartSciences’ first AI-based algorithm that is being developed for use in a wide range of clinical settings and is designed to provide diagnostic information to a qualified healthcare professional on cardiac dysfunction which has traditionally only been provided using cardiac imaging. In addition, the MyoVista provides conventional ECG information. The Company plans to market its device, both domestically and internationally to various hospitals, clinics, and medical centers and manufacture the devices using outsourced production facilities. Additionally, the Company plans to deliver AI-based algorithms either through the MyoVista hardware or through a cloud-based platform to provide access to a range of AI-based ECG cardiovascular algorithms on an ECG hardware agnostic basis. To date the Company has had small amounts of revenue from key opinion leader engagement and establishment of distributor relationships outside the United States during the development and product improvement phase of the MyoVista. The Company is preparing to seek U.S. Food and Drug Administration (“FDA”) clearance of the MyoVista during the first half of calendar year 2024.

v3.23.3

Liquidity, Going Concern and Other Uncertainties	6 Months Ended
	Oct. 31, 2023
Liquidity, Going Concern and Other Uncertainties [Abstract]
Liquidity, Going Concern and Other Uncertainties	Note 2. Liquidity, Going Concern and Other Uncertainties The Company is subject to a number of risks similar to those of early-stage companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other technologies. The Company has incurred losses each year since inception and has experienced negative cash flows from operations in each year since inception. At October 31, 2023 and April 30, 2023, the Company had an accumulated deficit of $63.9 million and $60.8 million, respectively. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. In March 2023, the Company entered into a purchase agreement and a registration rights agreement with an institutional investor, providing for the sale, from time to time at the discretion of the Company, of up to $15.0 million of the Company’s Common Stock, over the thirty-six (36) month term of the purchase agreement (the “Equity Line”). As of October 31, 2023, the Company has issued and sold an aggregate 1,277,689 shares of Common Stock, including 100,000 commitment shares, under the Equity Line and received proceeds of approximately $1.0 million (see Note 5). Subsequent to October 31, 2023 and through the date of this filing, the Company sold 586,833 shares of Common Stock under the Equity Line, receiving proceeds of approximately $91,000. In September 2023, the Company entered into a Senior Unsecured Promissory Drawdown Loan Note (“MSW Note”) for up to $1.0 million, drawn in installments consisting of (i) $0.25 million on or prior to September 8, 2023, (ii) ) $0.25 million on or prior to September 20, 2023, and (iii) further drawdowns of up to $0.5 million in such amounts and such times to be mutually agreed upon between the Company and lender. As of October 31, 2023, the Company has drawn $0.5 million under the MSW Note. See Note 5 and Note 9 for further discussion. In September 2023, the Company entered into an Equity Distribution Agreement (“EDA”) with an institutional investor, pursuant to which the Company may offer and sell an aggregate of up to $3.25 million of its shares of Common Stock in at-the-market offerings (“ATM Facility”). In November 2023, the EDA was further amended increasing the aggregate amount of Common Stock that may be sold under the ATM Facility from $3.25 million to up to $15.0 million. The Company is eligible to sell up to approximately $11.0 million worth of shares of Common Stock as the aggregate market value of the Company's shares of Common Stock eligible for sale under the EDA is subject to limitations of General Instruction I.B.6 of Form S-3 until such time that the Company's public float equals or exceeds $75.0 million. In the event the aggregate market value of the Company’s outstanding Common Stock held by non-affiliates equals or exceeds $75.0 million, then the one-third limitation on sales set forth in General Instruction I.B.6 of Form S-3 shall not apply to additional sales made pursuant to the EDA. As of October 31, 2023, the Company has issued and sold an aggregate 184,699 shares of Common Stock and received net proceeds of approximately $55,000 (see Note 5). Subsequent to October 31, 2023 and through the date of this filing, the Company sold 40,175,218 shares of Common Stock under the ATM Facility, receiving net proceeds of approximately $9.2 million (see Note 9). Based on the Company’s forecasts and cashflow projections, management believes that current resources would be insufficient to fund operations to achieve commercialization. Additionally, the FDA can delay, limit or deny clearance of a medical device for many reasons outside the Company’s control which may involve substantial unforeseen costs. The Company's continued operations will depend on its ability to raise additional capital through various potential sources, such as equity and/or debt financings and strategic relationships. The Company expects no material commercial revenue in Fiscal 2024. Management can provide no assurance that such financing or strategic relationships will be available on acceptable terms, or at all, which would likely have a material adverse effect on the Company and its financial statements. The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period. See subsequent equity raises discussed in Note 9.

v3.23.3

Summary of Significant Accounting Policies	6 Months Ended
	Oct. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commissions (“SEC”) and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2023 Annual Report on Form 10-K. Use of Estimates 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. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). Inventory All inventories are stated at lower of cost or net realizable value, with cost determined substantially on a “first-in, first-out” basis. Selling, general, and administrative expenses are not inventoried, but are charged to expense when incurred. The following is a summary of the Company’s inventories at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Raw materials   $ 322,996     $ 322,996   Sub-assemblies     345,916       347,436   Work in progress     21,741       21,741   Finished goods     28,662       28,662   Reserve for obsolescence     (44,476 )     (44,476 ) Total Inventory   $ 674,839     $ 676,359     Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA submission, which is targeted to take place during the first half of calendar year 2024. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. The Company periodically evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved. Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, the Company accounts for research and development expenditures, including payments to collaborative research partners and regulatory filing costs, as research and development expenses. Accordingly, all research and development costs are charged to expense as incurred. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). The following is a summary of the Company’s property and equipment at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Equipment   $ 404,782     $ 397,920   Furniture & fixtures     102,563       102,563   Leasehold improvements     32,812       32,812   Total     540,157       533,295   Less: Accumulated depreciation     (486,841 )     (471,867 ) Property and equipment, net   $ 53,316     $ 61,428   Deferred Offering Costs The Company capitalizes certain legal, professional, and other-third party charges, related to capital raises through a sale of Common Stock in its IPO or other ongoing equity financings, as deferred offering costs until fully consummated. On October 16, 2023, the Company filed an S-1/A registration statement which has not yet been declared effective by the SEC. These costs are deferred until the completion of the offerings at which time they are reclassified to additional paid-in-capital as a reduction of the offering proceeds. If the Company terminates the planned offering or there is a significant delay, all of the deferred offering costs will be immediately written off to operating expenses. On March 10, 2023, the Company entered into the Equity Line. Deferred offering costs associated with the Equity Line are reclassified to additional paid in capital on a pro-rata basis over the term of the agreement. In September 2023, the Company entered into an EDA to sell its Common Stock under the ATM Facility. Deferred offering costs associated with the ATM Facility are reclassified to additional paid in capital on a pro-rata basis. As of October 31, 2023 and April 30, 2023, $624,171 and $175,921 of deferred offering costs were capitalized on the balance sheet, respectively. Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates. Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. The Company measures and records a right-of-use asset and lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated incremental borrowing rate for loans with similar collateral and duration. The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Stock-Based Compensation The Company accounts for employee and non-employee share-based compensation in accordance with the provisions of ASC 718, Compensation – Stock Compensation. Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The estimated fair value of Common Stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of Common Stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a historic public market for the Company’s Common Stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. Management has estimated the expected term of its Common Stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, the fair value of stock-based awards is recognized as compensation expense over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company uses a straight-line attribution method for all grants that include only a service condition. The Company accounts for forfeitures when they occur. Stock-based compensation expense recognized in the financial statements is reduced by actual awards forfeited. Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of Common Stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, Common Stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Common Stock Warrants When the Company issues warrants to purchase Common Stock in connection with financing transactions, the warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital. Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods or services. The guidance focuses on the core principle for revenue recognition, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue in accordance with ASC 606, which provides a five-step model for recognizing revenue from contracts with customers as follows: • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company accepts product returns at its discretion or if the product is defective as manufactured. Historically, the actual product returns have been immaterial to the Company’s financial statements. The Company elected to treat shipping and handling costs as a fulfillment cost and included them in the cost of goods sold as incurred. Costs associated with product sales include commissions. The Company applies the practical expedient and recognizes commissions as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are recorded as selling expense. The Company did not recognize material revenues during the three and six month periods ended October 31, 2023 and 2022. The Company’s revenues do not require significant estimates or judgments. The Company is not a party to contracts that include multiple performance obligations or material variable consideration. As of October 31, 2023 and April 30, 2022, the Company did not have any contract assets or liabilities from contracts with customers and there were no remaining performance obligations that the Company had not satisfied. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, management has determined that it has not incurred any liability for unrecognized tax benefits as of October 31, 2023 and April 30, 2022. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018.

v3.23.3

Debt	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 4. Debt Debt consists of the following:     October 31,     April 30,       2023     2023   $1M Notes   $ 1,000,000     $ 1,000,000   MSW Note   $ 417,125       —   Less: current maturities     (1,417,125 )     (500,000 ) Notes payable, long-term   $ —     $ 500,000   $1M Notes and Loan and Security Agreement In April 2020, the Company entered into a loan and security agreement (the “$1M Loan and Security Agreement”) pursuant to which a secured promissory note in the original principal amount of $500,000 was issued to each of FRV (the “FRV Note”) and John Q. Adams (the “JQA Note”), who are both shareholders of the Company. John Q. Adams was also a Director of the Company at the time of entering into the $1M Loan and Security Agreement. Each party committed to lend a principal amount of $500,000, totaling $1,000,000, and the loan was drawn in three installments of $300,000 upon execution of the loan agreement, $350,000 on or about July 2, 2020 and $350,000 on or about September 4, 2020. The loan had an original maturity date of September 30, 2021, which was amended on September 30, 2021 making the note repayable on demand. The $1M Loan and Security Agreement was amended again on November 3, 2021, extending the maturity to September 30, 2022. The loan was further amended on May 24, 2022, extending maturity to September 30, 2023. In connection with the amendment in May 2022, the Company agreed to pay Mr. Adams all accrued but unpaid interest on his note prior to September 30, 2022. In June 2022, the Company paid approximately $126,000 in accrued interest to Mr. Adams. The $1M Loan and Security Agreement was further amended on January 24, 2023 to (i) extend the maturity date of the FRV Note to September 30, 2024, on which date the principal amount and all accrued interest thereon will be due and payable, and (ii) amend the dates on which principal and accrued interest is due under the JQA Note, such that interest accrued since June 28, 2022 will be due and payable on September 30, 2023, and the principal amount together with all accrued interest after September 30, 2023 will be due and payable on March 31, 2024. The $1M Loan and Security Agreement was further amended on September 29, 2023 to amend the dates on which principal and accrued interest is due under the JQA Note, such that interest accrued since June 28, 2022 will be due and payable on December 31, 2023, and the principal amount together with all accrued interest after December 31, 2023 will be due and payable on March 31, 2024. As consideration for an extension of the JQA interest maturity date, in October 2023, the Company issued warrants to purchase an aggregate of 200,000 shares of Common Stock to FRV and Mr. Adams (“$1M Lender Warrants”). See further discussion in Note 5. In November 2023, the principal amount of the JQA Note and accrued interest thereon in the amount of $585,006 converted into Common Stock of the Company. See further discussion in Note 9. The $1M Loan and Security Agreement accrues interest at a rate of 12% per annum, compounded annually, which is payable as described above. The Company is also required to pay default interest at a rate of 18% per annum, compounded annually, on any unpaid amounts after the applicable due date until the loan amounts are fully re-paid. The loan is collateralized by substantially all of the Company’s assets and intellectual property, except for the secured interest on the covered technology as discussed in Note 8. As of October 31, 2023 and April 30, 2023, accrued interest was approximately $310,000 and $238,000, respectively, and is included in accrued expenses in the accompanying condensed balance sheets. MSW Note On September 6, 2023, the Company entered into the MSW Note with Matthews Holdings Southwest, Inc., (the “Lender”). The MSW Note provides for an unsecured drawdown loan of up to $1.0 million, drawn in installments consisting of (i) $250,000 on or prior to September 8, 2023, (ii) $250,000 on or prior to September 20, 2023, and (iii) further drawdowns of up to $500,000 in such amounts and such times to be mutually agreed upon between the Company and Lender. In consideration of the MSW Note, the Company shall pay a facility fee to the Lender as follows: • warrants to acquire 500,000 shares of Common Stock, exercisable at $1.00 per share, which shall be issued to the Lender upon the completion of the first drawdown; • warrants to acquire up to 500,000 shares of Common Stock, exercisable at $1.25 per share, of which 250,000 of such warrants shall be issued to the Lender upon the completion of the first drawdown and 250,000 of such warrants shall be issued to the Lender pro-rata based on further drawdowns up to $500,000; and • warrants to acquire up to 500,000 shares of Common Stock, exercisable at $1.50 per share, of which 250,000 of such warrants shall be issued to the Lender upon the completion of the first drawdown and 250,000 of such warrants to be issued to the Lender pro-rata based on further drawdowns up to $500,000. The MSW Note bears no interest, except upon an event of default, at which time, interest accrues at a rate of 12% per annum. The MSW Note matures on December 31, 2023 and may be repaid at any time in whole or in part without fees or penalty. In September 2023, the Company drew $0.5 million under the MSW Note and issued warrants in lieu of a facility fee to purchase 500,000 shares of Common Stock exercisable at $1.00 per share, warrants to purchase 250,000 shares of Common Stock exercisable at $1.25 per share, and warrants to purchase 250,000 shares of Common Stock exercisable at $1.50 per share. The Company recorded a $165,751 debt discount relating to the warrants issued based on the relative fair value of the warrants on the date of issuance. The debt discount is being amortized over the life of the note as a non-cash interest expense. As of October 31, 2023, amortization recorded was approximately $83,000. In November 2023, the MSW Note converted into Common Stock of the Company. See further discussion in Note 9.

v3.23.3

Stockholders' Equity (Deficit)	6 Months Ended
	Oct. 31, 2023
Equity [Abstract]
Stockholders' Equity (Deficit)	Note 5. Stockholders’ (Deficit) Equity Preferred Stock The Company authorized 20,000,000 shares of preferred stock, par value $0.001 per share (“Preferred Stock”), of which 10,000 shares have been designated as Series A Convertible Preferred Stock (“Series A Preferred Stock”), 10,000 shares have been designated as Series B Convertible Preferred Stock (“Series B Preferred Stock”), and 600,000 shares have been designated as Series C Preferred Stock with a liquidation preference to Common Stock. Series C Preferred Stock The Series C Preferred Stock was originally issued at $25.00 per share. An amendment to, or waiver of rights in, the Series C Preferred Stock certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C Preferred Stock and FRV (so long as FRV owns at least 71,000 shares of Series C Preferred Stock). At October 31, 2023 and April 30, 2023, there were 380,440 and 380,871 shares of Series C Preferred Stock outstanding, respectively. Holders of the Series C Preferred Stock are entitled to receive dividends at an annual rate of $1.50 per share of Series C Preferred Stock, shall accrue and are payable out of funds legally available, are payable only when and if declared by the board of directors, and are noncumulative. No dividends have been declared to date. The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock. Each share of Series C Preferred Stock is convertible, at the option of the holder at any time, into such number of fully paid and non-assessable shares of Common Stock determined by dividing the original issue price of $25.00 by the conversion price for such series in effect at the time of conversion for the Series C Preferred Stock. The conversion price for the Series C Preferred Stock is subject to adjustment in accordance with conversion provisions contained in the Company's certificate of formation, as amended. During the six months ended October 31, 2023, 431 shares of Series C Preferred Stock converted into 1,938 shares of Common Stock at a conversion ratio of 4.4981 shares of Common Stock for each share of Series C Preferred Stock. At October 31, 2023, the Series C Preferred Stock were convertible into 1,888,641 shares of Common Stock at a conversion price of $5.04 per share. At December 14, 2023, the Series C Preferred Stock were convertible into 6,366,520 shares of Common Stock at a conversion price of $1.49 per share. Common Stock The Company’s Certificate of Formation, as amended, authorizes 500,000,000 shares of Common Stock with a par value of $0.001 per share. As of October 31, 2023 and April 30, 2022, the Company had issued 11,213,438 and 10,118,440 shares of Common Stock, respectively. During the six months ended October 31, 2023, the Company issued 1,094,998 shares of Common Stock, as set forth in the below table:     Number of Shares   Issuance of Common Stock under Equity Line     799,665   Issuance of Common Stock under ATM Facility     184,699   Issuance of Common Stock as payment for consulting services rendered     108,696   Conversion of Series C convertible preferred stock to Common Stock     1,938   Issued during the six months ended October 31, 2023     1,094,998           Summary table of common stock share transactions:       Balance at April 30, 2023     10,118,440   Issued in Fiscal 2024     1,094,998   Balance at October 31, 2023     11,213,438   On March 10, 2023, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) providing for the purchase, from time to time at the Company’s discretion, of up to $15.0 million of the Company’s Common Stock, over the thirty-six (36) month term of the purchase agreement. The agreement allows the Company, at its sole discretion, to direct Lincoln Park to purchase shares of Common Stock, subject to limitations in both volume and dollar amount. The purchase price of the shares that may be sold to Lincoln Park under the agreement is the lower of (i) the lowest sale price on the date of purchase, or (ii) the average of the three lowest closing prices in the prior ten business days. Concurrently with the purchase agreement, the Company entered into a registration rights agreement, pursuant to which the Company filed a registration statement on Form S-1 with the SEC on March 22, 2023. This registration statement was declared effective by the SEC on April 10, 2023. During the six months ended October 31, 2023, the Company issued 799,665 shares of Common Stock to Lincoln Park receiving approximately $0.6 million in proceeds. On September 18, 2023, the Company entered into an EDA with Maxim Group LLC as sales agent pursuant to which the Company may offer and sell up to $3.25 million shares of Common Stock in an ATM Facility. The shares may be issued and sold from time to time through or to the placement agent acting as sales agent or principal pursuant to our shelf registration statement on Form S-3 (the “Shelf S-3”), as filed with the SEC on September 18, 2023. The $3.25 million shares comprised of Common Stock that may be offered, issued and sold under the at-the-market offering prospectus is included in the $50.0 million of securities that may be offered, issued, and sold by the Company under the base prospectus of the Shelf S-3. The Shelf S-3 was declared effective by the SEC on September 28, 2023. During the six months ended October 31, 2023, the Company issued 184,699 shares of Common Stock under the ATM Facility, receiving approximately $55,000 in net proceeds. See further discussion at Note 9. During the six months ended October 31, 2023, the Company issued 108,696 shares of Common Stock as consideration for consulting services. The holders of Common Stock are entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors, subject to the rights of holders of Preferred Stock outstanding. No dividends were declared as of or through the six months ended October 31, 2023 and the year ended April 30, 2023. Common Stock Warrants The Company has issued warrants to investors in connection with funding or for services rendered and these warrants are convertible into a number of shares of the Company’s Common Stock for a period of 5 years from the date of issuance. The following is a summary of warrant activity during the six months ended October 31, 2023:     Warrants Outstanding and Exercisable     Exercise Price Per Share   Weighted Average Strike Price per Share   Balance, April 30, 2023     2,590,342     $0.0001-$15.18   $ 3.73   Issued     1,215,000     $0.44-$1.50   $ 1.06   Forfeited     (14,021 )   $3.47-$15.18   $ 4.96   Balance, October 31, 2023     3,791,321     $0.0001-$9.90   $ 2.87   In September 2023, the Company issued warrants in lieu of a facility fee under the MSW Note to purchase 500,000 shares of Common Stock exercisable at $1.00 per share, warrants to purchase 250,000 shares of Common Stock exercisable at $1.25 per share, and warrants to purchase 250,000 shares of Common Stock exercisable at $1.50 per share. In September 2023, the Company issued warrants to purchase up to 15,000 shares of Common Stock, at an exercise price of $0.73 per share, to a consultant of the Company as consideration for services rendered to the Company. In October 2023, the Company issued $1M Lender Warrants to FRV and John Q. Adams to purchase an aggregate of 200,000 shares of Common Stock at an exercise price of $0.44.

v3.23.3

Stock-based Compensation	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 6. Stock-based Compensation The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Company’s stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company. Time-based grants generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have 10-year contractual terms. The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years. 2023 Equity Incentive Plan On March 15, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (the “Equity Incentive Plan”), subject to shareholder approval. The Equity Incentive Plan provides for the grant of nonstatutory stock options, incentive stock options, restricted stock, restricted stock units, performance units, performance shares, and other share-based awards. Pursuant to the Equity Incentive Plan, the Company is authorized to issue up to 2,500,000 shares of Common Stock plus (i) any shares of our Common Stock subject to options that expire or otherwise terminate without having been exercised in full, are tendered to or withheld by us for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by us due to failure to vest, with the maximum number of shares of our Common Stock to be added to the Equity Incentive Plan under this clause (ii) equal to 832,195 shares of our Common Stock. The following is a summary of service-based stock option activity during the six months ended October 31, 2023:     Number of Options Outstanding     Weighted Average Exercise Price     Average Remaining Contractual Life (in years)   Outstanding - April 30, 2023     1,182,912     $ 3.29       8.6   Options forfeited     (114,545 )     3.04       —   Outstanding - October 31, 2023     1,068,367     $ 8.61       8.6                       Non-vested at October 31, 2023     858,394     $ 0.98       9.4   Vested at October 31, 2023     209,973     $ 7.39       5.5   The following is a summary of performance-based stock option activity during the six months ended October 31, 2023:     Number of Options Outstanding     Weighted Average Exercise Price     Average Remaining Contractual Life (in years)   Outstanding - April 30, 2023     578,207     $ 5.17       7.8   Options forfeited     (11,667 )     12.21       —   Outstanding - October 31, 2023     566,540     $ 5.03       6.4                       Non-vested at October 31, 2023     377,588     $ 6.21       6.2   Vested at October 31, 2023     188,952     $ 2.67       6.8   As of October 31, 2023, there was approximately $0.3 million of unrecognized compensation costs related to non-vested service-based Common Stock options and approximately $1.6 million of unrecognized compensation costs related to non-vested performance-based Common Stock options.

v3.23.3

Income Taxes	6 Months Ended
	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:     October 31,     April 30,       2023     2023   Deferred tax assets (liabilities):                         Net operating loss carryforwards   $ 10,561,200     $ 9,701,650   Start-up costs     884,458       934,999   Stock option and warrant payments     662,095       538,669   Accumulated depreciation     (3,225 )     (3,111 ) Research and development credits     255,600       255,600   Research and development warrants     21,488       21,488   Total deferred tax assets, net     12,381,616       11,449,295   Valuation Allowance     (12,381,616 )     (11,449,295 ) Net Deferred Tax Assets   $ —     $ —   For the six months ended October 31, 2023 and the year ended April 30, 2023, the Company’s cumulative net operating loss for federal income tax purposes was approximately $50 million and $46 million, respectively. The net operating loss, subject to limitations, may be available in future tax years to offset taxable income. The net operating loss carry-forward will begin to expire in year 2028. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and therefore, a full valuation allowance has been recorded at October 31, 2023 and April 30, 2023.

v3.23.3

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Operating Leases The Company has a long-term operating lease for office, industrial, and laboratory space which was entered into in May 2017. 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. Rent expense for the six months ended October 31, 2023 was approximately $74,000. The Company records right-of-use assets and liabilities at the present value of the fixed lease payments over the term at the commencement date. The Company uses its incremental borrowing rate of 12% to determine the present value of the lease as the rate implicit in the lease is typically not readily available. Information related to the Company’s right-of-use assets and lease liabilities consist of the following:     October 31,       2023   Right-of-use assets   $ 502,831         Lease liabilities, current   $ 94,463   Lease liabilities, net of current portion     486,885   Total lease liabilities   $ 581,348         Weighted average remaining term (in years)     4.6   Weighted average discount rate     12 %   As of October 31, 2023, future maturities of lease liabilities due under lease agreements for the fiscal year ended are as follows: 2024 (balance of fiscal year)   $ 78,778   2025     161,167   2026     165,190   2027     169,307   2028     173,559   Thereafter     14,493   Total future lease payments     762,494   Less imputed interest     (181,146 ) Total operating lease liabilities   $ 581,348     Litigation From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of business. The Company does not believe that the outcome of those matters will have a material adverse effect to the financial position, operating results or cash flows. However, there can be no assurance such legal proceedings will not have a material impact. The Company is not aware of any material claims outstanding or pending against the Company as of October 31, 2023. Royalty Agreements In 2013, the Company entered into an agreement (“Technology Agreement”) with its founder, conveying ownership of all intellectual property and rights to the Company. As part of that agreement, the Company will make royalty payments, based upon paid MyoVista device unit sales, as follows: a) $500 on each of the first 2,400 MyoVista devices; and b) $200 on each MyoVista device thereafter until royalties total $3,500,000. The royalty obligation has a first priority security interest and pledge on the covered technology (as defined in the Technology Agreement, which essentially is comprised of the intellectual property of the MyoVista device) in priority to the debt holders of the $1.5M Notes and $1M Loan and Security Agreement as discussed further in Note 4. Upon (i) the aggregate payment of $3,000,000 of royalties; (ii) the Common Stock having a closing quoted share price of $68.75 per share or more; or (iii) receipt by the Company of a bona fide offer valuing the Common Stock at $68.75 or more, then the secured interest and pledge shall be released. In the event of a bankruptcy of the Company, any balance of the $3,500,000 royalty not paid at that point would accelerate and become an immediately due debt obligation of the Company with the benefit of the secured interest and pledge (if it remained at such time). In December 2015, the Company entered into an agreement with The University Court of The University of Glasgow (“Glasgow”) for a non-exclusive license of the Glasgow algorithm interpretive analysis for the conventional ECG trace. The agreement was amended in March 2023, and as part of the agreement, the Company is required to make royalty payments, based upon MyoVista device unit sales dependent on sale volumes per year, subject to minimum annual fees. To date, such amounts have been expensed to research and development as the Glasgow algorithm has been part of the device development and will form part of the submission for FDA clearance of the MyoVista device. Collaboration Agreements On November 29, 2022, the Company entered into a multi-year Collaboration Agreement with Rutgers, The State University of New Jersey, to develop AI-based ECG algorithms for new or improved ECG indications, which is expected to accelerate our product development pipeline and further expand the clinical value of an ECG for low-cost detection of heart disease. On September 20, 2023, the Company entered into multiple definitive license agreements (each a “License Agreement” and collectively, the “License Agreements”) with Icahn School of Medicine at Mount Sinai (“Mount Sinai”) to commercialize a range of AI cardiovascular algorithms developed by Mount Sinai as well as a memorandum of understanding for ongoing cooperation encompassing de-identified data access, on-going research, and the evaluation of the MyoVista. The License Agreements, of which there are eleven in total, cover rights to thirteen AI cardiovascular algorithms, two data science methods for use with ECG waveforms and three filed patents. The closing of the transactions contemplated under the Securities Purchase Agreement (the “MTS Transaction”), dated as of September 20, 2023 (the “Securities Purchase Agreement”), by and between the Company and Mount Sinai, and the effectiveness of the licenses under the License Agreements, are subject to the satisfaction or waiver of certain conditions, including a condition that the Company must complete one or more financings in which the Company receives aggregate gross proceeds of at least $5.0 million (the “Financing Requirement”) prior to December 31, 2023 (the “Closing Date”). The License Agreements may be terminated by Mount Sinai if the Company has not received aggregate gross total proceeds of at least $10.0 million in qualified transactions by June 30, 2024 (the “Additional Financing Requirement”). On November 15, 2023, the Company satisfied the Financing Requirement and, accordingly, the licenses under the License Agreements were deemed effective. See further discussion at Note 9.

v3.23.3

Subsequent Events	6 Months Ended
	Oct. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events The Company has evaluated subsequent events after the balance sheet date of October 31, 2023, through the date of filing. During November 2023, the Company sold 586,833 shares of Common Stock under the Equity Line, receiving proceeds of approximately $91,000. On November 9, 2023, the Company entered into Amendment No. 1 to the EDA with Maxim, pursuant to which the Company may sell up to $10.0 million shares of Common Stock from time to time through the sales agent. On November 17, 2023, the Company entered into Amendment No. 2 to the EDA with Maxim, pursuant to which the Company may sell up to $15.0 million shares of Common Stock from time to time through the sales agent. During November and December 2023, the Company sold 40,175,218 shares of Common Stock under the ATM Facility, receiving gross proceeds of $9.7 million and net proceeds of approximately $9.2 million after Maxim fees, legal fees and other costs. On November 16, 2023, the Company issued 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 to the Company. On November 16, 2023, the Company entered into a note conversion letter agreement with John Q. Adams (the “Adams Note Conversion Letter Agreement”). Pursuant to the Adams Note Conversion Letter Agreement, in consideration for the conversion of the principal and interest in the amounts of $585,006 due under the JQA Note, on November 16, 2023, the Company: (1) issued 3,656,288 shares of Common Stock to Mr. Adams; and (2) entered into a Warrant Amendment Agreement with Mr. Adams, amending the $1M Lender Warrants owned by Mr. Adams to reduce the exercise price of an aggregate of 107,575 $1M Lender Warrants to $0.16 per share (the “Adams Warrant Amendment”). On November 16, 2023, the Company entered into a note conversion letter agreement with the Lender (the “MSW Note Conversion Letter Agreement”). Pursuant to the MSW Note Conversion Letter Agreement, in consideration for the conversion of the aggregate amount of $500,000 due under the MSW Note, on November 16, 2023, the Company (i) issued to the Lender 3,125,000 shares of Common Stock at a conversion price of $0.16 per share; and (ii) entered into a Warrant Amendment Agreement with the Lender, amending the warrants to reduce the exercise price of an aggregate of 1,000,000 warrants to $0.16 per share (the “MSW Warrant Amendment”). On November 16, 2023, and pursuant to the Securities Purchase agreement, the Company issued to Mount Sinai the following: • 4,854,853 shares of Common Stock; • pre-funded warrants to purchase up to 710,605 shares of Common Stock, with an exercise price per share of $0.00001, which warrants were issued in lieu of shares of Common Stock issuable to Mount Sinai to ensure that the number of shares of Common Stock held by Mount Sinai does not exceed the Beneficial Ownership Limitation (the “MTS Pre-Funded Warrants”); and • Common stock warrants to purchase up to 914,148 shares of Common Stock, having an exercise price per share equal to $0.5060, which warrants shall be exercisable immediately upon (x) completion of any financing of at least $10.0 million raised by the Company from the period commencing August 1, 2023 and ending on or prior to June 30, 2024 or (y) waiver by Mount Sinai of the Company’s Additional Financing Requirement. The License Agreements may be terminated by Mount Sinai if the Company does not receive an aggregate gross total proceeds of at least $10.0 million in qualified financing transactions by June 30, 2024. Registration rights related to the MTS Securities provide that on or prior to the date of one hundred and fifty days (150) days after the closing date, the Company shall prepare and file with the SEC a Registration Statement on Form S-1 (or such other form as applicable) covering the resale under the Securities Act of the MTS Securities issued to Mount Sinai, subject to any limitations imposed by the Nasdaq Rules. On December 1, 2023, the Company satisfied the Additional Financing Requirement. On November 27, 2023, the Company's Board of Directors approved and entered into Amendment No. 1 to the Equity Incentive Plan, subject to shareholder approval, to increase the initial number of shares currently issuable under the Plan from 2,500,000 shares to 8,500,000 shares.

v3.23.3

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commissions (“SEC”) and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2023 Annual Report on Form 10-K.
Use of Estimates	Use of Estimates 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”).
Inventory	Inventory All inventories are stated at lower of cost or net realizable value, with cost determined substantially on a “first-in, first-out” basis. Selling, general, and administrative expenses are not inventoried, but are charged to expense when incurred. The following is a summary of the Company’s inventories at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Raw materials   $ 322,996     $ 322,996   Sub-assemblies     345,916       347,436   Work in progress     21,741       21,741   Finished goods     28,662       28,662   Reserve for obsolescence     (44,476 )     (44,476 ) Total Inventory   $ 674,839     $ 676,359     Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA submission, which is targeted to take place during the first half of calendar year 2024. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. The Company periodically evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved.
Research and Development Expenses	Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, the Company accounts for research and development expenditures, including payments to collaborative research partners and regulatory filing costs, as research and development expenses. Accordingly, all research and development costs are charged to expense as incurred.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). The following is a summary of the Company’s property and equipment at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Equipment   $ 404,782     $ 397,920   Furniture & fixtures     102,563       102,563   Leasehold improvements     32,812       32,812   Total     540,157       533,295   Less: Accumulated depreciation     (486,841 )     (471,867 ) Property and equipment, net   $ 53,316     $ 61,428
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, and other-third party charges, related to capital raises through a sale of Common Stock in its IPO or other ongoing equity financings, as deferred offering costs until fully consummated. On October 16, 2023, the Company filed an S-1/A registration statement which has not yet been declared effective by the SEC. These costs are deferred until the completion of the offerings at which time they are reclassified to additional paid-in-capital as a reduction of the offering proceeds. If the Company terminates the planned offering or there is a significant delay, all of the deferred offering costs will be immediately written off to operating expenses. On March 10, 2023, the Company entered into the Equity Line. Deferred offering costs associated with the Equity Line are reclassified to additional paid in capital on a pro-rata basis over the term of the agreement. In September 2023, the Company entered into an EDA to sell its Common Stock under the ATM Facility. Deferred offering costs associated with the ATM Facility are reclassified to additional paid in capital on a pro-rata basis. As of October 31, 2023 and April 30, 2023, $624,171 and $175,921 of deferred offering costs were capitalized on the balance sheet, respectively.
Fair Value Measurements	Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates.
Leases	Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. The Company measures and records a right-of-use asset and lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated incremental borrowing rate for loans with similar collateral and duration. The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for employee and non-employee share-based compensation in accordance with the provisions of ASC 718, Compensation – Stock Compensation. Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The estimated fair value of Common Stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of Common Stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a historic public market for the Company’s Common Stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. Management has estimated the expected term of its Common Stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, the fair value of stock-based awards is recognized as compensation expense over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company uses a straight-line attribution method for all grants that include only a service condition. The Company accounts for forfeitures when they occur. Stock-based compensation expense recognized in the financial statements is reduced by actual awards forfeited.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of Common Stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, Common Stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.
Common Stock Warrants	Common Stock Warrants When the Company issues warrants to purchase Common Stock in connection with financing transactions, the warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital.
Revenue Recognition	Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods or services. The guidance focuses on the core principle for revenue recognition, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue in accordance with ASC 606, which provides a five-step model for recognizing revenue from contracts with customers as follows: • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company accepts product returns at its discretion or if the product is defective as manufactured. Historically, the actual product returns have been immaterial to the Company’s financial statements. The Company elected to treat shipping and handling costs as a fulfillment cost and included them in the cost of goods sold as incurred. Costs associated with product sales include commissions. The Company applies the practical expedient and recognizes commissions as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are recorded as selling expense. The Company did not recognize material revenues during the three and six month periods ended October 31, 2023 and 2022. The Company’s revenues do not require significant estimates or judgments. The Company is not a party to contracts that include multiple performance obligations or material variable consideration. As of October 31, 2023 and April 30, 2022, the Company did not have any contract assets or liabilities from contracts with customers and there were no remaining performance obligations that the Company had not satisfied.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, management has determined that it has not incurred any liability for unrecognized tax benefits as of October 31, 2023 and April 30, 2022. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018.

v3.23.3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Summary of Inventories	The following is a summary of the Company’s inventories at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Raw materials   $ 322,996     $ 322,996   Sub-assemblies     345,916       347,436   Work in progress     21,741       21,741   Finished goods     28,662       28,662   Reserve for obsolescence     (44,476 )     (44,476 ) Total Inventory   $ 674,839     $ 676,359
Summary of Property and Equipment	The following is a summary of the Company’s property and equipment at October 31, 2023 and April 30, 2023:       October 31,     April 30,       2023     2023   Equipment   $ 404,782     $ 397,920   Furniture & fixtures     102,563       102,563   Leasehold improvements     32,812       32,812   Total     540,157       533,295   Less: Accumulated depreciation     (486,841 )     (471,867 ) Property and equipment, net   $ 53,316     $ 61,428

v3.23.3

Debt (Tables)	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt	Debt consists of the following:     October 31,     April 30,       2023     2023   $1M Notes   $ 1,000,000     $ 1,000,000   MSW Note   $ 417,125       —   Less: current maturities     (1,417,125 )     (500,000 ) Notes payable, long-term   $ —     $ 500,000

v3.23.3

Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Oct. 31, 2023
Equity [Abstract]
Summary of Common Stock	During the six months ended October 31, 2023, the Company issued 1,094,998 shares of Common Stock, as set forth in the below table:     Number of Shares   Issuance of Common Stock under Equity Line     799,665   Issuance of Common Stock under ATM Facility     184,699   Issuance of Common Stock as payment for consulting services rendered     108,696   Conversion of Series C convertible preferred stock to Common Stock     1,938   Issued during the six months ended October 31, 2023     1,094,998           Summary table of common stock share transactions:       Balance at April 30, 2023     10,118,440   Issued in Fiscal 2024     1,094,998   Balance at October 31, 2023     11,213,438
Summary of Warrant Activity	The following is a summary of warrant activity during the six months ended October 31, 2023:     Warrants Outstanding and Exercisable     Exercise Price Per Share   Weighted Average Strike Price per Share   Balance, April 30, 2023     2,590,342     $0.0001-$15.18   $ 3.73   Issued     1,215,000     $0.44-$1.50   $ 1.06   Forfeited     (14,021 )   $3.47-$15.18   $ 4.96   Balance, October 31, 2023     3,791,321     $0.0001-$9.90   $ 2.87

v3.23.3

Stock-based Compensation (Tables)	6 Months Ended
	Oct. 31, 2023
Service-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following is a summary of service-based stock option activity during the six months ended October 31, 2023:     Number of Options Outstanding     Weighted Average Exercise Price     Average Remaining Contractual Life (in years)   Outstanding - April 30, 2023     1,182,912     $ 3.29       8.6   Options forfeited     (114,545 )     3.04       —   Outstanding - October 31, 2023     1,068,367     $ 8.61       8.6                       Non-vested at October 31, 2023     858,394     $ 0.98       9.4   Vested at October 31, 2023     209,973     $ 7.39       5.5
Performance-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following is a summary of performance-based stock option activity during the six months ended October 31, 2023:     Number of Options Outstanding     Weighted Average Exercise Price     Average Remaining Contractual Life (in years)   Outstanding - April 30, 2023     578,207     $ 5.17       7.8   Options forfeited     (11,667 )     12.21       —   Outstanding - October 31, 2023     566,540     $ 5.03       6.4                       Non-vested at October 31, 2023     377,588     $ 6.21       6.2   Vested at October 31, 2023     188,952     $ 2.67       6.8

v3.23.3

Income Taxes (Tables)	6 Months Ended
	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Significant Portions of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:     October 31,     April 30,       2023     2023   Deferred tax assets (liabilities):                         Net operating loss carryforwards   $ 10,561,200     $ 9,701,650   Start-up costs     884,458       934,999   Stock option and warrant payments     662,095       538,669   Accumulated depreciation     (3,225 )     (3,111 ) Research and development credits     255,600       255,600   Research and development warrants     21,488       21,488   Total deferred tax assets, net     12,381,616       11,449,295   Valuation Allowance     (12,381,616 )     (11,449,295 ) Net Deferred Tax Assets   $ —     $ —

v3.23.3

Commitments and Contingencies (Tables)	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Information Related to Right-of-Use Assets and Lease Liabilities	Information related to the Company’s right-of-use assets and lease liabilities consist of the following:     October 31,       2023   Right-of-use assets   $ 502,831         Lease liabilities, current   $ 94,463   Lease liabilities, net of current portion     486,885   Total lease liabilities   $ 581,348         Weighted average remaining term (in years)     4.6   Weighted average discount rate     12 %
Schedule of Future Maturities of Lease Liabilities	As of October 31, 2023, future maturities of lease liabilities due under lease agreements for the fiscal year ended are as follows: 2024 (balance of fiscal year)   $ 78,778   2025     161,167   2026     165,190   2027     169,307   2028     173,559   Thereafter     14,493   Total future lease payments     762,494   Less imputed interest     (181,146 ) Total operating lease liabilities   $ 581,348

v3.23.3

Basis of Presentation - Additional Information (Details) - $ / shares	Oct. 31, 2023	Apr. 30, 2023
Accounting Policies [Abstract]
Common stock, par value	$ 0.001	$ 0.001

v3.23.3

Liquidity, Going Concern and Other Uncertainties - Additional Information (Details) - USD ($)								1 Months Ended				6 Months Ended
	Dec. 15, 2023	Oct. 31, 2023	Sep. 21, 2023	Sep. 20, 2023	Sep. 18, 2023	Sep. 08, 2023	Mar. 10, 2023	Dec. 15, 2023	Nov. 30, 2023	Sep. 30, 2023	Mar. 16, 2023	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Unusual Risk or Uncertainty [Line Items]
Accumulated deficit		$ (63,872,431)										$ (63,872,431)		$ (60,757,198)
Sale of common stock					$ 50,000,000
Proceeds from common stock													$ 5,194,740
Stock issued during period												1,094,998
ATM Facility
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock												$ 55,000
Purchase Agreement And Registration Rights Agreement
Unusual Risk or Uncertainty [Line Items]
Term of purchases agreement							36 months				36 months
Maximum | ATM Facility
Unusual Risk or Uncertainty [Line Items]
Sale of common stock					$ 3,250,000
Common Stock
Unusual Risk or Uncertainty [Line Items]
Stock issued during period												1,094,998
Common Stock | ATM Facility
Unusual Risk or Uncertainty [Line Items]
Stock issued during period												184,699
Common Stock | Purchase Agreement And Registration Rights Agreement
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock												$ 1,000,000
Stock issued during period		100,000										1,277,689
Common Stock | Equity Distribution Agreement
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock												$ 55,000
Stock issued during period												184,699
Common Stock | Maximum | Purchase Agreement And Registration Rights Agreement
Unusual Risk or Uncertainty [Line Items]
Sale of common stock											$ 15,000,000
Common Stock | Maximum | Equity Distribution Agreement
Unusual Risk or Uncertainty [Line Items]
Sale of common stock									$ 15,000,000	$ 3,250,000
Common Stock | Minimum | Equity Distribution Agreement
Unusual Risk or Uncertainty [Line Items]
Sale of common stock									3,250,000
Common Stock | Subsequent Event
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock									$ 91,000
Stock issued during period									586,833
Common Stock | Subsequent Event | Purchase Agreement And Registration Rights Agreement
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock								$ 91,000
Stock issued during period								586,833
Common Stock | Subsequent Event | Equity Distribution Agreement
Unusual Risk or Uncertainty [Line Items]
Common stock outstanding									$ 75,000,000
Common Stock | Subsequent Event | Equity Distribution Agreement | ATM Facility
Unusual Risk or Uncertainty [Line Items]
Proceeds from common stock	$ 9,200,000
Stock issued during period	40,175,218
Common Stock | Subsequent Event | Maximum | Equity Distribution Agreement | ATM Facility
Unusual Risk or Uncertainty [Line Items]
Sale of common stock									$ 11,000,000
Matthews Southwest Holdings, Inc., | MSW Note
Unusual Risk or Uncertainty [Line Items]
Proceeds from notes payable				$ 250,000		$ 250,000
Remaining borrowing capacity		$ 500,000										$ 500,000
Matthews Southwest Holdings, Inc., | MSW Note | Maximum
Unusual Risk or Uncertainty [Line Items]
Unsecured drawdown loan										$ 1,000,000
Proceeds from notes payable			$ 500,000

v3.23.3

Summary of Significant Accounting Policies - Summary of Inventories (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Inventory, Net [Abstract]
Raw materials	$ 322,996	$ 322,996
Sub-assemblies	345,916	347,436
Work in progress	21,741	21,741
Finished goods	28,662	28,662
Reserve for obsolescence	(44,476)	(44,476)
Total Inventory	$ 674,839	$ 676,359

v3.23.3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Summary of Significant Accounting Policies [Line Items]
Useable life of device over years	7 years
Proceeds from common stock		$ 5,194,740
Deferred offering costs	$ 624,171		$ 175,921
Contract assets from contracts with customers	0		0
Contract liabilities from contracts with customers	0		0
Remaining performance obligations	$ 0		$ 0
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Customers payment terms	30 days
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Lease term	12 months
Customers payment terms	60 days

v3.23.3

Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 540,157	$ 533,295
Less: Accumulated depreciation	(486,841)	(471,867)
Property and equipment, net	53,316	61,428
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	404,782	397,920
Furniture & fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	102,563	102,563
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,812	$ 32,812

v3.23.3

Debt - Summary of Debt (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Debt Instrument [Line Items]
Less: current maturities	$ (1,417,125)	$ (500,000)
Notes payable, long-term		500,000
MSW Note
Debt Instrument [Line Items]
Notes payable	417,125
$1M Notes
Debt Instrument [Line Items]
Notes payable	$ 1,000,000	$ 1,000,000

v3.23.3

Debt - Additional Information (Details) - USD ($)										1 Months Ended				6 Months Ended
	Sep. 29, 2023	Sep. 20, 2023	Sep. 08, 2023	Sep. 06, 2023	Jan. 24, 2023	May 24, 2022	Nov. 03, 2021	Sep. 04, 2020	Jul. 02, 2020	Nov. 30, 2023	Sep. 30, 2023	Jun. 30, 2022	Apr. 30, 2020	Oct. 31, 2023	Nov. 16, 2023	Apr. 30, 2023
Subsequent Event
Debt Instrument [Line Items]
Warrants exercise price															$ 0.17
$1M Lender Warrants
Debt Instrument [Line Items]
Warrants issued to purchase common stock														200,000
John Q. Adams
Debt Instrument [Line Items]
Interest Accrued Due Payable Date	Dec. 31, 2023				Sep. 30, 2023
John Q. Adams | Common Stock | Subsequent Event
Debt Instrument [Line Items]
Conversion amount										$ 585,006
FRV
Debt Instrument [Line Items]
Maturity date					Sep. 30, 2024
Series C Preferred Stock
Debt Instrument [Line Items]
Preferred stock, shares outstanding														380,440		380,871
M S W Note [Member] | Warrants Exercisable at 1.00 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											500,000
Warrants exercise price											$ 1
M S W Note [Member] | Warrants Exercisable at 1.25 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											250,000
Warrants exercise price											$ 1.25
M S W Note [Member] | Warrants Exercisable at 1.50 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											250,000
Warrants exercise price											$ 1.5
M S W Note [Member] | Matthews Southwest Holdings, Inc.,
Debt Instrument [Line Items]
Proceeds from notes payable		$ 250,000	$ 250,000								$ 500,000
Maturity date				Dec. 31, 2023
Accrued interest rate per annum				12.00%
Issuance of debt discount and fair value of warrants											$ 165,751
Amortization of debt discount amount														$ 83,000
M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.00 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											500,000
Warrants exercise price											$ 1
M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.25 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											250,000
Warrants exercise price				$ 1.25							$ 1.25
M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.50 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock											250,000
Warrants exercise price				$ 1.5							$ 1.5
Loan and Security Agreement
Debt Instrument [Line Items]
Principal amount													$ 1,000,000
Proceeds from notes payable								$ 350,000	$ 350,000				$ 300,000
Maturity date						Sep. 30, 2023	Sep. 30, 2022						Sep. 30, 2021
Accrued interest rate per annum													12.00%
Accrued interest														$ 310,000		$ 238,000
Default interest rate													18.00%
Loan and Security Agreement | John Q. Adams
Debt Instrument [Line Items]
Principal amount													$ 500,000
Accrued interest paid												$ 126,000
Loan and Security Agreement | FRV | John Q. Adams
Debt Instrument [Line Items]
Principal amount													$ 500,000
First Drawdown | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.00 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock				500,000
Warrants exercise price				$ 1
First Drawdown | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.25 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock				250,000
First Drawdown | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.50 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock				250,000
Second Drawdown | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.25 Per Share
Debt Instrument [Line Items]
Warrants and rights outstanding				$ 500,000
Warrants issued to purchase common stock				250,000
Second Drawdown | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.50 Per Share
Debt Instrument [Line Items]
Warrants and rights outstanding				$ 500,000
Warrants issued to purchase common stock				250,000
Maximum
Debt Instrument [Line Items]
Warrants exercise price														$ 9.9		$ 15.18
Maximum | Subsequent Event
Debt Instrument [Line Items]
Warrants issued to purchase common stock															240,000
Maximum | M S W Note [Member] | Matthews Southwest Holdings, Inc.,
Debt Instrument [Line Items]
Unsecured drawdown loan				$ 1,000,000
Remaining borrowing capacity				$ 500,000
Maximum | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.25 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock				500,000
Maximum | M S W Note [Member] | Matthews Southwest Holdings, Inc., | Warrants Exercisable at 1.50 Per Share
Debt Instrument [Line Items]
Warrants issued to purchase common stock				500,000
Minimum
Debt Instrument [Line Items]
Warrants exercise price														$ 0.0001		$ 0.0001
Minimum | Series C Preferred Stock | FRV
Debt Instrument [Line Items]
Preferred stock, shares outstanding														71,000

v3.23.3

Stockholders' Equity (Deficit) - Additional Information (Details)					1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 14, 2023 $ / shares shares	Oct. 31, 2023 USD ($) $ / shares shares	Sep. 18, 2023 USD ($)	Mar. 10, 2023 USD ($)	Dec. 15, 2023 USD ($) shares	Nov. 30, 2023 USD ($) shares	Mar. 16, 2023 USD ($)	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 shares	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) shares	Apr. 30, 2023 USD ($) $ / shares shares	Nov. 16, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares	Apr. 30, 2022 shares
Class of Stock [Line Items]
Number of preferred stock converted										1,938
Preferred stock, shares authorized		20,000,000						20,000,000		20,000,000
Preferred stock par value | $ / shares		$ 0.001						$ 0.001		$ 0.001
Common stock, shares authorized		500,000,000						500,000,000		500,000,000		500,000,000
Common stock, par value | $ / shares		$ 0.001						$ 0.001		$ 0.001		$ 0.001
Common stock, shares, issued		11,213,438						11,213,438		11,213,438		10,118,440			10,118,440
Sale of common stock | $			$ 50,000,000
Stock issued during period										1,094,998
Dividends declared | $										$ 0		$ 0
Proceeds from common stock | $											$ 5,194,740
MSW Note | Warrants Exercisable at 1.00 Per Share
Class of Stock [Line Items]
Warrants exercise price | $ / shares														$ 1
Warrants issued to purchase common stock														500,000
MSW Note | Warrants Exercisable at 1.25 Per Share
Class of Stock [Line Items]
Warrants exercise price | $ / shares														$ 1.25
Warrants issued to purchase common stock														250,000
MSW Note | Warrants Exercisable at 1.50 Per Share
Class of Stock [Line Items]
Warrants exercise price | $ / shares														$ 1.5
Warrants issued to purchase common stock														250,000
Subsequent Event
Class of Stock [Line Items]
Warrants exercise price | $ / shares													$ 0.17
Consulting Services | Warrants Exercisable at 0.73 Per Share
Class of Stock [Line Items]
Warrants exercise price | $ / shares														$ 0.73
Warrants issued to purchase common stock														15,000
Purchase Agreement And Registration Rights Agreement
Class of Stock [Line Items]
Term of purchases agreement				36 months			36 months
Declared effective date												Apr. 10, 2023
Minimum
Class of Stock [Line Items]
Warrants exercise price | $ / shares		$ 0.0001						$ 0.0001		$ 0.0001		$ 0.0001
Maximum
Class of Stock [Line Items]
Warrants exercise price | $ / shares		9.9						9.9		9.9		$ 15.18
Maximum | Subsequent Event
Class of Stock [Line Items]
Warrants issued to purchase common stock													240,000
FRV and John Q. Adams | Warrants Exercisable At 0.44 Per Share
Class of Stock [Line Items]
Warrants exercise price | $ / shares		$ 0.44						$ 0.44		$ 0.44
Warrants issued to purchase common stock		200,000						200,000		200,000
Warrants and rights outstanding | $		$ 1,000,000						$ 1,000,000		$ 1,000,000
Common Stock
Class of Stock [Line Items]
Number of preferred stock converted									36,128	1,888,641
Common stock, par value | $ / shares		$ 5.04						$ 5.04		$ 5.04
Stock issued during period										1,094,998
Common Stock | Subsequent Event
Class of Stock [Line Items]
Stock issued during period						586,833
Proceeds from common stock | $						$ 91,000
Common Stock | Scenario Forecast
Class of Stock [Line Items]
Number of preferred stock converted	6,366,520
Common stock, par value | $ / shares	$ 1.49
Common Stock | Consulting Services
Class of Stock [Line Items]
Stock issued during period										108,696
Common Stock | Purchase Agreement And Registration Rights Agreement
Class of Stock [Line Items]
Stock issued during period		100,000								1,277,689
Proceeds from common stock | $										$ 1,000,000
Common Stock | Purchase Agreement And Registration Rights Agreement | Subsequent Event
Class of Stock [Line Items]
Stock issued during period					586,833
Proceeds from common stock | $					$ 91,000
Common Stock | Maximum | Purchase Agreement And Registration Rights Agreement
Class of Stock [Line Items]
Sale of common stock | $							$ 15,000,000
Purchase price of common stock | $				$ 15,000,000
Common Stock | Lincoln Park Capital Fund, LLC | Purchase Agreement And Registration Rights Agreement
Class of Stock [Line Items]
Stock issued during period										799,665
Proceeds from common stock | $										$ 600,000
Common Stock Warrants
Class of Stock [Line Items]
Warrants convertible into common stock from date of issuance										5 years
IPO
Class of Stock [Line Items]
Sale of common stock | $								$ 279,944		$ 671,894	5,194,740
IPO | Common Stock
Class of Stock [Line Items]
Sale of common stock | $								$ 542		$ 984	$ 1,500
Stock issued during period								542,458		984,364	1,500,000
At-the-Market Offering | Maximum
Class of Stock [Line Items]
Sale of common stock | $			3,250,000
ATM Facility
Class of Stock [Line Items]
Proceeds from common stock | $										$ 55,000
ATM Facility | Maximum
Class of Stock [Line Items]
Sale of common stock | $			$ 3,250,000
ATM Facility | Common Stock
Class of Stock [Line Items]
Stock issued during period										184,699
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000						10,000		10,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000						10,000		10,000
Series A and B Preferred Stock | Common Stock
Class of Stock [Line Items]
Number of preferred stock converted											703,290
Series C Preferred Stock
Class of Stock [Line Items]
Number of preferred stock converted										431
Conversion ratio		4.4981						4.4981		4.4981
Preferred stock, shares authorized		600,000						600,000		600,000
Offering price per unit | $ / shares		$ 25						$ 25		$ 25
Preferred stock, shares outstanding		380,440						380,440		380,440		380,871
Preferred stock dividends rate per share | $ / shares										$ 1.5
Dividends declared | $										$ 0
Preferred stock, voting rights										The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock.
Series C Preferred Stock | FRV | Minimum
Class of Stock [Line Items]
Preferred stock, shares outstanding		71,000						71,000		71,000
Series C Preferred Stock | Common Stock
Class of Stock [Line Items]
Number of preferred stock converted										1,938	230,086

v3.23.3

Stockholders' Equity (Deficit) - Summary of Issued Shares of Common Stock (Details) - shares	3 Months Ended	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Class of Stock [Line Items]
Stock issued during period		1,094,998
Stock issued upon conversion		1,938
Series C Preferred Stock
Class of Stock [Line Items]
Stock issued upon conversion		431
Common Stock
Class of Stock [Line Items]
Stock issued during period		1,094,998
Stock issued upon conversion	36,128	1,888,641
Common Stock | Consulting Services
Class of Stock [Line Items]
Stock issued during period		108,696
Common Stock | Equity Line
Class of Stock [Line Items]
Stock issued during period		799,665
Common Stock | Series C Preferred Stock
Class of Stock [Line Items]
Stock issued upon conversion		1,938	230,086
Common Stock | ATM Facility
Class of Stock [Line Items]
Stock issued during period		184,699

v3.23.3

Stockholders' Equity (Deficit) - Summary of Common Stock Share Transactions (Details) - shares	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Equity [Abstract]
Balance	10,118,440	10,118,440
Issued in Fiscal 2024	1,094,998
Balance	11,213,438

v3.23.3

Stockholders' Equity (Deficit) - Summary of Warrant Activity (Details)	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants Outstanding and Exercisable, Beginning Balance | shares	2,590,342
Warrants Outstanding and Exercisable, Forfeited | shares	(14,021)
Warrants Outstanding and Exercisable, Issued | shares	1,215,000
Warrants Outstanding and Exercisable, Ending Balance | shares	3,791,321
Weighted Average Strike Price Per Share, Beginning Balance	$ 3.73
Weighted Average Strike Price Per Share, Issued	1.06
Weighted Average Strike Price Per Share, Forfeited	4.96
Weighted Average Strike Price Per Share, Ending Balance	2.87
Minimum
Class of Warrant or Right [Line Items]
Exercise Price Per Share, Beginning Balance	0.0001
Exercise Price Per Share, Forfeited	3.47
Exercise Price Per Share, Issued	0.44
Exercise Price Per Share, Ending Balance	0.0001
Maximum
Class of Warrant or Right [Line Items]
Exercise Price Per Share, Beginning Balance	15.18
Exercise Price Per Share, Forfeited	15.18
Exercise Price Per Share, Issued	1.5
Exercise Price Per Share, Ending Balance	$ 9.9

v3.23.3

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2023	Nov. 27, 2023	Oct. 31, 2023	Mar. 15, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contractual term	10 years
Service-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs			$ 0.3
Performance-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs			$ 1.6
Executive Directors and Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Directors | 2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate number of shares issued				2,500,000
Number of shares common stock available for issuance				832,195
Directors | 2023 Equity Incentive Plan | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate number of shares issued		8,500,000

v3.23.3

Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Oct. 31, 2023	Apr. 30, 2023
Service-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance, Number of options outstanding	1,182,912
Options forfeited, Number of options outstanding	(114,545)
Ending Balance, Number of options outstanding	1,068,367	1,182,912
Non-vested, Number of options outstanding	858,394
Vested, Number of options outstanding	209,973
Weighted average exercise price
Beginning Balance, Weighted average exercise price	$ 3.29
Options forfeited, Weighted average exercise price	3.04
Ending Balance, Weighted average exercise price	8.61	$ 3.29
Nonvested, Weighted average exercise price	0.98
Vested, Weighted average exercise price	$ 7.39
Average remaining contractual life (in years)
Outstanding, Average remaining contractual life (in years)	8 years 7 months 6 days	8 years 7 months 6 days
Non-vested, Average remaining contractual life (in years)	9 years 4 months 24 days
Vested, Average remaining contractual life (in years)	5 years 6 months
Performance-based Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance, Number of options outstanding	578,207
Options forfeited, Number of options outstanding	(11,667)
Ending Balance, Number of options outstanding	566,540	578,207
Non-vested, Number of options outstanding	377,588
Vested, Number of options outstanding	188,952
Weighted average exercise price
Beginning Balance, Weighted average exercise price	$ 5.17
Options forfeited, Weighted average exercise price	12.21
Ending Balance, Weighted average exercise price	5.03	$ 5.17
Nonvested, Weighted average exercise price	6.21
Vested, Weighted average exercise price	$ 2.67
Average remaining contractual life (in years)
Outstanding, Average remaining contractual life (in years)	6 years 4 months 24 days	7 years 9 months 18 days
Non-vested, Average remaining contractual life (in years)	6 years 2 months 12 days
Vested, Average remaining contractual life (in years)	6 years 9 months 18 days

v3.23.3

Income Taxes - Summary of Significant Portions of Deferred Tax Assets and Liabilities (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Deferred tax assets (liabilities):
Net operating loss carryforwards	$ 10,561,200	$ 9,701,650
Start-up costs	884,458	934,999
Stock option and warrant payments	662,095	538,669
Accumulated depreciation	(3,225)	(3,111)
Research and development credits	255,600	255,600
Research and development warrants	21,488	21,488
Total deferred tax assets, net	12,381,616	11,449,295
Valuation Allowance	(12,381,616)	(11,449,295)
Net Deferred Tax Assets	$ 0	$ 0

v3.23.3

Income Taxes - Additional Information (Details) - Federal Income Tax - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2023	Apr. 30, 2023
Operating Loss Carryforwards [Line Items]
Cumulative net operating loss	$ 50	$ 46
Net operating loss carry-forward expiration year	2028

v3.23.3

Commitments and Contingencies - Additional Information (Details) - USD ($)		6 Months Ended	11 Months Ended	12 Months Ended
	Nov. 15, 2023	Oct. 31, 2023	Jun. 30, 2024	Apr. 30, 2013	Apr. 30, 2023
Loss Contingencies [Line Items]
Lessee, operating lease, option to extend		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.
Operating lease percentage of annual increase		3.00%
Operating lease commencing date		Feb. 01, 2023
Operating lease expiring date		May 31, 2028
Operating lease option to extend additional lease term		64 months
Initial monthly payments		$ 13,129
Rent expense		$ 74,000
Operating lease incremental borrowing rate		12.00%
Common stock, par value		$ 0.001			$ 0.001
Securities Purchase Agreement | Minimum
Loss Contingencies [Line Items]
Aggregate gross proceeds from financings	$ 5,000,000
Securities Purchase Agreement | Minimum | Mount Sinai | Scenario Forecast
Loss Contingencies [Line Items]
Aggregate gross proceeds from qualified financing transactions			$ 10,000,000
Royalty Agreements
Loss Contingencies [Line Items]
Royalty not paid balance amount				$ 3,500,000
Royalties total amount				$ 3,500,000
Common stock, par value				$ 68.75
Receipt of bona fide offer valuing common stock				$ 68.75
Aggregate payment of royalties				3,000,000
Royalty Agreements | Secured Convertible Promissory Notes
Loss Contingencies [Line Items]
Notes payable				1,500,000
Royalty Agreements | Loan and Security Agreement
Loss Contingencies [Line Items]
Notes payable				1,000,000
Royalty Agreements | MyoVista Devices
Loss Contingencies [Line Items]
Royalty payment upon paid for each device amount				200
Royalty Agreements | 2,400 MyoVista Devices
Loss Contingencies [Line Items]
Royalty payment upon paid for each device amount				$ 500

v3.23.3

Commitments and Contingencies - Schedule of Information Related to Right-of-Use Assets and Lease Liabilities (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 502,831	$ 529,224
Lease liabilities, current	94,463	29,535
Lease liabilities, net of current portion	486,885	$ 536,335
Total operating lease liabilities	$ 581,348
Weighted average remaining term (in years)	4 years 7 months 6 days
Weighted average discount rate	12.00%

v3.23.3

Commitments and Contingencies - Schedule of Future Maturities of Lease Liabilities (Details)	Oct. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (balance of fiscal year)	$ 78,778
2025	161,167
2026	165,190
2027	169,307
2028	173,559
Thereafter	14,493
Total future lease payments	762,494
Less imputed interest	(181,146)
Total operating lease liabilities	$ 581,348

v3.23.3

Subsequent Events - Additional Information (Details) - USD ($)						1 Months Ended			6 Months Ended		11 Months Ended
	Dec. 15, 2023	Nov. 17, 2023	Nov. 16, 2023	Nov. 09, 2023	Sep. 18, 2023	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Oct. 31, 2023	Oct. 31, 2022	Jun. 30, 2024	Dec. 14, 2023	Nov. 27, 2023	Apr. 30, 2023	Mar. 15, 2023
Subsequent Event [Line Items]
Stock issued during period									1,094,998
Proceeds from common stock										$ 5,194,740
Sale of common stock					$ 50,000,000
Conversion price of common stock									$ 0.001					$ 0.001
2023 Equity Incentive Plan | Directors
Subsequent Event [Line Items]
Aggregate initial number of shares issued															2,500,000
Subsequent Event
Subsequent Event [Line Items]
Warrants exercise price			$ 0.17
Subsequent Event | 2023 Equity Incentive Plan | Directors
Subsequent Event [Line Items]
Aggregate initial number of shares issued													8,500,000
Minimum
Subsequent Event [Line Items]
Warrants exercise price									0.0001					0.0001
Maximum
Subsequent Event [Line Items]
Warrants exercise price									$ 9.9					$ 15.18
Maximum | Subsequent Event
Subsequent Event [Line Items]
Warrants issued to purchase common stock			240,000
ATM Facility
Subsequent Event [Line Items]
Proceeds from common stock									$ 55,000
ATM Facility | Maximum
Subsequent Event [Line Items]
Sale of common stock					$ 3,250,000
MSW | MSW Warrant Amendment | Subsequent Event
Subsequent Event [Line Items]
Warrants exercise price aggregate			1,000,000
Warrants exercise price			$ 0.16
Securities Purchase Agreement | Mount Sinai | Subsequent Event
Subsequent Event [Line Items]
Term of purchases agreement			150 days
Securities Purchase Agreement | Mount Sinai | Minimum | Scenario Forecast
Subsequent Event [Line Items]
Aggregate gross proceeds from qualified financing transactions											$ 10,000,000
Note Conversion Letter Agreement | Mr. Adams | Subsequent Event
Subsequent Event [Line Items]
Conversion amount			$ 585,006
Note Conversion Letter Agreement | MSW | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period			3,125,000
Conversion price of common stock			$ 0.16
Conversion amount			$ 500,000
Common Stock
Subsequent Event [Line Items]
Stock issued during period									1,094,998
Conversion price of common stock									$ 5.04
Common Stock | Scenario Forecast
Subsequent Event [Line Items]
Conversion price of common stock												$ 1.49
Common Stock | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period							586,833
Proceeds from common stock							$ 91,000
Common Stock | Subsequent Event | Directors
Subsequent Event [Line Items]
Conversion amount							585,006
Common Stock | ATM Facility
Subsequent Event [Line Items]
Stock issued during period									184,699
Common Stock | EDA
Subsequent Event [Line Items]
Stock issued during period									184,699
Proceeds from common stock									$ 55,000
Common Stock | EDA | Minimum
Subsequent Event [Line Items]
Sale of common stock							3,250,000
Common Stock | EDA | Maximum
Subsequent Event [Line Items]
Sale of common stock							15,000,000	$ 3,250,000
Common Stock | EDA | ATM Facility | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period	40,175,218
Proceeds from common stock	$ 9,200,000
Common Stock | EDA | ATM Facility | Maximum | Subsequent Event
Subsequent Event [Line Items]
Sale of common stock							$ 11,000,000
Common Stock | EDA | Maxim | Maximum | Subsequent Event
Subsequent Event [Line Items]
Sale of common stock		$ 15,000,000		$ 10,000,000
Common Stock | EDA | Maxim | ATM Facility | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period						40,175,218	40,175,218
Gross proceeds from common stock						$ 9,700,000	$ 9,700,000
Proceeds from common stock						$ 9,200,000	$ 9,200,000
Common Stock | Securities Purchase Agreement | Mount Sinai | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period			4,854,853
Common Stock | Note Conversion Letter Agreement | Mr. Adams | Subsequent Event
Subsequent Event [Line Items]
Stock issued during period			3,656,288
$1M Lender Warrants
Subsequent Event [Line Items]
Warrants issued to purchase common stock									200,000
$1M Lender Warrants | Mr. Adams | Adam Warrant Amendment
Subsequent Event [Line Items]
Warrants exercise price aggregate			107,575
Warrants exercise price			$ 0.16
Pre-Funded Warrants | Securities Purchase Agreement | Mount Sinai | Subsequent Event
Subsequent Event [Line Items]
Warrants exercise price			$ 0.00001
Pre-Funded Warrants | Securities Purchase Agreement | Mount Sinai | Maximum | Subsequent Event
Subsequent Event [Line Items]
Warrants issued to purchase common stock			710,605
Common Stock Warrants | Securities Purchase Agreement | Mount Sinai | Subsequent Event
Subsequent Event [Line Items]
Warrants exercise price			$ 0.506
Common Stock Warrants | Securities Purchase Agreement | Mount Sinai | Maximum | Subsequent Event
Subsequent Event [Line Items]
Warrants issued to purchase common stock			914,148

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