Heart Test Labs amends loan; extends FRV note to Sep 2024, reduces 2023 debt payments by $1.2M

HeartSciences Inc.

Amendment No. 4 to Loan and Security Agreement dated Jan 24, 2023 with lenders FRV and John Q. Adams.
FRV note (original $500k) maturity extended to Sept 30, 2024; all principal and accrued interest due then.
JQA note (original $500k): accrued interest from June 28, 2022 due Sept 30, 2023; principal and later interest due March 31, 2024.
Company states amendment reduces 2023 debt and accrued interest repayment obligations by $1.2 million.
Company also releases all claims against lenders under the agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HeartSciences Inc. amended Amendment No. 4 with Front Range Ventures LLC and John Q. Adams valued at $1.2 million (effective 2023-01-24).

Action: amendment
Agreement: credit facility
Counterparty: Front Range Ventures LLC and John Q. Adams
Value: $1.2 million
Effective: 2023-01-24

Exact text from the filing

On January 24, 2023, Heart Test Laboratories, Inc. (the “Company”) entered into Amendment No. 4 (the “Amendment”) to the Loan and Security Agreement dated April 24, 2020 (the “Agreement”) by and among the Company, Front Range Ventures LLC (“FRV”) and John Q. Adams (“Adams”) which was previously amended on September 30, 2021, November 3, 2021 and May 24, 2022.

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HeartSciences Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-001100

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