Exhibit 99.1

HEART TEST LABORATORIES, INC. D/B/A HEARTSCIENCES
Balance Sheet
Unaudited
					Pro Forma			Note	As Adjusted
		October 31,			Adjustments			Reference	October 31,
		2023							2023
	ASSETS
	CURRENT ASSETS:
	Cash and cash equivalents	$	100,144		$	9,340,209		(1)	$	9,440,353
	Accounts receivable		3,900			—				3,900
	Inventory, net		674,839			—				674,839
	Prepaid expenses		368,803			—				368,803
	Other current assets		40,374			—				40,374
	Deferred offering costs		624,171			(131,684	)	(1)		492,487
	Total current assets		1,812,231			9,208,525				11,020,756
	Property and equipment, net		53,316			—				53,316
	Acquired Intangible asset, net		—			1,528,430		(3)		1,528,430
	Right-of-use assets, net		502,831			—				502,831
	TOTAL ASSETS	$	2,368,378		$	10,736,955			$	13,105,333
	LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
	CURRENT LIABILITIES
	Accounts payable	$	1,088,297		$	(102,125	)	(2)	$	986,172
	Accrued expenses		772,670			(85,000	)	(4)		687,670
	Operating lease liabilities		94,463			—				94,463
	Current portion of notes payable net of amortization		1,417,125			(917,125	)	(4) (5)		500,000
	Other current liabilities		158,620			—				158,620
	Total current liabilities		3,531,175			(1,104,250	)			2,426,925
	LONG-TERM LIABILITIES
	Operating lease liabilities, long-term		486,885			—				486,885
	Total long-term liabilities		486,885			—				486,885
	TOTAL LIABILITIES		4,018,060			(1,104,250	)			2,913,810
	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			—				380
	Common stock, $0.001 par value, 500,000,000shares 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			52,398		(1) (3) (4) (5)		63,611
	Additional paid-in capital		62,211,156			11,714,803		(1) (2) (3) (4) (5)		73,925,959
	Accumulated deficit		(63,872,431	)		74,004		(2)		(63,798,427	)
	TOTAL STOCKHOLDERS (DEFICIT) EQUITY		(1,649,682	)		11,841,205				10,191,523
	TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY	$	2,368,378		$	10,736,955			$	13,105,333
	Notes to the ProForma Balance Sheet:
	This Pro Forma Balance Sheet reflects the Heart Test Laboratories, Inc (HSCS) Balance Sheet as reported in the Company's 10-Q for the quarter ended October 31, 2023, filed with the Securities and Exchange Commission on December 14, 2023, adjusted to reflect the subsequent events after the balance sheet date of October 31, 2023 through the date of filing, as set out in Note 9 of the 10-Q as described below:
	(1) The sale of 586,833 shares of Common Stock under the Equity Line and the sale of 40,175,218 shares of Common Stock under the ATM Facility receiving total gross proceeds of $9.8 million and net proceeds of approximately $9.2 million net of commissions fees and deferred offering costs.

Exhibit 99.1

(2) The issuances of warrants to purchase up to 240,000 shares of common stock, at an exercise price of $0.17 per share, to a consultant of the Company as consideration for services rendered.

(3) The issuance to Mount Sinai of 4,854,853 shares of common stock, 710,605 pre-funded warrants to purchase shares of common stock with an exercise price of $0.00001, and 914,148 warrants to purchase shares of common stock with an exercise price of $.5060, as consideration for the acquired rights to certain license agreements.

(4) The issuance to Mr. John Q. Adams of 3,656,288 shares of common stock in consideration for the conversion of principal and interest in the amounts of $585,006 due under the JQA Note.

(5) The issuance to Matthews Holdings Southwest, Inc. of 3,125,000 shares of common stock in consideration for the conversion of principal in the amount of $500,000 due under the MSW Note.