Item 1.01 Entry into a Material Definitive Agreement.

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. Pursuant to the Agreement, a secured promissory note in the original principal amount of $500,000 was issued to FRV (the "FRV Note") and a secured promissory note in the original principal amount of $500,000 was issued to Adams (the "Adams Note").

The Amendment (i) further extends 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) amends the dates on which principal and accrued interest will be due under the Adams Note such that interest accrued since June 28, 2022 (the date on which the Company previously paid accrued interest in the amount of $126,545.65) will be due and payable on September 30, 2023, and the principal amount together with all interest accrued after September 30, 2023 will be due and payable on March 31, 2024. The Amendment will reduce debt and accrued interest repayment obligations in the calendar year 2023 by $1.2 million. The Company will issue an amended and restated FRV Note to FRV and an amended and restated Adams Note to Adams, each of which will reflect the terms of the Amendment.

FRV and Adams are both shareholders of the Company, and Adams was a director of the Company at the time the Agreement was originally executed. Further, the Company and FRV are parties to an agreement pursuant to which FRV is entitled to appoint a member of the Company's board of directors and a board observer so long as it holds at least 71,000 shares of the Company's Series C Convertible Preferred Stock.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit
No.       Description
10.1        Amendment No. 4 to Loan and Security Agreement

104       Cover Page Interactive Data File. (Embedded within the Inline XBRL
          document.)

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