Document:

EX-10.7

 Exhibit 10.7 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW AND MAY NOT BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR PAYOR SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND
UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 
 UNSECURED DRAWDOWN CONVERTIBLE PROMISSORY NOTE

  

			
	UP TO $130,000	  	Issuance Date: August 12, 2019

 FOR VALUE RECEIVED, the undersigned, Heart Test Laboratories, Inc. D/B/A HeartSciences, a Texas
corporation (the “Company” or “Payor”), hereby promises to pay to the order of Front Range Ventures LLC, a Wyoming limited liability company, or its assigns (“Holder”), the outstanding principal
balance of the borrowings set forth on the last entry on the Schedule attached hereto (the “Loan Amount”) at such place as the Holder may designate in writing to Payor. 

1. Borrowings. 
 (a)
Borrowings under this Note shall be used to pay the monthly retainer fee and expenses of David Kasnic (“Kasnic”) incurred with respect to the Company. Borrowings shall occur, as necessary, the intent being that the Company will pay
Kasnic’s monthly retainer in advance of each month and Kasnic’s expenses upon submission. Borrowings under this Note may not be used for any other purpose than payment of retainer and expenses of Kasnic (including those incurred by the
Company prior to the date of this Note in the amount of $45,571.63). 
 (b) Holder will enter on the Schedule the amount of each borrowing by
Payor, the date on which each such borrowing occurred, and the outstanding Loan Amount as a result of each such borrowing. Payor hereby authorizes Holder to make such entries and agrees that those entries and the outstanding Loan Amount as shown on
the Schedule will constitute conclusive evidence of all borrowings, the dates thereof, and of the outstanding Loan Amount due under this Note. 

2. Maturity & Interest. 

(a) The Loan Amount shall be due and payable 20 days after the Company’s MyoVista device is cleared or approved by the U.S. Food and Drug
Administration (the “FDA”) (“Maturity”). Payor may repay the Loan Amount at any time, provided Payor has first provided Holder written notice at least 20 days before payment and such repayment is for the entire Loan
Amount. 
 (b) The Loan Amount shall not accrue interest. 

3. Conversion. Either the Payor or Holder may elect to have the Loan Amount converted into the Company’s Series C Convertible
Preferred Stock upon written notice to the other. Conversion shall otherwise occur upon Maturity. The conversion price shall be the lowest price per share paid for the Company’s Series C Convertible Preferred Stock. 

 4. Parties in Interest, Transferability. This Note shall be binding upon Payor and
its successors and assigns and the terms hereof shall inure to the benefit of Holder and its successors and permitted assigns. 
 5.
Expenses. Payor shall pay, on demand, all expenses of collecting and enforcing this Note, including, without limitation, reasonable attorney fees. 

6. Amendments. This Note may not be modified or amended in any manner except in writing executed by Payor and Holder. 

7. Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing
and shall be effective (a) upon hand delivery by telecopy or facsimile at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), by email transmission at the
address specified below, or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of
mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. 
  

			
	Address of Holder:	  	Front Range Ventures LLC
		  	P.O. Box 1678
		  	Laramie, WY 82073
		
		  	With copy to:
		  	Bohemian Asset Management
		  	262 E. Mountain Ave.
		  	Fort Collins, CO 80524
		
	Address of the Payor:	  	Heart Test Laboratories, Inc.
		  	550 Reserve Street, Suite 360
		  	Southlake, Texas 76072
		  	Attn: Chief Executive Officer

 8. Governing Law. This Note shall be governed by and construed in accordance with the laws of the
State of Colorado, without giving effect to the choice of law provisions. This Note shall not be interpreted or construed with any presumption against the party causing this Note to be drafted. 

9. Headings. Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not
constitute a part of this Note for any other purpose. 

  
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 10. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.
The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific performance and/or other injunctive relief), no remedy
contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit a Holder’s right to pursue actual damages for any failure by Payor to comply with the terms of this Note.
Amounts set forth or provided for herein with respect to payments and the like (and the computation thereof) shall be the amounts to be received by Holder and shall not, except as expressly provided herein, be subject to any other obligation of
Payor (or the performance thereof). Payor acknowledges that a breach by it of its obligations hereunder will cause irreparable and material harm to Holder and that the remedy at law for any such breach may be inadequate. Therefore Payor agrees that,
in the event of any such breach or threatened breach, Holder shall be entitled, in addition to all other available rights and remedies, at law or in equity, to seek and obtain such equitable relief, including but not limited to an injunction
restraining any such breach or threatened breach, without the necessity of showing economic loss and without any bond or other security being required. 

11. Failure or Indulgence Not Waiver. No failure or delay on the part of Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. 

12. Binding Effect. The obligations of Payor and Holder set forth herein shall be binding upon the successors and assigns of each such
party, whether or not such successors or assigns are permitted by the terms hereof. Holder may assign any or all if its rights, titles and interests in, to or under this Note to any person or entity upon written notice to Payor. 

13. Severability. The provisions of this Note are severable, and if any provision shall be held invalid or unenforceable in whole or in
part in any jurisdiction, then such invalidity or unenforceability shall not in any manner affect such provision in any other jurisdiction or any other provision of this Note in any jurisdiction. 

14. Payor Waivers. Except as otherwise specifically provided herein, Payor and all others that may become liable for all or any part of
the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to
any number of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to any such persons and without affecting their liability herein and do further consent to the release of
any person liable hereon, all without affecting the liability of the other persons, firms or Payor liable for the payment of this Note. No delay or omission on the part of Holder in exercising its rights under this Note, or course of conduct
relating hereto, shall operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by Holder of any such right or rights on any one occasion be deemed a waiver of the same right or rights on any future occasion. 

  
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 IN WITNESS WHEREOF, Payor and Holder have executed and delivered this Note
as of the date first written above. 
  

			
	HEART TEST LABORATORIES, INC.
	(Payor)
		
	By:	 	 /s/ Andrew Simpson

	Name:	 	Andrew Simpson
	Title:	 	Chairman
	
	FRONT RANGE VENTURES LLC
	(Holder).
		
	By:	 	 /s/ Loren J. Richards

	Name:	 	Loren J. Richards
	Title:	 	FWTB Trust Officer

  
 4EX-10.8

 Exhibit 10.8 

HEART TEST LABORATORIES, INC. 

LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT (“Agreement”) is made as of April __ , 2020 (the “Effective
Date”) by and between Heart Test Laboratories, Inc. d/b/a Heart Sciences, a Texas corporation (the “Company”), Front Range Ventures LLC, a Wyoming limited liability company, or its assigns
(“FRV”), and John Q. Adams, a Texas resident, or his assigns (“JQA”) (FRV and JQA each a “Lender” and together the “Lenders”). 

RECITAL: 
 To provide the
Company with additional resources to conduct its business, each Lender is willing to lend the Company the principal amount of Five Hundred Thousand Dollars ($500,000) (together, the “Principal Amount” and individually, as to
each Lender’s respective contribution, the “Lender Amount”), subject to the terms and conditions specified herein. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the Company and Lenders, intending to be legally bound, hereby agree as follows: 

 

	 	1.	 AMOUNT AND DISBURSEMENTS 

1.1. Amount. Subject to the terms and conditions of this Agreement, the Company shall borrow from each Lender such Lender’s
Lender Amount, against the issuance and delivery by the Company of a secured promissory note to such Lender in the amount of the Lender Amount, in the form attached hereto as Exhibit A and incorporated herein (the
“Notes”). 
 1.2. Disbursements. The Notes shall provide for a series of loans to be made by the
Lenders to the Company. The Principal Amount will be disbursed in three installments: (a) $300,000 will be disbursed upon execution of this Agreement and the Notes; (2) $350,000 will be disbursed on or about July 2, 2020; and (3) $350,000 will
be disbursed on or about September 4, 2020. 
  

	 	2.	 INTEREST AND FEES. 

 

	 	2.1.	 Interest. 

(a) Interest will accrue on the outstanding Principal Amount at the rate of twelve percent (12%) per annum, compounded annually
(“Accrued Interest”). The Company shall pay all Accrued Interest on the “Maturity Date” (as defined in Section 3.1). 

(b) The Company will also pay interest at the rate of 18% per annum, compounded annually, on any amount owing under this Agreement or the Notes
(collectively, the “Transaction Agreements”) that is not paid when due from the due date thereof until the amount is paid (“Default Interest”). Default Interest will be payable on demand. 

 (c) Interest, in item (b) above, will accrue from day to day and will be calculated on
the basis of the actual number of days elapsed. 
 2.2. Maximum Rate. Notwithstanding any other provision of this Agreement,
interest shall not exceed the maximum rate permitted by law; and if any amount is paid as interest in excess of such maximum rate, then the amount so paid will not constitute interest but will constitute a payment on account of the outstanding
Principal Amount of the Notes, and which will be allocated in proportion to the outstanding Lender Amounts. 
  

	 	3.	 MATURITY DATE 

3.1. Maturity Date. The outstanding Principal Amount, together with all Accrued Interest thereon, shall be due and payable on
September 30, 2021 (the “Maturity Date”). All payments and other charges due under the Transaction Agreements shall be made in lawful currency of the United States of America. 

 

	 	4.	 THE CLOSING 

4.1. Closing Date. The closing of the Loan (the “Closing”) shall be held as of the date hereof (the
“Closing Date”). 
 4.2. Delivery. At the Closing (i) the Company shall execute and deliver to
each Lender an executed counterpart of this Agreement and the Notes and (ii) each Lender shall execute and deliver to the Company an executed counterpart of this Agreement. The executed Transaction Agreements shall be delivered to the Lenders
at the addresses for each respective Lender indicated on the signature pages of this Agreement. 
 5.
    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY 
 As of the Effective Date, the Company hereby
represents and warrants to each Lender as follows: 
 5.1. Organization, Good Standing and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of Texas. The Company has the requisite corporate power to own, lease and operate its properties and assets and to carry on its business as now conducted
and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased)
makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business. 

5.2. Power. The Company has and will have at the Closing all requisite power to execute and deliver the Transaction Agreements,
and to carry out and perform its obligations under the terms of this Agreement and under the terms of the other Transaction Agreements. 

  
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 5.3. Authorization. All corporate action on the part of the Company, its
directors and its shareholders necessary for the authorization, execution, delivery by the Company of the Transaction Agreements and the performance of the Company’s obligations hereunder and thereunder, including the issuance and delivery of
the Note, has been taken or will be taken. This Agreement and the other Transaction Agreements, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company enforceable in accordance with their terms,
(a) subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors, (b) with respect to rights to indemnity, subject to federal and state securities laws, and (c) subject to general principles of
equity that restrict the availability of equitable remedies. 
 5.4. Title to Properties and Assets; Liens, Etc. The Company
has good and marketable title to, valid leasehold interests in, or personal property rights to the Company’s properties and assets, including the properties and assets currently used in its business, in each case subject to no Lien other than
(i) the Lien of current taxes not yet due and payable, (b) Liens created in connection with the transactions contemplated hereby (c) Liens and encumbrances which do not materially detract from the value subject thereto or materially
adversely affect the Company or its business as conducted and proposed to be conducted, and (d) the existing security interest granted in the Company assets to Guangren “Gary” Chen pursuant to that certain Security Agreement and
Pledge between Chen and Debtor dated as of March 14, 2014. For the purposes hereof, the term “Lien” shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other
encumbrance in, of, or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional sale agreement, capital lease or other title retention agreement, or any agreement to provide any
of the foregoing, and the filing of any financing statement or similar instrument under the Uniform Commercial Code or comparable law of any jurisdiction. All facilities, machinery, equipment, fixtures, vehicles and other properties owned, leased or
used by the Company are in good operating condition and repair and are reasonably fit and usable for the purposes for which they are being used. 

5.5. Intellectual Property. The Company owns or possesses sufficient legal rights to all patents, trademarks, service marks,
trade names, copyrights, trade secrets, licenses, information and other proprietary rights and processes, and any applications for such that are in the process of being prepared, necessary for its business as now conducted and as presently proposed
to be conducted (the “Company Intellectual Property”), and, to the Company’s knowledge, without any infringement of the rights of others. 

5.6. Compliance with Laws; Permits. The Company is not in violation of any applicable statute, rule, regulation, order or
restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership or operation of its properties, the violation of which would materially and adversely affect the
business, assets, liabilities, financial condition, operations or prospects of the Company. The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business as now being conducted by it, the lack
of which could materially and adversely affect the business, properties or financial condition of the Company and believes it can obtain, without undue burden or expense, any similar authority for the conduct of its business as presently proposed to
be conducted. 

  
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 5.7. Compliance with Other Instruments. The Company is not in violation or
default of any term of, and the execution and delivery by the Company of the Transaction Agreements will not result in any violation or default with respect to, its articles of incorporation or bylaws, or of any provision of any mortgage, indenture
or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would not have a material adverse effect on the Company. The execution, delivery and performance of this
Agreement and the other Transaction Agreements, and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with, give rise to any acceleration or right to accelerate, or
constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any Lien upon any assets of the Company or the
suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the
Company has obtained all waivers reasonably necessary with respect to any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights, in order for the Company to
consummate the transactions contemplated hereunder without any third party obtaining any rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated hereunder. 

5.8. Litigation. There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge. 

5.9. Offering. The offer, issue, and sale of the Notes is and will be exempt from the registration and prospectus delivery
requirements of the Securities Act of 1933, as amended (the “Act”), and has been registered or qualified (or is exempt from registration and qualification) under the registration, permit, or qualification requirements of all
applicable state securities laws and regulations. 
 5.10. Covenants. Until the repayment in full of all amounts due under the
Transaction Agreements, the Company covenants and agrees as follows: 
 (a) The Company shall not undertake any disposition of material
assets without the prior written consent of the Lenders; and 
 (b) The Company shall not pledge, encumber or grant any additional security
interest in any assets of the Company or any of its subsidiaries to any third party without the consent of the Lenders, excluding the pledge of assets pursuant to this Agreement and the Note. 

 

	 	6.	 SECURITY AGREEMENT 

6.1. As collateral security for the full, prompt, complete and final payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of all of the Company’s obligations under the Transaction Agreements and in order to induce the Lenders to make the loans contemplated hereunder, the Company hereby assigns, conveys, mortgages, pledges, hypothecates
and transfers to the Lenders a security interest in all of the Company’s right, title and interest in, to and under all of the following property and assets, wherever located, whether now owned or hereafter acquired or arising, and all
proceeds, products, accessions, additions, substitutions, rents, profits and replacements thereof, including, without limitation, all Inventory, Equipment, Fixtures, Goods, Accounts, account receivables, contract rights, Commercial Tort

  
 4 

 
Claims, chattel paper (tangible and electronic), Deposit Accounts, Documents, General Intangibles, payment intangibles, Software, Instruments, Promissory Notes, Investment Property, Letter-of-Credit Rights and letters-of-credit, and Supporting obligations, intellectual
property (including, and without limitation, patents, patent applications, copyrights, trademarks and trade secrets), license rights, distribution rights, and rights to sue for infringement of General Intangible or intellectual property rights (all
of which being collectively referred to herein as the “Collateral”). 
 6.2. The Company, on behalf of the Lenders, will
file any financing statement or continuation statement (including “in lieu” continuation statements) necessary to perfect Lenders’ security interest in the Collateral. 

6.3. At any time and from time to time, upon the written request of the Lenders, and at the sole expense of the Company, the Company
shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Lenders may reasonably deem necessary or desirable to perfect and continue perfected or better perfect the
Lenders’ liens in the Collateral. 
 6.4. The Lenders acknowledge that a security interest in the Collateral described in this
Section 6 has been granted to Guangren “Gary” Chen pursuant to that certain Security Agreement and Pledge between Chen and Debtor dated as of March 14, 2014 (the “Chen Agreement”). The Company represents and warrants
that, except for the security interest granted hereunder and the security interest granted under the Chen Agreement, the Company is the sole legal and equitable owner of each item of the Collateral in which it purports to grant a security interest
hereunder. No other security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Collateral exists, except such as shall be filed in favor of the Lenders pursuant to the
Transaction Agreements or has been filed pursuant to the Chen Agreement. The foregoing representations and warranties are true and accurate as of the date hereof and shall be true and accurate for so long as any amount payable under the Transaction
Agreements remains outstanding. 
 6.5. The Company has not received any written, or to its knowledge, oral communications alleging
that the Company has violated or, by conducting its business as proposed, would violate any of the trademarks, service marks, trade names, patents, copyrights or trade secrets or other proprietary rights of any other person or entity. The foregoing
representations and warranties are true and accurate as of the date hereof and shall be true and accurate for so long as any amount payable under the Transaction Agreements remains outstanding. 

6.6. Lenders may exercise, in addition to and not in lieu of all other rights and remedies granted to it hereunder and under the Notes,
all rights and remedies of a secured party under the law, including the Uniform Commercial Code in effect in any and all jurisdictions where UCC-1s are filed to perfect the Lenders’ security interest (the
“UCC”). The Lenders shall not have any obligation or liability hereunder with respect to the Collateral. 
 6.7. For
so long as payment obligations under the Transaction Agreements remain outstanding, the Company (i) shall not sell, lease, transfer, hypothecate, or otherwise dispose of or encumber any of the Collateral; (ii) shall not change the
Company’s jurisdiction of organization without at least seven (7) days prior written notice to the Lenders; and (iii) shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and
take such other action as is necessary to remove, any lien on the Collateral except the lien granted to the Lenders under the Transaction Agreements and the lien granted under Chen Agreement. 

  
 5 

	 	7.	 MISCELLANEOUS 

7.1. Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement. 
 7.2. Successors and Assigns. The rights and obligations of the Company and the Lenders shall be
binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. All obligations of the Company hereunder shall survive the Closing. 

7.3. Assignment by the Company. The rights, interests or obligations hereunder may not be assigned, by operation of law or
otherwise, in whole or in part, by the Company without the prior written consent of the Requisite Lenders, which may be withheld in such Lenders’ sole and absolute discretion. 

7.4. Severability of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

7.5. Governing Law. This Agreement shall be governed by and construed under the laws of the State of Texas as applied to
agreements among Texas residents, made and to be performed entirely within the State of Texas, without giving effect to conflicts of laws principles. 

7.6. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Facsimile signatures shall be binding as original signatures. 
 7.7.
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

7.8. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, within the United States, (c) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, within the United States, or (d) upon actual delivery if mailed or otherwise delivered in hard copy outside the Unites States. All
communications shall be sent to the Company and to Lenders at the address(es) set forth on the signature page hereto or at such other address(es) as the Company or Lenders may designate by ten (10) days’ advance written notice to the other
parties hereto. 
 7.9. Further Assurances. The Company agrees at any time and from time to time at its expense, upon request
of a Lender, to promptly execute, deliver, or obtain or cause to be executed, delivered or obtained any and all further instruments and documents and to take or cause to be taken all such other action as a Lender may deem reasonably desirable in
obtaining the full benefits of, or in preserving the liens and/or security interests of, the Transaction Agreements. 

  
 6 

 7.10. Survival. All representations, warranties, covenants and agreements made
by the Company in connection herewith shall survive the disbursement of the loans, the execution and delivery of this Agreement and the Notes. 

7.11. Modification; Waiver. No modification or waiver of any provision of this Agreement or consent to departure therefrom shall
be effective unless agreed to in writing by the Company and each Lender. 
 7.12. Delays or Omissions. It is agreed that no
delay or omission to exercise any right, power or remedy accruing to Lenders, upon any breach or default of the Company under this Agreement or any other Transaction Agreement, shall impair any such right, power or remedy, nor shall it be construed
to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by Lenders of any breach or default under this Agreement, or any waiver by Lenders of any provisions or conditions of
this Agreement must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded to the Lenders, shall be cumulative and not
alternative. 
 7.13. Entire Agreement. This Agreement together with the other Transaction Agreements constitute and contain
the entire agreement among the Company and Lenders and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the subject matter hereof. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 In Witness Whereof, the parties have executed this Loan and Security Agreement
as of the date first written above. 
 COMPANY: 

Heart Test Laboratories, Inc. d/b/a Heart Sciences, 
 a
Texas corporation 
  

			
	By:	 	 /s/ Andrew Simpson

	Name:	 	 Andrew Simpson

	Title:	 	 Chairman

 Company Address: 
 550
Reserve Street, Suite 360 
 Southlake, TX 76092 

LENDERS: 
 Front Range Ventures, LLC 

a Wyoming limited liability company 
 By: L. Lee
Stryker Irrevocable Trust U/A/D 09/10/74 
 Its: Sole Member 

By: First Western Trust Its: Trustee 
  

					
		 	         /s/ Loren J. Richards
	 	
		 	Loren J. Richards, Trust Officer	 	

 Mailing Address: 

PO Box 1628 
 Laramie, WY 82073

  

	
	             /s/ John Q. Adams Sr.

	John Q. Adams Sr.

 Mailing Address: 
 2350 Airport
Freeway, Suite 1600 
 Bedford, TX 76022 

  
 Loan & Security
Agreement – Signature Pages

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