Appulse Corporation Reports Financial Results for Q1 2024

CALGARY, AB / ACCESSWIRE / May 22, 2024 / Appulse Corporation ("Appulse" or "the Corporation") announced its financial results for the three months ended March 31, 2024. The Corporation underwent a significant change in its operating structure after the sale of its wholly-owned subsidiary, Centrifuges Unlimited Inc. ("CUI"), to GEA Canada Inc. on November 1, 2023.

From the $10.1 million received in the sale, $750,000 remains in escrow to support indemnities. The Corporation cleared its outstanding bank obligations and placed the remaining funds in interest-yielding investments, contributing $112,775 to its Q1 2024 interest revenue. Operating costs for the quarter included administrative expenses and a tax adjustment.

For Q1 2024, Appulse reported a net loss of $51,300 (zero per share), compared to a net income of $43,800 (zero per share) in Q1 2023. As of March 31, 2024, total assets were $8,489,000 and total liabilities were $155,000, resulting in a net equity balance of $8,334,000.

On May 14, 2024, the Board of Directors declared a dividend of $0.15 per common share, payable on June 7, 2024. The Corporation continues to seek investment opportunities to maximize shareholder value.