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Appulse Corporation — Management Reports 2025
May 27, 2025
45175_rns_2025-05-27_d912ca4d-1880-4fa9-a92d-9f3f2f4f0d66.pdf
Management Reports
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Appulse Corporation
Three Months Ended March 31, 2025
Interim MD&A – Quarterly Highlights
May 26, 2025
The operating structure of Appulse Corporation (“Appulse” or the “Corporation”) was unchanged during the first quarter of 2025 and to the date of this report. During the period, management and the Board of Directors continued to identify and analyze potential investment alternatives, while maintaining a conservative administrative cost base for the Corporation. With a strong cash position and a public structure, the Corporation would provide an efficient direct access to the public market for an appropriate established and growth-oriented business. Investigation and review of investment opportunities will continue with the goal of maximizing value to all shareholders.
The financial position and operating results of Appulse reflect the Corporation’s structure following the November 1, 2023 sale of its wholly-owned subsidiary, Centrifuges Unlimited Inc. (“CUI”). Information related to the sale of CUI have been published on SEDAR+ under the profile of Appulse corporation (“APL”) at www.sedarplus.ca.
The Corporation recorded a loss for the three months ending March 31, 2025 of $23,000, comprised of administrative costs net of interest revenue of $41,000. Comparative figures for the same three-month period of 2024 reflected a loss of $51,000, comprised of administrative costs net of interest revenue of $113,000. Maintaining modest levels of operating costs will support the Corporation’s ability to fully evaluate alternative courses of investment.
Appulse maintains a strong financial position with total equity of $4,064,000. At March 31, 2025, total assets of $4,100,000 was comprised primarily of GIC investments of $3,260,000 and an escrow receivable of $782,000 related to the terms of the sale of CUI.
At the time of writing, management looks forward to further discussions related to potential investment opportunities.
Additional information relating to Appulse Corporation can be accessed on the SEDAR + profile of Appulse at www.sedarplus.ca