Pulsar Helium INC.
Pulsar Helium Inc. is a British Columbia, Canada-incorporated exploration company engaged in the identification, acquisition, exploration and, if warranted, development of helium exploration projects in the United States (the Topaz Project, Minnesota) and Greenland (the Tunu Project). The Company is pre-revenue, operates in a single reportable segment (exploration and evaluation of helium), and is listed on the TSX-V (PLSR), OTCQB (PSRHF) and, from October 18 2024, AIM.
FY2024 in sixty seconds
year to 30 Sept 2024 · approved 27 Jan 2025 · 35 pages · Company website
Pulsar Helium Inc. explores for helium in Minnesota, USA, and in Greenland. It does not sell anything yet, so it has no revenue. Its loss for the year to 30 September 2024 grew to $20.3m, from $2.3m the year before.
Much of the increase was not cash spent. The company has issued warrants, which are rights that let investors buy shares later at a set price. Their value is recalculated as the share price moves, and this added a cost of $8,824,439. Share awards to staff and advisers also added costs, as did fees for joining London's AIM market, which it did in October 2024.
In the year the company raised $8.5m by selling new shares. It has no borrowings and pays no dividend. Cash at the year end was $1.2m, the same as a year earlier, and what it owed exceeded what it owned by $3.0m. After the year end it raised £3,875,000 and $2,000,000. Management believes this is enough for the next twelve months, but the report warns that more money may be needed for its longer-term plans. The auditor signed off the accounts without reservation.
The Company does not pay dividends in order to maximize ongoing exploration efforts.
page 31October 18, 2024: common shares commenced trading on AIM (London Stock Exchange plc); concurrent fundraising of 15,500,000 shares at £0.25 for gross proceeds of £3,875,000, plus conversion of 4,500,000 Special Warrants (Cornerstone Investment); combined gross proceeds £5,000,000. Cash finder's fees £290,625, other issue costs £88,852; 1,000,000 shares and 1,612,500 warrants (£0.25, exp. Oct 2029) issued in connection with Fundraising; 440,000 shares and 500,000 warrants (£0.25, exp. Oct 2026) issued in connection with Admission. Listing fees of $933,542 were paid/accrued in the year ended Sept 30, 2024 in connection with Admission.
page 34Financial statements prepared on a going concern basis; working capital of $168,250 at Sept 30, 2024, supplemented by subsequent fundraisings of £3,875,000 and $2,000,000 which management believes provide sufficient resources for the next 12 months. Auditor Davidson & Company LLP (Vancouver; member of Nexia International) issued an unmodified/unqualified opinion that the consolidated financial statements present fairly, in all material respects, the Company's financial position as at Sept 30, 2024 and 2023 in accordance with IFRS Accounting Standards. Key Audit Matter: assessment of impairment indicators of Exploration and Evaluation Assets (carrying amount $359,373), given management judgment on intent/ability to continue exploration. Report signed by engagement partner Stephen Hawkshaw, dated January 27, 2025.
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Nothing to compare yet: that takes a second report, which prints the first year's figures again.