Pulse International remains a money pit, though perhaps with the firm under the new management (though not explicit ownership) of boutique private equity firm EQ Capital the company may at last find a path to profit.Or at least Pulse was a money pit: it's hard to say, since Pulse only filed its June 2006 financial statements with ASIC a few weeks ago. This is more than 15 months after the end of the period to which they relate and ten months after the date the directors and auditors signed the accounts.Still, those 2006 financial statements for Pulse show the niche payments provider incurred a loss of $7.5 million, down from a loss of $8.5 million in 2005. Revenue increased 19 per cent to $30 million in the year.Accumulated losses are now $39 million and the company has negative net assets of $25 million according to the balance sheet. Unsurprisingly the company's auditors expressed an "inherent uncertainty" as to the viability of Pulse.Other business data quoted in the review (while now out of date) include an automatic teller machine fleet of 2103 at June 2006 through 25 deployers, the largest of which, Transact, was owned by Pulse's shareholders. Pulse also had 550 point of sale merchants (which had increased to 687 merchants at the date of the report).EQ Capital took management control of Pulse in September last year, with about half EQ's senior team taking management positions at the company.