Business
Fernhill Corp is Pleased to Provide the Following Corporate Updates:
Fernhill Corp is Pleased to Provide the Following Corporate Updates:.
About this update from Fernhill Corp.
[{"type":"text","content":"Fernhill Corp (OTC Markets:FERN), a FinTech software firm focused on providing Web3 Cloud Based Enterprise Infrastructure solutions and APIs for digital asset trading, NFT marketplaces and data aggregation solutions, is providing this corporate update that highlights several items from our recently filed quarterly report:.A reduction of over $550,000 in debt: While Fernhill continues to work towards accomplishing its stated goal of uplisting to a senior exchange, part of the preparation process includes working to improve the Financial statements of the Company, in particular the Balance Sheet and Shareholder’s Equity. To that end, Fernhill is pleased to announce a reduction of over $550,000 in Debt from its books in the 2nd Quarter of 2023. This follows a more than $500,000 debt reduction from the 4th Quarter of 2022, for a combined $1.1 million reduction over the past 8 months. “As we work on solidifying our foundation and shoring up our balance sheet, this latest move is part of our continued debt reduction and equity optimization plan, \" said Fernhill President, Marc Lasky. “Although things may seem quiet at times for Fernhill Corp, behind the scenes there's always a lot going on. We have been working very hard over the past several months in terms of preparation, and we are determined, as always, to do what’s best for Fernhill Corp and for our shareholders.”Net Income and Shareholders Equity: The Company’s continued efforts towards cost containment and debt reductions that took place during the quarter ending June 30, 2023, resulted in improvements in the net income and shareholders equity. Net income increased approximately 120% year over year from a net loss of ($555,039) for the quarter ending June 30, 2022 versus net income of $108,747 for the quarter ending June 30, 2023. For the quarter ending June 30, 2022, shareholders equity increased approximately 2% year over year from the corresponding second quarter of 2022, and increased approximately 4% quarter over quarter from the first quarter of 2023.Preferred A Stock Conversion Rights Amended. The Company’s Series A Preferred Stock has recently been amended to reduce the conversion rights of the holder. Currently, there are 1,000,000 shares of Series A Preferred stock issued and outstanding. The conversion rights have been reduced from 1 preferred share converting into ...