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FRMO Corp. Announces First Quarter 2020 Financial Results and Conference Call
FRMO Corp. Announces First Quarter 2020 Financial Results and Conference Call.
About this update from Frmo Corp.
[{"type":"text","content":"\nFRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for the 2020 first quarter, which ended August 31, 2019 (May fiscal year).\n\n\nFinancial Highlights\n\n\nFRMO’s book value as of August 31, 2019 was $172.5 million ($3.92 per share on a fully diluted basis), including $45.2 million of non-controlling interests. The figure from the prior fiscal year-end as of May 31, 2019 was $175.0 million ($3.98 per share), including $48.6 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $115.9 million as of August 31, 2019, and $118.3 million as of May 31, 2019. Total liabilities were $16.7 million as of August 31, 2019, unchanged from $16.7 million as of May 31, 2019, comprised primarily of securities sold, not yet purchased and deferred taxes.\n\n\nFRMO’s net (loss) income attributable to the Company for the three months ended August 31, 2019 was $(218,862) (($0.00) per share basic and diluted) compared to $3,211,123 ($0.07 per share) for the quarter ended August 31, 2018.\n\n\nFor the first quarter of 2020, comprehensive (loss) income attributable to the Company was $(218,862) compared to $3,211,123 in the prior year.\n\n\nFRMO’s net (loss) income attributable to the Company excluding the effect of unrealized gain (loss) from equity securities net of taxes for the three months ended August 31, 2019 was $(45,884) (($0.00) per diluted share) compared to $3,215,997 ($0.07 per share) for the three months ended August 31, 2018. Net (loss) income attributable to the Company excluding the effect of unrealized gains (losses) from equity securities net of taxes is a measure not based on GAAP and is defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” at the end of this release.\n\n\nAs of August 31, 2019 and May 31, 2019, the Company held a 17.34% and 15.49% equity interest in Horizon Kinetics Hard Assets LLC (“HKHA”), a company formed by Horizon Kinetics LLC and certain officers, principal stockholders and directors of FRMO Corp.(“the Company”). Due to the common control and ownership between HKHA and the Company’s principal stockholders and directors, HKHA has been consolidated wi...