Business
FRMO Corp. Announces Fiscal 2022 First Quarter Results and Conference Call
FRMO Corp. Announces Fiscal 2022 First Quarter 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 2022 first quarter ended August 31, 2021.\n\nFinancial Highlights\n\nFRMO’s book value as of August 31, 2021 was $293.5 million ($6.67 per share on a fully diluted basis), including $114.4 million of non-controlling interests. This compares with book value at the prior fiscal year ended May 31, 2021 of $298.9 million ($6.79 per share), including $121.0 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $202.1 million as of August 31, 2021, and $208.9 million as of May 31, 2021. Total liabilities were $29.6 million as of August 31, 2021, and $29.9 million as of May 31, 2021, comprised primarily of securities sold, not yet purchased and deferred taxes.\n\nFRMO’s net income attributable to the Company for the quarter ended August 31, 2021 rose to $960,717, or $0.02 per share, compared to $182,241, or $0.00 per share, a year earlier.\n\nFRMO’s net income attributable to the Company excluding the effect of unrealized gain from equity securities net of taxes for the three months ended August 31, 2021 was $1,303,002 ($0.03 per diluted share) compared to $2,229,447 (0.05 per diluted share) for the three months ended August 31, 2020.\n\nNet income attributable to the Company excluding the effect of unrealized loss 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\nValuation of securities and cryptocurrencies are subject to change after August 31, 2021. The market value of several securities and cryptocurrencies might have changed substantially since that date. We look forward to finding new ways to expand our cryptocurrency mining operations.\n\nAs of August 31, 2021 and May 31, 2021, the Company held a 21.98% and 22.02% 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 dir...