Business
FRMO Corp. Announces Fiscal 2024 First Quarter Results and Conference Call
FRMO Corp. Announces Fiscal 2024 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 2024 first quarter ended August 31, 2023.\n\n\nFinancial Highlights\n\n\nFRMO’s total book value as of August 31, 2023 was $364.6 million ($8.28 per share on a fully diluted basis), including $163.0 million of non-controlling interests. Excluding the non-controlling interests, book value was $201.6 million ($4.58 per share). This compares with total book value at the prior fiscal year end on May 31, 2023 of $284.1 million ($6.45 per share), including $114.8 million of non-controlling interests. Excluding the non-controlling interests, book value was $169.2 million ($3.85 per share).\n\n\nCurrent assets, comprised primarily of cash and equivalents and equity securities, amounted to $269.4 million as of August 31, 2023, and $201.3 million as of May 31, 2023. Total liabilities were $27.1 million as of August 31, 2023, and $19.4 million as of May 31, 2023, comprised primarily of securities sold, not yet purchased, and deferred taxes.\n\n\nFRMO’s net income attributable to the Company for the quarter ended August 31, 2023 rose to $32,329,985 ($0.73 per diluted share) compared to $7,478,672 ($0.17 per diluted share) a year earlier. The equity security investment that accounts for the significant net income increase is identified as Investment A in Note 4 of the Interim Condensed Consolidated Financial Statements under Investment Concentration.\n\n\nNet income attributable to the Company excluding the effect of unrealized gain from equity securities net of taxes for the three months ended August 31, 2023 was $14,239,683 ($0.32 per diluted share) compared to $97,166 ($0.00 per diluted share) for the three months ended August 31, 2022.\n\n\nNet income attributable to the Company excluding the effect of unrealized gain 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\nValuation of securities and cryptocurrencies are subject to change after August 31, 2023. 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 cryptocurre...