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FRMO Corp. Announces Results for Fiscal 2017
FRMO Corp. Announces Results for Fiscal 2017.
About this update from Frmo Corp.
[{"type":"text","content":"\n \n FRMO Corp. (the “Company” or “FRMO”) (OTC Pink:FRMO) today reported its \n financial results for the fiscal year 2017, which ended May 31, 2017.\n \n \n Financial Highlights\n \n \n FRMO’s 2017 book value as of May 31, 2017 was $114.2 million ($2.60 per \n share on a fully diluted basis), including $10.9 million of \n non-controlling interests. The figure from the prior fiscal year-end as \n of May 31, 2016 was $102.0 million ($2.33 per share) including $3.7 \n million of non-controlling interests. Current assets, comprised \n primarily of cash and equivalents and investments available for sale, \n amounted to $71.3 million as of May 31, 2017, and $62.8 million as of \n May 31, 2016. Total liabilities were $13.1 million as of May 31, 2017, \n compared to $12.9 million as of May 31, 2016, the majority of each being \n deferred taxes.\n \n \n FRMO’s 2017 net income (loss) for the fiscal year ended May 31, 2017 was \n $3,493,948 ($0.08 per share basic and diluted), compared to a loss of \n $(780,011) ($(0.02) per share basic and diluted) for the 2016 fiscal \n year. Income from operations for the 2017 fiscal year ended May 31, 2017 \n was $6,915,986, compared to $993,913 for the prior year. Comprehensive \n income (loss) attributable to the Company for the same periods was \n $4,335,956 up from a loss of $(7,020,898). The latter figure included \n unrealized investment losses.\n \n \n Further details are available in the Company’s Consolidated Financial \n Statements for the fiscal year ended May 31, 2017. These statements have \n been filed on the OTC Markets Group Disclosure and News Services (DNS), \n which may be accessed at www.otcmarkets.com/stock/FRMO/filings. \n These documents are also available on the FRMO web site at www.frmocorp.com.\n \n \n Annual Meeting Information\n \n \n The Chairman, President, and Board of Directors of FRMO Corp. cordially \n invite shareholders to attend the Company’s Annual Meeting of \n Shareholders at which the Chairman and President will review the Fiscal \n 2017 financial results and the outlook for the future. Board members \n will be available to answer questions. The Annual Meeting will be held \n on:\n \n \n Friday, September 15, 2017 at 3PMThe Harvard Club of New York City35 \n West 44th StreetNew York, NY 10036\n \n \n Admission to...