Business
FRMO Corp. Announces Results for Fiscal 2019
FRMO Corp. Announces Results for Fiscal 2019.
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 fiscal year 2019, which ended May 31, 2019.\n\n\nFinancial Highlights\n\n\nFRMO’s book value as of May 31, 2019 was $174.9 million ($3.98 per share on a fully diluted basis), including $48.6 million of non-controlling interests. The figure from the prior fiscal year-end as of May 31, 2018 was $146.9 million ($3.34 per share), including $27.6 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $118.3 million as of May 31, 2019, and $93.2 million as of May 31, 2018. Total liabilities were $16.7 million as of May 31, 2019, compared to $13.5 million as of May 31, 2018, primarily securities sold, not yet purchased and deferred taxes.\n\n\nFRMO’s net income attributable to the Company for the fiscal year ended May 31, 2019 was $4,709,662 ($0.11 per share basic and diluted) compared to $14,052,518 ($0.32 per share) for the fiscal year ended May 31, 2018.\n\n\nFor the fiscal year 2019, comprehensive income attributable to the Company was $4,709,662 compared to $14,835,607 in the prior year.\n\n\nFRMO’s net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities net of taxes for the three months ended May 31, 2019 was $3,398,500 ($0.08 per diluted share) compared to $(4,265,263) ($(0.10) per share) for the three months ended May 31, 2018. For the year ended May 31, 2019, the amount was $9,027,157 ($0.21 per share) compared to $14,052,518 ($0.32 per share) for the same period in the prior year. Net income (loss) 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 May 31, 2019 and May 31, 2018, the Company held a 15.49% and 12.92% 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 Co...