Business
FRMO Corp. Announces Results for Fiscal 2023 and Annual Meeting
FRMO Corp. Announces Results for Fiscal 2023 and Annual Meeting.
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 2023 ended May 31, 2023.\n\n\nFinancial Highlights\n\n\nFRMO’s total book value as of May 31, 2023 was $284.1 million ($6.45 per share on a fully diluted basis), including $114.8 million of non-controlling interests. Book value for the same period, excluding the non-controlling interests was $169.3 million ($3.85 per share). This compares with total book value at the prior fiscal year end on May 31, 2022 of $314.3 million ($7.14 per share), including $132.9 million of non-controlling interests. Book value for the same period, excluding the non-controlling interests was $181.4 million ($4.12 per share).\n\n\nCurrent assets, comprised primarily of cash and equivalents and equity securities, amounted to $201.3 million as of May 31, 2023, and $223.8 million as of May 31, 2022. Total liabilities were $19.4 million as of May 31, 2023, and $23.9 million as of May 31, 2022, comprised primarily of securities sold, not yet purchased and deferred taxes.\n\n\nAnnual net (loss) income attributable to the Company in the fiscal year ended May 31, 2023 was $(12,603,972) ($(0.29) per diluted share) compared to $2,945,877 ($0.07 per diluted shares) in 2022.\n\n\nFor the three months ended May 31, 2023, FRMO’s net (loss) income attributable to the Company was $(20,050,797) ($(0.46) per diluted share) compared to $14,343,798 ($0.33 per diluted share) a year earlier.\n\n\nNet income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities net of taxes for the three months ended May 31, 2023 was $(7,197,926) ($(0.16) per diluted share) compared to $4,014,188 ( $0.09 per diluted share) for the three months ended May 31, 2022. For the year ended May 31, 2023 this figure was $(6,382,222) ($(0.14) per diluted share) and $(1,621,363) ($(0.04) per diluted share) in the previous year.\n\n\nNet income (loss) attributable to the Company excluding the effect of unrealized gain (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\n\nValuation of securities and cryptocurrencies are subject to ch...