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FRMO Corp. Announces Second Quarter 2020 Financial Results and Conference Call
FRMO Corp. Announces Second Quarter 2020 Financial 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 2020 second quarter, which ended November 30, 2019 (May fiscal year).\n\n\nFinancial Highlights\n\n\nFRMO’s book value as of November 30, 2019 was $175.8 million ($3.99 per share on a fully diluted basis), including $48.2 million of non-controlling interests. The figure from the prior fiscal year-end as of May 31, 2019 was $175.0 million ($3.98 per share), including $48.6 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $118.9 million as of November 30, 2019, and $118.3 million as of May 31, 2019. Total liabilities were $17.9 million as of November 30, 2019, and $16.7 million as of May 31, 2019, comprised primarily of securities sold, not yet purchased and deferred taxes.\n\n\nFRMO’s net (loss) income attributable to the Company for the three months ended November 30, 2019 was $(481,718) (($0.01) per share basic and diluted) compared to $583,997 ($0.01 per share) for the quarter ended November 30, 2018.\n\n\nFRMO’s net (loss) income attributable to the Company for the six months ended November 30, 2019 was $(700,580) (($0.02) per share basic and diluted) compared to $3,795,120 ($0.09 per share) for the six months ended November 30, 2018.\n\n\nFRMO’s net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities net of taxes for the three months ended November 30, 2019 was $(190,203) (($0.00) per diluted share) compared to $1,824,760 ($0.04 per diluted share) for the three months ended November 30, 2018. For the six months ended November 30, 2019, it was $(236,088) ((0.01) per diluted share) compared to $5,040,756 ($0.11 per share) for the same period in the previous year. Net (loss) income attributable to the Company excluding the effect of unrealized (losses) gains 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 November 30, 2019 and May 31, 2019, the Company held an 18.64% and 15.49% equity interest in Horizon Kinetics Hard Assets LLC (“HKHA”), a ...