Business
FRMO Corp. Announces Third Quarter Results and Conference Call
FRMO Corp. Announces Third 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 2021 third quarter, ended February 28, 2021 (May fiscal year).\n\nFinancial Highlights\n\nFRMO’s book value as of February 28, 2021 was $257.9 million ($5.86 per share on a fully diluted basis), including $94.5 million of non-controlling interests. This compares with book value at the prior fiscal year ended May 31, 2020 of $161.9 million ($3.68 per share), including $46.9 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $173.1 million as of February 28, 2021, and $104.8 million as of May 31, 2020. Total liabilities were $28.9 million as of February 28, 2021, and $11.8 million as of May 31, 2020, comprised primarily of securities sold, not yet purchased and deferred taxes.\n\nFRMO’s net income (loss) attributable to the Company for the three months ended February 28, 2021 was $34,336,936, or $0.78 per share, compared to $(4,532,007), or $(0.10) per share for the three months ended February 29, 2020.\n\nFRMO’s net income (loss) attributable to the Company for the nine months ended February 28, 2021 was $46,190,543, or $1.05 per share, compared to $(5,232,587), or $(0.12) per share for the nine months ended February 29, 2020.\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 February 28, 2021 was $20,859,722 ($0.47 per diluted share) compared to $(1,156,465) (($0.03) per diluted share) for the three months ended February 29, 2020.\n\nFor the nine months ended February 28, 2021, the figure was $30,884,839 (0.70 per diluted share) compared to $(1,392,553) ((0.03) per share) for the nine months ended February 29, 2020.\n\nNet 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\nValuation of securities and cryptocurrencies are subject to change after February 28, 2021. The market value of several securities and cryptocurrencies...