Fernhill Corp (OTC Markets:FERN), a FinTech software firm focused on providing Web3 Cloud Based Enterprise Infrastructure solutions and APIs for digital asset trading, NFT marketplaces and data aggregation solutions, is providing this corporate update that highlights several items from our recently filed quarterly report:.
- A reduction of over $550,000 in debt: While Fernhill continues to work towards accomplishing its stated goal of uplisting to a senior exchange, part of the preparation process includes working to improve the Financial statements of the Company, in particular the Balance Sheet and Shareholder’s Equity. To that end, Fernhill is pleased to announce a reduction of over $550,000 in Debt from its books in the 2nd Quarter of 2023. This follows a more than $500,000 debt reduction from the 4th Quarter of 2022, for a combined $1.1 million reduction over the past 8 months. “As we work on solidifying our foundation and shoring up our balance sheet, this latest move is part of our continued debt reduction and equity optimization plan, " said Fernhill President, Marc Lasky. “Although things may seem quiet at times for Fernhill Corp, behind the scenes there's always a lot going on. We have been working very hard over the past several months in terms of preparation, and we are determined, as always, to do what’s best for Fernhill Corp and for our shareholders.”
- Net Income and Shareholders Equity: The Company’s continued efforts towards cost containment and debt reductions that took place during the quarter ending June 30, 2023, resulted in improvements in the net income and shareholders equity. Net income increased approximately 120% year over year from a net loss of ($555,039) for the quarter ending June 30, 2022 versus net income of $108,747 for the quarter ending June 30, 2023. For the quarter ending June 30, 2022, shareholders equity increased approximately 2% year over year from the corresponding second quarter of 2022, and increased approximately 4% quarter over quarter from the first quarter of 2023.
- Preferred A Stock Conversion Rights Amended. The Company’s Series A Preferred Stock has recently been amended to reduce the conversion rights of the holder. Currently, there are 1,000,000 shares of Series A Preferred stock issued and outstanding. The conversion rights have been reduced from 1 preferred share converting into 10,000 common shares of the Company to 1 preferred share converting into 200 shares. This is a 98% reduction in the number of shares that the Preferred A Stock can convert into, which significantly removes the potential dilution they represent. The Preferred A Stock is currently held by an affiliated company of Fernhill’s CEO, Chris Kern. “Giving up 98% of the value of the Preferred stock stings a bit and comes with a substantial personal cost,“ said Fernhill CEO & Chairman, Chris Kern, “But for me it’s always been about the bigger picture and long game and doing what needs to be done now in order to optimize Fernhill’s potential and create value for our shareholders.”
About Fernhill:
Fernhill Corp is a FinTech software firm focused on providing Web3 Cloud Based Infrastructure solutions and APIs for digital asset trading, NFT marketplaces and data aggregation solutions. Fernhill is a Signatory Member of the Crypto Climate Accord (CCA) and a Principal Member of the Metaverse Standards Forum.
For all official Fernhill corporate information, please refer to our filings, news and updates on the following resources:
About MainBloq:
MainBloq, a division of Fernhill Corporation ($FERN), is a digital asset connectivity platform that is integrated with leading digital asset trading venues exchanges to serve the needs of institutional clients around the world. MainBloq offers a modular platform including multi-exchange data aggregation, trading tools,WebSockets API, and consulting services to help banks, hedge funds and trading professionals optimize their trading strategies. For more information please visit the MainBloq Website www.mainbloq.io
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Company Contact Information: info@fernhillcorp.com
Any other links are not official & should be taken as such nor have anything to do with Fernhill Corp or its subsidiaries.
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Forward-Looking Statements
This release includes ‘forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute ‘forward-looking statements.' Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words ‘estimate', ‘project', ‘intend', ‘forecast', ‘anticipate', ‘plan', ‘planning', ‘expect', ‘believe', ‘will likely', ‘should', ‘could', ‘would', ‘may' or words or expressions of similar meaning. Such statements are not guaranteeing of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced vendors, services or components, and various other factors beyond the Company's control.