FRMO Corp. Announces Second Quarter Results and Conference Call
FRMO Corp. (OTC Pink: FRMO) reported its financial results for the second quarter of 2021, ending November 30, 2020. The company's book value increased to $180.1 million ($4.09 per share) from $161.9 million ($3.68 per share) year-over-year. Net income for the quarter was $11.7 million ($0.27 per share), a significant turnaround from a loss of $481,719 in Q2 2019. Current assets rose to $111.9 million, while total liabilities increased to $15.0 million. The company also holds a 21.15% interest in Horizon Kinetics Hard Assets LLC.
- Net income rose significantly to $11.7 million for Q2 2021 compared to a loss of $481,719 in Q2 2019.
- Book value increased to $180.1 million from $161.9 million year-over-year.
- Current assets as of November 30, 2020, amounted to $111.9 million, up from $104.8 million.
- Total liabilities increased to $15.0 million from $11.8 million year-over-year.
FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for the 2021 second quarter, ended November 30, 2020 (May fiscal year).
Financial Highlights
FRMO’s book value as of November 30, 2020 was
FRMO’s net income (loss) attributable to the Company for the three months ended November 30, 2020 was
FRMO’s net income (loss) attributable to the Company for the six months ended November 30, 2020 was
FRMO’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 November 30, 2020 was
For the six months ended November 30, 2020, the figure was
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.
Valuation of securities and cryptocurrencies are subject to change after November 30, 2020. The market value of several securities and cryptocurrencies might have changed substantially since that date. We look forward to finding new ways to expand our cryptocurrency mining operations.
As of November 30, 2020 and May 31, 2020, the Company held a
Further details are available in the Company’s Condensed Consolidated Financial Statements for the quarter ended November 30, 2020. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO website at www.frmocorp.com.
Conference Call
Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host a conference call on Thursday, January 21, 2021 at 4:15 p.m. ET. Only questions submitted to info@frmocorp.com before 1:00 p.m. on the day of the call will be considered. The call can be accessed by dialing 800-367-2403- (domestic toll free), or +1 334-777-6978 (international toll) and entering the following conference ID: 6361035. A replay will be available from 7:15 p.m. on the day of the teleconference until February 20, 2021. To listen to the archived call, dial 888-203-1112 (domestic toll free) or +1 719-457-0820 (international toll), and enter conference ID number 6361035.
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FAQ
What are the financial results for FRMO Corp. for Q2 2021?
FRMO Corp. reported a net income of $11.7 million for Q2 2021, compared to a loss of $481,719 in Q2 2019.
How did the book value of FRMO change in the latest report?
The book value of FRMO increased to $180.1 million ($4.09 per share) from $161.9 million ($3.68 per share) year-over-year.
What was the status of current assets and liabilities for FRMO?
As of November 30, 2020, current assets were $111.9 million, while total liabilities rose to $15.0 million.
What is FRMO's equity interest in Horizon Kinetics Hard Assets LLC?
FRMO holds a 21.15% equity interest in Horizon Kinetics Hard Assets LLC.
FRMO CORP
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