FRMO Corp. (OTC Pink: FRMO) is engaged as an asset management and investment company. Shares of the asset management company are rallying 9.89%, through afternoon trading on Thursday, August 31, 2017. Over the past month, FRMO Corp. saw average daily volume of 9,079 shares. However, volume of 80,319 shares or dollar volume of $410,430, has already exchanged hands on Thursday.
Shares of FRMO Corp. are gaining today, after the company announced it has reported fiscal 2017 earnings, which ended on May 31, 2017. During the fiscal year, the company reported revenue of $6.92 million and net income of $3.49 million. This is compared to total revenue of $993,913 and net loss of $780,011 during the fiscal 2016 year. Here is the full press release detailing of the fiscal 2017 earnings results:
FRMO Corp. Press Release:
WHITE PLAINS, N.Y.–(BUSINESS WIRE)– FRMO Corp. (the “Company” or “FRMO”) (OTC Pink:FRMO) today reported its financial results for the fiscal year 2017, which ended May 31, 2017.
FRMO’s 2017 book value as of May 31, 2017 was $114.2 million ($2.60 per share on a fully diluted basis), including $10.9 million of non-controlling interests. The figure from the prior fiscal year-end as of May 31, 2016 was $102.0 million ($2.33 per share) including $3.7 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $71.3 million as of May 31, 2017, and $62.8 million as of May 31, 2016. Total liabilities were $13.1 million as of May 31, 2017, compared to $12.9 million as of May 31, 2016, the majority of each being deferred taxes.
FRMO’s 2017 net income (loss) for the fiscal year ended May 31, 2017 was $3,493,948 ($0.08 per share basic and diluted), compared to a loss of $(780,011) ($(0.02) per share basic and diluted) for the 2016 fiscal year. Income from operations for the 2017 fiscal year ended May 31, 2017 was $6,915,986, compared to $993,913 for the prior year. Comprehensive income (loss) attributable to the Company for the same periods was $4,335,956 up from a loss of $(7,020,898). The latter figure included unrealized investment losses.
Further details are available in the Company’s Consolidated Financial Statements for the fiscal year ended May 31, 2017. These statements have been filed on the OTC Markets Group Disclosure and News Services (DNS), which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO web site at www.frmocorp.com.
Annual Meeting Information
The Chairman, President, and Board of Directors of FRMO Corp. cordially invite shareholders to attend the Company’s Annual Meeting of Shareholders at which the Chairman and President will review the Fiscal 2017 financial results and the outlook for the future. Board members will be available to answer questions. The Annual Meeting will be held on:
Friday, September 15, 2017 at 3PM
The Harvard Club of New York City
35 West 44th Street
New York, NY 10036
Admission to the FRMO Annual Meeting is limited to shareholders who owned Common Stock as of the close of business on July 26, 2017 (the record date) or their duly appointed proxies, and one guest. Proof of ownership of FRMO stock and valid government-issued photo identification must be presented in order to be admitted to the Annual Meeting. Each guest must also present a valid government-issued photo identification. If your shares are held in the name of a bank, broker, or other holder of record, you must bring a brokerage statement or other proof of ownership (or the equivalent proof of ownership as of the close of business on the record date of the stockholder who granted you the proxy). If your shares are held in certificate form, ownership will be verified by consulting the list of Registered Shareholders as of the record date. Registration will begin at 2:00 p.m. No cameras, recording equipment, electronic devices, large bags, briefcases, or packages will be permitted in the Annual Meeting. Dress code for the Harvard Club is business casual (no jeans, sneakers or athletic wear permitted).
About FRMO Corp.
FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.
FRMO had 43,953,155 shares of common stock outstanding as of May 31, 2017.
For more information, visit our Web site at www.frmocorp.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.