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FRMO Corp. reports developments tied to its role as an intellectual capital firm providing consulting and advisory services in the asset management sector and engaging in digital asset mining. Recurring updates cover fiscal results, consulting and advisory fee revenue, book value, securities and digital asset valuation disclosures, and balance-sheet items such as cash, equity securities, deferred taxes, and securities sold but not yet purchased.
Company news also includes governance and reporting matters, including annual meeting information, auditor changes, financial-statement restatements, non-reliance determinations, OTC reporting compliance, and leadership succession following changes in executive management.
FRMO Corp reported significant financial growth in Q2 FY2025. Total book value reached $821.4 million ($18.66 per diluted share) as of November 30, 2024, including $407.8 million in non-controlling interests. Net income attributable to the Company surged to $136.9 million ($3.11 per diluted share) compared to $4.7 million ($0.11 per diluted share) year-over-year.
Current assets increased to $626.1 million, primarily consisting of cash, equivalents, and equity securities. The company's significant net income increase was attributed to a specific equity security investment. FRMO appointed Melinda J. Newman to its Board of Directors, bringing the total to nine members, with five being independent.
FRMO Corp has expanded its Board of Directors to nine members with the appointment of R. Rimmy Malhotra. The board now consists of nine directors, including five independent members. Malhotra, who serves as Managing Member and Portfolio Manager for Nicoya Fund LP, brings extensive experience in investment management. He previously managed the Gratio Values Fund and currently serves on the boards of HireQuest Inc and Optex System. The appointment comes as FRMO focuses on expanding and integrating several strategic investments approaching critical mass.
FRMO Corp. reported its financial results for the 2025 first quarter ended August 31, 2024. Total book value increased to $503.1 million ($11.43 per share on a fully diluted basis), including $226.6 million of non-controlling interests. Net income attributable to the Company rose to $34,486,751 ($0.78 per diluted share) compared to $32,329,985 ($0.73 per diluted share) a year earlier.
Current assets amounted to $366.0 million, primarily comprised of cash, equivalents, and equity securities. Total liabilities were $45.2 million. The Company holds a 21.86% equity interest in Horizon Kinetics Hard Assets and a 4.95% interest in Horizon Kinetics A conference call to discuss the results is scheduled for October 22, 2024.
FRMO Corp. (OTC Pink: FRMO) reported its fiscal 2024 results, ending May 31, 2024. Total book value reached $403.3 million ($9.16 per diluted share), with $242.1 million ($5.50 per share) excluding non-controlling interests. Annual net income attributable to the company was $72,558,671 ($1.65 per diluted share), compared to a loss of $12,603,972 in 2023. Current assets increased to $276.1 million from $201.3 million in the previous year. The company reported significant unrealized gains from equity securities and investments. FRMO's interest in Horizon Kinetics Hard Assets (HKHA) remained stable at 21.84%. The Annual Meeting is scheduled for September 5, 2024, at The Harvard Club of New York City and via webcast.
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FRMO Corp. (OTC Pink: FRMO) reported its financial results for the third quarter ending February 28, 2023. The total book value reached $342.9 million ($7.79 per share), a rise from $314.3 million a year prior. The current assets increased to $252.6 million from $223.8 million a year ago. However, the net loss attributable to the company for Q3 was $(34.9 million) or $(0.79) per share, worsening from a net loss of $(12 million) or $(0.27) per share in the previous year. In contrast, the nine-month net income stood at $7.4 million ($0.17 per share) compared to a loss of $(11.4 million) in 2022. Unrealized losses from investments totaled $(90.4 million) in Q3. A conference call is scheduled for April 18, 2023, to discuss these results further.
FRMO Corp. reported strong financial results for the second quarter of 2023, ending November 30, 2022, with a net income of $34.87 million ($0.79 per share), compared to a loss of $0.35 million a year prior. Total book value increased significantly to $443.4 million, up from $314.3 million, driven by substantial unrealized gains from equity securities. Current assets rose to $341 million, with total liabilities at $34.1 million. The Company will also host a conference call on January 17, 2023. Director Allan Kornfeld resigned effective December 31, 2022, acknowledged for his contributions.