Market Overview

FRMO Corp. Announces Results for Fiscal 2018


FRMO Corp. (the "Company" or "FRMO") (OTC:FRMO) today reported its
financial results for the fiscal year 2018, which ended May 31, 2018.

Financial Highlights

FRMO's 2018 book value as of May 31, 2018 was $146.9 million ($3.34 per
share on a fully diluted basis), including $27.6 million of
non-controlling interests. The figure from the prior fiscal year-end as
of May 31, 2017 was $114.2 million ($ 2.60 per share), which includes
$10.9 million of non-controlling interests. Current assets, comprised
primarily of cash and equivalents and investments available for sale,
amounted to $93.2 million as of May 31, 2018, and $71.3 million as of
May 31, 2017. Total liabilities were $13.5 million as of May 31, 2018,
compared to $13.1 million as of May 31, 2017, the majority of each being
deferred taxes. As a result of the new tax act, the Company reduced its
previously recorded deferred tax liability by $4.5 million.

FRMO's 2018 net income attributable to the Company for the fiscal year
ended May 31, 2018 was $14,052,518 ($0.32 per share basic and diluted)
compared to $3,493,948 ($0.08 per share basic and diluted) for the 2017
fiscal year. Income from operations for the 2018 fiscal year was
$15,605,398, compared to $6,915,986, for the prior year. Comprehensive
income attributable to the Company for the same periods was $14,835,607
up from $4,335,956.

As of May 31, 2018 and May 31, 2017, investments in limited partnerships
and limited liability companies are valued using data inputs from March
31, 2018 and March 31, 2017, respectively, the dates of the most current
available information.

Further details are available in the Company's Consolidated Financial
Statements for the fiscal year ended May 31, 2018. These statements and
the Letter to Shareholders have been filed on the OTC Markets Group
Disclosure and News Services, which may be accessed at
These documents are also available on the FRMO website at

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
2018 financial results and the outlook for the future. Board members
will be available to answer questions.

Wednesday, September 12, 2018 at

The Harvard Club of New York
35 West 44th Street
New York, NY 10036

Admission to the FRMO Annual Meeting is limited to stockholders
who owned Common Stock as of the close of business on July 25, 2018, 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 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

Condensed Consolidated Balance Sheets
(in thousands)
May 31, May 31,
2018 2017
Current Assets:
Cash and cash equivalents $ 53,617 $ 51,125
Bond and equity securities, available for sale, at fair value 38,522 18,933
Other current assets   1,095   1,219
Total Current Assets 93,234 71,277
Computer equipment, net of accumulated depreciation 76 -
Investment in South LaSalle Partners, LP 6,262 5,743
Investment in Winland Holdings Corporation, Inc. 773 739
Investments in managed funds 34,372 24,833
Investment in The Bermuda Stock Exchange 2,721 2,704
Investments in other stock exchanges 988 988
Investment in Digital Currency Group Inc. 76 76
Investment in cryptocurrency mining entities 113 -
Investment in Horizon Kinetics LLC 11,624 10,773
Participation in Horizon Kinetics LLC revenue stream   10,200   10,200
Total Assets $ 160,439 $ 127,333
Liabilities and Stockholders' Equity
Current Liabilities:
Securities sold, not yet purchased $ 5,495 $ 4,131
Other current liabilities   193   140
Total Current Liabilities 5,688 4,271
Deferred Tax Liability   7,757   8,842
Total Liabilities 13,445 13,113
Stockholders' Equity   146,994   114,220
Total Liabilities and Stockholders' Equity $ 160,439 $ 127,333
View Comments and Join the Discussion!
Condensed Consolidated Statements of Operations
(amounts in thousands, except share data)
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