FRMO Corp. Reports Decrease in Book Value and Net Loss for FY 2023

Aug 15, 2023

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FRMO Corp. Reports Financial Results for Fiscal Year 2023

FRMO Corp. Reports Financial Results for Fiscal Year 2023

Summary:

FRMO Corp. (OTC Pink: FRMO) has announced its financial results for the fiscal year ended May 31, 2023. The company’s total book value as of May 31, 2023 was $284.1 million, compared to $314.3 million in the previous fiscal year. FRMO also reported a net loss of $(12,603,972) in 2023, compared to a net income of $2,945,877 in 2022.

Introduction:

FRMO Corp. has released its financial results for the fiscal year ended May 31, 2023. The company reported a decrease in total book value and a net loss compared to the previous year.

Main Points:

  • FRMO’s total book value as of May 31, 2023 was $284.1 million, compared to $314.3 million in the previous fiscal year.
  • The company reported a net loss of $(12,603,972) in 2023, compared to a net income of $2,945,877 in 2022.
  • FRMO’s current assets amounted to $201.3 million as of May 31, 2023, and $223.8 million as of May 31, 2022.
  • Total liabilities were $19.4 million as of May 31, 2023, and $23.9 million as of May 31, 2022.

Conclusion:

FRMO Corp. has reported a decrease in total book value and a net loss for the fiscal year ended May 31, 2023. The company’s current assets and liabilities have also decreased compared to the previous year.


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