FRMO Corporation (FRMO), incorporated on November 17, 1993, is an intellectual capital firm. The Company is an investment advisory and independent research firm. It provides in-depth analysis of information-poor, under-researched companies and strategies to identify the complex situations primarily for the institutional investors. The experience of the Company has been in the analysis of public companies within a framework of identifying investment strategies and techniques that reduce risk. The Company identifies and participates in operating assets, particularly in the early stages of the expression of their ultimate value, in ways that are calculated to increase the value of the stockholders' interest in FRMO. Such assets are expected to include, but are not limited to, those whose values and earnings are based on intellectual capital. The Company investment in Bermuda Stock Exchange (37.57% interest) and Horizon Kinetics (4.95% stake) are classified as Investments in unconsolidated subsidiaries classified as not available for sale. The Company’s limited partnerships interests, classified as available for sale investments, are all under 50%, except for its investment in South LaSalle Partners, LP (65.86% interest). The other available for sale investments include Horizon Multi-Strategy Fund, LP, CDK Partners, LP, Polestar Fund, LP and Multi-Disciplinary Fund, LP.