FRMMHIGH SIGNALFINANCIAL10-K

FRMM's outstanding share count increased dramatically from 5.2 million to 20.3 million shares, indicating a major dilutive event occurred during the fiscal year.

The nearly four-fold increase in shares outstanding represents massive dilution to existing shareholders, likely through a significant equity raise, conversion of preferred shares, or major acquisition financed with stock. This dilution would substantially reduce existing shareholders' ownership percentage and earnings per share, even if absolute financial performance remained stable.

Comparing 2026-04-01 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The company reduced R&D spending meaningfully from $2.3M to $1.4M, suggesting either cost management efforts or completion of a development phase. Interest expense increased modestly from $36K to $45K, indicating slightly higher debt levels but remaining minimal in absolute terms. However, these operational changes are overshadowed by the dramatic increase in share count, which fundamentally alters the equity structure and represents the most significant financial development for investors to monitor.

FINANCIAL STATEMENT CHANGES
R&D Expense
P&L
-39.2%
$2.3M→$1.4M

R&D spending cut 39.2% — could signal cost discipline or concerning reduction in innovation investment.

Interest Expense
P&L
+23.1%
$36K→$45K

Interest costs rose 23.1% — monitor debt levels and coverage ratio in rising rate environment.

LANGUAGE CHANGES
NEW — 2026-04-01
PRIOR — 2025-03-31
ADDED
This computation assumes that all executive officers and directors are affiliates of the registrant.
Such assumption should not be deemed conclusive for any other purpose.
As of March 31, 2026, there were 20,313,111 shares of common stock issued and outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
86 i TRADEMARKS AND MARKET DATA Our logo and some of our trademarks and tradenames are used in this Annual Report on Form 10-K (this Report ).
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REMOVED
(Exact name of registrant as specified in its charter) Delaware 90-1890354 (State or other jurisdiction of incorporation or organization) ( I.R.S.
For purposes of calculating the aggregate market value of shares held by non-affiliates, we have assumed that all outstanding shares are held by non-affiliates, except for shares held by each of our executive officers, directors and 5% or greater stockholders.
In the case of 5% or greater stockholders, we have not deemed such stockholders to be affiliates unless there are facts and circumstances which would indicate that such stockholders exercise any control over our company, or unless they hold 10% or more of our outstanding common stock.
These assumptions should not be deemed to constitute an admission that all executive officers, directors and 5% or greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be affiliates of our company.
As of March 31, 2025, there were 5,185,780 shares of common stock issued and outstanding (when including the 1,318,000 shares of common stock issuable upon conversion of the Series B Convertible Preferred Stock as discussed in Item 9B, below, which issuance is in process).
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