Fountain Asset Corp. Announces Its Financial Results for the Quarter and Year Ended December 31, 2023

TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) (“Fountain” or the “Company”) would like to announce its financial results for the three months ended December 31, 2023 (“Q4/23”) and for the year ended December 31, 2023 (“Fiscal 2023”).

Highlights from Q4/23:

• Net asset value (“NAV”) of $6.66 million ($0.11 per share) at December 31, 2023 compared to $10.27 million ($0.17 per share) at September 30, 2023, representing an 35% decrease quarter over quarter on a per share basis. NAV is calculated as the value of total assets less the value of total liabilities;
• Net comprehensive loss of $3.63 million for the three months ended December 31, 2023, compared to net comprehensive loss of $1.57 million for three months ended December 31, 2022 (“Q4/22”);
• Total loss from investment activity was $3.32 million compared to total loss of $0.95 million for Q4/22;
• Net realized losses on the sale of portfolio investments of $2.49 million compared to net realized losses of $3.51 million for Q4/22;
• Net unrealized losses on portfolio investments of $0.83 million compared to net unrealized gains of $2.55 million for Q4/22;
• Total expenses of $0.31 million, which included $0.02 million of stock-based compensation, compared to $0.43 million for Q4/22 which included $0.07 of stock-based compensation; and
• Operating expenses of $0.29 million compared to $0.31 million for Q4/22.
  
  

Highlights from Fiscal 2023:

• NAV of $6.66 million ($0.11/share) at December 31, 2023 compared to $11.84 million ($0.19/share) at December 31, 2022, representing a 42% decrease year over year on a per share basis;
• Net comprehensive losses of $5.26 million compared to net comprehensive losses of $8.51 million for the year ended December 31, 2022 (“Fiscal 2022”);
• Total losses from investment activity was $4.40 million compared to losses of $7.18 million for Fiscal 2022;
• Net realized losses on the sale of portfolio investments of $4.40 million compared to net realized losses of $5.68 million for Fiscal 2022;
• Net unrealized losses on portfolio investments of $0.03 million compared to net unrealized losses of $1.53 million for Fiscal 2022;
• Total expenses of $0.86 million, which included a foreign exchange loss of $0.01 million and stock-based compensation of $0.08 million, compared to $1.37 million for Fiscal 2022, which included foreign exchange gains of $0.04 million, and $0.13 million of stock-based compensation; and
• Operating expenses of $0.82 million compared to $0.88 million for Fiscal 2022.