SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

            [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended: August 31, 2002

                                       OR

             [ ] TRANSITION REPORT PURSUANT TO SECTION 13(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

            For the transition period from ________ to________

                         COMMISSION FILE NUMBER: 0-29346



                                   FRMO CORP.
             (Exact name of registrant as specified in its charter)



                                                                 
                        DELAWARE                                                  13-3754422
    (State or other jurisdiction of incorporation                   (I.R.S. Employer Identification No.)
                      or organization)


                    271 NORTH AVENUE, NEW ROCHELLE, NY 10801
               (Address of principal executive offices) (Zip Code)

                                 (914) 636-3432
              (Registrant's telephone number, including area code)

               --------------------------------------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes /x/ No / /

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by checkmark whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes / / No / /

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, at October 11, 2002: 36,083,774





                                   FRMO CORP.
                          QUARTERLY REPORT ON FORM 10-Q
                 FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2002



                         PART I - FINANCIAL INFORMATION


                                                                                                              
Item 1.  Financial Statements.....................................................................................2
         Balance Sheets - August 31, 2002 (Unaudited) and February 28, 2002.......................................2
         Statements of Operations (Unaudited) - Six months and three months ended August 31, 2002 and 2001........4
         Statement of Stockholders' Equity (Unaudited) - Six months ended August 31, 2002.........................5
         Statements of Cash Flows (Unaudited) - Six months ended  August 31, 2002 and 2001........................6
         Notes to Financial Statements (Unaudited)................................................................7

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION...................10

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK..............................................12

ITEM 4.  CONTROLS AND PROCEDURES.................................................................................12

                                            PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K........................................................................13


                                       1

                                   FRMO CORP.
       Balance Sheets - August 31, 2002 (Unaudited) and February 28, 2002



                                                      AUGUST 31,
                                                        2002     FEBRUARY 28,
                                                     (UNAUDITED)     2002
                                                      --------     --------
                                                             
ASSETS
Current assets:
    Cash and cash equivalents                         $ 88,844     $ 83,411
    Consulting fees receivable                          25,909        1,114
                                                      --------     --------
Total current assets                                   114,753       84,525
                                                      --------     --------
Other assets:
    Intangible assets, net of accumulated
        amortization of $9,207 at August 31, 2002       68,046       71,543
        and $9,676 at February 28, 2002
    Investments in unconsolidated subsidiaries          18,751        5,000
                                                      --------     --------
Total other assets                                      86,797       76,543
                                                      --------     --------

Total assets                                          $201,550     $161,068
                                                      ========     ========


See notes to interim financial statements.

                                       2

                                   FRMO CORP.
       Balance Sheets - August 31, 2002 (Unaudited) and February 28, 2002
                                   (continued)



                                                       AUGUST 31,
                                                          2002      FEBRUARY 28,
                                                      (UNAUDITED)       2002
                                                       ----------    ----------
                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Accounts payable and accrued expenses              $   21,374    $   19,607
    Income taxes payable                                    6,338           322
    Deferred income                                         2,885         2,706
                                                       ----------    ----------
Total current liabilities                                  30,597        22,635
                                                       ----------    ----------
Stockholders' equity:
    Preferred stock - $.001 par value;
        Authorized - 2,000,000 shares;
        Issued and outstanding - 50 shares Series R          --            --
    Common stock - $.001 par value;
      Authorized - 90,000,000 shares;
      Issued and outstanding -  36,083,774 shares          36,083        36,083
    Capital in excess of par value                      3,319,136     3,313,136
    Retained earnings                                      34,359         7,839
                                                       ----------    ----------
                                                        3,389,578     3,357,058
    Less: Receivables from shareholders for

              common stock issuance                     3,218,625     3,218,625
                                                       ----------    ----------
    Total stockholders' equity                            170,953       138,433
                                                       ----------    ----------

Total liabilities and stockholders' equity             $  201,550    $  161,068
                                                       ==========    ==========


See notes to interim financial statements.

                                       3

                                   FRMO CORP.

              Statements of Operations (Unaudited) - Six months and
                  three months ended August 31, 2002 and 2001



                                                             THREE MONTHS ENDED                        SIX MONTHS ENDED
                                                                 AUGUST 31,                                AUGUST 31,
                                                     --------------------------------           --------------------------------
                                                        2002                 2001                  2002                  2001
                                                     -----------          -----------           -----------          -----------
                                                                                                         
REVENUES
  Consulting                                         $    23,814          $    12,909           $    42,540          $    25,658
  Research fees                                            3,157                1,924                 7,205                2,359
  Subscription fees                                         --                   --                   3,009                 --
  Income from investments in
    unconsolidated subsidiaries                            8,083                 --                  13,751                 --
                                                     -----------          -----------           -----------          -----------
  Total income                                            35,054               14,833                66,505               28,017
                                                     -----------          -----------           -----------          -----------
COSTS AND EXPENSES
  Amortization                                             1,932                2,087                 3,497                3,420
  Contributed services                                     3,000                 --                   6,000                 --
  Accounting                                               4,493                1,600                 5,993                2,600
  Shareholder reporting                                    6,474               17,335                12,746               23,551
  Office expenses                                          1,513                1,500                 3,013                3,057
  Other                                                      203                   92                   251                  295
                                                     -----------          -----------           -----------          -----------
  Total costs and expenses                                17,615               22,614                31,500               32,923
                                                     -----------          -----------           -----------          -----------

Income from operations                                    17,439               (7,781)               35,005               (4,906)
  Dividend income                                            248                  395                   514                  766
                                                     -----------          -----------           -----------          -----------
Income from operations before provision
  for income taxes                                        17,687               (7,386)               35,519               (4,140)
Provision for income taxes                                 6,344                 --                   8,999                 --
                                                     -----------          -----------           -----------          -----------

Net income                                           $    11,343          $    (7,386)          $    26,520          $    (4,140)
                                                     ===========          ===========           ===========          ===========

Basic earnings per common share                      $      0.00          $     (0.00)          $      0.01          $     (0.00)
                                                     ===========          ===========           ===========          ===========

Diluted earnings per common share                    $      0.00          $     (0.00)          $      0.01          $     (0.00)
                                                     ===========          ===========           ===========          ===========

Average shares of common stock outstanding:
Basic                                                  3,897,524            3,897,209             3,897,524            3,882,366
                                                     ===========          ===========           ===========          ===========

Diluted                                                3,947,524            3,897,209             3,947,524            3,882,366
                                                     ===========          ===========           ===========          ===========


See notes to interim financial statements.

                                        4

                                   FRMO CORP.

                Statement of Stockholders' Equity (Unaudited) --
                        Six months ended August 31, 2002





                                        SERIES R
                                    PREFERRED STOCK              COMMON STOCK
                                SHARES         AMOUNT        SHARES        AMOUNT
                             ------------    -----------   ----------    -----------
                                                             
Balance, February 28, 2002             50    $    --       36,083,774    $    36,083
    Net income                       --           --             --             --
    Contributed services             --           --             --             --
    Comprehensive income             --           --             --             --
                             ------------    -----------   ----------    -----------
Balance, August 31, 2002               50    $    --       36,083,774    $    36,083
                             ============    ===========   ==========    ===========




                                                           RECEIVABLES
                                                               FROM          TOTAL
                             ADDITIONAL                    SHAREHOLDERS      STOCK-        COMPRE-
                               PAID-IN       RETAINED       FOR COMMON      HOLDERS'       HENSIVE
                               CAPITAL       EARNINGS     STOCK ISSUANCE     EQUITY        INCOME
                             -----------    -----------    -----------     -----------   -----------
                                                                          
Balance, February 28, 2002   $ 3,313,136    $     7,839    $(3,218,625)    $   138,433
    Net income                      --           26,520           --            26,520   $    26,520
    Contributed services           6,000           --             --             6,000          --
                                                                                         -----------
    Comprehensive income            --             --             --              --     $    26,520
                             -----------    -----------    -----------     -----------   ===========
Balance, August 31, 2002     $ 3,319,136    $    34,359    $(3,218,625)    $   170,953
                             ===========    ===========    ===========     ===========


See notes to interim financial statements.


                                        5

                                   FRMO CORP.

                     Statements of Cash Flows (Unaudited) --
                   Six months ended August 31, 2002 and 2001



                                                                                       SIX MONTHS ENDED
                                                                                           AUGUST 31,
                                                                             -------------------------------------
                                                                                 2002                     2001
                                                                             ------------             ------------
                                                                                                
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                                            $     26,520             $     (4,140)
Adjustments to reconcile net income (loss) to net cash
  provided by operating activities:
    Reinvested income                                                             (13,751)                    --
    Amortization                                                                    3,497                    3,420
    Contributed services                                                            6,000                     --
    Changes in operating assets and liabilities:
    Consulting fees receivable                                                    (24,795)                   1,800
    Other current assets                                                             --                      1,137
    Accounts payable and accrued expenses                                           7,783                    6,940
    Deferred income                                                                   179                     --
                                                                             ------------             ------------
Net cash provided by operating activities                                           5,433                    9,157
                                                                             ------------             ------------

Net increase in cash and cash equivalents                                           5,433                    9,157
Cash and cash equivalents, beginning of period                                     83,411                   44,957
                                                                             ------------             ------------
Cash and cash equivalents, end of period                                     $     88,844             $     54,114
                                                                             ============             ============

ADDITIONAL CASH FLOW INFORMATION
Interest paid                                                                $       --               $       --
                                                                             ============             ============
Income taxes paid                                                            $      2,983             $        155
                                                                             ============             ============
NONCASH INVESTING AND FINANCING ACTIVITIES
Common stock issued in consideration for the acquisition
  of research agreements                                                     $       --               $     83,459
                                                                             ============             ============

Reinvested income from investments in unconsolidated subsidiaries            $      5,668             $       --
                                                                             ============             ============


See notes to interim financial statements.

                                        6

                                   FRMO CORP.

                    Notes to Financial Statements (Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States for interim
financial information in response to the requirements of Article 10 of
Regulation S-X. Accordingly they do not include all of the information and
footnotes required by accounting principles generally accepted in the United
States for complete financial statements. In the opinion of management, the
accompanying unaudited financial statements contain all adjustments (consisting
only of normal recurring items) necessary to present fairly the financial
position as of August 31, 2002; results of operations for the three months and
six months ended August 31, 2002 and 2001; cash flows for the six months ended
August 31, 2002 and 2001; and changes in stockholders' equity for the six months
ended August 31, 2002. For further information, refer to the Company's financial
statements and notes thereto included in the Company's Form 10-K for the year
ended February 28, 2002. The balance sheet at February 28, 2002 was derived from
the audited financial statements as of that date. Results of operations for
interim periods are not necessarily indicative of annual results of operations.

2.  INTANGIBLE ASSETS

Research Agreements

In March 2001, the Company acquired the research service fees that Horizon
Research Group receives from The New Paradigm Fund in exchange for 80,003 shares
of common stock. In May 2001, the Company acquired the research service fees
that Horizon Research Group receives from The Middle East Growth Fund in
exchange for 3,456 shares of common stock. The value of the shares issued in
both of these transactions aggregated $54,969. The Company is amortizing the
cost of these research agreements over ten years using the straight-line method.
Subscription Revenues In October 2001, the Company acquired a 2% interest in the
subscription revenues from subscribers to The Convertible/High Yield Arbitrage
Report that Horizon Research Group and another third party receive.
Consideration for this interest consisted of the issuance of 50 shares of Series
R preferred stock. The value of the shares issued in both of these transactions
aggregated $26,250. The Company will amortize the purchase of these subscription
agreements over ten years using the straight-line method. At the time of these
transactions, a 2% interest in the subscription revenues amounted to $3,018 per
annum.

                                       7

                                   FRMO CORP.

                    Notes to Financial Statements (Unaudited)
                                   (continued)

2. INTANGIBLE ASSETS (CONTINUED)

Intangible assets consist of the following:



                                           AUGUST 31,           FEBRUARY 28,
                                             2002                    2002
                                           ---------              ---------
                                                          
Research agreements                        $  51,003              $  54,969
Subscription revenue                          26,250                 26,250
                                           ---------              ---------
                                              77,253                 81,219
Less accumulated amortization                  9,207                  9,676
                                           ---------              ---------
Intangible assets, net                     $  68,046              $  71,543
                                           =========              =========


For the six months ended August 31 2002 and 2001, amortization of intangible
assets was $3,497 and $3,420.

3. NET INCOME PER COMMON SHARE AND PER COMMON SHARE EQUIVALENT

Basic earnings per common share for the three months and six months ended August
31, 2002 and 2001, are calculated by dividing net income by weighted average
common shares outstanding during the period. Diluted earnings per common share
for the three months and six months ended August 31, 2002 and 2001, are
calculated by dividing net income by weighted average common shares outstanding
during the period plus dilutive potential common shares, which are determined as
follows:



                                             THREE MONTHS ENDED                 SIX MONTHS ENDED
                                                  AUGUST 31,                        AUGUST 31,
                                           2002             2001              2002             2001
                                         ---------        ---------        ---------        ---------
                                                                                
Weighted average common shares           3,897,524        3,897,209        3,897,524        3,882,366
Effect of dilutive securities:
    Conversion of preferred stock           50,000             --             50,000             --
                                         ---------        ---------        ---------        ---------
Dilutive potential common shares         3,947,524        3,897,209        3,947,524        3,882,366
                                         =========        =========        =========        =========


4. COMPENSATION FOR CONTRIBUTED SERVICES

Two officers/shareholders performed services for the Company during the six
months ended August 31, 2002 for which no compensation was paid. The Company
recorded a charge to operations for these contributed services of $6,000 and a
corresponding credit to paid in capital.

                                       8

                                   FRMO CORP.
                    Notes to Financial Statements (Unaudited)
                                   (continued)

5. INCOME TAXES

The provision for income taxes consist of the following:



                              THREE MONTHS ENDED                    SIX MONTHS ENDED
                                  AUGUST 31,                            AUGUST 31,
                           2002              2001               2002              2001
                          ------            -------            ------            -------
                                                                     
Current:
    Federal               $5,018            $    --            $7,382            $    --
    State                  1,326                 --             1,617                 --
                          ------            -------            ------            -------
Total current              6,344                 --             8,999                 --
                          ------            -------            ------            -------
Deferred:
    Federal                 --                   --              --                   --
    State                   --                   --              --                   --
                          ------            -------            ------            -------
Total deferred              --                   --              --                   --
                          ------            -------            ------            -------

Total                     $6,344            $    --            $8,999            $    --
                          ======            =======            ======            =======


                                       9

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION

All statements contained herein that are not historical facts, including but not
limited to, statements regarding future operations, financial condition and
liquidity, capital requirements and the Company's future business plans are
based on current expectations. These statements are forward looking in nature
and involve a number of risks and uncertainties. Actual results may differ
materially. Among the factors that could cause actual results to differ
materially are changes in the financial markets, which affect investment
managers, investors, mutual funds and the Company's consulting clients, and
other risk factors described herein and in the Company's reports filed and to be
filed from time to time with the Commission. The discussion and analysis below
is based on the Company's unaudited Financial Statements for the six months
ended August 31, 2002 and 2001. The following should be read in conjunction with
the Management's Discussion and Analysis of results of operations and financial
condition included in Form 10-K for the year ended February 28, 2002.

OVERVIEW

By reason of the spin-off transaction described in Form 10-K for the year ended
February 28, 2002, the Company had a new start in terms of its continuing
business and its financial statements. After the spin-off, its balance sheet
consisted of $10,000 in assets, no liabilities and 1,800,000 shares of common
stock. On January 23, 2001 the Company issued an additional 34,200,000 shares of
common stock for $3,258,000 to be paid as set forth in Item 1 of Form 10-K for
the year ended February 28, 2001.

Since its new start on January 23, 2001, FRM completed the following
transactions through August 31, 2002:

      1.    The Company invested $5,000 in FRM NY Capital, LLC, a limited
            liability venture capital company whereby the substantial investment
            of financial capital will be made by unrelated parties but where FRM
            will have a carried interest based on leveraging the creative
            services of its personnel (its intellectual capital).

      2.    A consulting agreement has been signed effective January 1, 2001
            whereby FRM is currently receiving $22,860 a year from the manager
            of Santa Monica  Partners, LP, a director and shareholder of FRM,
            for access to consultations with the Company's personnel designated
            by Murray Stahl and Steven Bregman. Santa Monica Partners, L.P. is a
            private fund, which owns 218,000 shares of common stock of FRM.

      3.    In March 2001 FRM acquired the research service fees that Horizon
            Research Group had received from The New Paradigm Fund in exchange
            for 80,003 shares of FRM common stock. Management believes that the
            growth of that Fund in the current fiscal year and future years will
            increase the current level of research fees for which the stock
            consideration was paid. The New Paradigm Fund outperformed the S & P
            500 Index by approximately 13 percentage points in its first fiscal
            year of operation, Calendar 2000. During 2001, it outperformed the
            S&P 500 Index by 14 percentage points and, during 2002, by 20
            percentage points through September 30.

      4.    In October 2001, FRM acquired a 2% interest in the subscription
            revenues from The Convertible/High Yield Arbitrage Report that
            Horizon Research Group and another


                                       10



            third party receive in exchange for 50 shares of Series R preferred
            stock. While the subscriptions are minimal at the present time,
            management believes that they will grow in future years.

      5.    In February 2002, FRM acquired a 7.71% interest in Kinetics
            Advisors, LLC and the Finder's Fee Share Interest from the Stahl
            Bregman Group, in exchange for 315 shares of FRM common stock.
            Kinetics Advisors, LLC controls and provides investment advice to
            Kinetics New Economy Partners, a hedge fund and to Kinetics New
            Economy Fund, an off-shore version of New Economy Partners. While
            the fees are minimal at the present time, management believes that
            they will grow in future years. During its first year of operation
            in 2000, and in 2001, New Economy Partners returned 23.7 and 21.6
            percentage points more than the S&P 500 Index. During 2002, through
            September 30, it outperformed the S&P 500 Index by 35 percentage
            points.

RESULTS OF OPERATIONS

2002 Period Compared to the 2001 Period

The Company's revenues from operations for the three months ended August 31,
2002 ("2002") was $35,000, an increase of $20,000 or 133% as compared to the
three months ended August 31, 2001 ("2001"). The Company's revenues from
operations for the six months ended August 31, 2002 ("2002") was $67,000, an
increase of $39,000 or 139% as compared to the six months ended August 31, 2001
("2001"). The net increases in both of the three and six month periods were due
to additional income being generated from consulting fees, research fees,
subscription fees and income from its investments in unconsolidated
subsidiaries.

Costs and expenses from operations decreased by $5,000 (22%) to $18,000 for the
three months ended in 2002. During the six month period ended in 2002 costs and
expenses from operations decreased by $1,000 (3%) to $32,000. The decrease for
the three months and six months ended in 2002 were due to decreases in
shareholder reporting expenses, offset by increases in contributed services.
In 2002, the Company started recording non-cash compensation of for contributed
services from two of its executives. In 2001 those executives, who are
responsible for all of the Company's operations had agreed not to draw any
salaries during the period of formation. The $6,000 and $9,000 increase in the
provision for income taxes for the three months and six months ended in 2002
was due to the increase in income from operations.

For the reasons noted above, the Company's net income for the three months ended
August 31, 2002 increased by $18,000 to $11,000, as compared to a loss of $7,000
in 2001. For the same reasons, net income for the six months ended August 31,
2002 was $27,000, as compared to a net loss of $4,000 for the same period in
2001.

LIQUIDITY AND CAPITAL RESOURCES

The Company's activities during the six months ended August 31, 2002, resulted
in an increase in cash of $5,000. The $5,000 increase in cash in 2002 was due to
an increase in net income (after adjusting for reinvested income, amortization
and contributed services) of $23,000, offset by fluctuations in operating assets
and liabilities primarily caused by timing differences. There were no cash flows
provided by or used in investing or financing activities


                                       11

during both of the six month periods ended in 2002 and 2001. The Company expects
its business with prospective new clients to develop without the outlay of cash
since the growth will come from the services of its officers who will not
receive cash salaries until the Company's operations and revenues warrant the
payment.

EFFECTS OF NEW ACCOUNTING PRONOUNCEMENTS

None.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

On January 23, 2001 the Company issued 34,200,000 shares of $.001 par value
stock for $3,258,000. Only $39,375 was paid for at the time and the balance of
$3,218,625 will be paid to the Company as set forth in Item 1 of Form 10-K for
the year ended February 28, 2001. The Company's market risk arises principally
from the obligations of the shareholders to pay for the shares of common stock
of the Company based on dividends from outside sources and the income generated
from the management of mutual funds.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we have
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures within 90 days of the filing date of this quarterly
report, and, based on their evaluation, our principal executive officer and
principal financial officer have concluded that these controls and procedures
are effective. There were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation.

Disclosure controls and procedures are our controls and other procedures that
are designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange Commission's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by us in the reports that we file under the
Exchange Act is accumulated and communicated to our management, including our
principal executive officer and principal financial officer, as appropriate to
allow timely decisions regarding required disclosure.




                                       12




                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

EXHIBITS

None.

REPORTS ON FORM 8-K

None.


                                       13




                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                                      FRMO CORP.

                                                          By: /S/ VICTOR BRODSKY
                                                             -------------------

                                                                  Victor Brodsky
                                                                   Treasurer and
                                                         Chief Financial Officer
                                    (Principal Financial and Accounting Officer)

Dated: October 10, 2002




                                  CERTIFICATION

Each of the undersigned hereby certifies in his capacity as an officer of FRMO
Corp. (the "Company") that the Quarterly Report of the Company on Form 10-Q for
the period ended August 31, 2002 fully complies with the requirements of Section
13(a) of the Securities Exchange Act of 1934 and that the information contained
in such report fairly presents, in all material respects, the financial
condition of the Company at the end of such period and the results of operations
of the Company for such period.

Dated: October 11, 2002

By:      /S/ MURRAY STAHL
   ----------------------

Murray Stahl
Chairman of the Board and Chief Executive Officer


By:      /S/ STEVEN BREGMAN
   ------------------------

Steven Bregman
President and Chief Operating Officer

By:      /S/ VICTOR BRODSKY
   ------------------------

Victor Brodsky
Treasurer and Chief Financial Officer

                                       14



                                 CERTIFICATIONS

      I, Murray Stahl, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of FRMO Corp;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

            a)    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

            b)    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

            c)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors (or persons performing the
      equivalent function):

            a)    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls;

            and

            b)    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

Dated: October 11, 2002

By:      /S/ MURRAY STAHL
         ----------------

Murray Stahl
Chairman of the Board and Chief Executive Officer

                                       15



                                 CERTIFICATIONS

      I,    Steven Bregman, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of FRMO Corp;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

            a)    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

            b)    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

            c)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

            a)    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b)    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.


Dated: October 11, 2002

By:      /S/ STEVEN BREGMAN
         ------------------

Steven Bregman
President and Chief Operating Officer


                                       16



                                 CERTIFICATIONS

      I,    Victor Brodsky, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of FRMO Corp;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

            a)    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

            b)    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

            c)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

            a)    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b)    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.

Dated: October 11, 2002

By:      /S/ VICTOR BRODSKY
   ------------------------

Victor Brodsky

Treasurer and Chief Financial Officer


                                       17