Tuxis : October 20, 2021 Tuxis Corporation Announces Second Quarter 2021 Financial Results

Tuxis Corporation Announces Second Quarter 2021 Financial Results

October 20, 2021 - Tuxis Corporation (Stock Symbol: TUXS) (the "Company") today reported its financial results for the second quarter ended June 30, 2021.

The Company recorded net income of $93,897 or $0.08 per diluted share for the three months ended June 30, 2021 compared to net income of $81,662 or $0.07 per share for the three months ended June 30, 2020. The Company recorded net income of $260,460 or $0.21 per diluted share for the six months ended June 30, 2021 compared to a net loss of $236,429 or $0.19 per share for the six months ended June 30, 2020.

The Company's book value per share at June 30, 2021 was $6.75 (shareholders' equity of $8,386,189 divided by 1,242,639 shares issued and outstanding).

The Company's unaudited balance sheet, statements of comprehensive income (loss), and statements of cash flows as of and for the six months ended June 30, 2021 are appended to the copy of this press release on www.tuxis.com.

About Tuxis Corporation

Tuxis Corporation is a holding company that engages through subsidiaries primarily in real estate development and management. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.com.

Cautionary Note Regarding Forward Looking Statements

Certain information presented in this press release may contain "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning the Company's plans, including its plans as to the use of the proceeds from the sale, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, and other information that is not historical information. In some cases, forward looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates" or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements, including the negative impacts from the continued spread of COVID-19 on the economy, the broader financial markets, the Company's financial condition, and results of operations and cash flows. The Company may also make additional forward looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, the Company's examination of historical operating trends and estimates of future earnings, are based upon the Company's current expectations and various assumptions. The Company's expectations, beliefs and projections are expressed in good faith, but there can be no assurance that the Company's expectations, beliefs and projections will result or be achieved. All forward looking statements apply only as of the date made. The Company undertakes no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of

financial performance. Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial condition and results from operations. The definition of book value as presented in this press release is shareholders' equity divided by currently issued and outstanding shares.

Contact:	Thomas O'Malley
	Chief Financial Officer
	1-212-785-0900, ext. 267
	[e-mail]
	www.tuxis.com

TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
June 30, 2021
(Unaudited)
		June 30, 2021
Assets
Current assets
Cash and cash equivalents	$	769,636
Investment in securities		4,770,482
Dividends and interest receivable		9,787
Due from affiliates		791
Refundable income taxes		3,978
Prepaid expenses		6,554
Total current assets		5,561,228
Property and equipment, net		2,825,253
Other assets		1,378
Total assets		2,826,631
$	8,387,859
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued expenses	$	1,670
Total liabilities		1,670
Shareholders' equity
Common stock, $0.01 par value, 1,000,100,000 shares authorized; 1,242,639
issued and outstanding		12,446
Series A participating preferred stock, $0.01 par value, 100,000
shares authorized, -0- shares issued and outstanding		-
Additional paid in capital		10,467,613
Notes receivable for common stock issued		(98,164)
Accumulated comprehensive income		154,611
Accumulated deficit		(2,150,317)
Total shareholders' equity		8,386,189
Total liabilities and shareholders' equity	$	8,387,859

TUXIS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

		Three Months Ended June 30,			Six Months Ended June 30,
		2021			2020			2021			2020
Revenues	$	-	$	-	$	-	$	-
Expenses
Compensation and benefits		48,094			50,883			104,925			106,419
General and administrative		18,654			22,279			47,315			50,405
Professional services		6,950			4,500			15,676			18,486
Other income		73,698			77,662			167,916			175,310
Unrealized gain (loss) on investment securities		134,394			99,756			358,634			(133,276)
Dividends, interest, and other		36,751			62,640			73,292			72,500
Income (loss) before income taxes		171,145			162,396			431,926			(60,776)
	97,447			84,734			264,010			(236,086)
Income tax expense		3,550			3,072			3,550			343
Net income (loss)	$	93,897		$	81,662		$	260,460		$	(236,429)
Net income (loss) per share
Basic net income (loss)	$	0.08	$	0.07	$	0.21	$	(0.19)
Diluted net income (loss)	$	0.08	$	0.07	$	0.21	$	(0.19)
Weighted average shares outstanding
Basic		1,243,051			1,246,988			1,243,589			1,233,774
Diluted		1,243,051			1,246,988			1,243,589			1,233,774
Other comprehensive income (loss)
Unrealized gain (loss) on investment securities	$	9,109	$	(1,527)	$	(77,261)	$	198,464
Comprehensive gain (loss)	$	103,006		$	80,135		$	183,199		$	(37,965)

TUXIS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2021 and 2020

(Unaudited)

		For the Six Months Ended June 30,
		2021			2020
Cash flows from operating activities
Net income (loss)	$	260,460	$	(236,429)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities
Unrealized (gain) loss on investment securities		(358,634)			133,226
Amortization of premium of investment securities		-			50
Changes in operating assets and liabilities:
Dividends and interest receivable		531			259
Due from affiliates		(791)			15,503
Refundable income taxes		2,025			(1,183)
Prepaid expenses		(1,492)			66
Other assets		2			-
Due to affiliates		(1,470)			-
Accounts payable and accrued expenses		482			333
Death benefit obligation		-			(6,300)
Net cash used in operating activities		(98,887)			(94,475)
Cash flows from investing activities
Real estate development		(22,509)			(21,566)
Net cash used in investing activities		(22,509)			(21,566)
Cash flows from financing activities
Common stock repurchases		(15,223)			-
Common stock issued upon exercise of stock options		-			370
Net cash (used in) provided by financing activities		(15,223)			370
Net decrease in cash and cash equivalents		(136,619)			(115,671)
Cash and cash equivalents, beginning of period		906,255			1,150,450
Cash and cash equivalents, end of period	$	769,636	$	1,034,779
Supplemental disclosure:
Income taxes paid	$	4,487	$	-
Promissory note accepted with exercise of stock options	$	-	$	60,680