VFL (VFL)
abrdn National Municipal Income Fund
AMEX:VFLFinancial Services · Asset Management
Mkt Cap$126.59M
Float12.28M
O/S12.28M
Inst Own28.7%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue-$687K
Net Income-$5.13M
Total Assets$252.16M
Free Cash Flow$5.1M
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$151.34M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in VFL's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$252.16M
Liabilities$100.81M
Accounts Receivable$2.9M
Accounts Payable$1.65M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2023-03-31 | 2022-03-31 | 2021-03-31 | 2020-03-31 | 2019-03-31 | 2018-03-31 | 2017-03-31 | 2016-03-31 | 2015-03-31 | 2014-03-31 | 2013-03-31 | 2012-03-31 | 2011-03-31 |
| Revenue | -$687K | $36.45M | $2.31M | -$21.45M | -$13.38M | $7.96M | $195K | $3.49M | $3.11M | $109K | $4.01M | $9.06M | -$1.91M | $7.82M | $8.11M | $267K |
| YoY Growth | -101.9% | 1479.1% | -110.8% | 60.3% | -268.1% | 3986.3% | -94.4% | 12.0% | 2755.5% | -97.3% | -55.7% | -575.0% | -124.4% | -3.6% | 2937.1% | - |
| Cost of Revenue | $0 | $0 | $800K | $0 | $749K | $4.25M | -$3.79M | $511K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | -$687K | $36.45M | $1.51M | -$21.45M | -$14.13M | $3.71M | $3.98M | $2.98M | $3.11M | $109K | $4.01M | $9.06M | -$1.91M | $7.82M | $8.11M | $267K |
| Gross Margin | 100.0% | 100.0% | 65.3% | 100.0% | 105.6% | 46.6% | 2044.7% | 85.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $686K | $770K | $0 | $1.16M | $387K | $232K | $297K | $265K | $235K | $213K | $324K | $264K | $196K | $223K | $279K | $61K |
| Other | $3.75M | $4.39M | $29.07M | $0 | -$15.44M | $4.72M | -$3.72M | $68K | $32K | $32K | $44K | $32K | $31K | $35K | $62K | $20K |
| Total Operating Expenses | $4.44M | $5.16M | $29.07M | $5.09M | $452K | $286K | $357K | $296K | $267K | $245K | $367K | $297K | $227K | $258K | $341K | $81K |
| Operating Income (EBIT) | -$5.13M | $31.29M | -$27.56M | $8.66M | $3.87M | $3.04M | $3.24M | $3.5M | $3.5M | $394K | $4.03M | $9.14M | -$1.75M | $7.56M | $7.77M | $186K |
| Operating Margin | 746.5% | 85.8% | -1194.1% | -40.4% | -28.9% | 38.2% | 1662.3% | 100.3% | 112.4% | 360.9% | 100.4% | 100.9% | 91.8% | 96.7% | 95.8% | 69.8% |
| Interest Expense | $0 | $0 | $4.42M | $0 | $509K | $414K | $773K | $813K | $651K | $530K | $382K | $374K | $384K | $0 | $0 | $0 |
| Interest Income | $12.48M | $12.02M | $0 | $15.2M | $4.88M | $3.71M | $3.98M | $4.17M | $4.18M | $4.16M | $4.29M | $4.28M | $4.19M | $4.33M | $2.92M | $1.69M |
| Other Income (Expense) | $0 | -$4.55M | -$4.42M | -$35.2M | -$17.7M | $4.64M | -$3.4M | -$308K | -$651K | -$530K | -$382K | -$374K | -$384K | $0 | $0 | $0 |
| Income Before Tax (EBT) | -$5.13M | $31.29M | -$31.98M | -$26.54M | -$13.83M | $7.67M | -$163K | $3.19M | $2.85M | -$136K | $3.65M | $8.76M | -$2.13M | $7.56M | $7.77M | $186K |
| Income Tax Expense | $0 | $0 | $0 | -$35.2M | -$18.21M | $4.22M | -$4.17M | -$1.12M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$5.13M | $31.29M | -$31.98M | -$26.54M | -$13.83M | $7.67M | -$163K | $3.19M | $2.85M | -$136K | $3.65M | $8.76M | -$2.13M | $7.56M | $7.77M | $186K |
| Net Income Margin | 746.5% | 85.8% | -1385.3% | 123.7% | 103.4% | 96.4% | -83.5% | 91.5% | 91.4% | -124.9% | 90.8% | 96.7% | 111.9% | 96.7% | 95.8% | 69.8% |
| Supplementary Data | ||||||||||||||||
| EPS | -0.42 | 2.55 | -2.60 | -2.16 | -1.65 | 1.70 | -0.03 | 0.70 | 0.63 | -0.03 | 0.81 | 1.93 | -0.47 | 1.58 | 1.71 | 0.08 |
| Diluted EPS | -0.42 | 2.55 | -2.60 | -2.16 | -1.65 | 1.70 | -0.03 | 0.70 | 0.63 | -0.03 | 0.81 | 1.93 | -0.47 | 1.58 | 1.71 | 0.08 |
| Weighted Average OS | 12.28M | 12.28M | 12.28M | 12.28M | 8.40M | 4.51M | 5.42M | 4.53M | 4.52M | 4.53M | 4.50M | 4.53M | 4.53M | 4.53M | 4.53M | 2.42M |
| EBITDA | -$5.13M | $31.29M | -$27.39M | $0 | $0 | $0 | $0 | $0 | $3.5M | $394K | $4.03M | $9.14M | -$1.75M | $7.56M | $7.77M | $186K |
| EBITDA Margin | 746.5% | 85.8% | -1186.8% | - | - | - | - | - | 112.4% | 360.9% | 100.4% | 100.9% | 91.8% | 96.7% | 95.8% | 69.8% |
Balance Sheet
| Period | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2024-09-30 | 2023-09-30 | 2023-03-31 | 2022-03-31 | 2021-03-31 | 2020-03-31 | 2019-03-31 | 2018-03-31 | 2017-03-31 | 2016-03-31 | 2015-03-31 | 2014-03-31 | 2013-03-31 | 2012-03-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $7K | $0 | $0 | $3.22M | $0 | $2.25M | -$200K | $0 | $266K | $129K | $0 | $282K | $72K | $260K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $200K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $7K | $0 | $0 | $3.22M | $0 | $2.25M | $200K | $0 | $266K | $129K | $0 | $282K | $72K | $260K |
| Accounts Receivable | $2.9M | $3.22M | $2.96M | $27.11M | $1.18M | $1.16M | $1.84M | $1.32M | $1.34M | $1.33M | $1.35M | $1.34M | $1.28M | $1M |
| Inventory | $0 | $0 | $0 | $34.67M | $0 | $4.82M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | -$3.22M | $0 | -$34.63M | -$1.18M | -$4.81M | -$2.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $2.95M | $3.22M | $2.96M | $30.37M | $1.2M | $3.42M | $1.85M | $1.32M | $1.61M | $1.46M | $1.35M | $1.63M | $1.35M | $1.26M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $222.38M | $249.66M | $422.7M | $96.04M | $89.78M | $96.43M | $94.13M | $93.34M | $96.67M | $96.41M | $91.87M | $97.48M | $99.71M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $249.2M | -$222.38M | -$249.66M | -$422.7M | -$96.04M | -$89.78M | -$96.43M | -$94.13M | -$93.34M | -$96.67M | -$96.41M | -$91.87M | -$97.48M | -$99.71M |
| Total Long-Term Assets | $249.2M | $222.39M | $249.66M | $422.7M | $96.04M | $89.78M | $96.43M | $94.13M | $93.34M | $96.67M | $96.41M | $91.87M | $97.48M | $99.71M |
| Other Assets | $0 | $225.61M | $179K | $602K | $208K | $194K | $66K | $127K | $147K | $158K | $140K | $212K | $284K | $98K |
| Total Assets | $252.16M | $225.61M | $252.79M | $453.68M | $97.45M | $93.4M | $98.34M | $95.58M | $95.09M | $98.28M | $97.9M | $93.71M | $99.11M | $101.07M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $1.65M | $0 | $7.91M | $33.74M | $0 | $1.25M | $2.76M | $367K | $226K | $179K | $0 | $1.11M | $1.17M | $7.44M |
| Short-Term Debt | $0 | $289K | $0 | $0 | $0 | $0 | $119K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $4K | $4K | $5K | $5K | $0 | $41K | $37K | $34K | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | -$119K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | -$289K | -$7.53M | -$33.51M | $86K | -$1.18M | -$50K | -$367K | -$226K | -$179K | $0 | -$1.11M | -$1.17M | -$7.44M |
| Total Current Liabilities | $1.65M | $289K | $8.29M | $33.97M | $86K | $1.32M | $2.83M | $367K | $226K | $179K | $0 | $1.11M | $1.17M | $7.44M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $99M | $99M | $135M | $30M | $30M | $30M | $220K | $0 | $0 | $9K | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $99.17M | -$99M | -$99M | -$135M | -$30M | -$30M | -$30M | $147K | $226K | $179K | -$9K | $1.11M | $1.17M | $7.44M |
| Total Long-Term Liabilities | $99.17M | $99.31M | $99M | $135M | $30M | $30M | $30M | $367K | $226K | $179K | $9K | $1.11M | $1.17M | $7.44M |
| Other Liabilities | $0 | $0 | $801K | $0 | $184K | $0 | $119K | $29.93M | $29.85M | $29.92M | $0 | $28.97M | $28.88M | $22.71M |
| Total Liabilities | $100.81M | $99.6M | $108.09M | $168.97M | $30.27M | $31.32M | $32.95M | $30.66M | $30.3M | $30.28M | $9K | $31.19M | $31.23M | $37.59M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $12K | $12K | $180.2M | $285.04M | $60.21M | $60.21M | $60.21M | $60.21M | $60.62M | $60.62M | $60.62M | $60.62M | $0 | $0 |
| Retained Earnings | -$28.81M | -$54.19M | -$35.5M | -$337K | $6.97M | $1.88M | $5.19M | $301K | $141K | $216K | $512K | $785K | $0 | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $180.13M | $180.19M | $0 | $0 | $0 | $0 | $0 | $4.41M | $4.03M | $7.17M | $6.67M | $1.12M | $67.88M | $63.49M |
| Total Equity | $151.34M | $126.01M | $144.7M | $284.71M | $67.18M | $62.08M | $65.4M | $64.92M | $64.79M | $68.01M | $67.8M | $62.53M | $67.88M | $63.49M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $252.16M | $225.61M | $252.79M | $453.68M | $97.45M | $93.4M | $98.34M | $95.58M | $95.09M | $98.28M | $67.81M | $93.71M | $99.11M | $101.07M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $99.29M | $0 | $135M | $30M | $30M | $30.12M | $220K | $0 | $0 | $9K | $0 | $0 | $0 |
| Net Debt | -$7K | $99.29M | - | $131.78M | $30M | $27.75M | $30.32M | $220K | -$266K | -$129K | $9K | -$282K | -$72K | -$260K |
Cash Flow Statement
| Period | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2024-09-30 | 2023-09-30 | 2023-03-31 | 2022-03-31 | 2021-03-31 | 2020-03-31 | 2019-03-31 | 2018-03-31 | 2017-03-31 | 2016-03-31 | 2015-03-31 | 2014-03-31 | 2013-03-31 |
| Operating Activities | |||||||||||||
| Net Income | $31.29M | -$31.98M | -$26.54M | -$13.83M | $7.67M | -$163K | $3.19M | $2.85M | -$136K | $3.65M | $8.76M | -$2.13M | $7.56M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||
| Accounts Receivable | $249K | -$258K | $24.15M | -$23.08M | -$27K | $679K | -$512K | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | -$33.74M | $1.25M | $1.51M | -$2.39M | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | -$7.89M | $0 | $33.74M | -$1.25M | -$1.51M | $2.39M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$111K | $80K | -$25.21M | $84K | $5K | -$135K | $45K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Working Capital Change | $138K | -$8.07M | -$1.07M | $10.75M | -$1.27M | -$962K | $1.92M | $367K | -$212K | $200K | -$1.11M | -$115K | $0 |
| Other Non-Cash Items | -$26.33M | $34.62M | $173.05M | $12.86M | -$6.26M | $6.65M | -$2.3M | -$758K | $3.34M | -$266K | -$4.46M | $5.68M | -$7.56M |
| Net Cash from Operating | $5.1M | -$5.43M | $145.44M | $9.77M | $140K | $5.52M | $2.82M | $2.46M | $2.99M | $3.58M | $3.2M | $3.43M | $0 |
| Investing Activities | |||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$183.71M | -$164.38M | $0 | -$115.96M | -$19.24M | -$33.02M | -$16.98M | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $184.87M | $155.74M | $0 | $110.83M | $20.89M | $36.57M | $14.71M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $17.29M | $0 | $0 | -$3.29M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $1.15M | $8.64M | $0 | -$5.13M | -$1.65M | $3.54M | -$2.26M | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | |||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $36M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$36M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$5.95M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | -$66.91M | -$1.97M | $0 | $0 | $0 | $220K | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$6.24M | -$3.21M | -$148.66M | -$6.55M | -$2.39M | -$3.27M | -$2.82M | -$2.72M | -$2.85M | -$3.44M | -$3.49M | -$3.22M | $0 |
| Forex Effect | $0 | $0 | $0 | $5.13M | $1.65M | -$3.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | $0 | -$3.22M | $3.22M | -$2.25M | $2.25M | -$2.26M | -$266K | $137K | $138K | -$292K | $211K | $0 |
| Supplementary Data | |||||||||||||
| Operating Cash Flow | $5.1M | -$5.43M | $145.44M | $9.77M | $140K | $5.52M | $2.82M | $2.46M | $2.99M | $3.58M | $3.2M | $3.43M | $0 |
| Capital Expenditure | $4 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $5.1M | -$5.43M | $145.44M | $9.77M | $140K | $5.52M | $2.82M | $2.46M | $2.99M | $3.58M | $3.2M | $3.43M | $0 |
| Cash at Beginning | $0 | $3.22M | $3.22M | $0 | $2.25M | $0 | $0 | $266K | $129K | -$9K | $282K | $72K | $0 |
| Cash at End | $7K | $3.22M | $0 | $3.22M | $0 | $2.25M | -$2.26M | $0 | $266K | $129K | -$9K | $282K | $0 |