• Research Frontiers Reports First Quarter 2024 Financial Results and Will Host a Conference Call at 5:30p.m. Today

    Source: Nasdaq GlobeNewswire / 09 May 2024 15:01:00   America/Chicago

    WOODBURY, N.Y., May 09, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter of 2024. Management will host a conference call today at 5:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

     •Who: Joseph M. Harary, President & CEO
     •Date/Time: Thursday, May 9, 2024, 5:30 PM ET (please note new start time)
     •Dial-in Information:1-888-334-5785
     •Replay: Available on Friday, May 10, 2024 for 90 days at https://smartglass-ir.com/
       

    Key Comments:

    1.Fee income during the first quarter of 2024 increased by over 26% from the same period last year as a result of higher royalties from the automotive and aircraft markets, after being up 69% in calendar year 2023 compared to 2022.
    2.The Company expects revenue in all market segments to increase as new car models, aircraft, trains, architectural, information display and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
    3.At March 31, 2024, the Company had cash and cash equivalents of approximately $2.1 million, and working capital of $2.9 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.
      

    For more details, please see the Company’s Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

    About Research Frontiers

    Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

    Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.

    CONTACT:
    Joseph M. Harary
    President and CEO
    Research Frontiers Inc.
    +1-516-364-1902
    Info@SmartGlass.com

    RESEARCH FRONTIERS INCORPORATED
    Condensed Consolidated Balance Sheets

      March 31, 2024
    (Unaudited)    		  December 31, 2023
    (See Note 1)    		 
           
    Assets      
           
    Current assets:        
    Cash and cash equivalents $2,093,458  $2,475,958 
    Royalties receivable, net of reserves of $1,253,450 in 2024 and 2023, respectively  956,783   1,003,404 
    Prepaid expenses and other current assets  240,771   96,784 
    Total current assets  3,291,012   3,576,146 
             
    Fixed assets, net  33,199   39,598 
    Operating lease ROU assets  142,972   178,715 
    Deposits and other assets  56,066   56,066 
    Total assets $3,523,249  $3,850,525 
             
    Liabilities and Shareholders’ Equity        
             
    Current liabilities:        
    Current portion of operating lease liability $216,943  $212,359 
    Accounts payable  171,239   50,880 
    Accrued expenses  51,270   14,192 
    Total current liabilities  439,452   277,431 
             
    Operating lease liability, net of current portion  -   55,363 
    Total liabilities  439,452   332,794 
             
    Shareholders’ equity:        
    Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,517,787 in 2024 and 33,509,287 in 2023  3,352   3,351 
    Additional paid-in capital  127,787,890   127,779,221 
    Accumulated deficit  (124,707,445)  (124,264,841)
    Total shareholders’ equity  3,083,797   3,517,731 
             
    Total liabilities and shareholders’ equity $3,523,249  $3,850,525 


    RESEARCH FRONTIERS INCORPORATED
    Condensed Consolidated Statements of Operations
    (Unaudited)

      Three months ended March 31, 
      2024  2023 
           
    Fee income $313,378  $248,175 
             
    Operating expenses  633,387   587,799 
    Research and development  149,741   149,222 
    Total expenses  783,128   737,021 
             
    Operating loss  (469,750)  (488,846)
             
    Net investment income  27,146   26,208 
             
    Net loss $(442,604) $(462,638)
             
    Basic and diluted net loss per common share $(0.01) $(0.01)
             
    Weighted average number of common shares outstanding  33,510,408   33,286,648 


    RESEARCH FRONTIERS INCORPORATED
    Condensed Consolidated Statements of Shareholders’ Equity
    (Unaudited)

    For the three months ended March 31, 2023 and 2024

      Common Stock  Additional  Accumulated    
      Shares  Amount  Paid-in Capital  Deficit  Total 
                    
    Balance, January 1, 2023  33,150,396  $3,315  $127,150,027  $(122,356,477) $4,796,865 
                         
    Exercise of warrants  358,891   36   484,466   -   484,502 
    Net loss  -   -   -   (462,638)  (462,638)
    Balance, March 31, 2023  33,509,287  $3,351  $127,634,493  $(122,819,115) $4,818,729 


      Common Stock  Additional  Accumulated    
      Shares  Amount  Paid-in Capital  Deficit  Total 
                    
    Balance, January 1, 2024  33,509,287  $3,351  $127,779,221  $(124,264,841) $3,517,731 
                         
                         
    Exercise of options  8,500   1   8,669   -   8,670 
    Net loss  -   -   -   (442,604)  (442,604)
    Balance, March 31, 2024  33,517,787  $3,352  $127,787,890  $(124,707,445) $3,083,797 


    RESEARCH FRONTIERS INCORPORATED
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)

      For the three months ended March 31, 
      2024  2023 
    Cash flows from operating activities:        
    Net loss $(442,604) $(462,638)
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization  6,449   6,816 
    Unrealized gain on marketable securities  -   (22,900)
    ROU asset amortization  35,743   36,958 
    Bad debt recovery  -   (5,000)
    Change in assets and liabilities:        
    Royalty receivables  46,621   (89,264)
    Prepaid expenses and other assets  (143,987)  7,785 
    Accounts payable and accrued expenses  157,437   (33,288)
    Deferred revenue  -   11,921 
    Operating lease liability  (50,779)  (47,513)
    Net cash used in operating activities  (391,120)  (597,123)
             
    Cash flows from investing activities:        
    Purchases of fixed assets  (50)  (702)
    Purchases of marketable securities  -   (2,965,160)
    Net cash used in investing activities  (50)  (2,965,862)
             
    Cash flows from financing activities:        
    Net proceeds from exercise of options and warrants  8,670   484,502 
    Net cash provided by financing activities  8,670   484,502 
             
    Net decrease in cash and cash equivalents  (382,500)  (3,078,483)
             
    Cash and cash equivalents at beginning of period  2,475,958   4,230,916 
    Cash and cash equivalents at end of period $2,093,458  $1,152,433 


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