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

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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:

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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
[email protected]

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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