Management to Host Conference Call at 4:30 p.m.
WOODBURY, N.Y , March 14, 2019 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full year ended December 31, 2018. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
Key Comments:
For more details, please see the Company’s Quarterly Report on Form 10-K which was filed today with the SEC, the contents of which are incorporated by reference herein.
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 over 40 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.
CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
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 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.
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
December 31, 2018 and 2017
2018 | 2017 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,969,416 | $ | 1,737,847 | ||||
Royalties receivable, net of reserves of $1,094,774 in 2018 and $1,051,424 in 2017 | 689,677 | 597,441 | ||||||
Prepaid expenses and other current assets | 52,729 | 29,697 | ||||||
Total current assets | 3,711,822 | 2,364,985 | ||||||
Fixed assets, net | 313,177 | 482,561 | ||||||
Deposits and other assets | 33,567 | 33,567 | ||||||
Total assets | $ | 4,058,566 | $ | 2,881,113 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 133,486 | $ | 58,090 | ||||
Accrued expenses and other | 273,606 | 254,833 | ||||||
Deferred revenue | 50,570 | 824 | ||||||
Total current liabilities | 457,662 | 313,747 | ||||||
Warrant liability | 501,414 | - | ||||||
Shareholders’ equity: | ||||||||
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 27,665,211 in 2018 and 24,043,846 in 2017 | 2,767 | 2,404 | ||||||
Additional paid-in capital | 114,787,657 | 111,627,789 | ||||||
Accumulated deficit | (111,690,934 | ) | (109,062,827 | ) | ||||
Total shareholders’ equity | 3,099,490 | 2,567,366 | ||||||
Total liabilities and shareholders’ equity | $ | 4,058,566 | $ | 2,881,113 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Years ended December 31, 2018, 2017 and 2016
2018 | 2017 | 2016 | ||||||||||
Fee income | $ | 1,488,642 | $ | 1,509,070 | $ | 1,236,097 | ||||||
Operating expenses | 3,043,460 | 3,127,979 | 4,086,408 | |||||||||
Research and development | 863,401 | 799,702 | 1,417,634 | |||||||||
Total Expenses | 3,906,861 | 3,927,681 | 5,504,042 | |||||||||
Operating loss | (2,418,219 | ) | (2,418,611 | ) | (4,267,945 | ) | ||||||
Warrant market adjustment | (278,044 | ) | - | - | ||||||||
Net investment income | 10,135 | 4,752 | 29,535 | |||||||||
Net loss | (2,686,128 | ) | (2,413,859 | ) | (4,238,410 | ) | ||||||
Basic and diluted net loss per common share | $ | (0.10 | ) | $ | (0.10 | ) | $ | (0.18 | ) | |||
Weighted average number of common shares outstanding | 25,956,232 | 24,043,846 | 24,043,846 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Shareholders’ Equity
Years ended December 31, 2018, 2017 and 2016
Common Stock | Additional Paid-in | Accumulated | ||||||||||||||||||
Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
Balance, December 31, 2015 | 24,043,846 | $ | 2,404 | $ | 111,483,959 | $ | (102,410,558 | ) | $ | 9,075,805 | ||||||||||
Share-based compensation | - | - | 67,531 | - | 67,531 | |||||||||||||||
Net Loss | - | - | - | (4,238,410 | ) | (4,238,410 | ) | |||||||||||||
Balance, December 31, 2016 | 24,043,846 | 2,404 | 111,551,490 | (106,648,968 | ) | 4,904,926 | ||||||||||||||
Share-based compensation | - | - | 76,299 | - | 76,299 | |||||||||||||||
Net Loss | - | - | - | (2,413,859 | ) | (2,413,859 | ) | |||||||||||||
Balance, December 31, 2017 | 24,043,846 | 2,404 | 111,627,789 | (109,062,827 | ) | 2,567,366 | ||||||||||||||
Adoption of ASC 606 | - | - | - | 58,021 | 58,021 | |||||||||||||||
Issuance of capital stock | 3,562,809 | 357 | 3,026,273 | - | 3,026,630 | |||||||||||||||
Exercise of options and warrants | 58,556 | 6 | 64,286 | - | 64,292 | |||||||||||||||
Share-based compensation | - | - | 69,309 | - | 69,309 | |||||||||||||||
Net Loss | - | - | - | (2,686,128 | ) | (2,686,128 | ) | |||||||||||||
Balance, December 31, 2018 | 27,665,211 | $ | 2,767 | $ | 114,787,657 | $ | (111,690,934 | ) | $ | 3,099,490 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Years ended December 31, 2018, 2017 and 2016
2018 | 2017 | 2016 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (2,686,128 | ) | $ | (2,413,859 | ) | $ | (4,238,410 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 181,047 | 175,643 | 188,501 | |||||||||
Warrant market adjustment | 278,044 | - | - | |||||||||
Share based compensation | 69,309 | 76,299 | 67,531 | |||||||||
Loss on sale of fixed asset | - | - | 1,775 | |||||||||
Bad debts | 43,350 | 56,415 | 480,563 | |||||||||
Change in assets and liabilities: | ||||||||||||
Royalties receivable | (77,565 | ) | 463,290 | (283,035 | ) | |||||||
Prepaid expenses and other current assets | (23,032 | ) | 227,195 | (123,427 | ) | |||||||
Accounts payable and accrued expenses | 94,169 | (56,347 | ) | (98,941 | ) | |||||||
Deferred revenue | 49,746 | 824 | - | |||||||||
Net cash used in operating activities | (2,071,060 | ) | (1,470,540 | ) | (4,005,443 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Purchases of fixed assets | (11,663 | ) | (6,549 | ) | (11,715 | ) | ||||||
Proceeds from sale of fixed asset | - | - | 6,000 | |||||||||
Proceeds from sale of investment | - | 1,523,333 | (9,549 | ) | ||||||||
Net cash (used in) provided by investing activities | (11,663 | ) | 1,516,784 | (15,264 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Net proceeds from issuances of common stock and warrants and exercise of options and warrants | 3,314,292 | - | - | |||||||||
Net cash (used in) provided by financing activities | 3,314,292 | - | - | |||||||||
Net increase (decrease) in cash and cash equivalents | 1,231,569 | 46,244 | (4,020,707 | ) | ||||||||
Cash and cash equivalents at beginning of year | 1,737,847 | 1,691,603 | 5,712,310 | |||||||||
Cash and cash equivalents at end of year | $ | 2,969,416 | $ | 1,737,847 | $ | 1,691,603 |