Research Frontiers Reports First Quarter 2022 Financial Results and Will Host a Conference Call at 4:30p.m.

Woodbury, New York, UNITED STATES

WOODBURY, N.Y., May 05, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its March 31, 2022 first quarter. 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.

  • Who: Joseph M. Harary, President & CEO
  • Date/Time: May 5, 2022, 4:30 PM ET
  • Dial-in Information: 1-888-334-5785
  • Replay: Available on Friday, May 6, 2022 for 90 days at

Key Comments:

  1. The Company’s fee income from licensing activities decreased slightly as a result of two factors (1) lower to flat economic activity in the various industries that use the Company’s SPD-SmartGlass technology, and (2) timing differences due to how revenues are recorded from an accounting standpoint.
  2. The Company expects revenue in all market segments to increase beginning later this year as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
  3. Total expenses decreased by $21,250, or approximately 3%, for the first quarter ended March 31, 2022 as compared to the same period last year. 2021 was the seventh consecutive year that expenses were lower than the year before at Research Frontiers and this trend continued in the first quarter of 2022.
  4. The Company’s net loss was $628,348 ($0.02 per common share) for the quarter ended March 31, 2022 as compared to $557,307 ($0.02 per common share) for the quarter ended March 31, 2021.
  5. As of March 31, 2022, the Company had cash and cash equivalents of approximately $2.5 million and working capital of approximately $3.0 million. The Company expects to have sufficient working capital for at least the next 23 months of operations.
  6. This year, new products using the Company’s SPD-Smart light control technology were featured at the CES Consumer Electronics Show including automotive and consumer electronics applications, and a new aircraft model debuted in early April using electronically dimmable windows.

For more details, please see the Company’s Annual 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 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, 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.

Joseph M. Harary
President and CEO
Research Frontiers Inc.

Condensed Consolidated Balance Sheets

  March 31, 2022 (Unaudited)  December 31,
Current assets:        
Cash and cash equivalents $2,466,373  $269,964 
Marketable securities  -   2,755,111 
Royalty receivables, net of reserves of $1,016,678 in 2022 and 2021  753,550   831,636 
Prepaid expenses and other current assets  86,573   92,931 
Total current assets  3,306,496   3,949,642 
Fixed assets, net  86,379   92,954 
Operating lease ROU assets  433,473   469,824 
Deposits and other assets  33,567   33,567 
Total assets $3,859,915  $4,545,987 
Liabilities and Shareholders’ Equity        
Current liabilities:        
Current portion of operating lease liability $186,169  $182,091 
Accounts payable  16,023   66,460 
Accrued expenses and other  74,777   49,385 
Deferred revenue  10,756   - 
Total current liabilities  287,725   297,936 
Operating lease liability, net of current portion  416,615   464,128 
Total liabilities  704,340   762,064 
Shareholders’ equity:        
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 31,650,396 in 2022 and 2021  3,165   3,165 
Additional paid-in capital  123,467,886   123,467,886 
Accumulated deficit  (120,315,476)  (119,687,128)
Total shareholders’ equity  3,155,575   3,783,923 
Total liabilities and shareholders’ equity $3,859,915  $4,545,987 

See accompanying notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Operations

  Three months ended March 31, 
  2022  2021 
Fee income $173,828  $213,123 
Operating expenses  600,698   625,596 
Research and development  148,825   145,178 
Total expenses  749,523   770,774 
Operating loss  (575,695)  (557,651)
Net investment (loss) income  (52,653)  344 
Net loss $(628,348) $(557,307)
Basic and diluted net loss per common share $(0.02) $(0.02)
Weighted average number of common shares outstanding  31,650,396   31,634,890 

See accompanying notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Shareholders’ Equity

For the three months ended March 31, 2021 and 2022

  Common Stock  Additional
  Shares  Amount  Capital  Deficit  Total 
Balance, January 1, 2021  31,575,786  $3,158  $123,164,623  $(117,840,776) $5,327,005 
Exercise of options  74,610   7   86,255   -   86,262 
Net loss  -   -   -   (557,307)  (557,307)
Balance, March 31, 2021  31,650,396  $3,165  $123,250,878  $(118,398,083) $4,855,960 
Balance, January 1, 2022  31,650,396  $3,165  $123,467,886  $(119,687,128) $3,783,923 
Net loss  -   -   -   (628,348)  (628,348)
Balance, March 31, 2022  31,650,396  $3,165  $123,467,886  $(120,315,476) $3,155,575 

See accompanying notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows

  For the three months ended March 31, 
  2022  2021 
Cash flows from operating activities:        
Net loss $(628,348) $(557,307)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  96   4,489 
Realized loss on sale of marketable securities  60,143   - 
Change in assets and liabilities:        
Royalty receivables  78,086   (139,578)
Prepaid expenses and other current assets  6,358   (28,759)
Accounts payable and accrued expenses  (25,045)  50,550 
Deferred revenue  10,756   27,945 
Net cash used in operating activities  (497,954)  (642,660)
Cash flows from investing activities:        
Purchases of fixed assets  (605)  (346)
Proceeds from sales of marketable securities  2,694,968   - 
Net cash provided by (used in) investing activities  2,694,363   (346)
Cash flows from financing activities:        
Proceeds from exercise of options  -   86,262 
Net cash provided by financing activities  -   86,262 
Net increase (decrease) in cash and cash equivalents  2,196,409   (556,744)
Cash and cash equivalents at beginning of period  269,964   4,772,705 
Cash and cash equivalents at end of period $2,466,373  $4,215,961 

See accompanying notes to condensed consolidated financial statements.