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

Woodbury, New York, UNITED STATES


WOODBURY, N.Y., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its June 30, 2022 second 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: August 4, 2022, 4:30 PM ET
  • Dial-in Information:1-888-334-5785
  • Replay: Available on Friday, August 5, 2022 for 90 days at https://smartglass-ir.com/

Key Comments:

  1. The Company’s fee income from licensing activities decreased slightly as a result of lower to flat economic activity in the various industries that use the Company’s SPD-SmartGlass technology.
  2. The Company expects revenue in all market segments to increase beginning later this year as new car models, aircraft, trains and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
  3. This year Cadillac had multiple high-profile public exhibitions of its Cadillac Celestiq which enters series production next year and will be produced at the General Motors Tech Center in Warren Michigan. The Celestiq is Cadillac’s all-electric luxury flagship, and features a four-quadrant SPD-SmartGlass roof using Research Frontiers variable tint technology.
  4. The Company’s net loss was $741,838 ($0.02 per common share) for the three months ended June 30, 2022 as compared to a net loss of $527,935 ($0.02 per common share) for the three months ended June 30, 2021.
  5. As of June 30, 2022, the Company had cash and cash equivalents of approximately $1.9 million and working capital of approximately $2.3 million. The Company has no debt and expects to have sufficient working capital for at least the next 24 months 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 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.

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. Celestiq is a trademark of General Motors.

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


RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets

Assets June 30, 2022
(Unaudited)
  December 31, 2021
 
       
Current assets:        
Cash and cash equivalents $1,884,086  $269,964 
Marketable securities  -   2,755,111 
Royalty receivables, net of reserves of $1,173,450 in 2022 and $1,016,678 in 2021  442,454   831,636 
Prepaid expenses and other current assets  235,355   92,931 
Total current assets  2,561,895   3,949,642 
         
Fixed assets, net  79,612   92,954 
Operating lease ROU assets  396,819   469,824 
Deposits and other assets  33,567   33,567 
Total assets $3,071,893  $4,545,987 
         
Liabilities and Shareholders’ Equity        
         
Current liabilities:        
Current portion of operating lease liability $190,001  $182,091 
Accounts payable  31,698   66,460 
Accrued expenses and other  62,084   49,385 
Deferred revenue  7,171   - 
Total current liabilities  290,954   297,936 
         
Operating lease liability, net of current portion  367,202   464,128 
Total liabilities  658,156   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  (121,057,314)  (119,687,128)
Total shareholders’ equity  2,413,737   3,783,923 
         
Total liabilities and shareholders’ equity $3,071,893  $4,545,987 


See accompanying notes to condensed consolidated financial statements.

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)

  Six months ended June 30,  Three months ended June 30, 
  2022  2021  2022  2021 
             
Fee income $259,339  $327,060  $85,511  $113,937 
                 
Operating expenses  1,282,937   1,128,674   682,239   503,078 
Research and development  295,257   284,988   146,432   139,810 
Total expenses  1,578,194   1,413,662   828,671   642,888 
                 
Operating loss  (1,318,855)  (1,086,602)  (743,160)  (528,951)
                 
Net investment (loss) income  (51,331)  1,360   1,322   1,016 
                 
Net loss $(1,370,186) $(1,085,242) $(741,838) $(527,935)
                 
Basic and diluted net loss per common share $(0.04) $(0.03) $(0.02) $(0.02)
Weighted average number of common shares outstanding  31,650,396   31,642,686   31,650,396   31,650,396 


See accompanying notes to condensed consolidated financial statements.

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

For the six months ended June 30, 2021 and 2022

  Common Stock  Additional
Paid-in
  Accumulated   
  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  -   -   -   (1,085,242)  (1,085,242
Balance, June 30, 2021  31,650,396  $3,165  $123,250,878  $(118,926,018) $4,328,025
                    
Balance, January 1, 2022  31,650,396  $3,165  $123,467,886  $(119,687,128) $3,783,923
                    
Net loss  -   -   -   (1,370,186)  (1,370,186
Balance, June 30, 2022  31,650,396  $3,165  $123,467,886  $(121,057,314) $2,413,737

For the three months ended June 30, 2021 and 2022

  Common Stock  Additional
Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
Balance, March 31, 2021  31,650,396  $3,165  $123,250,878  $(118,398,083) $4,855,960 
                     
Net loss  -   -   -   (527,935)  (527,935)
Balance, June 30, 2021  31,650,396  $3,165  $123,250,878  $(118,926,018) $4,328,025 
                     
Balance, March 31, 2022  31,650,396  $3,165  $123,467,886  $(120,315,476) $3,155,575 
                     
Net loss  -   -   -   (741,838)  (741,838)
Balance, June 30, 2022  31,650,396  $3,165  $123,467,886  $(121,057,314) $2,413,737 


See accompanying notes to condensed consolidated financial statements.

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

  For the six months ended June 30, 
  2022  2021 
Cash flows from operating activities:        
Net loss $(1,370,186) $(1,085,242)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  14,409   14,941 
Realized loss on marketable securities  60,143   - 
Unrealized loss on marketable securities  -   1,650 
Bad debts  156,772   - 
ROU asset amortization  73,005   73,309 
Change in assets and liabilities:        
Royalty receivables  232,410   (231,573)
Prepaid expenses and other current assets  (142,424)  (143,413)
Accounts payable and accrued expenses  (22,063)  40,823 
Deferred revenue  7,171   26,002 
Operating lease liability  (89,016)  (81,289)
Net cash used in operating activities  (1,079,779)  (1,384,792)
         
Cash flows from investing activities:        
Purchases of fixed assets  (1,067)  (935)
Purchases of marketable securities  -   (3,433,633)
Proceeds from sales of marketable securities  2,694,968   300,000 
Net cash provided by (used in) investing activities  2,693,901   (3,134,568)
         
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  1,614,122   (4,433,098)
         
Cash and cash equivalents at beginning of period  269,964   4,772,705 
Cash and cash equivalents at end of period $1,884,086  $339,607 

See accompanying notes to condensed consolidated financial statements.