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

    Source: Nasdaq GlobeNewswire / 05 May 2022 16:01:02   America/New_York

    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 https://smartglass-ir.com/

    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 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, 2022 (Unaudited)  December 31,
    2021    		 
     Assets        
    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.

    RESEARCH FRONTIERS INCORPORATED
    Condensed Consolidated Statements of Operations
    (Unaudited)

      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.

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

    For the three months ended March 31, 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  -   -   -   (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.

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

      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.


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