Research Frontiers Reports First Quarter 2024 Financial Results and Will Host a Conference Call at 5:30p.m. Today
May 09, 2024 at 04:02 pm EDT
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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.
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Who: Joseph M. Harary, President & CEO
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Date/Time: Thursday, May 9, 2024, 5:30 PM ET (please note new start time)
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Dial-in Information:1-888-334-5785
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Replay: Available on Friday, May 10, 2024 for 90 days at https://smartglass-ir.com/
Key Comments:
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 Info@SmartGlass.com
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
Research Frontiers Incorporated is a material science company, focused on the research, development, manufacturing and marketing of vision and light control technologies. The Company develops and licenses its patented suspended particle device (SPD-Smart) light-control technology to other companies that manufacture and/or market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, electronics to power end-products incorporating the film, or lamination services for, and the end-products themselves, such as smart windows, skylights and sunroofs. It has various companies that, in the aggregate, are licensed to primarily serve five SPD-Smart application areas (aerospace, architectural, automotive, marine and display products) in every country of the world. It has licensed its smart glass technology to approximately 40 companies that include chemical, material science and glass companies.