Research Frontiers Reports Fourth Quarter and Year-End 2022 Financial Results and Will Host a Conference Call at 4:30p.m. Today
March 09, 2023 at 09:02 pm
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WOODBURY, N.Y., March 09, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full year 2022. 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.
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Who: Joseph M. Harary, President & CEO
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Date/Time: March 9, 2023, 4:30 PM ET
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Dial-in Information:1-888-334-5785
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Replay: Available on Friday, March 10, 2023 for 90 days at https://smartglass-ir.com/
Key Comments:
1.
Car models from Cadillac, Ferrari, McLaren and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023 using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.
2.
The Company expects revenue in all market segments to increase as new car models, aircraft, trains and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
3.
At December 31, 2022, the Company had cash and cash equivalents of approximately $4.2 million, working capital of $4.6 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 Annual Report on Form 10-K 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 Consolidated Balance Sheets December 31, 2022 and 2021
December 31, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
4,230,916
$
269,964
Marketable securities
-
2,755,111
Royalties receivable, net of reserves of $1,158,450 in 2022 and $1,016,678 in 2021, respectively
589,599
831,636
Prepaid expenses and other current assets
100,973
92,931
Total current assets
4,921,488
3,949,642
Fixed assets, net
65,388
92,954
Operating lease ROU assets
323,509
469,824
Deposits and other assets
56,066
33,567
Total assets
$
5,366,451
$
4,545,987
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability
$
196,405
$
182,091
Accounts payable
71,079
66,460
Accrued expenses and other
34,379
49,385
Total current liabilities
301,863
297,936
Operating lease liability, net of current portion
267,723
464,128
Total liabilities
569,586
762,064
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,150,396 in 2022 and 31,650,396 in 2021
3,315
3,165
Additional paid-in capital
127,150,027
123,467,886
Accumulated deficit
(122,356,477
)
(119,687,128
)
Total shareholders’ equity
4,796,865
3,783,923
Total liabilities and shareholders’ equity
$
5,366,451
$
4,545,987
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Years ended December 31, 2022 and 2021
2022
2021
Fee income
$
539,686
$
1,263,034
Operating expenses
2,555,689
2,521,849
Research and development
609,127
580,000
Total expenses
3,164,816
3,101,849
Operating loss
(2,625,130
)
(1,838,815
)
Net investment loss
(44,219
)
(7,537
)
Net loss
$
(2,669,349
)
$
(1,846,352
)
Basic and diluted net loss per common share
$
(0.08
)
$
(0.06
)
Weighted average number of common shares outstanding
32,070,233
31,646,520
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Shareholders’ Equity Years ended December 31, 2022 and 2021
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
Share-based compensation
-
-
217,008
-
217,008
Net loss
-
-
-
(1,846,352
)
(1,846,352
)
Balance, December 31, 2021
31,650,396
3,165
123,467,886
(119,687,128
)
3,783,923
Share based compensation
-
-
232,291
-
232,291
Issuance of common stock and warrants
1,500,000
150
3,449,850
-
3,450,000
Net loss
-
-
-
(2,669,349
)
(2,669,349
)
Balance, December 31, 2022
33,150,396
$
3,315
$
127,150,027
$
(122,356,477
)
$
4,796,865
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Years ended December 31, 2022 and 2021
2022
2021
Cash flows from operating activities:
Net loss
$
(2,669,349
)
$
(1,846,352
)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization
28,837
29,895
Realized loss on marketable securities
60,143
-
Unrealized loss on marketable securities
-
28,522
Share-based compensation
232,291
217,008
Bad debts
141,772
44,476
ROU asset amortization
146,315
146,618
Change in assets and liabilities:
Royalty receivables
100,266
(277,819
)
Prepaid expenses and other assets
(30,542
)
(36,420
)
Accounts payable and accrued expenses
(10,387
)
56,156
Operating lease liability
(182,091
)
(166,377
)
Net cash used in operating activities
(2,182,745
)
(1,804,293
)
Cash flows from investing activities:
Purchases of fixed assets
(1,271
)
(1,077
)
Purchases of marketable securities
-
(3,433,633
)
Sales of marketable securities
2,694,968
650,000
Net cash used in investing activities
2,693,697
(2,784,710
)
Cash flows from financing activities:
Net proceeds from exercise of options and warrants
-
86,262
Proceeds from issuance of common stock and warrants
3,450,000
-
Net cash provided by financing activities
3,450,000
86,262
Net increase (decrease) in cash and cash equivalents
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.