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


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.

 Who: Joseph M. Harary, President & CEO
 Date/Time: March 9, 2023, 4:30 PM ET
 Dial-in Information:1-888-334-5785
 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  3,960,952   (4,502,741)
         
Cash and cash equivalents at beginning of year  269,964   4,772,705 
Cash and cash equivalents at end of year $4,230,916  $269,964