WOODBURY, N.Y., March 07, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full-year 2023. 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.
The following new car models were introduced in 2023 using Research Frontiers SPD-SmartGlass technology: Cadillac Celestiq, Ferrari Purosangue, McLaren S450 and McLaren Artura. During the fourth quarter of 2023 additional automakers have begun projects using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs, and an Asian car manufacturer is expected to introduce an SPD-SmartGlass panoramic roof into serial production this year.
2.
Fee income during 2023 increased by 69% from the same period last year. Fee income in the fourth quarter of 2023 was also up over 90% from the third quarter, and up over 140% from the same quarter last year. These increases in fee income were primarily the result of higher royalties from the automotive market.
3.
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.
4.
Revenues and investment income overall increased by $539,069 (109%) and expenses decreased by $221,916 (7%) in 2023 compared to 2022. Overall, this resulted in a reduction in the Company’s net loss by $760,985 to $1,908,364 ($0.06 per share) for 2023.
5.
At December 31, 2023, the Company had cash and cash equivalents of approximately $2.5 million, and working capital of $3.3 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 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 [email protected]
RESEARCH FRONTIERS INCORPORATED Consolidated Balance Sheets December 31, 2023 and 2022
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
2,475,958
$
4,230,916
Royalties receivable, net of reserves of $1,253,450 in 2023 and $1,158,450 in 2022
1,003,404
589,599
Prepaid expenses and other current assets
96,784
100,973
Total current assets
3,576,146
4,921,488
Fixed assets, net
39,598
65,388
Operating lease ROU assets
178,715
323,509
Deposits and other assets
56,066
56,066
Total assets
$
3,850,525
$
5,366,451
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability
$
212,359
$
196,405
Accounts payable
50,880
71,079
Accrued expenses and other
14,192
34,379
Total current liabilities
277,431
301,863
Operating lease liability, net of current portion
55,363
267,723
Total liabilities
332,794
569,586
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,509,287 in 2023 and 33,150,396 in 2022
3,351
3,315
Additional paid-in capital
127,779,221
127,150,027
Accumulated deficit
(124,264,841
)
(122,356,477
)
Total shareholders’ equity
3,517,731
4,796,865
Total liabilities and shareholders’ equity
$
3,850,525
$
5,366,451
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Years ended December 31, 2023 and 2022
2023
2022
Fee income
$
909,598
$
539,686
Operating expenses
2,359,634
2,555,689
Research and development
583,266
609,127
Total expenses
2,942,900
3,164,816
Operating loss
(2,033,302
)
(2,625,130
)
Net investment income (loss)
124,938
(44,219
)
Net loss
$
(1,908,364
)
$
(2,669,349
)
Basic and diluted net loss per common share
$
(0.06
)
$
(0.08
)
Weighted average number of common shares outstanding
33,453,627
32,070,233
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Shareholders’ Equity Years ended December 31, 2023 and 2022
Common Stock
Additional Paid-in
Accumulated
Shares
Amount
Capital
Deficit
Total
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
Exercise of warrants
358,891
36
484,466
-
484,502
Share-based compensation
-
-
144,728
-
144,728
Net loss
-
-
-
(1,908,364
)
(1,908,364
)
Balance, December 31, 2023
33,509,287
$
3,351
$
127,779,221
$
(124,264,841
)
$
3,517,731
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Years ended December 31, 2023 and 2022
2023
2022
Cash flows from operating activities:
Net loss
$
(1,908,364
)
$
(2,669,349
)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization
27,348
28,837
Realized (gain) loss on marketable securities
(57,149
)
60,143
Share-based compensation
144,728
232,291
Bad debts
95,000
141,772
ROU asset amortization
144,794
146,315
Change in assets and liabilities:
Royalty receivables
(508,805
)
100,266
Prepaid expenses and other assets
4,189
(30,542
)
Accounts payable and accrued expenses
(40,386
)
(10,387
)
Operating lease liability
(196,406
)
(182,091
)
Net cash used in operating activities
(2,295,051
)
(2,182,745
)
Cash flows from investing activities:
Purchases of fixed assets
(1,558
)
(1,271
)
Purchases of marketable securities
(5,434,386
)
-
Sales and maturities of marketable securities
5,491,535
2,694,968
Net cash provided by investing activities
55,591
2,693,697
Cash flows from financing activities:
Net proceeds from exercise of warrants
484,502
-
Proceeds from issuance of common stock and warrants
-
3,450,000
Net cash provided by financing activities
484,502
3,450,000
Net (decrease) increase in cash and cash equivalents
