U.S. Markets close in 6 hrs 17 mins
  • S&P 500

    4,692.25
    -8.96 (-0.19%)
     
  • Dow 30

    35,609.05
    -145.70 (-0.41%)
     
  • Nasdaq

    15,780.18
    -6.81 (-0.04%)
     
  • Russell 2000

    2,271.71
    +17.92 (+0.80%)
     
  • Crude Oil

    71.84
    -0.52 (-0.72%)
     
  • Gold

    1,781.10
    -4.40 (-0.25%)
     
  • Silver

    22.08
    -0.35 (-1.57%)
     
  • EUR/USD

    1.1313
    -0.0031 (-0.2715%)
     
  • 10-Yr Bond

    1.4960
    -0.0130 (-0.86%)
     
  • Vix

    20.53
    -1.36 (-6.21%)
     
  • GBP/USD

    1.3206
    -0.0000 (-0.0026%)
     
  • USD/JPY

    113.4600
    -0.2770 (-0.2435%)
     
  • BTC-USD

    48,973.78
    -1,179.61 (-2.35%)
     
  • CMC Crypto 200

    1,274.92
    -31.03 (-2.38%)
     
  • FTSE 100

    7,319.98
    -17.07 (-0.23%)
     
  • Nikkei 225

    28,725.47
    -135.15 (-0.47%)
     

Research Frontiers Reports Third Quarter 2018 Financial Results

  • Oops!
    Something went wrong.
    Please try again later.
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Management to Host Conference Call at 4:30 p.m.

WOODBURY, N.Y, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (REFR) announced its financial results for its third quarter ended September 30, 2018. 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, Seth Van Voorhees, CFO

  • Date/Time: November 8, 2018, 4:30 PM ET

  • Dial-in Information: 1-888-334-5785

  • Replay: Available on Friday, November 9, 2018 for 90 days at www.SmartGlass-IR.com

Key Third Quarter 2018 Comments:

1) The Company’s revenues for the third quarter of 2018 were up almost 11% from the second quarter of 2018 (and would be up almost 19% had the revenue recognition standard in effect last year been applied). This increase in revenues was principally the result of higher levels of activity in the automotive sector.

2) Operating expenses declined by $151,571 for the first nine months of 2018 as compared to the same period in 2017.

3) Significant recent developments include:

a. Inauguration of a new SPD-Smart light control film production line by Research Frontiers licensee Gauzy

b. New SPD-Smart product launches for the train market in September and for the aircraft, automotive, architectural and museum markets in October.

c. $2 million equity investment led by Research Frontiers licensee Gauzy Ltd. giving the company sufficient working capital for at least the next 18-24 months.

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.

Research Frontiers (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.

CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com

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 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

RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
Unaudited

September 30, 2018

December 31, 2017

Assets

Current assets:

Cash and cash equivalents

$

3,400,842

$

1,737,847

Royalties receivable, net of reserves of $1,051,424 in 2018 and 2017

709,811

597,441

Prepaid expenses and other current assets

96,790

29,697

Total current assets

4,207,443

2,364,985

Fixed assets, net

358,456

482,561

Deposits and other assets

33,567

33,567

Total assets

$

4,599,466

$

2,881,113

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$

56,602

$

58,090

Accrued expenses and other

263,420

254,833

Deferred revenue

38,966

824

Total current liabilities

358,988

313,747

Warrant liability

510,001

-

Shareholders’ equity:

Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 27,662,211 in 2018 and 24,043,846 in 2017

2,766

2,404

Additional paid-in capital

114,784,477

111,627,789

Accumulated deficit

(111,056,766

)

(109,062,827

)

Total shareholders’ equity

3,730,477

2,567,366

Total liabilities and shareholders’ equity

$

4,599,466

$

2,881,113


RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Unaudited

Nine months ended

Three months ended

September 30,

September 30,

2018

2017

2018

2017

Fee income

$

1,117,849

$

1,229,631

$

359,725

$

488,336

Operating expenses

2,228,757

2,380,328

572,968

607,291

Research and development

660,086

598,638

190,647

185,296

Total Expenses

2,888,843

2,978,966

763,615

792,587

Operating loss

(1,770,994

)

(1,749,335

)

(403,890

)

(304,251

)

Net investment income

5,665

3,830

2,220

1,113

Warrant market adjustment

(286,631

)

-

(286,631

)

-

Net loss

(2,051,960

)

(1,745,505

)

(688,301

)

(303,138

)

Basic and diluted net loss per common share

$

(0.08

)

$

(0.07

)

$

(0.03

)

$

(0.01

)

Weighted average number of common shares outstanding

25,380,466

24,043,846

26,002,263

24,043,846


RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Unaudited

Nine months ended

September 30,

2018

2017

Cash flows from operating activities:

Net loss

$

(2,051,960

)

$

(1,745,505

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

135,400

131,725

Warrant market adjustment

286,631

-

Stock based compensation

69,309

-

Bad debts

-

(1,785

)

Change in assets and liabilities:

Royalty receivables

(54,350

)

336,739

Prepaid expenses and other current assets

(67,093

)

205,825

Accounts payable and accrued expenses

7,099

46,666

Deferred revenue

38,142

5,815

Net cash used in operating activities

(1,636,821

)

(1,020,520

)

Cash flows from investing activities:

Purchases of fixed assets

(11,295

)

(6,362

)

Proceeds from sale of investment

-

1,523,333

Net cash provided by (used in) investing activities

(11,295

)

1,516,971

Cash flows from financing activities:

Proceeds for issuance of common stock

3,026,630

-

Proceeds for issuance of common stock

223,370

-

Proceeds from exercise of warrants

61,111

-

Net cash provided by financing activities

3,311,111

-

Net increase in cash and cash equivalents

1,662,995

496,451

Cash and cash equivalents at beginning of period

1,737,847

1,691,603

Cash and cash equivalents at end of period

$

3,400,842

$

2,188,054