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Research Frontiers Incorporated (REFR)

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2.4300+0.0200 (+0.83%)
At close: 4:00PM EDT

2.5800 +0.15 (6.17%)
After hours: 6:57PM EDT

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Previous Close2.4100
Open2.4200
Bid2.3500 x 800
Ask2.5700 x 1000
Day's Range2.3200 - 2.5000
52 Week Range1.6600 - 5.7000
Volume149,806
Avg. Volume321,750
Market Cap75.242M
Beta (5Y Monthly)1.20
PE Ratio (TTM)N/A
EPS (TTM)-0.0860
Earnings DateNov 05, 2020 - Nov 09, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Research Frontiers (NASDAQ:REFR) Shareholders Have Enjoyed A 88% Share Price Gain
    Simply Wall St.

    Research Frontiers (NASDAQ:REFR) Shareholders Have Enjoyed A 88% Share Price Gain

    The last three months have been tough on Research Frontiers Incorporated (NASDAQ:REFR) shareholders, who have seen the...

  • GlobeNewswire

    GRAHAM SETTLE JOINS RESEARCH FRONTIERS BOARD TO REPLACE RETIRING DIRECTOR GREGORY G. GRIMES

    WOODBURY, NY, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced today the retirement of Board member Gregory G. Grimes effective August 17, 2020. Mr. Grimes has been a member of the Board since 2011, was the Chairman of its Compensation and Stock Option Committee and was a member of the Company’s Audit and Nominating and Corporate Governance Committees. After an extensive search, the Board of Directors of Research Frontiers approved the appointment of William Graham Settle as a director effective August 17, 2020.Joseph M. Harary, President and CEO of Research Frontiers noted: “Greg Grimes has been a shareholder of Research Frontiers since 1999 and a valued member of our Board of Directors since January 2011. His experience in the sales and marketing of luxury goods, his contacts in the automotive, aircraft and aerospace industries, and his business and management background have benefitted Research Frontiers greatly, and all of us wish him well in his retirement and look forward to his continued involvement and input with Research Frontiers as a shareholder.”Joe Harary joined the employees, directors and shareholders of Research Frontiers in welcoming Mr. Settle to the Board: “Graham Settle has been a steady presence and familiar face at Research Frontiers since 1986 and our initial public offering. Over the years, as an investor and also as a member of a special team assisting me on international projects, he has gotten to know the executives at key licensees of ours in Asia, Europe and North America, and has a deep understanding of our SPD-SmartGlass technology and its markets. As a fellow entrepreneur who has founded or invested in, and successfully sold, businesses offering innovative products and services, he has a keen sense of the opportunities created by disruptive technologies and new markets. His experience in international business, economics, finance and government organizations will help Research Frontiers continue to grow worldwide.”William Graham SettleGraham Settle, age 62, brings to the Board 35 years of experience in both the public and private sectors.Mr. Settle was first introduced to the Company by its founder, Bob Saxe, in 1986 at the time of Research Frontiers Initial Public Offering, four years after beginning his career on Wall Street with Morgan Stanley/Dean Witter in 1982. His due diligence and involvement over time has led him to make significant investments including direct participation in the Company’s capital raising transactions and purchases in the open market.In 1994, Mr. Settle was tapped to manage AT&T Capital's newly established small and medium enterprise initiative in North and South Carolina. The 1996 acquisition of AT&T Capital marked the beginning of 18 years of foreign operations with a move to Bosnia and Herzegovina to establish the war-torn nation's first micro-finance institution. Under his leadership, and in partnership with bilateral and multilateral shareholders, the fledgling firm reached profitability and went on to rank 14 in Forbes Top 50.Mr. Settle continued to serve in the Balkans as Chief of Mission for World Bank Group’s private sector International Finance Corporation (IFC) in Sarajevo and later in Belgrade where he led the in-country liaison for World Bank Group’s diplomatic accreditation and forensic audit of Serbia’s arrears in the prelude to Paris Club negotiations.After the World Bank Group assignments, Graham Settle’s high-level roles in the Asian Development Bank (ADB) included board membership on investee companies, focal point for all private sector development programs for developing member countries in the Asia and Pacific region and Regional Mission Head of Private Sector Development for Central Asia in Almaty, Kazakhstan.Mr. Settle was also Senior Advisor to Kazakhstan Independent Directors Association and primary instructor for CFA candidates in Ethics and Professional Standards. In 2012 he was a Founder of the Intelligence By Design Eurasian Training Alliance public-private partnership with SAP, Pearson Education and the Government of Kazakhstan.Through his participation on special projects for Research Frontiers in Asia, Europe and North America, Graham Settle developed first-hand knowledge of the Company, its technology and the industries it serves, with personal interaction with key SPD emulsion/film and glass licensees and customers around the globe. His international business and government experience and financial and strategic consulting abroad contributed a global perspective to Research Frontiers on these projects, and continue to provide this as a member of the Research Frontiers Board.Graham Settle was also a founding member of identity theft and cybersecurity firm InfoArmor in 2007. InfoArmor was acquired by All State Insurance for $525 million in 2018.After the loss of his wife Amy, Graham took a year-long sabbatical homeschooling his two young children as they traveled to 15 countries in 2017-2018. Mr. Settle also personally sponsored a Bosnian student for university studies in the USA.Mr. Settle is a Chartered Financial Analyst, completed the US Marine Corps Platoon Leader Course in Quantico, was an AAU Boxing champion, completed the Strategic Negotiations executive program at Harvard University and has an MBA from East Carolina University.Graham has 18 years of international in-country operational experience in Asia and Pacific, Caucuses and Eurasia, Central Asia, Middle East, Southern and Central Europe.In addition to his accomplishments in developing countries, Graham Settle has created companies, trained professionals and published and lectured around the globe in multiple disciplines. About Research FrontiersResearch 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. CONTACT Joseph M. Harary President and CEO Research Frontiers Inc. +1-516-364-1902 Info@SmartGlass.com

  • GlobeNewswire

    Research Frontiers Reports Second Quarter 2020 Financial Results

    Management to Host Conference Call at 4:30 p.m. WOODBURY, N.Y., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second quarter ended June 30, 2020. 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: August 6, 2020, 4:30 PM ET * Dial-in Information: 1-888-334-5785 * Replay: Available on Friday, August 7, 2020 for 90 days at www.SmartGlass-IR.comKey Second Quarter 2020 Comments:1.In August 2020, Daimay, the world’s largest supplier of automotive sun visors, licensed Research Frontiers’ SPD-Smart light-control film technology for use in automotive sun visors. SPD-Smart light-control technology will enable Daimay to develop products that automatically and dynamically adjust the sun visor to deal with changing light and glare conditions. 2. In June 2020, Research Frontiers announced that it has been added to the Russell 2000® Index effective on June 29, 2020. The Annual Russell index reconstitution captures the 4,000 largest US stocks ranking them by total market capitalization. Membership in the U.S. Russell 2000 Index® remains in place for one year and also means automatic inclusion in the appropriate growth and value style indices. Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. 3.As discussed on our last investor conference call, in April 2020, Gauzy Ltd. announced that it secured Series C investments from Hyundai Motor Company, Blue Red Partners VC, and Avery Dennison. This strategic investment marks the first known equity investment by an automotive OEM in Research Frontiers’ entire industry. 4.The Company’s fee income from licensing activities for the six months ended June 30, 2020 was $532,286 as compared to $719,692 for the six months ended June 30, 2019. * Lower fees in the automotive and aircraft markets (believed to be related to temporary customer shutdowns in these industries due to the COVID-19 pandemic) was partially offset by higher fee income from licensees in the architectural and display markets.5.Total expenses decreased by $452,011, or 20%, for the for the six months ended June 30, 2020 as compared to the same period in 2019. 6.The Company applied for and received $202,052 in proceeds from the Paycheck Protection Program (“PPP Loan”) made available under the CARES Act. The PPP Loan is intended to offer businesses hurt by the COVID-19 pandemic economic assistance with the potential for the principal to be forgiven based on certain expenses incurred during the first 24 weeks after the issuance of the PPP Loan. * The Company estimates that $194,140 of the PPP Loan principal will be forgiven based on payroll and other expenses incurred through June 30, 2020, and all or substantially all of the remaining loan will be forgiven under the terms of the CARES Act during the third quarter of 2020.7.As of June 30, 2020, the Company had cash and cash equivalents of $5,841,346 and working capital of $6,270,142. * Based upon the Company’s projected cash flow shortfall of approximately $450,000-500,000 per quarter, the Company expects to have sufficient working capital for at least the next 34 months 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 FrontiersResearch 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. CONTACT: Seth L. Van Voorhees Chief Financial Officer Research Frontiers Inc. +1-516-364-1902 Info@SmartGlass.com RESEARCH FRONTIERS INCORPORATED Consolidated Balance Sheets Unaudited  June 30, 2020 (Unaudited)  December 31, 2019   Assets                   Current assets:         Cash and cash equivalents $5,841,346  $6,591,960  Royalties receivable, net of reserves of $944,052 as of June 30, 2020 and $1,135,598 as of December 31, 2019  652,520   656,062  Prepaid expenses and other current assets  138,473   58,835  Total current assets  6,632,339   7,306,857            Fixed assets, net  50,942   141,720  Operating lease ROU assets  693,395   773,989  Deposits and other assets  33,567   33,567  Total assets $7,410,243  $8,256,133            Liabilities and Shareholders’ Equity                   Current liabilities:         Current portion of operating lease liabilities $163,204  $163,236  Accounts payable  59,438   169,750  Accrued expenses and other  83,342   46,709  Deferred other income liability  7,912   -  Deferred revenue  48,301   7,734  Total current liabilities  362,197   387,429            Operating lease liabilities, net of current portion  731,306   812,596  Total liabilities  1,093,503   1,200,025            Shareholders’ equity:         Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 31,575,786 in 2020 and 31,254,262 in 2019  3,158   3,125  Additional paid-in capital  122,837,069   122,552,895  Accumulated deficit  (116,523,487)  (115,499,912) Total shareholders’ equity  6,316,740   7,056,108            Total liabilities and shareholders’ equity $7,410,243  $8,256,133  RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Unaudited  Six Months Ended June 30,  Three Months Ended June 30,    2020  2019  2020  2019                Fee income $532,286  $719,692  $176,113  $301,035                    Operating expenses  1,452,404   1,690,520   631,963   939,355  Research and development  330,049   543,944   146,731   313,981  Total expenses  1,782,453   2,234,464   778,694   1,253,336                    Operating loss  (1,250,167)  (1,514,772)  (602,581)  (952,301)                   Warrant market adjustment  -   (652,025)  -   (404,435) Other income – PPP loan forgiveness  194,140   -   194,140   -  Net investment income  32,452   12,422   9,460   6,258                    Net loss $(1,023,575) $(2,154,375) $(398,981) $(1,350,478)                   Basic and diluted net loss per common share $(0.03) $(0.07) $(0.01) $(0.05)                   Basic and diluted weighted average number of common shares outstanding  31,398,818   28,909,306   31,474,431   29,589,084  RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Unaudited  Six Months Ended June 30,    2020  2019  Cash flows from operating activities:         Net loss $(1,023,575) $(2,154,375) Adjustments to reconcile net loss to net cash used in operating activities:                   Depreciation and amortization  87,276   95,445  Stock-based compensation  -   356,228  Other income – PPP loan forgiveness  (194,140)  -  Bad debts expense  53,217   22,667  Warrant market adjustment  -   652,025  Change in assets and liabilities:         Royalty receivables  (49,675)  (105,780) Prepaid expenses and other current assets  (79,638)  (49,743) Accounts payable and accrued expenses  (73,679)  (115,475) Deferred revenue  40,567   (14,668) Net cash used in operating activities  (1,239,647)  (1,313,676)           Cash flows from investing activities:         Purchases of fixed assets  (939)  (62,968)  Proceeds from the sale of fixed assets  3,713   -  Net cash provided by (used in) investing activities  2,774   (62,968)           Cash flows from financing activities:         Net proceeds from issuances of common stock and warrants and exercise of options and warrants  284,207   5,705,898  Proceeds from PPP Program Funding  202,052   -  Net cash provided by financing activities  486,259   5,705,898            Net (decrease) / increase in cash and cash equivalents  (750,614)   4,329,254            Cash and cash equivalents at beginning of period  6,591,960   2,969,416  Cash and cash equivalents at end of period $5,841,346  $7,298,670