REFR - Research Frontiers Reports Fourth Quarter and Full Year 2021 Financial Results
Management to Host Conference Call at 4:30 p.m.
WOODBURY, N.Y., March 09, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and year December 31, 2021. 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, 2022, 4:30 PM ET
- Dial-in Information: 1-888-334-5785
- Replay: Available on Thursday, March 9, 2022 for 90 days at https://smartglass-ir.com/
Key Comments:
- The Company’s fee income from licensing activities increased by $434,584 (52%) for the year ended December 31, 2021 to $1,263,034 as compared to $828,450 for the year ended December 31, 2020. Higher fees in the automotive, architectural and display markets were partially offset by lower fees in the aircraft market. Higher fee income in the architectural and automotive markets was predominantly from one-time settlements from two licensees for royalty payments due, as well as for a current special government contract in the automotive area.
- Total expenses decreased by $303,990, or approximately 9%, for the year ended December 31, 2021 as compared to the same period in 2020. 2021 was the seventh consecutive year that expenses were lower than the year before at Research Frontiers.
- The Company’s net loss decreased by $494,512 to $1,846,352 ($0.06 per common share) for the year ended December 31, 2021 as compared to $2,340,864 ($0.07 per common share) for the year ended December 31, 2020. The net loss for 2021 was Research Frontiers’ lowest net loss in 27 years.
- As of December 31, 2021, the Company had cash and marketable investments of approximately $3.0 million and working capital of approximately $3.7 million. The Company expects to have sufficient working capital for at least the next 22 months of operations.
- Since Research Frontiers last conference call, new products using the Company’s SPD-Smart light control technology were featured at the CES Consumer Electronics Show including automotive and consumer electronics applications.
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.
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, 2021 and 2020
| December 31, 2021 |
| December 31, 2020 |
| Assets |
| Current assets: |
| Cash and cash equivalents |
| $ |
| 269,964 |
| $ |
| 4,772,705 |
| Marketable securities |
| 2,755,111 |
| - |
| Royalties receivable, net of reserves of $1,016,678 in 2021 and $972,202 in 2020 |
| 831,636 |
| 598,292 |
| Prepaid expenses and other current assets |
| 92,931 |
| 56,512 |
| Total current assets |
| 3,949,642 |
| 5,427,509 |
| Fixed assets, net |
| 92,954 |
| 121,772 |
| Operating lease ROU assets |
| 469,824 |
| 616,442 |
| Deposits and other assets |
| 33,567 |
| 33,567 |
| Total assets |
| $ |
| 4,545,987 |
| $ |
| 6,199,290 |
| Liabilities and Shareholders’ Equity |
| Current liabilities: |
| Current portion of operating lease liability |
| $ |
| 182,091 |
| $ |
| 166,377 |
| Accounts payable |
| 66,460 |
| 33,410 |
| Accrued expenses and other |
| 49,385 |
| 26,279 |
| Total current liabilities |
| 297,936 |
| 226,066 |
| Operating lease liability, net of current portion |
| 464,128 |
| 646,219 |
| Total liabilities |
| 762,064 |
| 872,285 |
| Shareholders’ equity: |
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 31,650,396 in 2021 and 31,575,786 in 2020 |
| 3,165 |
| 3,158 |
| Additional paid-in capital |
| 123,467,886 |
| 123,164,623 |
| Accumulated deficit |
| (119,687,128 |
| ) |
| (117,840,776 |
| ) |
| Total shareholders’ equity |
| 3,783,923 |
| 5,327,005 |
| Total liabilities and shareholders’ equity |
| $ |
| 4,545,987 |
| $ |
| 6,199,290 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Years ended December 31, 2021 and 2020
| 2021 |
| 2020 |
| Fee income |
| $ |
| 1,263,034 |
| $ |
| 828,450 |
| Operating expenses |
| 2,521,849 |
| 2,777,535 |
| Research and development |
| 580,000 |
| 628,304 |
| Total expenses |
| 3,101,849 |
| 3,405,839 |
| Operating loss |
| (1,838,815 |
| ) |
| (2,577,389 |
| ) |
| PPP loan forgiveness |
| - |
| 202,052 |
| Net investment income (loss) |
| (7,537 |
| ) |
| 34,473 |
| Net loss |
| $ |
| (1,846,352 |
| ) |
| $ |
| (2,340,864 |
| ) |
| Basic and diluted net loss per common share |
| $ |
| (0.06 |
| ) |
| $ |
| (0.07 |
| ) |
| Weighted average number of common shares outstanding |
| 31,646,520 |
| 31,487,785 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Shareholders’ Equity
Years ended December 31, 2021 and 2020
| Common Stock |
| Additional |
| Accumulated |
| Shares |
| Amount |
| Paid-in Capital |
| Deficit |
| Total |
| Balance, January 1, 2020 |
| 31,254,262 |
| $ |
| 3,125 |
| $ |
| 122,552,895 |
| $ |
| (115,499,912 |
| ) |
| $ |
| 7,056,108 |
| Exercise of options and warrants |
| 321,524 |
| 33 |
| 284,174 |
| - |
| 284,207 |
| Share-based compensation |
| - |
| - |
| 327,554 |
| - |
| 327,554 |
| Net loss |
| - |
| - |
| - |
| (2,340,864 |
| ) |
| (2,340,864 |
| ) |
| Balance, December 31, 2020 |
| 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 |
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Years ended December 31, 2021 and 2020
| 2021 |
| 2020 |
| Cash flows from operating activities: |
| Net loss |
| $ |
| (1,846,352 |
| ) |
| $ |
| (2,340,864 |
| ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
| Depreciation and amortization |
| 10,136 |
| 67,082 |
| Unrealized loss on marketable securities |
| 28,522 |
| - |
| Share-based compensation |
| 217,008 |
| 327,554 |
| Bad debts |
| 44,476 |
| 81,367 |
| Other income - PPP loan forgiveness |
| - |
| (202,052 |
| ) |
| Change in assets and liabilities: |
| Royalty receivables |
| (277,819 |
| ) |
| (23,597 |
| ) |
| Prepaid expenses and other current assets |
| (36,420 |
| ) |
| 2,323 |
| Accounts payable and accrued expenses |
| 56,156 |
| (156,770 |
| ) |
| Deferred revenue |
| - |
| (7,734 |
| ) |
| Net cash used in operating activities |
| (1,804,293 |
| ) |
| (2,252,691 |
| ) |
| Cash flows from investing activities: |
| Purchases of fixed assets |
| (1,077 |
| ) |
| (56,536 |
| ) |
| Purchases of marketable securities |
| (3,433,633 |
| ) |
| - |
| Sales of marketable securities |
| 650,000 |
| - |
| Proceeds from sale of fixed asset |
| - |
| 3,713 |
| Net cash used in investing activities |
| (2,784,710 |
| ) |
| (52,823 |
| ) |
| Cash flows from financing activities: |
| Net proceeds from exercise of options and warrants |
| 86,262 |
| 284,207 |
| Proceeds from PPP loan |
| - |
| 202,052 |
| Net cash provided by financing activities |
| 86,262 |
| 486,259 |
| Net decrease in cash and cash equivalents |
| (4,502,741 |
| ) |
| (1,819,255 |
| ) |
| Cash and cash equivalents at beginning of year |
| 4,772,705 |
| 6,591,960 |
| Cash and cash equivalents at end of year |
| $ |
| 269,964 |
| $ |
| 4,772,705 |