REFR Research Frontiers Inc

Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter 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.

	•	Who: Joseph M. Harary, President & CEO
	•	Date/Time: May 4, 2023, 4:30 PM ET
	•	Dial-in Information:1-888-334-5785
	•	Replay: Available on Friday, May 5, 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’s fee income from licensing activities for the three months ended March 31, 2023 increased by 43% to $248,175 as compared to $173,828 for the three months ended March 31, 2022. Compared to the fourth quarter ending December 31, 2022, fee income in the first quarter of 2023 increased by 91% from $129,904. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets, both as compared to the first quarter of 2022 as well as the most recently completed fourth quarter of 2022.
3.	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.
4.	At March 31, 2023, the Company had cash and cash equivalents and marketable securities of approximately $4.1 million, and 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-Q 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. HararyPresident and CEOResearch Frontiers Inc.+1-516-364-1902Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Balance Sheets

		March 31, 2023(Unaudited)				December 31, 2022
Assets
Current assets:
Cash and cash equivalents		$	1,152,433			$	4,230,916
Marketable securities			2,988,060				-
Royalties receivable, net of reserves of $1,153,450 in 2023 and $1,158,450 in 2022, respectively			683,863				589,599
Prepaid expenses and other current assets			93,188				100,973
Total current assets			4,917,544				4,921,488
Fixed assets, net			59,274				65,388
Operating lease ROU assets			286,551				323,509
Deposits and other assets			56,066				56,066
Total assets		$	5,319,435			$	5,366,451
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability		$	199,672			$	196,405
Accounts payable			25,440				71,079
Accrued expenses and other			46,730				34,379
Deferred revenue			11,921				-
Total current liabilities			283,763				301,863
Operating lease liability, net of current portion			216,943				267,723
Total liabilities			500,706				569,586
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,509,287 as of March 31, 2023 and 33,150,396 as of December 31, 2022			3,351				3,315
Additional paid-in capital			127,634,493				127,150,027
Accumulated deficit			(122,819,115	)			(122,356,477	)
Total shareholders’ equity			4,818,729				4,796,865
Total liabilities and shareholders’ equity		$	5,319,435			$	5,366,451

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Statements of Operations(Unaudited)

		Three months ended March 31,
		2023				2022
Fee income		$	248,175			$	173,828
Operating expenses			587,799				600,698
Research and development			149,222				148,825
Total expenses			737,021				749,523
Operating loss			(488,846	)			(575,695	)
Net investment income (loss)			26,208				(52,653	)
Net loss		$	(462,638	)		$	(628,348	)
Basic and diluted net loss per common share		$	(0.01	)		$	(0.02	)
Weighted average number of common shares outstanding			33,286,648				31,650,396

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Statements of Shareholders’ Equity(Unaudited)

For the three months ended March 31, 2022 and 2023

		Common Stock								Additional Paid-in				Accumulated
		Shares				Amount				Capital				Deficit				Total
Balance, January 1, 2022			31,650,396			$	3,165			$	123,467,886			$	(119,687,128	)		$	3,783,923
Net loss			-				-				-				(628,348	)			(628,348	)
Balance, March 31, 2022			31,650,396				3,165				123,467,886				(120,315,476	)			3,155,575
Balance, January 1, 2023			33,150,396			$	3,315			$	127,150,027			$	(122,356,477	)		$	4,796,865
Exercise of warrants			358,891				36				484,466				-				484,502
Net loss			-				-				-				(462,638	)			(462,638	)
Balance, March 31, 2023			33,509,287			$	3,351			$	127,634,493			$	(122,819,115	)		$	4,818,729

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Statements of Cash Flows(Unaudited)

		For the three months ended March 31,
		2023				2022
Cash flows from operating activities:
Net loss		$	(462,638	)		$	(628,348	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			6,816				7,180
Realized loss on marketable securities			-				60,143
Unrealized gain on marketable securities			(22,900	)			-
ROU asset amortization			36,958				36,351
Bad debt recovery			(5,000	)			-
Change in assets and liabilities:
Royalty receivables			(89,264	)			78,086
Prepaid expenses and other assets			7,785				6,358
Accounts payable and accrued expenses			(33,288	)			(25,045	)
Deferred revenue			11,921				10,756
Operating lease liability			(47,513	)			(43,435	)
Net cash used in operating activities			(597,123	)			(497,954	)
Cash flows from investing activities:
Purchases of fixed assets			(702	)			(605	)
Purchases of marketable securities			(2,965,160	)			-
Sales of marketable securities			-				2,694,968
Net cash (used in) provided by investing activities			(2,965,862	)			2,694,363
Cash flows from financing activities:
Net proceeds from exercise of warrants			484,502				-
Net cash provided by financing activities			484,502				-
Net (decrease) increase in cash and cash equivalents			(3,078,483	)			2,196,409
Cash and cash equivalents at beginning of period			4,230,916				269,964
Cash and cash equivalents at end of period		$	1,152,433			$	2,466,373