REFR Research Frontiers Inc

Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter of 2024. Management will host a conference call today at 5:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

	•	Who: Joseph M. Harary, President & CEO
	•	Date/Time: Thursday, May 9, 2024, 5:30 PM ET (please note new start time)
	•	Dial-in Information:1-888-334-5785
	•	Replay: Available on Friday, May 10, 2024 for 90 days at https://smartglass-ir.com/

Key Comments:

1.	Fee income during the first quarter of 2024 increased by over 26% from the same period last year as a result of higher royalties from the automotive and aircraft markets, after being up 69% in calendar year 2023 compared to 2022.
2.	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.
3.	At March 31, 2024, the Company had cash and cash equivalents of approximately $2.1 million, and working capital of $2.9 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 Quarterly 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 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. HararyPresident and CEOResearch Frontiers Inc.+1-516-364-1902Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Balance Sheets

		March 31, 2024(Unaudited)				December 31, 2023(See Note 1)
Assets
Current assets:
Cash and cash equivalents		$	2,093,458			$	2,475,958
Royalties receivable, net of reserves of $1,253,450 in 2024 and 2023, respectively			956,783				1,003,404
Prepaid expenses and other current assets			240,771				96,784
Total current assets			3,291,012				3,576,146
Fixed assets, net			33,199				39,598
Operating lease ROU assets			142,972				178,715
Deposits and other assets			56,066				56,066
Total assets		$	3,523,249			$	3,850,525
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability		$	216,943			$	212,359
Accounts payable			171,239				50,880
Accrued expenses			51,270				14,192
Total current liabilities			439,452				277,431
Operating lease liability, net of current portion			-				55,363
Total liabilities			439,452				332,794
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,517,787 in 2024 and 33,509,287 in 2023			3,352				3,351
Additional paid-in capital			127,787,890				127,779,221
Accumulated deficit			(124,707,445	)			(124,264,841	)
Total shareholders’ equity			3,083,797				3,517,731
Total liabilities and shareholders’ equity		$	3,523,249			$	3,850,525

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Statements of Operations(Unaudited)

		Three months ended March 31,
		2024				2023
Fee income		$	313,378			$	248,175
Operating expenses			633,387				587,799
Research and development			149,741				149,222
Total expenses			783,128				737,021
Operating loss			(469,750	)			(488,846	)
Net investment income			27,146				26,208
Net loss		$	(442,604	)		$	(462,638	)
Basic and diluted net loss per common share		$	(0.01	)		$	(0.01	)
Weighted average number of common shares outstanding			33,510,408				33,286,648

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

For the three months ended March 31, 2023 and 2024

		Common Stock								Additional				Accumulated
		Shares				Amount				Paid-in Capital				Deficit				Total
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

		Common Stock								Additional				Accumulated
		Shares				Amount				Paid-in Capital				Deficit				Total
Balance, January 1, 2024			33,509,287			$	3,351			$	127,779,221			$	(124,264,841	)		$	3,517,731
Exercise of options			8,500				1				8,669				-				8,670
Net loss			-				-				-				(442,604	)			(442,604	)
Balance, March 31, 2024			33,517,787			$	3,352			$	127,787,890			$	(124,707,445	)		$	3,083,797

RESEARCH FRONTIERS INCORPORATEDCondensed Consolidated Statements of Cash Flows(Unaudited)

		For the three months ended March 31,
		2024				2023
Cash flows from operating activities:
Net loss		$	(442,604	)		$	(462,638	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			6,449				6,816
Unrealized gain on marketable securities			-				(22,900	)
ROU asset amortization			35,743				36,958
Bad debt recovery			-				(5,000	)
Change in assets and liabilities:
Royalty receivables			46,621				(89,264	)
Prepaid expenses and other assets			(143,987	)			7,785
Accounts payable and accrued expenses			157,437				(33,288	)
Deferred revenue			-				11,921
Operating lease liability			(50,779	)			(47,513	)
Net cash used in operating activities			(391,120	)			(597,123	)
Cash flows from investing activities:
Purchases of fixed assets			(50	)			(702	)
Purchases of marketable securities			-				(2,965,160	)
Net cash used in investing activities			(50	)			(2,965,862	)
Cash flows from financing activities:
Net proceeds from exercise of options and warrants			8,670				484,502
Net cash provided by financing activities			8,670				484,502
Net decrease in cash and cash equivalents			(382,500	)			(3,078,483	)
Cash and cash equivalents at beginning of period			2,475,958				4,230,916
Cash and cash equivalents at end of period		$	2,093,458			$	1,152,433