REFR Research Frontiers Inc

Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full year 2022. 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, 2023, 4:30 PM ET
	•	Dial-in Information:1-888-334-5785
	•	Replay: Available on Friday, March 10, 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 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.
3.	At December 31, 2022, the Company had cash and cash equivalents of approximately $4.2 million, 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-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. Celestiq is a trademark of General Motors.

CONTACT:Joseph M. HararyPresident and CEOResearch Frontiers Inc.+1-516-364-1902Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATEDConsolidated Balance SheetsDecember 31, 2022 and 2021 

		December 31, 2022				December 31, 2021
Assets
Current assets:
Cash and cash equivalents		$	4,230,916			$	269,964
Marketable securities			-				2,755,111
Royalties receivable, net of reserves of $1,158,450 in 2022 and $1,016,678 in 2021, respectively			589,599				831,636
Prepaid expenses and other current assets			100,973				92,931
Total current assets			4,921,488				3,949,642
Fixed assets, net			65,388				92,954
Operating lease ROU assets			323,509				469,824
Deposits and other assets			56,066				33,567
Total assets		$	5,366,451			$	4,545,987
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability		$	196,405			$	182,091
Accounts payable			71,079				66,460
Accrued expenses and other			34,379				49,385
Total current liabilities			301,863				297,936
Operating lease liability, net of current portion			267,723				464,128
Total liabilities			569,586				762,064
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,150,396 in 2022 and 31,650,396 in 2021			3,315				3,165
Additional paid-in capital			127,150,027				123,467,886
Accumulated deficit			(122,356,477	)			(119,687,128	)
Total shareholders’ equity			4,796,865				3,783,923
Total liabilities and shareholders’ equity		$	5,366,451			$	4,545,987

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of OperationsYears ended December 31, 2022 and 2021

		2022				2021
Fee income		$	539,686			$	1,263,034
Operating expenses			2,555,689				2,521,849
Research and development			609,127				580,000
Total expenses			3,164,816				3,101,849
Operating loss			(2,625,130	)			(1,838,815	)
Net investment loss			(44,219	)			(7,537	)
Net loss		$	(2,669,349	)		$	(1,846,352	)
Basic and diluted net loss per common share		$	(0.08	)		$	(0.06	)
Weighted average number of common shares outstanding			32,070,233				31,646,520

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of Shareholders’ EquityYears ended December 31, 2022 and 2021

		Common Stock								Additional Paid-in				Accumulated
		Shares				Amount				Capital				Deficit				Total
Balance, January 1, 2021			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
Share based compensation			-				-				232,291				-				232,291
Issuance of common stock and warrants			1,500,000				150				3,449,850				-				3,450,000
Net loss			-				-				-				(2,669,349	)			(2,669,349	)
Balance, December 31, 2022			33,150,396			$	3,315			$	127,150,027			$	(122,356,477	)		$	4,796,865

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of Cash FlowsYears ended December 31, 2022 and 2021

		2022				2021
Cash flows from operating activities:
Net loss		$	(2,669,349	)		$	(1,846,352	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization			28,837				29,895
Realized loss on marketable securities			60,143				-
Unrealized loss on marketable securities			-				28,522
Share-based compensation			232,291				217,008
Bad debts			141,772				44,476
ROU asset amortization			146,315				146,618
Change in assets and liabilities:
Royalty receivables			100,266				(277,819	)
Prepaid expenses and other assets			(30,542	)			(36,420	)
Accounts payable and accrued expenses			(10,387	)			56,156
Operating lease liability			(182,091	)			(166,377	)
Net cash used in operating activities			(2,182,745	)			(1,804,293	)
Cash flows from investing activities:
Purchases of fixed assets			(1,271	)			(1,077	)
Purchases of marketable securities			-				(3,433,633	)
Sales of marketable securities			2,694,968				650,000
Net cash used in investing activities			2,693,697				(2,784,710	)
Cash flows from financing activities:
Net proceeds from exercise of options and warrants			-				86,262
Proceeds from issuance of common stock and warrants			3,450,000				-
Net cash provided by financing activities			3,450,000				86,262
Net increase (decrease) in cash and cash equivalents			3,960,952				(4,502,741	)
Cash and cash equivalents at beginning of year			269,964				4,772,705
Cash and cash equivalents at end of year		$	4,230,916			$	269,964