Management to Host Conference Call at 4:30 p.m.

WOODBURY, N.Y, Nov. 07, 2019 (GLOBE NEWSWIRE) — Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third quarter ended September 30, 2019. 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.

Key Third Quarter 2019 Comments:

  1. New Gauzy SPD-Smart film factory commissioned for operation in Stuttgart Germany with capacity to produce 1 million square meters of film per year in widths up to 1.8 meters.
     
  2. The Company’s fee income from licensing activities was up 29% in the third quarter of this year compared to the third quarter of last year. Fee income was up 54% in the third quarter of 2019 as compared to the second quarter of 2019.
     
  3. The Company’s net loss was $397,712 ($0.01 per common share) for the three-months ended September 30, 2019 as compared to $688,301 ($0.03 per common share) for the three-months ended September 30, 2018.
     
  4. The Company’s net loss was $2,552,087 ($0.09 per common share) for the nine-months ended September 30, 2019 as compared to $2,051,960 ($0.08 per common share) for the nine-months ended September 30, 2018.
     
  1. For the nine months ended September 30, 2019 total costs increased by $219,344, or 7.6%, as compared to the same period in 2018.
     
  2. At September 30, 2019 the Company had cash and cash equivalents of $7,016,922 and working capital of $7,591,547.
     

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 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 , and on , , and .

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.

:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
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RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets

  September 30, 2019 (Unaudited)  December 31, 2018 Assets                 Current assets:        Cash and cash equivalents $7,016,922  $2,969,416 Royalties receivable, net of reserves of $1,117,441 in 2019 and $1,094,774 in 2018  775,760   689,677 Prepaid expenses and other current assets  105,884   52,729          Total current assets  7,898,566   3,711,822          Fixed assets, net  239,888   313,177 Operating lease ROU assets  814,285   – Deposits and other assets  33,567   33,567 Total assets $8,986,306  $4,058,566          Liabilities and Shareholders’ Equity                 Current liabilities:        Current portion of operating lease liabilities $163,276  $- Accounts payable  14,593   133,486 Accrued expenses and other  57,485   273,606 Deferred revenue  71,665   50,570 Total current liabilities  307,019   457,662          Operating lease liabilities, net of current portion  851,672   – Warrant liability  –   501,414 Total liabilities  1,158,691   959,076          Shareholders’ equity:        Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 31,090,291 in 2019 and 27,665,211 in 2018  3,109   2,767 Additional paid-in capital  122,067,527   114,787,657 Accumulated deficit  (114,243,021)  (111,690,934)Total shareholders’ equity  7,827,615   3,099,490          Total liabilities and shareholders’ equity $8,986,306  $4,058,566 

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)

  Nine Months Ended September 30,  Three Months Ended September 30,   2019  2018  2019  2018              Fee income $1,182,560  $1,117,849  $462,869  $359,725                  Operating expenses  2,356,875   2,228,757   666,356   572,968 Research and development  751,312   660,086   207,368   190,647 Total costs  3,108,187   2,888,843   873,724   763,615                  Operating loss  (1,925,627)  (1,770,994)  (410,855)  (403,890)                 Warrant market adjustment  (652,025)  (286,631)  –   (286,631)Net investment income  25,565   5,665   13,143   2,220                  Net loss $(2,552,087) $(2,051,960) $(397,712) $(688,301)                 Basic and diluted net loss per common share $(0.09) $(0.08) $(0.01) $(0.03)                 Weighted average number of basic and diluted common shares outstanding  29,636,013   25,380,466   31,065,730   26,002,263 

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)

  Nine months ended September 30,   2019  2018 Cash flows from operating activities:        Net loss $(2,552,087) $(2,051,960)Adjustments to reconcile net loss to net cash used in operating activities:        Depreciation and amortization  146,496   135,400 Stock-based compensation  356,228   69,309 Provision for doubtful accounts  22,667   – Warrant market adjustment  652,025   286,631 Change in assets and liabilities:        Royalty receivables  (108,750)  (54,350)Prepaid expenses and other current assets  (53,155)  (67,093)Accounts payable and accrued expenses  (142,477)  7,100 Deferred revenue  21,095   38,142 Net cash used in operating activities  (1,657,958)  (1,636,821)         Cash flows from investing activities:        Purchases of fixed assets  (65,081)  (11,295)Net cash used in investing activities  (65,081)  (11,295)         Cash flows from financing activities:        Net proceeds from issuances of common stock and warrants and exercise of options and warrants  5,770,545   3,311,111 Net cash provided by financing activities  5,770,545   3,311,111          Net increase in cash and cash equivalents  4,047,506   1,662,995          Cash and cash equivalents at beginning of period  2,969,416   1,737,847 Cash and cash equivalents at end of period $7,016,922  $3,400,842          Supplemental disclosure of non-cash activities:        Right of use assets obtained in exchange for operating lease liabilities $941,284  $-