$REFR
RESEARCH FRONTIERS INC

2013 Q4 Form 10-Q Financial Statement

#000120677413003971 Filed on November 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $425.6K $506.7K $471.9K
YoY Change -22.91% 7.38% 124.71%
Cost Of Revenue $2.390M $1.000M $970.0K
YoY Change 184.52% 3.09% 42.65%
Gross Profit -$1.970M -$500.0K -$500.0K
YoY Change 579.31% 0.0% 6.38%
Gross Profit Margin -462.88% -98.68% -105.96%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $750.0K $424.8K $369.4K
YoY Change 74.42% 15.0% 8.64%
% of Gross Profit
Depreciation & Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $750.0K $1.427M $1.342M
YoY Change 74.42% 6.39% 294.61%
Operating Profit -$2.716M -$920.7K -$869.8K
YoY Change 343.18% 5.85% 7.06%
Interest Expense $10.00K $10.00K $0.00
YoY Change 0.0% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.710M -$860.0K -$866.5K
YoY Change 281.69% -0.75% 8.31%
Income Tax
% Of Pretax Income
Net Earnings -$2.706M -$911.1K -$866.5K
YoY Change 347.85% 5.16% 8.06%
Net Earnings / Revenue -635.85% -179.82% -183.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$117.6K -$39.70K -$43.48K
COMMON SHARES
Basic Shares Outstanding 22.92M shares 22.92M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.94M $11.17M $9.020M
YoY Change -18.6% 23.84% 91.1%
Cash & Equivalents $5.866M $6.108M $7.966M
Short-Term Investments $5.080M $5.060M $1.050M
Other Short-Term Assets $140.0K $70.00K $70.00K
YoY Change -30.0% 0.0% -41.67%
Inventory
Prepaid Expenses
Receivables $867.2K $964.1K $570.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.95M $12.21M $9.660M
YoY Change -16.66% 26.36% 87.94%
LONG-TERM ASSETS
Property, Plant & Equipment $64.37K $70.12K $70.00K
YoY Change 9.02% 0.17% -22.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.61K $20.00K $20.00K
YoY Change 13.03% 0.0% 0.0%
Total Long-Term Assets $86.97K $92.73K $90.00K
YoY Change 6.52% 3.03% -25.0%
TOTAL ASSETS
Total Short-Term Assets $11.95M $12.21M $9.660M
Total Long-Term Assets $86.97K $92.73K $90.00K
Total Assets $12.03M $12.30M $9.750M
YoY Change -16.53% 26.14% 85.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.60K $61.24K $140.0K
YoY Change -21.68% -56.26% 0.0%
Accrued Expenses $80.73K $130.0K $120.0K
YoY Change -44.37% 8.33% 20.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $162.3K $255.2K $340.0K
YoY Change -33.03% -24.95% 3.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $162.3K $255.2K $340.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $160.0K $260.0K $340.0K
YoY Change -33.33% -23.53% 3.03%
SHAREHOLDERS EQUITY
Retained Earnings -$93.72M -$90.70M
YoY Change 7.14%
Common Stock $105.6M $102.7M
YoY Change 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.87M $12.04M $9.410M
YoY Change
Total Liabilities & Shareholders Equity $12.03M $12.30M $9.750M
YoY Change -16.53% 26.14% 85.36%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$2.706M -$911.1K -$866.5K
YoY Change 347.85% 5.16% 8.06%
Depreciation, Depletion And Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$1.010M -$910.0K -$840.0K
YoY Change 18.82% 8.33% 3.7%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00 $0.00
YoY Change -99.75%
Cash From Investing Activities -$20.00K -$10.00K -$10.00K
YoY Change -99.5% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.229M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K 0.000 6.970M
YoY Change -84.85% -100.0%
NET CHANGE
Cash From Operating Activities -1.010M -910.0K -840.0K
Cash From Investing Activities -20.00K -10.00K -10.00K
Cash From Financing Activities 800.0K 0.000 6.970M
Net Change In Cash -230.0K -920.0K 6.120M
YoY Change -153.49% -115.03% -855.56%
FREE CASH FLOW
Cash From Operating Activities -$1.010M -$910.0K -$840.0K
Capital Expenditures -$10.00K $0.00 -$10.00K
Free Cash Flow -$1.000M -$910.0K -$830.0K
YoY Change 17.65% 9.64% 2.47%

Facts In Submission

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><u style="font-family: Times New Roman; font-size: 80%">Basis of Presentation</u></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K relating to Research Frontiers Incorporated (the "Company") for the fiscal year ended December 31, 2012.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><u style="font-family: Times New Roman; font-size: 80%">Business</u></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> Research Frontiers Incorporated ("Research Frontiers" or the "Company") operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as "light valves" or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&trade; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows; sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> The Company has historically utilized its cash and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&#39;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, and the development of new licensees and changes in the Company&#39;s relationships with its existing licensees. The degree of dependence of the Company&#39;s working capital requirements on each of the forgoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending on the nature of such changes. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the commercialization of products using the Company&#39;s technology by the Company&#39;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations.</p> <!--EndFragment--></div> </div>
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StockholdersEquity
14172675 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
12043625 USD
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2489227 shares
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
589227 shares
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1900000 shares

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0001206774-13-003971-index-headers.html Edgar Link pending
0001206774-13-003971-index.html Edgar Link pending
0001206774-13-003971.txt Edgar Link pending
0001206774-13-003971-xbrl.zip Edgar Link pending
exhibit31-1.htm Edgar Link pending
exhibit31-2.htm Edgar Link pending
exhibit32-1.htm Edgar Link pending
exhibit32-2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
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refr-20130930.xml Edgar Link completed
refr-20130930.xsd Edgar Link pending
refr-20130930_cal.xml Edgar Link unprocessable
refr-20130930_def.xml Edgar Link unprocessable
refr-20130930_lab.xml Edgar Link unprocessable
refr-20130930_pre.xml Edgar Link unprocessable
report.css Edgar Link pending
research_10q.htm Edgar Link pending
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