2015 Q3 Form 10-Q Financial Statement
#000120677415002508 Filed on August 04, 2015
Income Statement
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| Revenue | $445.8K | $803.5K | $395.6K |
| YoY Change | -1.57% | 103.1% | -24.19% |
| Cost Of Revenue | $900.0K | $960.0K | $1.200M |
| YoY Change | 15.38% | -20.0% | 23.71% |
| Gross Profit | -$450.0K | -$160.0K | -$800.0K |
| YoY Change | 36.36% | -80.0% | 77.78% |
| Gross Profit Margin | -100.93% | -19.91% | -202.21% |
| Selling, General & Admin | |||
| YoY Change | |||
| % of Gross Profit | |||
| Research & Development | $327.4K | $334.5K | $349.6K |
| YoY Change | 0.97% | -4.32% | -11.33% |
| % of Gross Profit | |||
| Depreciation & Amortization | $50.00K | $30.00K | $0.00 |
| YoY Change | 400.0% | -100.0% | |
| % of Gross Profit | |||
| Operating Expenses | $1.223M | $1.296M | $1.546M |
| YoY Change | 10.9% | -16.16% | 17.8% |
| Operating Profit | -$766.7K | -$492.8K | -$1.150M |
| YoY Change | 18.06% | -57.17% | 39.12% |
| Interest Expense | $10.00K | $10.00K | $10.00K |
| YoY Change | 0.0% | 0.0% | 0.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$770.0K | -$480.0K | -$1.140M |
| YoY Change | 20.31% | -57.89% | 46.25% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$757.3K | -$481.3K | -$1.142M |
| YoY Change | 18.37% | -57.85% | 39.97% |
| Net Earnings / Revenue | -169.86% | -59.9% | -288.63% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$32.08K | -$19.99K | -$48.41K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 24.03M shares | 23.12M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $7.940M | $7.100M | $12.57M |
| YoY Change | -32.25% | -43.52% | 3.97% |
| Cash & Equivalents | $6.428M | $5.595M | $7.493M |
| Short-Term Investments | $1.510M | $1.500M | $5.080M |
| Other Short-Term Assets | $80.00K | $90.00K | $50.00K |
| YoY Change | 0.0% | 80.0% | -16.67% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $1.770M | $1.730M | $1.042M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $9.780M | $8.921M | $13.67M |
| YoY Change | -24.87% | -34.73% | 5.19% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $880.0K | $927.1K | $96.67K |
| YoY Change | 481.32% | 859.02% | 32.57% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $0.00 | $1.510M | |
| YoY Change | |||
| Other Assets | $30.00K | $33.57K | $33.57K |
| YoY Change | -10.62% | 0.0% | 67.84% |
| Total Long-Term Assets | $920.0K | $2.469M | $130.2K |
| YoY Change | 397.45% | 1795.99% | 36.34% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $9.780M | $8.921M | $13.67M |
| Total Long-Term Assets | $920.0K | $2.469M | $130.2K |
| Total Assets | $10.70M | $11.39M | $13.80M |
| YoY Change | -18.95% | -17.45% | 5.42% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $80.00K | $100.4K | $110.8K |
| YoY Change | 12.03% | -9.4% | -0.42% |
| Accrued Expenses | $270.0K | $265.7K | $194.4K |
| YoY Change | 45.01% | 36.68% | 49.53% |
| 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 | $360.0K | $388.8K | $327.7K |
| YoY Change | 31.46% | 18.65% | -10.79% |
| 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 | $360.0K | $388.8K | $327.7K |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $360.0K | $390.0K | $330.0K |
| YoY Change | 33.33% | 18.18% | -10.81% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$95.48M | ||
| YoY Change | 6.28% | ||
| Common Stock | $109.0M | ||
| YoY Change | 6.23% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $10.34M | $11.00M | $13.47M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $10.70M | $11.39M | $13.80M |
| YoY Change | -18.95% | -17.45% | 5.42% |
Cashflow Statement
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$757.3K | -$481.3K | -$1.142M |
| YoY Change | 18.37% | -57.85% | 39.97% |
| Depreciation, Depletion And Amortization | $50.00K | $30.00K | $0.00 |
| YoY Change | 400.0% | -100.0% | |
| Cash From Operating Activities | -$710.0K | -$1.040M | -$1.100M |
| YoY Change | -10.13% | -5.45% | 44.74% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | -$130.0K | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $1.500M | -$10.00K | $0.00 |
| YoY Change | -150.0% | -100.0% | |
| Cash From Investing Activities | $1.500M | -$140.0K | -$10.00K |
| YoY Change | -149.02% | 1300.0% | -66.67% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $3.278M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 50.00K | 240.0K | 3.500M |
| YoY Change | -93.14% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -710.0K | -1.040M | -1.100M |
| Cash From Investing Activities | 1.500M | -140.0K | -10.00K |
| Cash From Financing Activities | 50.00K | 240.0K | 3.500M |
| Net Change In Cash | 840.0K | -940.0K | 2.390M |
| YoY Change | -121.82% | -139.33% | -402.53% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$710.0K | -$1.040M | -$1.100M |
| Capital Expenditures | $0.00 | -$130.0K | $0.00 |
| Free Cash Flow | -$710.0K | -$910.0K | -$1.100M |
| YoY Change | -1.39% | -17.27% | 50.68% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
490623 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
490623 | USD | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
44520 | USD | |
| us-gaap |
Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
|
2545 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-47065 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1627249 | USD | |
| CY2015Q2 | us-gaap |
Assets Current
AssetsCurrent
|
8920647 | USD |
| CY2015Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
100390 | USD |
| CY2015Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5594919 | USD |
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Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
110210480 | USD |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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7569537 | USD |
| CY2015Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
305171 | USD |
| CY2014Q4 | us-gaap |
Long Term Investments
LongTermInvestments
|
1503525 | USD |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
94656 | USD |
| CY2015Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
927056 | USD |
| CY2015Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
33567 | USD |
| CY2015Q2 | us-gaap |
Assets
Assets
|
11389874 | USD |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
17236 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-2311843 | USD | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.10 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
23337166 | shares | |
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Revenues
Revenues
|
703967 | USD | |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2233606 | USD | |
| CY2015Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
265704 | USD |
| CY2015Q2 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
22722 | USD |
| CY2015Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
388816 | USD |
| us-gaap |
Operating Expenses
OperatingExpenses
|
3033046 | USD | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2329079 | USD | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7493372 | USD |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
12218 | USD | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
329067 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
175015 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-71476 | USD | |
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-2500 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
167873 | USD | |
| CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
24030846 | shares |
| CY2015Q2 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
1503790 | USD |
| CY2015Q2 | us-gaap |
Long Term Investments
LongTermInvestments
|
1508604 | USD |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1908724 | USD | |
| CY2014Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
305171 | USD |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2015Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
961727 | USD |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
304788 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
3583038 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-2147130 | USD | |
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Basis of Presentation</font></font><font style="font-size: 10pt;"></font></p> <p align="justify"><font style="font-size: 10pt;">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 six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. 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, 2014.</font></p> </div> | ||
| us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.017 | pure | |
| us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.017 | pure | |
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Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
|
P8Y10M24D | ||
| us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
|
P5Y6M | ||
| us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
|
0.65 | pure | |
| us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
|
0.58 | pure | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Business</font></font><font style="font-size: 10pt;"></font></p> <p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2">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™ 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; frames, cases and partitions protecting light-sensitive artwork, documents and artifacts; 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.</font></p> <p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2">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'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's relationships with its existing licensees. The degree of dependence of the Company'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's 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's technology by the Company's licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fully fund its operations.</font></p> </div> | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| CY2015Q2 | us-gaap |
Revenues
Revenues
|
803494 | USD |
| CY2014Q2 | us-gaap |
Revenues
Revenues
|
395619 | USD |
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | ||
| CY2014Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1196445 | USD |
| CY2015Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
334518 | USD |
| CY2014Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
349627 | USD |
| CY2015Q2 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
8600000 | USD |
| dei |
Entity Registrant Name
EntityRegistrantName
|
RESEARCH FRONTIERS INC | ||
| CY2015Q3 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
24030846 | shares |
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-06-30 | ||
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000793524 | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | ||
| CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
1296245 | USD |
| CY2014Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
1546072 | USD |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-492751 | USD |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1150453 | USD |
| CY2015Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
11464 | USD |
| CY2014Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
8595 | USD |
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-481287 | USD |
| CY2014Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1141858 | USD |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.02 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.05 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
24005909 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
23554685 | shares |
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
USD | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
3278250 | USD | |
| CY2014Q2 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
750000 | shares |
| CY2014Q2 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
3278250 | USD |
