2024 Q1 Form 10-K Financial Statement
#000149315224009207 Filed on March 07, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $313.4K | $312.2K | $909.6K |
YoY Change | 26.27% | 140.37% | 68.54% |
Cost Of Revenue | $633.4K | $664.5K | $2.360M |
YoY Change | 7.76% | -15.38% | -7.67% |
Gross Profit | -$320.0K | -$352.3K | -$1.450M |
YoY Change | -5.77% | -46.25% | -28.07% |
Gross Profit Margin | -102.12% | -112.82% | -159.41% |
Selling, General & Admin | |||
YoY Change | |||
% of Gross Profit | |||
Research & Development | $149.7K | $153.1K | $583.3K |
YoY Change | 0.35% | -7.04% | -4.25% |
% of Gross Profit | |||
Depreciation & Amortization | $6.450K | $7.350K | $27.35K |
YoY Change | -5.43% | 1.66% | -5.17% |
% of Gross Profit | |||
Operating Expenses | $783.1K | $153.1K | $2.943M |
YoY Change | 6.26% | -7.04% | -7.01% |
Operating Profit | -$469.8K | -$505.4K | -$2.033M |
YoY Change | -3.91% | -38.38% | -22.54% |
Interest Expense | $27.15K | $25.48K | $124.9K |
YoY Change | 3.59% | 447.96% | -382.54% |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$442.6K | -$479.9K | -$1.908M |
YoY Change | -4.33% | -41.15% | -28.51% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$442.6K | -$479.9K | -$1.908M |
YoY Change | -4.33% | -41.15% | -28.51% |
Net Earnings / Revenue | -141.24% | -153.7% | -209.8% |
Basic Earnings Per Share | -$0.01 | -$0.06 | |
Diluted Earnings Per Share | -$0.01 | -$0.01 | -$0.06 |
COMMON SHARES | |||
Basic Shares Outstanding | 33.51M shares | 33.51M shares | 33.45M shares |
Diluted Shares Outstanding | 33.51M shares | 33.45M shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $2.093M | $2.476M | $2.476M |
YoY Change | -49.44% | -41.48% | -41.48% |
Cash & Equivalents | $2.100M | $2.500M | $2.476M |
Short-Term Investments | |||
Other Short-Term Assets | $240.8K | $96.78K | $96.78K |
YoY Change | 158.36% | -4.15% | -4.15% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $956.8K | $1.003M | $1.003M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $3.291M | $3.576M | $3.576M |
YoY Change | -33.08% | -27.34% | -27.34% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $33.20K | $39.60K | $218.3K |
YoY Change | -43.99% | -39.44% | -43.86% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $56.07K | $56.07K | $56.07K |
YoY Change | 0.0% | 0.0% | 0.0% |
Total Long-Term Assets | $232.2K | $274.4K | $274.4K |
YoY Change | -42.21% | -38.34% | -38.34% |
TOTAL ASSETS | |||
Total Short-Term Assets | $3.291M | $3.576M | $3.576M |
Total Long-Term Assets | $232.2K | $274.4K | $274.4K |
Total Assets | $3.523M | $3.851M | $3.851M |
YoY Change | -33.77% | -28.25% | -28.25% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $171.2K | $50.88K | $50.88K |
YoY Change | 573.11% | -28.42% | -28.42% |
Accrued Expenses | $51.27K | $14.19K | $226.6K |
YoY Change | 9.72% | -58.72% | -1.83% |
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 | $439.5K | $277.4K | $277.4K |
YoY Change | 54.87% | -8.09% | -8.09% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | $55.36K | $55.36K |
YoY Change | -100.0% | -79.32% | -79.32% |
Total Long-Term Liabilities | $0.00 | $55.36K | $55.36K |
YoY Change | -100.0% | -79.32% | -79.32% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $439.5K | $277.4K | $277.4K |
Total Long-Term Liabilities | $0.00 | $55.36K | $55.36K |
Total Liabilities | $439.5K | $332.8K | $332.8K |
YoY Change | -12.23% | -41.57% | -41.57% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$124.7M | -$124.3M | |
YoY Change | 1.55% | 1.55% | |
Common Stock | $127.8M | $127.8M | |
YoY Change | 0.12% | 0.49% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $3.100M | $3.500M | $3.518M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $3.523M | $3.851M | $3.851M |
YoY Change | -33.77% | -28.25% | -28.25% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$442.6K | -$479.9K | -$1.908M |
YoY Change | -4.33% | -41.15% | -28.51% |
Depreciation, Depletion And Amortization | $6.450K | $7.350K | $27.35K |
YoY Change | -5.43% | 1.66% | -5.17% |
Cash From Operating Activities | -$391.1K | -$545.0K | -$2.295M |
YoY Change | -34.5% | -3.9% | 5.15% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $50.00 | $1.560K | $1.558K |
YoY Change | -92.88% | 3020.0% | 22.58% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $2.497M | $57.15K |
YoY Change | -100.0% | -97.88% | |
Cash From Investing Activities | -$50.00 | $2.496M | $55.59K |
YoY Change | -100.0% | -4991280.0% | -97.94% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $8.670K | 4.500K | $484.5K |
YoY Change | -98.21% | -85.96% | |
NET CHANGE | |||
Cash From Operating Activities | -$391.1K | -545.0K | -$2.295M |
Cash From Investing Activities | -$50.00 | 2.496M | $55.59K |
Cash From Financing Activities | $8.670K | 4.500K | $484.5K |
Net Change In Cash | -$382.5K | 1.955M | -$1.755M |
YoY Change | -87.58% | -444.66% | -144.31% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$391.1K | -$545.0K | -$2.295M |
Capital Expenditures | $50.00 | $1.560K | $1.558K |
Free Cash Flow | -$391.2K | -$546.6K | -$2.297M |
YoY Change | -34.57% | -3.64% | 5.16% |
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NetIncomeLoss
|
-1908364 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2669349 | usd |
CY2023 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
27348 | usd |
CY2022 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
28837 | usd |
CY2023 | us-gaap |
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
|
57149 | usd |
CY2022 | us-gaap |
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
|
-60143 | usd |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
144728 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
232291 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
95000 | usd |
CY2022 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
141772 | usd |
CY2023 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
144794 | usd |
CY2022 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
146315 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
508805 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-100266 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-4189 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
30542 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-40386 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-10387 | usd |
CY2023 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-196406 | usd |
CY2022 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-182091 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2295051 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2182745 | usd |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1558 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1271 | usd |
CY2023 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
5434386 | usd |
CY2023 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
5491535 | usd |
CY2022 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
2694968 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
55591 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2693697 | usd |
CY2023 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
484502 | usd |
CY2022 | REFR |
Proceeds From Sale Of Common Stock And Warrants
ProceedsFromSaleOfCommonStockAndWarrants
|
3450000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
484502 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
3450000 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1754958 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
3960952 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
4230916 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
269964 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2475958 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
4230916 | usd |
CY2023 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p id="xdx_80D_eus-gaap--BasisOfAccounting_zAWouVBNplSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) <span style="text-decoration: underline"><span id="xdx_82E_zl51a8df1Wrf">Business and Basis for Presentation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, heads up displays and navigation systems; aircraft windows; museum display panels; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has primarily utilized its cash, cash equivalents, and investments generated from sales of our common stock, proceeds from the exercise of options and warrants, and royalty fees collected 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 foregoing 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 upon the nature of such changes. We have incurred recurring losses since inception and expect to continue to incur losses as a result of costs and expenses related to our research and continued development of our SPD technology and our corporate general and administrative expenses. Our limited capital resources and operations to date have been substantially funded through sales of our common stock, exercise of options and warrants and royalty fees collected. As of December 31, 2023, we had working capital of approximately $<span id="xdx_90C_ecustom--WorkingCapital_iI_pn5n6_c20231231_z2zgG9AEK6bd" title="Working capital">3.3</span> million, cash and cash equivalents of approximately $<span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20231231_zRx8Co9bZ8t2" title="Cash and cash equivalents">2.5</span> million, shareholders’ equity of approximately $<span id="xdx_901_eus-gaap--StockholdersEquity_iI_pn5n6_c20231231_zWar9IAQLvrj" title="Shareholders' equity">3.5</span> million and an accumulated deficit of approximately $<span id="xdx_901_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20231231_zUzTBJgeZebe" title="Accumulated deficit">124.3</span> million. Our quarterly projected cash flow shortfall, based on our current operations, adjusted for any non-recurring cash expenses and adjusted for additional royalties expected to be received for use of our products in new production, for the next 12 months, is approximately $<span id="xdx_904_ecustom--NonrecurringCashExpenses_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_z2hIAzYHpwpl" title="Non-recurring cash expenses">200,000</span> to $<span id="xdx_90A_ecustom--NonrecurringCashExpenses_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_z2so23nwyGL5" title="Non-recurring cash expenses">250,000</span> per quarter. We may eliminate some operating expenses in the future, which will further reduce our cash flow shortfall if needed. Based on these assumptions, we currently expect to have sufficient working capital for at least 12 months from the issuance of these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that we are unable to generate sufficient cash from our operating activities or raise additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition and long-term prospects. The Company may seek to obtain additional funding through future equity issuances. There can be no assurance as to the availability or terms upon which such financing and capital might be available. The 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 fund its operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q4 | REFR |
Working Capital
WorkingCapital
|
3300000 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2500000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3500000 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-124300000 | usd |
CY2023Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q4 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
1200000 | usd |
CY2023 | REFR |
Amortized Cost Term Description
AmortizedCostTermDescription
|
These costs are required to be amortized over five years if the R&D activities are performed in the U.S., or over 15 years if the activities were performed outside the U.S. | |
CY2023Q4 | us-gaap |
Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
|
583000 | usd |
CY2022Q4 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
2700000 | usd |
CY2023 | us-gaap |
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
|
57149 | usd |
CY2022 | us-gaap |
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
|
-60143 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
|
609000 | usd |
CY2022Q3 | REFR |
Corporate Minimum Tax Rate
CorporateMinimumTaxRate
|
0.15 | pure |
CY2023Q1 | REFR |
Excise Tax On Corporate Stock Rate
ExciseTaxOnCorporateStockRate
|
0.01 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
|
110000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
|
109000 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84E_eus-gaap--UseOfEstimates_zLldWXtUJ8Qk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <span id="xdx_86F_zXaXb4vAG8l5">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Company’s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | REFR |
Recognized Benefit Measured
RecognizedBenefitMeasured
|
greater than 50 percent | |
CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
2808308 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
2806750 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2768710 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2741362 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
39598 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
65388 | usd |
CY2023Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
9032 | usd |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
29219 | usd |
CY2023Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
4800 | usd |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
4800 | usd |
CY2023Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
360 | usd |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
360 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
14192 | usd |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
34379 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
|
263000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
|
248000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
12939000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
13561000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
257000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
334000 | usd |
CY2023Q4 | REFR |
Deferred Tax Assets Tax Credit Carryforwards Research And Other Credits
DeferredTaxAssetsTaxCreditCarryforwardsResearchAndOtherCredits
|
834000 | usd |
CY2022Q4 | REFR |
Deferred Tax Assets Tax Credit Carryforwards Research And Other Credits
DeferredTaxAssetsTaxCreditCarryforwardsResearchAndOtherCredits
|
891000 | usd |
CY2023Q4 | REFR |
Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
|
56000 | usd |
CY2022Q4 | REFR |
Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
|
99000 | usd |
CY2023Q4 | REFR |
Deferred Tax Assets Amortization
DeferredTaxAssetsAmortization
|
225000 | usd |
CY2022Q4 | REFR |
Deferred Tax Assets Amortization
DeferredTaxAssetsAmortization
|
130000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
35000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
14719000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
15372000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
|
38000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
|
69000 | usd |
CY2023Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
38000 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
69000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
14681000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
15303000 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-401000 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-561000 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
1023000 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
1011000 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-622000 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-450000 | usd |
CY2023Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
64587000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
|
52995000 | usd |
CY2023 | REFR |
Operating Loss Carryforwards Expiration Description
OperatingLossCarryforwardsExpirationDescription
|
expire in varying amounts from 2024 through 2038 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.80 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
904000 | usd |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
223000 | shares |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
144728 | usd |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
178000 | shares |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
232291 | usd |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.02 | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.31 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.75 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.81 | pure |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0384 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0399 | pure |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
1399991 | shares |
CY2021Q4 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
|
2.27 | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
|
1500000 | shares |
CY2022 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Issued In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsIssuedInPeriodWeightedAverageExercisePrice
|
2.76 | |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
2899991 | shares |
CY2022Q4 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
|
2.52 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
|
358891 | shares |
CY2023 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedInPeriodWeightedAverageExercisePrice
|
1.35 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
|
461957 | shares |
CY2023 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Terminated In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsTerminatedInPeriodWeightedAverageExercisePrice
|
1.35 | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
2079143 | shares |
CY2023Q4 | REFR |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
|
3.20 | |
CY2023 | REFR |
Lease Expiration Term
LeaseExpirationTerm
|
P1Y | |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y3M18D | |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.055 | pure |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
222000 | usd |
CY2023Q4 | REFR |
Lessee Operating Lease Liability Payments Due Year Two And Three
LesseeOperatingLeaseLiabilityPaymentsDueYearTwoAndThree
|
56000 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
278000 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
10278 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
267722 | usd |
CY2023 | REFR |
Percentage Of Acquisition Threshold In Rights Agreement
PercentageOfAcquisitionThresholdInRightsAgreement
|
0.15 | pure |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
80 | |
CY2023Q4 | REFR |
Discount Price Of Stock
DiscountPriceOfStock
|
40 | |
CY2023Q4 | REFR |
Acquiring Assets Percent
AcquiringAssetsPercent
|
0.50 | pure |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
80 | |
CY2023Q4 | REFR |
Discount Price Of Stock
DiscountPriceOfStock
|
40 | |
CY2023 | REFR |
Rights Plan Expire Date
RightsPlanExpireDate
|
2033-02-11 | |
CY2023Q4 | REFR |
Rights Redemption Price Per Share
RightsRedemptionPricePerShare
|
0.0001 |