2024 Q3 Form 10-Q Financial Statement
#000149315224029910 Filed on August 01, 2024
Income Statement
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| Revenue | $354.4K | $489.6K |
| YoY Change | 115.91% | 164.59% |
| Cost Of Revenue | $454.9K | $476.9K |
| YoY Change | -15.76% | -15.55% |
| Gross Profit | -$100.5K | $12.69K |
| YoY Change | -73.56% | -103.34% |
| Gross Profit Margin | -28.35% | 2.59% |
| Selling, General & Admin | ||
| YoY Change | ||
| % of Gross Profit | ||
| Research & Development | $131.2K | $128.8K |
| YoY Change | -3.01% | -11.52% |
| % of Gross Profit | 1015.21% | |
| Depreciation & Amortization | $6.630K | $6.500K |
| YoY Change | -33.7% | -4.97% |
| % of Gross Profit | 51.22% | |
| Operating Expenses | $586.1K | $605.7K |
| YoY Change | -13.55% | 315.99% |
| Operating Profit | -$231.7K | -$116.1K |
| YoY Change | -54.9% | -77.89% |
| Interest Expense | $29.74K | $22.11K |
| YoY Change | -25.65% | -30.05% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $35.15K | |
| YoY Change | ||
| Pretax Income | -$166.8K | -$94.02K |
| YoY Change | -64.51% | -80.95% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$166.8K | -$94.02K |
| YoY Change | -64.67% | -80.95% |
| Net Earnings / Revenue | -47.07% | -19.2% |
| Basic Earnings Per Share | $0.00 | $0.00 |
| Diluted Earnings Per Share | $0.00 | $0.00 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 33.52M shares | 33.52M shares |
| Diluted Shares Outstanding | 33.52M shares | 33.52M shares |
Balance Sheet
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.648M | $1.907M |
| YoY Change | -45.43% | -45.8% |
| Cash & Equivalents | $1.600M | $1.900M |
| Short-Term Investments | ||
| Other Short-Term Assets | $154.7K | $204.7K |
| YoY Change | -3.29% | -11.68% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $1.048M | $1.079M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $2.851M | $3.190M |
| YoY Change | -27.1% | -27.76% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $20.76K | $26.80K |
| YoY Change | -55.03% | -91.16% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $56.07K | $56.07K |
| YoY Change | 0.0% | -0.01% |
| Total Long-Term Assets | $148.3K | $190.1K |
| YoY Change | -53.17% | -47.09% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $2.851M | $3.190M |
| Total Long-Term Assets | $148.3K | $190.1K |
| Total Assets | $2.999M | $3.380M |
| YoY Change | -29.05% | -29.22% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $34.31K | $60.97K |
| YoY Change | 6.87% | 33.15% |
| Accrued Expenses | $31.80K | $40.21K |
| YoY Change | 54.57% | -82.31% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $176.1K | $390.0K |
| YoY Change | -33.37% | 36.42% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $176.1K | $390.0K |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $176.1K | $390.0K |
| YoY Change | -52.95% | -13.28% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$125.0M | -$124.8M |
| YoY Change | 0.97% | 1.22% |
| Common Stock | $127.8M | $127.8M |
| YoY Change | 0.12% | 0.12% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $2.800M | $3.000M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.999M | $3.380M |
| YoY Change | -29.05% | -29.22% |
Cashflow Statement
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$166.8K | -$94.02K |
| YoY Change | -64.67% | -80.95% |
| Depreciation, Depletion And Amortization | $6.630K | $6.500K |
| YoY Change | -33.7% | -4.97% |
| Cash From Operating Activities | -$257.9K | -$186.8K |
| YoY Change | -51.33% | -70.14% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $590.00 | $100.00 |
| YoY Change | -83.33% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$590.00 | -$100.00 |
| YoY Change | -99.98% | -100.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 0.000 | 0.000 |
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | -257.9K | -186.8K |
| Cash From Investing Activities | -590.0 | -100.0 |
| Cash From Financing Activities | 0.000 | 0.000 |
| Net Change In Cash | -258.5K | -186.9K |
| YoY Change | -91.38% | -107.9% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$257.9K | -$186.8K |
| Capital Expenditures | $590.00 | $100.00 |
| Free Cash Flow | -$258.5K | -$186.9K |
| YoY Change | -51.22% | -70.15% |
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BasisOfAccounting
|
<p id="xdx_80E_eus-gaap--BasisOfAccounting_zpEh2CrPnTBg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Note 1. <span id="xdx_820_zjf4vgIj4hJd">Basis of Presentation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated 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 8-03 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, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date. 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 for the fiscal year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
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<p id="xdx_806_eus-gaap--NatureOfOperations_zLMqFZcBJaJ4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Note 2. <span id="xdx_823_zEmzZg2wg7dg">Business</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 capital requirements 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 June 30, 2024, we had working capital of approximately $<span id="xdx_90E_ecustom--WorkingCapital_iI_pn5n6_c20240630_zWweJSiMwIjg" title="Working capital">2.8</span> million, cash and cash equivalents of approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20240630_zhNwPSekawol" title="Cash and cash equivalents">1.9</span> million, shareholders’ equity of approximately $<span id="xdx_903_eus-gaap--StockholdersEquity_iI_pn5n6_c20240630_z7XlOBbnrwA6" title="Shareholders' equity">3.0</span> million and an accumulated deficit of approximately $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20240630_ziShgB9iGqAc" title="Accumulated deficit">124.8</span> million. Our 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_902_ecustom--NonrecurringCashExpenses_c20240101__20240630__srt--RangeAxis__srt--MinimumMember_zKCssfwlPlBc" title="Non-recurring cash expenses">200,000</span> to $<span id="xdx_90F_ecustom--NonrecurringCashExpenses_c20240101__20240630__srt--RangeAxis__srt--MaximumMember_zJQcfDNRCisf" title="Non-recurring cash expenses">250,000</span> per quarter. Based on our current expectations of our cash flow shortfall for the next 12 months, our working capital would support our activities for at least the next 12 months from the issuance of these condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
| CY2024Q2 | REFR |
Working Capital
WorkingCapital
|
2800000 | usd |
| CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1900000 | usd |
| CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3000000.0 | usd |
| CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-124800000 | usd |
| CY2024Q2 | us-gaap |
Unbilled Receivables Current
UnbilledReceivablesCurrent
|
32853 | usd |
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares | |
| CY2022Q3 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
3450000 | usd |
| CY2022Q3 | REFR |
Proceeds From Expects To Receive Remaining Amount
ProceedsFromExpectsToReceiveRemainingAmount
|
1150000 | usd |
| CY2024Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
1500000 | shares |
| CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1206872 | shares |
| CY2024Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P9M | |
| CY2024Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.055 | pure |
| us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
83000 | usd |
