$REFR
RESEARCH FRONTIERS INC

2024 Q4 Form 10-Q Financial Statement

#000149315224044002 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $354.4K
YoY Change 115.91%
Cost Of Revenue $454.9K
YoY Change -15.76%
Gross Profit -$100.5K
YoY Change -73.56%
Gross Profit Margin -28.35%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $131.2K
YoY Change -3.01%
% of Gross Profit
Depreciation & Amortization $6.630K
YoY Change -33.7%
% of Gross Profit
Operating Expenses $586.1K
YoY Change -13.55%
Operating Profit -$231.7K
YoY Change -54.9%
Interest Expense $29.74K
YoY Change -25.65%
% of Operating Profit
Other Income/Expense, Net $35.15K
YoY Change
Pretax Income -$166.8K
YoY Change -64.51%
Income Tax
% Of Pretax Income
Net Earnings -$166.8K
YoY Change -64.67%
Net Earnings / Revenue -47.07%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 33.52M shares 33.52M shares
Diluted Shares Outstanding 33.52M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.648M
YoY Change -45.43%
Cash & Equivalents $1.600M
Short-Term Investments
Other Short-Term Assets $154.7K
YoY Change -3.29%
Inventory
Prepaid Expenses
Receivables $1.048M
Other Receivables $0.00
Total Short-Term Assets $2.851M
YoY Change -27.1%
LONG-TERM ASSETS
Property, Plant & Equipment $20.76K
YoY Change -55.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.07K
YoY Change 0.0%
Total Long-Term Assets $148.3K
YoY Change -53.17%
TOTAL ASSETS
Total Short-Term Assets $2.851M
Total Long-Term Assets $148.3K
Total Assets $2.999M
YoY Change -29.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.31K
YoY Change 6.87%
Accrued Expenses $31.80K
YoY Change 54.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $176.1K
YoY Change -33.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $176.1K
Total Long-Term Liabilities $0.00
Total Liabilities $176.1K
YoY Change -52.95%
SHAREHOLDERS EQUITY
Retained Earnings -$125.0M
YoY Change 0.97%
Common Stock $127.8M
YoY Change 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.800M
YoY Change
Total Liabilities & Shareholders Equity $2.999M
YoY Change -29.05%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$166.8K
YoY Change -64.67%
Depreciation, Depletion And Amortization $6.630K
YoY Change -33.7%
Cash From Operating Activities -$257.9K
YoY Change -51.33%
INVESTING ACTIVITIES
Capital Expenditures $590.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$590.00
YoY Change -99.98%
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
YoY Change
NET CHANGE
Cash From Operating Activities -257.9K
Cash From Investing Activities -590.0
Cash From Financing Activities 0.000
Net Change In Cash -258.5K
YoY Change -91.38%
FREE CASH FLOW
Cash From Operating Activities -$257.9K
Capital Expenditures $590.00
Free Cash Flow -$258.5K
YoY Change -51.22%

Facts In Submission

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<p id="xdx_80E_eus-gaap--BasisOfAccounting_ztJR2JQxCbS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Note 1. <span id="xdx_82C_zK3evwjxPPci">Basis of Presentation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 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 nine months ended September 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 as of December 31, 2023 has been derived from the audited consolidated financial statements as of 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_806_eus-gaap--NatureOfOperations_z9kpEDPsierj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Note 2. <span id="xdx_82F_z1HkqbNtn2U7">Business</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 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 0pt 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 0pt 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 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 September 30, 2024, we had working capital of approximately $<span id="xdx_904_ecustom--WorkingCapital_iI_pn5n6_c20240930_zgJGu8zVblR">2.7 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, cash and cash equivalents of approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20240930_zMxspmopLbbj">1.6</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, shareholders’ equity of approximately $<span id="xdx_90D_eus-gaap--StockholdersEquity_iI_pn5n6_c20240930_zAAzizRQX1nj">2.8</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and an accumulated deficit of approximately $<span id="xdx_90A_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20240930_z54f2zAqhxFg">125.0 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. 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: 0pt 0pt 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 0pt 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 0pt 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 REFR Working Capital
WorkingCapital
2700000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1600000 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
2800000 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-125000000.0 usd
CY2024Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
37853 usd
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
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1500000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1206872 shares
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6M
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055 pure
us-gaap Operating Lease Cost
OperatingLeaseCost
150000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
REFR Refundable Tax Credit
RefundableTaxCredit
35152 usd
CY2024Q3 REFR Refundable Tax Credit
RefundableTaxCredit
35152 usd

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