WOODBURY, NY--(Marketwired - March 10, 2016) - Research Frontiers Inc. (
- Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
- Date/Time: Thursday, March 10, 2016, 4:30PM ET
- Dial-in Information: 1-412-717-9591
- Questions: Email to Questions@SmartGlass.com by 2:00PM ET on Thursday, March 10, 2016
- Replay: Available on Thursday, March 10, 2016 for 90 days at www.SmartGlass-IR.com
Key 2015 Highlights:
- Revenues increased by more than 25% to $2.0 million in 2015 compared to 2014.
- All market sectors (automotive, aerospace, architectural, marine and museum) achieved higher revenues in 2015 compared to 2014.
- Magic Sky Control™ option on new Mercedes-Benz S-Class vehicles in 2015:
- Full year of revenues from the Magic Sky Control™ option on the new Mercedes-Benz S-Class Coupe.
- Revenues from the Magic Sky Control™ option on the S-Class Maybach S600 X222 began in spring 2015.
- Revenues from the Magic Sky Control™ option on the high volume S-Class Long Wheel Base V222 began in late 2015.
- Full year of revenues from the Magic Sky Control™ option on the new Mercedes-Benz S-Class Coupe.
- Three aircraft manufacturers announced SPD-Smart dimmable window products as standard equipment in new or upcoming production aircraft:
- Honda Aircraft Company: The new HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on all passenger windows.
- Textron-Beechcraft will have SPD-Smart electronically dimmable windows as standard equipment on all models of its King Air aircraft:
- Dassault Aviation: The new Falcon 5X, with first deliveries expected in 2020, will come with SPD-Smart electronically dimmable skylights as standard equipment.
- Honda Aircraft Company: The new HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on all passenger windows.
- Increased interest and use of SPD-Smart dimmable window products in architectural, marine and museum industries.
Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.
| RESEARCH FRONTIERS INCORPORATED | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| December 31, 2015 and 2014 | ||||||||||
| Assets | 2015 | 2014 | ||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 5,712,310 | $ | 7,569,537 | ||||||
| Short-term investments | 1,513,784 | 1,501,554 | ||||||||
| Royalties receivable, net of reserves of $629,457 in 2015 and $305,171 in 2014 | 1,314,675 | 1,175,218 | ||||||||
| Prepaid expenses and other current assets | 133,465 | 121,252 | ||||||||
| Total current assets | 8,674,234 | 10,367,561 | ||||||||
| Fixed assets, net | 836,216 | 660,201 | ||||||||
| Long-term investments | - | 1,503,525 | ||||||||
| Deposits and other assets | 33,567 | 33,567 | ||||||||
| Total assets | $ | 9,544,017 | $ | 12,564,854 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 46,734 | $ | 159,312 | ||||||
| Accrued expenses and other | 421,478 | 323,372 | ||||||||
| Total current liabilities | 468,212 | 482,684 | ||||||||
| Shareholders' equity: | ||||||||||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,043,846 and 23,924,465 shares for 2015 and 2014 | 2,404 | 2,392 | ||||||||
| Additional paid-in capital | 111,483,959 | 110,210,480 | ||||||||
| Accumulated deficit | (102,410,558 | ) | (98,130,702 | ) | ||||||
| Total shareholders' equity | 9,075,805 | 12,082,170 | ||||||||
| Total liabilities and shareholders' equity | $ | 9,544,017 | $ | 12,564,854 | ||||||
| See accompanying notes to consolidated financial statements. | ||||||||||
| RESEARCH FRONTIERS INCORPORATED | |||||||||||||
| Consolidated Statements of Operations | |||||||||||||
| Years ended December 31, 2015, 2014 and 2013 | |||||||||||||
| 2015 | 2014 | 2013 | |||||||||||
| Fee income | $ | 2,007,482 | $ | 1,598,799 | $ | 2,161,359 | |||||||
| Operating expenses | 4,742,166 | 4,425,718 | 6,036,792 | ||||||||||
| Research and development | 1,588,491 | 1,621,964 | 2,203,326 | ||||||||||
| Total Expenses | 6,330,657 | 6,047,682 | 8,240,118 | ||||||||||
| Operating loss | (4,323,175 | ) | (4,448,883 | ) | (6,078,759 | ) | |||||||
| Net investment income | 43,319 | 35,161 | 38,148 | ||||||||||
| Net loss | (4,279,856 | ) | (4,413,722 | ) | (6,040,611 | ) | |||||||
| Basic and diluted net loss per common share | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.26 | ) | ||||
| Weighted average number of common shares outstanding | 24,007,974 | 23,663,229 | 22,946,019 | ||||||||||
| See accompanying notes to consolidated financial statements. | |||||||||||||
| RESEARCH FRONTIERS INCORPORATED | |||||||||||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||||||
| Years ended December 31, 2015, 2014 and 2013 | |||||||||||||||
| Common Stock | Additional | Accumulated | |||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | |||||||||||
| Balance, January 1, 2013 | 22,646,782 | $ | 2,265 | $ | 101,846,779 | $ | (87,676,369 | ) | $ | 14,172,675 | |||||
| Exercise of options and warrants | 179,983 | 18 | 822,951 | - | 822,969 | ||||||||||
| Share-based compensation | 282,900 | 28 | 2,914,876 | - | 2,914,904 | ||||||||||
| Net Loss | - | - | - | (6,040,611 | ) | (6,040,611 | ) | ||||||||
| Balance, December 31, 2013 | 23,109,665 | 2,311 | 105,584,606 | (93,716,980 | ) | 11,869,937 | |||||||||
| Issuance of Common Stock | 750,000 | 75 | 3,278,175 | - | 3,278,250 | ||||||||||
| Exercise of options and warrants | 64,800 | 6 | 304,782 | - | 304,788 | ||||||||||
| Share-based compensation | - | - | 1,042,917 | - | 1,042,917 | ||||||||||
| Net Loss | - | - | - | (4,413,722 | ) | (4,413,722 | ) | ||||||||
| Balance, December 31, 2014 | 23,924,465 | 2,392 | 110,210,480 | (98,130,702 | ) | 12,082,170 | |||||||||
| Exercise of options and warrants | 119,381 | 12 | 548,463 | - | 548,475 | ||||||||||
| Share-based compensation | - | - | 725,016 | - | 725,016 | ||||||||||
| Net Loss | - | - | - | (4,279,856 | ) | (4,279,856 | ) | ||||||||
| Balance, December 31, 2015 | 24,043,846 | $ | 2,404 | $ | 111,483,959 | $ | (102,410,558 | ) | $ | 9,075,805 | |||||
| See accompanying notes to consolidated financial statements. | |||||||||||||||
| RESEARCH FRONTIERS INCORPORATED | ||||||||||||||
| Consolidated Statements of Cash Flows | ||||||||||||||
| Years ended December 31, 2015, 2014 and 2013 | ||||||||||||||
| 2015 | 2014 | 2013 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net loss | $ | (4,279,856 | ) | $ | (4,413,722 | ) | $ | (6,040,611 | ) | |||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
| Depreciation and amortization | 140,170 | 31,824 | 45,212 | |||||||||||
| Stock based compensation | 725,016 | 1,042,917 | 2,914,904 | |||||||||||
| Bad debts | 324,286 | 131,250 | 81,198 | |||||||||||
| Change in assets and liabilities: | ||||||||||||||
| Royalty receivables | (463,743 | ) | (439,306 | ) | (260,042 | ) | ||||||||
| Prepaid expenses and other current assets | (12,213 | ) | 2,866 | 94,544 | ||||||||||
| Accounts payable and accrued expenses | (14,472 | ) | 345,356 | (80,064 | ) | |||||||||
| Deferred revenue | - | (25,000 | ) | - | ||||||||||
| Net cash used in operating activities | (3,580,812 | ) | (3,323,815 | ) | (3,244,859 | ) | ||||||||
| Cash flows from investing activities: | ||||||||||||||
| Purchases of fixed assets | (316,185 | ) | (627,660 | ) | (50,536 | ) | ||||||||
| Purchase of investments | - | (3,005,079 | ) | (24,009 | ) | |||||||||
| Proceeds from sale of investment | 1,491,295 | 5,076,930 | - | |||||||||||
| Net cash provided by (used in) investing activities | 1,175,110 | 1,444,191 | (74,545 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Net proceeds from issuances of common stock and exercise of options and warrants | 548,475 | 3,583,038 | 795,294 | |||||||||||
| Net cash provided by financing activities | 548,475 | 3,583,038 | 795,294 | |||||||||||
| Net (decrease) increase in cash and cash equivalents | (1,857,227 | ) | 1,703,414 | (2,524,110 | ) | |||||||||
| Cash and cash equivalents at beginning of year | 7,569,537 | 5,866,123 | 8,390,233 | |||||||||||
| Cash and cash equivalents at end of year | $ | 5,712,310 | $ | 7,569,537 | $ | 5,866,123 | ||||||||
| See accompanying notes to consolidated financial statements. | ||||||||||||||
Contact Information:
CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com