Management to Host Conference Call at 4:30 p.m.
WOODBURY, NY--(Marketwired - March 10, 2016) - Research Frontiers Inc. (NASDAQ: REFR) reported its financial results for its fourth quarter and full year ended December 31, 2015. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
Key 2015 Highlights:
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:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
[email protected]
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