RESEARCH FRONTIERS INC
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
REFR$0.37-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-09.
0001493152-24-018416
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0001493152-24-029910
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 29 previous paragraphs and 34 current paragraphs.
22 unchanged; 4 reworded; 6 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Operating expenses decreased by $87,796 for the three months ended June 30, 2024 to $476,898 from $564,694 for the three months ended June 30, 2023. This decrease is the result of lower legal and professional fees ($50,000), lower directors’ fees and expenses ($19,000), lower investor relations and marketing costs ($25,000), lower patent costs ($8,000) and lower allocated insurance costs ($7,000) partially offset by higher payroll and related costs ($21,000).
Current report
Research and development expenditures decreased by $16,780 to $128,830 for the three months ended June 30, 2024 from $145,610 for the three months ended June 30, 2023. This decrease is a result of lower allocated insurance costs ($7,000) as well as lower equipment rental costs ($4,000) and lower allocated facility costs ($2,000).
Current report
Six months ended June 30, 2024 compared to the six months ended June 30, 2023
Current report
Operating expenses decreased by $42,208 for the six months ended June 30, 2024 to $1,110,285 from $1,152,493 for the six months ended June 30, 2023. This decrease is the result of lower payroll and related costs ($43,000), lower investor relations and marketing costs ($25,000) as well as lower allocated insurance costs ($6,000) partially offset by higher directors’ fees ($21,000) and higher foreign withholding costs ($12,000).
Current report
Research and development expenditures decreased by $16,261 to $278,571 for the six months ended June 30, 2024 from $294,832 for the six months ended June 30, 2023. This decrease is a result of lower allocated facility costs ($5,000), lower allocated insurance costs ($5,000) as well as lower equipment rental costs ($5,000).
Current report
The Company’s net investment income, consisting of interest income, for the six months ended June 30, 2024 was $49,258 as compared to income of $57,822 for the six months ended June 30, 2023 with the change due to lower cash balances available for investment.
Removed paragraphs (3)
Previous report
The Company has historically used the Black-Scholes option-pricing model to determine the estimated fair value of each option grant. The Black-Scholes model includes assumptions regarding dividend yields, expected volatility, expected lives, and risk-free interest rates. These assumptions reflect our best estimates, but these items involve uncertainties based on market conditions generally outside of our control. As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted. Furthermore, if management uses different assumptions in future periods, stock-based compensation expense could be materially impacted in future years.
Previous report
Operating expenses increased by $45,588 for the three months ended March 31, 2024 to $633,387 from $587,799 for the three months ended March 31, 2023. This increase is the result of higher legal and professional fees ($50,000) as well as higher directors’ fees ($40,000) and higher foreign tax withholdings ($12,000) partially offset by lower payroll and related costs ($65,000).
Previous report
Research and development expenditures increased by $519 to $149,741 for the three months ended March 31, 2024 from $149,222 for the three months ended March 31, 2023. This increase is a result of higher payroll and related costs ($4,000) partially offset by lower allocated facilities and utility costs ($3,000).
Reworded paragraphs (4)
Previous wording
The Company’s fee income from licensing activities for the three months ended March 31, 2024 was $313,378 as compared to $248,175 for the three months ended March 31, 2023. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets as compared to the first quarter of 2023. The Company expects revenue in all market segments to increase further as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Current wording
The Company’s fee income from licensing activities for the three months ended June 30, 2024 was $489,594 as compared to $185,040 for the three months ended June 30, 2023. This increase in fee income of $304,554 (165%) was primarily the result of higher royalties from the automotive and aircraft markets as compared to the second quarter of 2023. The Company expects revenue in all market segments to increase further as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Previous wording
The Company’s net investment income, consisting of interest income, for the three months ended March 31, 2024 was $27,146 as compared to income of $26,208 for the three months ended March 31, 2023.
Current wording
The Company’s net investment income, consisting of interest income, for the three months ended June 30, 2024 was $22,112 as compared to income of $31,614 for the three months ended June 30, 2023 with the change due to lower cash balances available for investment.
Previous wording
As a consequence of the factors discussed above, the Company’s net loss was $442,604 ($0.01 per common share) for the three months ended March 31, 2024 as compared to net loss of $462,638 ($0.01 per common share) for the three months ended March 31, 2023.
Current wording
As a consequence of the factors discussed above, the Company’s net loss was $94,022 ($0.00 per common share) for the three months ended June 30, 2024 as compared to net loss of $493,650 ($0.01 per common share) for the three months ended June 30, 2023.
Previous wording
During the three months ended March 31, 2024, the Company’s cash and cash equivalents balance decreased by $382,500 as a result of cash used to fund operations of $391,120 partially offset by cash generated from the exercise options of $8,670. As of March 31, 2024, the Company had cash and cash equivalents of approximately $2.1 million, working capital of $2.9 million and total shareholders’ equity of $3.1 million.
Current wording
During the six months ended June 30, 2024, the Company’s cash and cash equivalents balance decreased by $569,456 as a result of cash used to fund operations of $577,972 partially offset by cash generated from the exercise options of $8,670. As of June 30, 2024, the Company had cash and cash equivalents of approximately $1.9 million, working capital of $2.8 million and total shareholders’ equity of $3.0 million.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The Company’s fee income from licensing activities for the six months ended June 30, 2024 was $802,972 as compared to $433,215 for the six months ended June 30, 2023. This increase in fee income of $369,757 (85%) was the result of higher royalties from the automotive, aircraft and architectural markets as compared to the first half of 2023. The Company expects revenue in all market segments to increase further as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Current report — wording carried from elsewhere
As a consequence of the factors discussed above, the Company’s net loss was $536,626 ($0.02 per common share) for the six months ended June 30, 2024 as compared to net loss of $956,288 ($0.03 per common share) for the six months ended June 30, 2023.