RESEARCH FRONTIERS INC

Previous wording

As of December 31, 2023, we had approximately $2.5 million in cash and cash equivalents.

Current wording

As of December 31, 2024, we had approximately $2.0 million in cash and cash equivalents.

Previous wording

As of December 31, 2023, the Company had cash and cash equivalents of approximately $2.5 million, working capital of $3.3 million and total shareholders’ equity of $3.5 million. Our quarterly 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 $200,000 to $250,000 per quarter. We may eliminate some operating expenses in the future, which will further reduce our cash flow shortfall if needed. Based on these assumptions, we currently expect to have sufficient working capital for more than the next five years of operations.

Current wording

As of December 31, 2024, the Company had cash and cash equivalents of approximately $2.0 million, working capital of $2.5 million and total shareholders’ equity of $2.6 million. Based on our current operations, we expect to have sufficient working capital for more than the next 5 years of operations.

Previous wording

We have experienced net losses from operations, and we may continue to incur net losses from operations in the future. We have incurred substantial costs and expenses in researching and developing our SPD technology. As of December 31, 2023, we had an accumulated deficit of $124.3 million since our inception. Our net loss was $1.9 million in 2023 and $2.7 million in 2022, (which includes non-cash accounting charges in 2023 and 2022 of $0.1 million and $0.2 million, respectively, resulting from the expensing of grants of stock options).

Current wording

We have experienced net losses from operations, and we may continue to incur net losses from operations in the future. We have incurred substantial costs and expenses in researching and developing our SPD technology. As of December 31, 2024, we had an accumulated deficit of $125.6 million since our inception. Our net loss was $1.3 million in 2024 and $1.9 million in 2023, (which includes non-cash accounting charges in 2024 and 2023 of $0.1 million and $0.1 million, respectively, resulting from the expensing of grants of stock options).

Previous wording

As noted above, 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 limited capital resources 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 December 31, 2023, we had working capital of approximately $3.3 million, cash and cash equivalents of approximately $2.5 million, shareholders’ equity of approximately $3.5 million and an accumulated deficit of $124.3 million. 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.

Current wording

As noted above, 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 limited capital resources 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 December 31, 2024, we had working capital of approximately $2.5 million, cash and cash equivalents of approximately $2.0 million, shareholders’ equity of approximately $2.6 million and an accumulated deficit of $125.6 million. 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.

Previous wording

Some SPD-Smart products have only recently been introduced.

Current wording

SPD-Smart products have only recently been introduced.

Previous wording

Products using SPD technology have been in the market for decades and new product applications are being introduced in various industries. Some of these new products have only recently begun to be introduced into the marketplace. Developing products using new technologies can be risky because problems, expenses and delays frequently occur, and costs may or may not come down quickly enough for such products using new technologies to rapidly penetrate mass market applications.

Current wording

Products using SPD technology have only recently begun to be introduced into the marketplace. Developing products using new technologies can be risky because problems, expenses and delays frequently occur, and costs may or may not come down quickly enough for such products using new technologies to rapidly penetrate mass market applications.

Previous wording

During 2023, four licensees accounted for 39%, 16%, 16% and 13%, respectively, of fee income recognized for the year. During 2022, four licensees accounted for 28%, 23%, 13% and 11%, respectively, of fee income recognized for the year. The loss of all or a substantial portion of the fee income from any of these customers (or certain other significant customers) could have a material adverse effect on our business, financial condition, and/or results of operations.

Current wording

During 2024, four licensees accounted for 34%, 28%, 11% and 11%, respectively, of fee income recognized for the year. During 2023, four licensees accounted for 39%, 16%, 16% and 13%, respectively, of fee income recognized for the year. The loss of all or a substantial portion of the fee income from any of these customers (or certain other significant customers) could have a material adverse effect on our business, financial condition, and/or results of operations.