GlobeNewswire Inc | Mar 11, 2021 04:01PM EST

March 11, 2021

Management to Host Conference Call at 4:30 p.m.

WOODBURY, N.Y., March 11, 2021 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and year December 31, 2020. 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.

-- Who: Joseph M. Harary, President & CEO -- Date/Time: March 11, 2021, 4:30 PM ET -- Dial-in Information: 1-888-334-5785 -- Replay: Available on Friday, March 12, 2021 for 90 days atwww.SmartGlass-IR.com

Key Comments:

-- Fee and other income for 2020 was $1,064,975. The Companys fee income from licensing activities for the year ended December 31, 2020 was $828,450 as compared to $1,564,024 for the year ended December 31, 2019. Lower fees in the automotive and aircraft markets as production of certain Daimler vehicles was curtailed due to the COVID-19 pandemic and as these vehicles approached the end of their model lifetimes, were partially offset by higher fee income from the display market. -- Total expenses decreased by $1,307,524, or approximately 28%, for the year ended December 31, 2020 as compared to the same period in 2019. -- The Companys net loss decreased by $1,468,114 to $2,340,864 ($0.07 per common share) for the year ended December 31, 2020. This compares to a net loss of $3,808,978 ($0.13 per common share) in 2019. The net loss for 2020 was Research Frontiers lowest net loss in 26 years. -- As of December 31, 2020, the Company had cash and cash equivalents of approximately $4.8 million and working capital of approximately $5.2 million. The Company expects to have sufficient working capital for at least the next 33 months of operations. -- Since Research Frontiers last conference call, General Motors Cadillac division announced that its new ultra-luxury all-electric flagship vehicle, the Celestiq, will offer a four quadrant SPD-SmartGlass roof.

For more details, please see the Companys Annual Report on Form 10-K which was filed today with the SEC, the contents of which are incorporated by reference herein.

About Research Frontiers

Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. 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, especially those reliant on activities by third parties, 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. Cadillac and Celestiq are trademarks of General Motors Corp.

CONTACT:Joseph M. HararyPresident and CEOResearch Frontiers Inc.+1-516-364-1902Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATEDConsolidated Balance SheetsDecember 31, 2020 and 2019

December 31, December 31, 2020 2019Assets Current assets: Cash and cash equivalents $ 4,772,705 $ 6,591,960 Royalties receivable, net of reserves of 598,292 656,062 $972,202 in 2020 and $1,135,598 in 2019Prepaid expenses and other current assets 56,512 58,835 Total current assets 5,427,509 7,306,857 Fixed assets, net 121,772 141,720 Operating lease ROU assets 616,442 773,989 Deposits and other assets 33,567 33,567 Total assets $ 6,199,290 $ 8,256,133 Liabilities and Shareholders? Equity Current liabilities: Current portion of operating lease $ 166,377 $ 163,236 liabilityAccounts payable 33,410 169,750 Accrued expenses and other 26,279 46,709 Deferred revenue - 7,734 Total current liabilities 226,066 387,429 Operating lease liability, net of current 646,219 812,596 portionTotal liabilities 872,285 1,200,025 Shareholders? equity: Common stock, par value $0.0001 pershare; authorized 100,000,000 shares, 3,158 3,125 issued and outstanding 31,575,786 in 2020and 31,254,262 in 2019Additional paid-in capital 123,164,623 122,552,895 Accumulated deficit (117,840,776 ) (115,499,912 )Total shareholders? equity 5,327,005 7,056,108 Total liabilities and shareholders? $ 6,199,290 $ 8,256,133 equity

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of OperationsYears ended December 31, 2020 and 2019

2020 2019 Fee income $ 828,450 $ 1,564,024 Operating expenses 2,777,535 3,677,740 Research and development 628,304 1,035,623 Total expenses 3,405,839 4,713,363 Operating loss (2,577,389 ) (3,149,339 ) Warrant market adjustment - (652,025 )Loss on disposal of fixed asset - (50,666 )PPP loan forgiveness 202,052 - Net investment income 34,473 43,052 Net loss $ (2,340,864 ) $ (3,808,978 ) Basic and diluted net loss per common $ (0.07 ) $ (0.13 )share Weighted average number of common 31,487,785 30,011,556 shares outstanding

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of Shareholders EquityYears ended December 31, 2020 and 2019

Common Stock Additional Accumulated Shares Amount Paid-in Deficit Total Capital Balance,January 1, 27,665,211 $ 2,767 $ 114,787,657 $ (111,690,934 ) $ 3,099,490 2019 Exercise ofoptions and 1,587,814 158 1,170,388 - 1,170,546 warrantsIssuance ofcapital 2,001,237 200 4,599,799 - 4,599,999 stockWarrantsconverted to - - 1,153,439 - 1,153,439 equityShare-based - - 841,612 - 841,612 compensationNet loss - - - (3,808,978 ) (3,808,978 )Balance,December 31, 31,254,262 3,125 122,552,895 (115,499,912 ) 7,056,108 2019 Exercise ofoptions and 321,524 33 284,174 - 284,207 warrantsShare-based - - 327,554 - 327,554 compensationNet loss - - - (2,340,864 ) (2,340,864 )Balance,December 31, 31,575,786 $ 3,158 $ 123,164,623 $ (117,840,776 ) $ 5,327,005 2020

RESEARCH FRONTIERS INCORPORATEDConsolidated Statements of Cash FlowsYears ended December 31, 2020 and 2019

2020 2019 Cash flows from operating activities: Net loss $ (2,340,864 ) $ (3,808,978 )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 67,082 195,377 Warrant market adjustment - 652,025 Share-based compensation 327,554 841,612 Loss on disposal of fixed asset - 50,666 Bad debts 81,367 156,636 Other income - PPP loan forgiveness (202,052 ) - Change in assets and liabilities: Royalty receivables (23,597 ) (123,021 )Prepaid expenses and other current 2,323 (6,104 )assetsAccounts payable and accrued expenses (156,770 ) 1,904 Deferred revenue (7,734 ) (42,836 )Net cash used in operating activities (2,252,691 ) (2,082,719 ) Cash flows from investing activities: Purchases of fixed assets (56,536 ) (65,282 )Proceeds from sale of fixed asset 3,713 - Net cash used in investing activities (52,823 ) (65,282 ) Cash flows from financing activities: Net proceeds from issuances of commonstock and warrants and exercise of 284,207 5,770,545 options and warrantsProceeds from PPP loan 202,052 - Net cash provided by financing 486,259 5,770,545 activities Net (decrease) increase in cash and (1,819,255 ) 3,622,544 cash equivalents Cash and cash equivalents at beginning 6,591,960 2,969,416 of yearCash and cash equivalents at end of $ 4,772,705 $ 6,591,960 year