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Research Frontiers Reports Third Quarter 2021 Financial Results
Management to Host Conference Call at 4:30 p.m. WOODBURY, N.Y., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its
About this update from Research Frontiers Incorporated
[{"type":"text","content":"Management to Host Conference Call at 4:30 p.m. WOODBURY, N.Y., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third quarter of 2021. 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 and projects for its SPD-SmartGlass light-control technology. Who: Joseph M. Harary, President & CEODate/Time: November 4, 2021, 4:30 PM ETDial-in Information: 1-888-334-5785Replay: Available on Friday, November 5, 2021 for 90 days at SmartGlass-IR.com Key Comments: 1.Fee income from licensing activities for the three months ended September 30, 2021 was $723,465 as compared to $165,628 for the three months ended September 30, 2020, representing a $557,837 increase between these two periods. The Company’s fee income from licensing activities for the nine months ended September 30, 2021 was $1,050,526 as compared to $697,914 for the nine months ended September 30, 2020, representing a $352,612 increase between these two periods. Higher fee income in the automotive, architectural and display markets were partially offset by lower fee income from the aircraft market. Higher fee income in the architectural and automotive markets was predominantly from one-time settlements of lawsuits brought by Research Frontiers in 2018 against two licensees for royalty payments due, as well as for a current special government contract in the automotive area. 2.Total expenses decreased by $271,625, or approximately 11.4%, for the first nine months of 2021 as compared to the same period in 2020. 3.The Company recorded a net profit of $21,614 for the three-month period ending September 30, 2021 compared a net loss of $434,223 for the same period last year. The Company recorded a net loss for the nine-month period ending September 30, 2021 of $1,063,628 compared to a net loss of $1,457,798 for the same period last year. 4.As of September 30, 2021, the Company had cash and cash equivalents of approximately $3.0 million and working capital of approximately $4.2 million. The Company expects to have sufficient working capital for at least the next 23 months of operations. 5.Products using Research Frontiers’ patented SPD-Smart light control technology have been used in existing series production programs such as v...