REFR Research Frontiers Inc

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

Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third quarter ended September 30, 2018. 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, Seth Van Voorhees, CFO
• Date/Time: November 8, 2018, 4:30 PM ET
• Dial-in Information: 1-888-334-5785
• Replay: Available on Friday, November 9, 2018 for 90 days at www.SmartGlass-IR.com

Key Third Quarter 2018 Comments:

1)      The Company’s revenues for the third quarter of 2018 were up almost 11% from the second quarter of 2018 (and would be up almost 19% had the revenue recognition standard in effect last year been applied). This increase in revenues was principally the result of higher levels of activity in the automotive sector.

2)      Operating expenses declined by $151,571 for the first nine months of 2018 as compared to the same period in 2017.

3)      Significant recent developments include:             

a.       Inauguration of a new SPD-Smart light control film production line by Research Frontiers licensee Gauzy

b.      New SPD-Smart product launches for the train market in September and for the aircraft, automotive, architectural and museum markets in October.

c.       $2 million equity investment led by Research Frontiers licensee Gauzy Ltd. giving the company sufficient working capital for at least the next 18-24 months.             

For more details, please see the Company’s Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

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.

CONTACT:Seth L. Van VoorheesChief Financial OfficerResearch Frontiers Inc.+1-516-364-1902Info@SmartGlass.com

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 Unaudited

		September 30, 2018				December 31, 2017
Assets
Current assets:
Cash and cash equivalents		$	3,400,842			$	1,737,847
Royalties receivable, net of reserves of $1,051,424 in 2018 and 2017			709,811				597,441
Prepaid expenses and other current assets			96,790				29,697
Total current assets			4,207,443				2,364,985
Fixed assets, net			358,456				482,561
Deposits and other assets			33,567				33,567
Total assets		$	4,599,466			$	2,881,113
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	56,602			$	58,090
Accrued expenses and other			263,420				254,833
Deferred revenue			38,966				824
Total current liabilities			358,988				313,747
Warrant liability			510,001				-
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 27,662,211 in 2018 and 24,043,846 in 2017			2,766				2,404
Additional paid-in capital			114,784,477				111,627,789
Accumulated deficit			(111,056,766	)			(109,062,827	)
Total shareholders’ equity			3,730,477				2,567,366
Total liabilities and shareholders’ equity		$	4,599,466			$	2,881,113

RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Unaudited

		Nine months ended									Three months ended
		September 30,									September 30,
		2018					2017				2018					2017
Fee income		$		1,117,849			$	1,229,631			$		359,725			$	488,336
Operating expenses				2,228,757				2,380,328					572,968				607,291
Research and development				660,086				598,638					190,647				185,296
Total Expenses				2,888,843				2,978,966					763,615				792,587
Operating loss				(1,770,994	)			(1,749,335	)				(403,890	)			(304,251	)
Net investment income				5,665				3,830					2,220				1,113
Warrant market adjustment				(286,631	)			-					(286,631	)			-
Net loss				(2,051,960	)			(1,745,505	)				(688,301	)			(303,138	)
Basic and diluted net loss per common share		$		(0.08	)		$	(0.07	)		$		(0.03	)		$	(0.01	)
Weighted average number of common shares outstanding				25,380,466				24,043,846					26,002,263				24,043,846

RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Unaudited

		Nine months ended
		September 30,
		2018				2017
Cash flows from operating activities:
Net loss		$	(2,051,960	)		$	(1,745,505	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			135,400				131,725
Warrant market adjustment			286,631				-
Stock based compensation			69,309				-
Bad debts			-				(1,785	)
Change in assets and liabilities:
Royalty receivables			(54,350	)			336,739
Prepaid expenses and other current assets			(67,093	)			205,825
Accounts payable and accrued expenses			7,099				46,666
Deferred revenue			38,142				5,815
Net cash used in operating activities			(1,636,821	)			(1,020,520	)
Cash flows from investing activities:
Purchases of fixed assets			(11,295	)			(6,362	)
Proceeds from sale of investment			-				1,523,333
Net cash provided by (used in) investing activities			(11,295	)			1,516,971
Cash flows from financing activities:
Proceeds for issuance of common stock			3,026,630				-
Proceeds for issuance of common stock			223,370				-
Proceeds from exercise of warrants			61,111				-
Net cash provided by financing activities			3,311,111				-
Net increase in cash and cash equivalents			1,662,995				496,451
Cash and cash equivalents at beginning of period			1,737,847				1,691,603
Cash and cash equivalents at end of period		$	3,400,842			$	2,188,054