SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 2007 Commission File No. 1-9399
RESEARCH FRONTIERS INCORPORATED
(Exact name of registrant as specified in charter)
Delaware 11-2103466
(State of incorporation or organization) (IRS Employer
Identification No.)
240 Crossways Park Drive, Woodbury, N.Y. 11797
(Address of principal executive offices) (Zip Code)
(516) 364-1902
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes X No __
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the
Exchange Act. (Check one):
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X]
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Act). Yes [ ] No [X]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: As of
August 10, 2007, there were outstanding 15,428,434 shares of
Common Stock, par value $0.0001 per share.
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
June 30,2007
Assets (Unaudited) December 31,2006
Current assets:
Cash and cash equivalents $8,537,558 3,000,521
Royalty receivables, net of reserves of
$103,674 in both years 117,417 65,000
Prepaid expenses and other current assets 42,603 60,860
Total current assets 8,697,578 3,126,381
Fixed assets, net 102,179 102,651
Note receivable from SPD Control Systems 37,500 --
Deposits and other assets 23,139 22,605
Total assets $8,860,396 3,251,637
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 104,498 120,345
Deferred revenue 24,583 5,000
Accrued expenses and other 146,674 133,671
Total liabilities 275,755 259,016
Commitments and Contingencies
Shareholders' equity:
Capital stock, par value $0.0001 per share;authorised
100,000,000 shares, issued and outstanding 15,376,303
and 14,507,507 shares, respectively 1,538 1,451
Additional paid-in capital 73,483,753 65,227,701
Accumulated deficit (64,900,650) (62,236,531)
Total shareholders' equity 8,584,641 2,992,621
Total liabilities and shareholders' equity $ 8,860,396 3,251,637
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
(Unaudited)
Six months ended Three months ended
June 30,2007 June 30,2006 June 30,2007 June 30,2006
Fee income $ 87,001 90,139 $ 57,209 63,889
Operating expenses 2,003,712 1,294,866 580,250 658,204
Research and development 898,332 593,558 306,020 262,658
2,902,044 1,888,424 886,270 920,862
Operating loss (2,815,043) (1,798,285) (829,061) (856,973)
Net investment income 150,924 48,480 94,090 25,274
Net loss $ (2,664,119) (1,749,805) $ (734,971) (831,699)
Basic and diluted net loss
per common share $ (.18) (.13) $ (.05) (.06)
Weighted average number of
common shares outstanding 15,126,725 13,812,559 15,351,928 13,812,559
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
(Unaudited)
Six months ended
June 30,2007 June 30, 2006
Cash flows from operating activities:
Net loss $(2,664,119) (1,749,805)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 16,448 17,378
Stock based compensation 690,950 --
Changes in assets and liabilities:
Royalty receivable (52,417) (37,500)
Prepaid expenses and other assets 17,723 79,898
Deferred revenue 19,583 20,000
Accounts payable and accrued expenses (2,844) (39,604)
Net cash used in operating activities (1,974,676) (1,709,633)
Cash flows from investing activities:
Purchase of fixed assets (15,976) (23,335)
Note receivable from SPD Control Systems (37,500) --
Net cash used in investing activities (53,476) (23,335)
Cash flows from financing activities:
Proceeds from issuances of common stock and warrants 7,565,189 --
Net cash provided by financing activities 7,565,189 --
Net increase (decrease) in cash and cash equivalents 5,537,037 (1,732,968)
Cash and cash equivalents at beginning of year 3,000,521 3,644,685
Cash and cash equivalents at end of period $ 8,537,558 1,911,717
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Notes to Consolidated Financial Statements
June 30, 2007
(Unaudited)
Basis of Presentation
The accompanying unaudited consolidated condensed financial
statements have been prepared in accordance with U.S. generally
accepted accounting principles (GAAP) for interim financial
information and with the instructions to Rule 10-01 of Regulation S-
X. Accordingly, they do not include all of the information and
footnotes required by GAAP for complete financial statements. In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included. All such adjustments are of a normal
recurring nature. Operating results for the three and six months ended
June 30, 2007 are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 2007. For further
information, refer to the consolidated financial statements and
footnotes thereto included in the Annual Report on Form 10-K (Form
10-K) relating to Research Frontiers Incorporated (the Company) for
the fiscal year ended December 31, 2006.
Business
The Company operates in a single business segment which is engaged
in the development and marketing of technology and devices to control
the flow of light. Such devices, often referred to as "light valves" or
suspended particle devices (SPDs), use colloidal particles that are
either incorporated within a liquid suspension or a film, which is
usually enclosed between two sheets of glass or plastic having
transparent, electrically conductive coatings on the facing surfaces
thereof. At least one of the two sheets is transparent. SPD technology,
made possible by a flexible light-control film invented by Research
Frontiers, allows the user to instantly and precisely control the shading
of glass/plastic manually or automatically. SPD technology has
numerous product applications, including: SPD-Smart windows,
sunshades, skylights and interior partitions for homes and buildings;
automotive windows, sunroofs, sun-visors, sunshades, rear-view
mirrors, instrument panels and navigation systems; aircraft windows;
eyewear products; and flat panel displays for electronic products.
SPD-Smart light control film is now being used in architectural,
automotive, marine, aerospace and appliance applications.
Patent Costs
The Company expenses costs relating to the development or
acquisition of patents due to the uncertainty of the recoverability of
these items.
Revenue Recognition
The Company has entered into a number of license agreements
covering its light control technology. The Company receives
minimum annual royalties under certain license agreements and
records fee income on a ratable basis each quarter. In instances when
sales of licensed products by its licensees exceed minimum annual
royalties, the Company recognizes fee income as the amounts have
been earned. Certain of the fees are accrued by, or paid to, the
Company in advance of the period in which they are earned resulting
in deferred revenue. Such excess amounts are recorded as deferred
revenue and recognized into income in future periods as earned.
Note Receivable
On May 9, 2007, the Company began participating in the funding of
the ongoing development of automotive controllers by SPD Control
Systems Corp., a licensee of the Company. This development work is
to produce the electronic controllers to operate SPD-Smart automotive
windows and glass roof systems for one or more of the top five
automotive makers in the world. The Company's investment in this
project is reflected in the form of a senior secured convertible
promissory note (the "Note") of SPD Control Systems Corp. held by
Research Frontiers' wholly-owned subsidiary, SPD Enterprises Inc.
The Note bears interest at 10% per annum, is secured by all of the
assets (including intellectual property) of SPD Control Systems, and
is convertible at the option of SPD Enterprises into common stock of
SPD Control Systems at an initial conversion price of $0.50 per share.
This conversion price is adjustable downward to result in the issuance
to SPD Enterprises of additional shares of SPD Control Systems
common stock under certain conditions. The Note provides for an
investment of up to $150,000 by SPD Enterprises based upon the
achievement of certain development milestones by SPD Control
Systems, including meeting the known specifications of at least one
automobile manufacturer whose identity has been specifically
identified to Research Frontiers Incorporated. As of June 30, 2007, the
principal amount outstanding under this Note was $37,500.
Stock-Based Compensation
Prior to January 1, 2006, the Company accounted for stock-based
employee compensation under the intrinsic value method as outlined
in the provisions of APB Opinion No. 25, "Accounting for Stock
Issued to Employees," and related interpretations while disclosing pro-
forma net income and net income per share as if the fair value method
had been applied in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 123, "Accounting for Stock-
Based Compensation." Under the intrinsic value method, no
compensation expense was recognized if the exercise price of the
Company's employee stock options equaled or exceeded the market
price of the underlying stock on the date of grant.
Effective January 1, 2006, the Company adopted SFAS No. 123(R),
"Share-based Payment." SFAS No. 123(R) replaces SFAS No. 123 and
supersedes APB Opinion No. 25. SFAS 123(R) requires that all stock-
based compensation be recognized as an expense in the financial
statements and that such costs be measured at the fair value of the
award. SFAS 123(R) also requires that tax benefits related to stock
option exercises be reflected as financing cash inflows instead of
operating cash inflows.
During the quarter ended March 31, 2007, the Company granted fully
vested options to purchase 96,000 shares of its common stock to
employees, directors, and an outside consultant. The Company utilized
the Black-Scholes option valuation method to value these options, and
the assumptions used in such valuation were as follows: Volatility:
73.61%; Risk-free Interest Rate: 4.729%; Expected Option Life: 5
years; Stock Price on Date of Grant: $11.375 resulting in a per option
value of $7.1974. This resulted in the Company recording a non-cash
charge to operations of $690,950 during the first six months of 2007.
No options were granted during the first six months of 2006.
Shareholders' Equity
Issuance of Common Stock
During the first quarter of 2007, the Company received $6,640,000
(net of expenses) in proceeds from the sale of 682,102 shares of its
common stock. In addition, during the first six months of 2007, the
Company received $925,165 in proceeds from the exercise of 132,200
options and warrants. In addition, 54,494 shares were issued through
the cashless exercise of certain options and warrants under which the
number of shares issuable upon exercise of such options and warrants
was reduced by 87,606 shares in payment of the exercise price of
options and warrants to purchase 142,100 shares, plus the receipt of
$24 in cash for fractional shares.
Treasury Stock
The Company did not repurchase any of its stock during the six
months ended June 30, 2007 or 2006.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Critical Accounting Policies
The following accounting policies are important to understanding our
financial condition and results of operations and should be read as an
integral part of the discussion and analysis of the results of our
operations and financial position. For additional accounting policies,
see note 2 to our consolidated financial statements, "Summary of
Significant Accounting Policies" contained in the Company's Annual
Report on Form 10-K.
The Company has entered into a number of license agreements
covering potential products using the Company's SPD technology. The
Company receives minimum annual royalties under certain license
agreements and records fee income on a ratable basis each quarter. In
instances when sales of licensed products by its licensees exceed
minimum annual royalties, the Company recognizes fee income as the
amounts have been earned. Certain of the fees are accrued by, or paid
to, the Company in advance of the period in which they are earned
resulting in deferred revenue.
The Company expenses costs relating to the development or
acquisition of patents due to the uncertainty of the recoverability of
these items.
All of our research and development costs are charged to operations as
incurred. Our research and development expenses consist of costs
incurred for internal and external research and development. These
costs include direct and indirect overhead expenses.
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.
On occasion, the Company may issue to consultants either options or
warrants to purchase shares of common stock of the Company at
specified share prices. These options or warrants may vest based upon
specific services being performed or performance criteria being met.
In accordance with Emerging Issues Task Force Issue 96-18,
Accounting for Equity Instruments that are Issued to Other than
Employees for Acquiring, or in Conjunction with Selling, Goods or
Services, the Company would be required to record consulting
expenses based upon the fair value of such options or warrants on the
date that such options or warrants vest as determined using a Black-
Scholes option pricing model. Depending upon the difference between
the exercise price and the market price of the Company's common
stock on the date that such options or warrants vest, the amount of
non-cash expenses that could be recorded as a result of the vesting of
such options or warrants can be material.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
us to make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements, and reported amounts
of revenues and expenses during the reporting periods. Actual results
could differ from these estimates. An example of a critical estimate is
the full valuation allowance for deferred taxes that was recorded based
on the uncertainty that such tax benefits will be realized in future
periods.
Results of Operations for the Six Month Periods Ended June 30, 2007 and 2006
The Company's fee income from licensing activities for the first six
months of 2007 was $87,001 as compared to $90,139 for the first six
months of 2006. This difference in fee income was primarily the result
of the timing and amount of minimum annual royalties paid, and the
date of receipt of such payment on certain license agreements, by end-
product licensees, and the Company entering into a new agreement
with Hitachi Chemical regarding payments made by Hitachi Chemical
to the Company for guaranteed access to future improvements in the
Company's technology. Certain license fees, which are paid to the
Company in advance of the accounting period in which they are earned
resulting in the recognition of deferred revenue for the current
accounting period, will be recognized as fee income in future periods.
Also, licensees may offset some or all of their royalty payments on
sales of licensed products for a given period by applying these advance
payments towards such earned royalty payments. Because the
Company's license agreements typically provide for the payment of
royalties by a licensee on product sales within 45 days after the end of
the quarter in which a sale of a licensed product occurs (with some of
the Company's more recent license agreements providing for payments
on a monthly basis), and because of the time period which typically
will elapse between a customer order and the sale of the licensed
product and installation in a home, office building, automobile,
aircraft, boat, or any other product, there could be a delay between
when economic activity between a licensee and its customer occurs
and when the Company gets paid its royalty resulting from such
activity.
Operating expenses increased by $708,846 for the first six months of
2007 to $2,003,712 from $1,294,866 for the first six months of 2006.
This increase was principally the result of increased non-cash charges
to operating expenses ($450,000) resulting from the expensing of
options granted during the first quarter of 2007, higher payroll
($168,000), patent ($24,000), marketing ($71,000), insurance
($43,000) expenses, partially offset by lower consulting fees
(decreased by approximately $32,000) and lower professional fees ($18,000).
Research and development expenditures increased by $304,774 to
$898,332 for the first six months of 2007 from $593,558 for the first
six months of 2006. This increase was principally the result of
increased non-cash charges to research and development expenses
($241,000) resulting from the expensing of options granted during the
first quarter of 2007 to the Company's scientific personnel, higher
payroll ($37,000) and insurance ($40,000) expenses, offset by lower
expenses for equipment rental (lower by approximately $15,000) and
materials (lower by approximately $9,000).
The Company's net investment income for the first six months of 2007
was $150,924, as compared to net investment income of $48,480 for
the first six months of 2006. This difference was primarily due to
higher cash balances available to invest.
As a consequence of the factors discussed above, the Company's net
loss was $2,664,119 ($0.18 per common share) for the first six months
of 2007 as compared to $1,749,805 ($0.13 per common share) for the
first six months of 2006. The difference is primarily due to non-cash
accounting charges of $690,950 ($0.05 per common share) resulting
from the issuance of stock options during the first quarter of 2007.
Results of Operations for the Three Month Periods Ended June 30, 2007 and 2006
The Company's fee income from licensing activities for the second
quarter of 2007 was $57,209, as compared to $63,889 for the second
quarter of 2006. This difference in fee income was primarily the result
of the timing and amount of minimum annual royalties paid, and the
date of receipt of such payment on certain license agreements, by end-
product licensees, and the Company entering into a new agreement
with Hitachi Chemical regarding payments made by Hitachi Chemical
to the Company for guaranteed access to future improvements in the
Company's technology. Certain license fees, which are paid to the
Company in advance of the accounting period in which they are earned
resulting in the recognition of deferred revenue for the current
accounting period, will be recognized as fee income in future periods.
Also, licensees may offset some or all of their royalty payments on
sales of licensed products for a given period by applying these advance
payments towards such earned royalty payments. Because the
Company's license agreements typically provide for the payment of
royalties by a licensee on product sales within 45 days after the end of
the quarter in which a sale of a licensed product occurs (with some of
the Company's more recent license agreements providing for payments
on a monthly basis), and because of the time period which typically
will elapse between a customer order and the sale of the licensed
product and installation in a home, office building, automobile,
aircraft, boat, or any other product, there could be a delay between
when economic activity between a licensee and its customer occurs
and when the Company gets paid its royalty resulting from such activity.
Operating expenses decreased by $77,954 for the second quarter of
2007 to $580,250 from $658,204 for the second quarter of 2006. This
decrease was principally the result of lower patent expenses ($95,000)
and professional fees ($38,000), partially offset by higher marketing
($20,000), insurance ($22,000), and payroll ($8,000)expenses.
Research and development expenditures increased by $43,362 to
$306,020 for the second quarter of 2007 from $262,658 for the second
quarter of 2006. This increase was principally the result of higher
payroll expenses ($11,000) and higher insurance costs ($21,000).
The Company's net investment income for the second quarter of 2007
was $94,090, as compared to net investment income of $25,274 for the
second quarter of 2006. This difference was primarily due to higher
cash balances available to invest.
As a consequence of the factors discussed above, the Company's net
loss was $734,971 ($0.05 per common share) for the second quarter of
2007 as compared to $831,699 ($0.06 per common share) for the
second quarter of 2006.
Financial Condition, Liquidity and Capital Resources
During the first six months of 2007, the Company's cash and cash
equivalent balance increased by $5,537,037 principally as a result of
proceeds from the sale of common stock and the exercise of options
and warrants ($7,565,189), partially offset by cash used to fund the
Company's operating activities of $1,974,676. At June 30, 2007, the
Company had working capital of $8,421,823 and its shareholders'
equity was $8,584,641.
The Company occupies premises under an operating lease agreement
which expires on January 31, 2014 and requires minimum annual rent
which rises over the term of the lease to approximately $138,269.
In February 2007, the Company received $6,640,000 (net of expenses)
in proceeds from the sale of 682,102 shares of its common stock. In
addition, during the first six months of 2007, the Company received
$925,189 in proceeds from the exercise of options and warrants.
The Company expects to use its cash to fund its research and
development of SPD light valves and for other working capital
purposes. The Company's working capital and capital requirements
depend upon numerous factors, including the results of research and
development activities, competitive and technological developments,
the timing and cost of patent filings, the development of new licensees
and changes in the Company's relationships with its existing licensees.
The degree of dependence of the Company's working capital
requirements on each of the foregoing factors cannot be quantified;
increased research and development activities and related costs would
increase such requirements; the addition of new licensees may provide
additional working capital or working capital requirements, and
changes in relationships with existing licensees would have a favorable
or negative impact depending upon the nature of such changes. Based
upon existing levels of cash expenditures, existing cash reserves and
budgeted revenues, the Company believes that it would not require
additional funding until the first quarter of 2010. There can be no
assurance that expenditures will not exceed the anticipated amounts or
that additional financing, if required, will be available when needed or,
if available, that its terms will be favorable or acceptable to the
Company. Eventual success of the Company and generation of
positive cash flow will be dependent upon the extent of
commercialization of products using the Company's technology by the
Company's licensees and payments of continuing royalties on account
thereof.
New Accounting Standards
In July 2006, FASB issued FAS Interpretation No. 48, "Accounting
for Uncertainty in Income Taxes an interpretation of FAS No. 109"
("FIN 48"). FIN 48 clarifies the accounting for uncertainty in income
taxes recognized in the financial statements in accordance with FAS
No. 109, "Accounting for Income Taxes." FIN 48 prescribes a
recognition threshold and measurement attribute for a tax position
taken or expected to be taken in a tax return. FIN 48 also provides
guidance on future changes, classification, interest and penalties,
accounting in interim periods, disclosures and transition.We adopted
FIN 48 as of January 1, 2007. Under FIN 48, tax benefits are
recognized only for tax positions that are more likely than not to be
sustained upon examination by tax authorities. The amount recognized
is measured as the largest amount of benefit that is greater than 50
percent likely to be realized upon ultimate settlement. Unrecognized
tax benefits are tax benefits claimed in tax returns that do not meet
these recognition and measurement standards. The adoption did not
have a material effect on the Company's financial statements and we
do not expect the change to have a significant impact on our results of
operations or financial position during the next twelve months. As
permitted by FIN 48, we also adopted an accounting policy to
prospectively classify accrued interest and penalties related to any
unrecognized tax benefits in our income tax provision. Previously, our
policy was to classify interest and penalties as an operating expense in
arriving at pre-tax income. At June 30, 2007, we do not have accrued
interest and penalties related to any unrecognized tax benefits. We do
not believe we have taken any uncertain tax positions for the period
January 1, 2007 through June 30, 2007.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The information required by Item 3 has been disclosed in Item 7A of
the Company's Annual Report on Form 10-K for the year ended
December 31, 2006. There has been no material change in the
disclosure regarding market risk.
Item 4. Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form
10-Q, the Company carried out an evaluation, under the supervision
and with the participation of the Company's management, including
the Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure
controls and procedures pursuant to Exchange Act Rule 13a-15. Based
upon that evaluation, the Company's Chief Executive Officer and
Chief Financial Officer concluded that the Company's disclosure
controls and procedures are effective in timely alerting them to
material information relating to the Company (including its
consolidated subsidiary) required to be included in the Company's
periodic SEC filings. There were no changes in the Company's internal
control over financial reporting during the quarterly period ended June
30, 2007 that has materially affected, or is reasonably likely to
materially affect, the Company's internal control over financial reporting.
Forward Looking Statements
The information set forth in this Report and in all publicly
disseminated information about the Company, including the narrative
contained in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" above, includes
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and is subject to the
safe harbor created by that section. Readers are cautioned not to place
undue reliance on these forward-looking statements as they speak only
as of the date hereof and are not guaranteed.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security-Holders
The Annual Meeting of Stockholders of Research Frontiers
Incorporated was held on June 14, 2007. Listed below is a summary
of how the 14,447,093 shares voted at the Annual Meeting on the
various proposals voted upon and adopted at the Annual Meeting. For
the election of Victor F. Keen as a Class II member of the Company's
Board of Directors, 14,023,505 shares were voted in favor of election,
and 423,588 votes were withheld. For the election of Albert P.
Malvino, Ph.D., as a Class II member of the Company's Board of
Directors, 14,084,012 shares were voted in favor of election, and
363,081 votes were withheld. For the ratification of the appointment
of BDO Seidman, LLP as Independent Registered Public Accountants
for the 2007 fiscal year, 13,818,459 shares were voted in favor of
appointment, 78,714 shares were voted against, and 549,920 shares
abstained from voting. The shareholder proposal regarding the
composition of the Company's Board of Directors was defeated with
1,679,156 shares voting for the proposal, 4,419,682 shares voting
against the proposal, and 7,873,141 shares not voting on the proposal.
Item 6. Exhibits
31.1 Rule 13a-14(a)/15d-14(a) Certification of Robert L. Saxe- Filed herewith.
31.2 Rule 13a-14(a)/15d-14(a) Certification of Joseph M. Harary-Filed herewith.
32.1 Section 1350 Certification of Robert L. Saxe- Filed herewith.
32.2 Section 1350 Certification of Joseph M. Harary- Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunder duly authorized.
RESEARCH FRONTIERS INCORPORATED
(Registrant)
/s/ Robert L. Saxe
Robert L. Saxe, Chairman
(Principal Executive Officer)
/s/ Joseph M. Harary
Joseph M. Harary, President and Treasurer
(Principal Financial, and Accounting Officer)
Date: August 10, 2007