Licensing Fee Income - The Company's licensing fee income for Q3 2024 was $354,408, a 116% increase from $164,146 in Q3 2023, driven by higher royalties from the automotive and aircraft markets [56]. - For the nine months ended September 30, 2024, licensing fee income reached $1,157,380, up 94% from $597,362 in the same period of 2023, attributed to increased royalties from automotive, aircraft, and architectural markets [62]. Operating Expenses and Net Loss - Operating expenses decreased by $87,769 to $454,866 in Q3 2024 from $542,635 in Q3 2023, mainly due to lower credit loss expenses and reduced marketing costs [57]. - The Company's net loss for Q3 2024 was $166,816 ($0.00 per share), an improvement from a net loss of $472,166 ($0.01 per share) in Q3 2023 [61]. Research and Development - Research and development expenditures for Q3 2024 were $131,246, a slight decrease from $135,319 in Q3 2023 [58]. Other Income and Cash Position - The Company recorded $35,152 in other income for Q3 2024 related to an Employee Retention Credit under the CARES Act [60]. - As of September 30, 2024, the Company had cash and cash equivalents of approximately $1.6 million and working capital of $2.7 million [68]. Future Projections - The projected quarterly cash flow shortfall for the next 12 months is estimated to be between $200,000 and $250,000, with potential for expense reductions [69]. - The Company expects to fund its operations for more than the next five years with current cash and cash equivalents, although future financing may be required [70]. - The automotive market is anticipated to be the largest source of royalty income for the Company over the next several years, influenced by various industry trends [51].
Research Frontiers(REFR) - 2024 Q3 - Quarterly Report