Financial Performance - The Company's licensing fee income for Q2 2022 was $85,511, down from $113,937 in Q2 2021, reflecting lower economic activity in industries using SPD-SmartGlass technology[80] - The Company's net loss for Q2 2022 was $741,838 ($0.02 per share), compared to a net loss of $527,935 ($0.02 per share) in Q2 2021[84] - For the six months ended June 30, 2022, licensing fee income was $259,339, down from $327,060 in the same period of 2021, attributed to lower economic activity[85] - The Company's net loss for the six months ended June 30, 2022 was $1,370,186 ($0.04 per share), compared to a net loss of $1,085,242 ($0.03 per share) in the same period of 2021[89] Operating Expenses - Operating expenses increased by $179,161 in Q2 2022 to $682,239 from $503,078 in Q2 2021, driven by higher bad debts ($157,000) and professional fees ($25,000)[81] - Operating expenses for the six months ended June 30, 2022 increased by $154,263 to $1,282,937 from $1,128,674 in the prior year, influenced by higher bad debts and marketing costs[86] Research and Development - Research and development expenditures rose to $146,432 in Q2 2022 from $139,810 in Q2 2021, an increase of $6,622 due to higher allocated facility costs[82] Cash Flow and Financial Position - As of June 30, 2022, the Company had cash and cash equivalents of approximately $1.9 million and working capital of $2.3 million[91] - The Company expects a quarterly cash flow shortfall of approximately $300,000 to $350,000 for the next 12 months, but anticipates sufficient working capital for over 24 months[92] - The Company received $202,052 from the Paycheck Protection Program, which was forgiven in 2021, providing financial relief during the COVID-19 pandemic[75]
Research Frontiers(REFR) - 2022 Q2 - Quarterly Report