What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-03-09 compared with 2022-03-09 · 238 added, 91 removed, 1359 unchanged (19% of the section changed)

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for 28%, 23%, 13% and 11% of fee income recognized during the year.

During 2020, five licensees accounted for 18%,

16%, 12%, 12%, and 12% of fee income recognized during the year.

During 2021, four licensees accounted for 20%, 18%, 18% and 12%,

of fee income recognized during the year.

Frontiers was incorporated in New York in 1965 to continue early work that Dr.

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Some existing product applications for SPD-Smart glass or plastic include the

sun visors, side windows and rear windows;

sun visors, side windows and rear windows, and head-up displays;

doors, partitions, sun visors, skylights, and lateral cockpit windows;

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and residential windows, doors, skylights, and partitions for new construction, replacement, and retrofit applications.

light-control film combined with Transparent OLED displays and PDLC projection systems.

addition to the product applications listed above, SPD-SmartGlass technology may also offer potential benefits in the development of

new flat panel displays, light conservation panels, neonatal and other incubators, consumer electronics, eyewear, self-dimming automotive

rear-view mirrors and other reflective information displays.

However, such products need additional product design, engineering or testing

before the commercial potential of such SPD-SmartGlass products can be determined.

new flat panel displays, light conservation panels, neonatal and other incubators, consumer electronics, eyewear, automotive exterior

lighting systems, self-dimming automotive rear-view mirrors and other reflective information displays.

However, such products need additional

product design, engineering or testing before the commercial potential of such SPD-SmartGlass products can be determined.

of our licensees consider the stage of development, product introduction strategies and timetables, and other plans to be proprietary

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Coupe with other Mercedes-Benz S-Class variants began offering the Magic Sky Control™ all glass roof option in 2015 and 2016.

vehicles are reaching the latter part of their model lifecycle.

In some cases, such as the SLC and S-Class Coupe, there has been indications

that these models may be discontinued completely at the end of their current model lifecycle.

In the case of the SL roadster, it is expected

that the next version of the SL roadster might use a canvas roof instead of the current switchable and static tint glass roofs.

not been announced whether plans for the next models of the S-Class and Maybach vehicles will include any switchable glass technology

in the sunroofs or windows.

vehicles were discontinued at the end of their current model lifecycle.

In the case of the SLC and SL roadsters, it is expected that

the next version of the SL roadster might use a canvas roof instead of the current switchable and static tint glass roofs.

been announced whether plans for the next models of the S-Class and Maybach vehicles will include any switchable glass technology in

the sunroofs or windows.

Subsequent to introduction by Mercedes, other car makers such as McLaren, General Motors, Ferrari and others

have introduced SPD-SmartGlass roofs and other products into serial production in various car models, and other new car models using

SPD-SmartGlass technology are expected to enter into serial production based upon current development efforts that are underway between

the Company’s licensees and these automakers.

Increased volumes of products using SPD-SmartGlass technology are also expected in

trains, boats, aircraft, and other transportation vehicles, in architectural applications, and in various forms of information displays

for the consumer and transportation markets.

Frontiers believes that with the normal progression of product and manufacturing improvements, and as licensees become more experienced

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control facilities planned for the remainder of its current fiscal year or its next succeeding fiscal year.

March 9, 2022, the Company had six full-time employees, two of whom are technical personnel, and the rest of whom perform legal,

finance, marketing, investor relations, and administrative functions.

Of these employees, one has obtained a doctorate in chemistry and

one has extensive industrial experience in electronics and electrical engineering.

One employee also has a postgraduate degree in business

administration, and one has a doctorate in jurisprudence.

Also, the Company’s suppliers and licensees have people on their teams

with advanced degrees in a number of areas relevant to the commercial development of products using the Company’s technology.

success of the Company is dependent upon, among other things, the services of its senior management, the loss of which could have a material

adverse effect upon the prospects of the Company.

March 9, 2023, the Company had six full-time employees, two of whom are technical personnel, and the rest of whom perform legal, finance,

marketing, investor relations, and administrative functions.

Of these employees, one has obtained a doctorate in Chemistry and one has

extensive industrial experience in electronics and electrical engineering.

One employee also has a postgraduate degree in business administration,

and one has a doctorate in jurisprudence.

Also, the Company’s suppliers and licensees have people on their teams with advanced

degrees in a number of areas relevant to the commercial development of products using the Company’s technology.

The success of

the Company is dependent upon, among other things, the services of its senior management, the loss of which could have a material adverse

effect upon the prospects of the Company.

Glass Industry Trends:

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the product cost over the forecast period.

January 2023, MarketsandMarkets issued Smart Glass Market by Technology Smart Glass Market by Technology (Suspended Particle Display,

Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic

Analysis - Global Forecast to 2027.

market research report concludes that the smart glass market is expected to grow from USD $5.0 billion in 2022 to reach USD $8.2 billion

by 2027, with a growth rate of 10.4% between 2022 and 2027.

Key conclusions in this report included:

Electrochromic

technology to hold largest share of smart glass market during forecast period:

Electrochromic technology held ~ 49% of the

market in 2021—the largest share.

This is attributed to the faster switching time of electrochromic glass from a clear to dark

state and increasing investments in this technology.

increased traction of electrochromic technology is primarily attributed to the benefits it offers in a sustainable building design.

A majority of the top smart glass manufacturers are focusing on R&D to bring down the prices of smart glass without compromising

on quality and thus achieve economies of scale.

glass using electrochromic and SPD technologies is expected to witness huge demand in the coming years since the degree of customization

is high in these two technologies, and the cost of these technologies is expected to drastically decrease.

is projected to register highest CAGR during the Forecast period by application.

The marketability of a residential or commercial

facility considerably depends on comfort, aesthetics or interior design, and eco-friendliness.

Smart glass offers the architecture

application energy efficiency and improved aesthetics.

Smart glass products have inherent properties that help in market growth.

The glare control property of smart glass eliminates unwanted glare from sunlight and can provide bright, clear, and customized lighting

levels in the building.

Smart glass is also used to adjust the heat levels in buildings.

The self-cleaning property of smart glass

offers users a superior experience at the low cost of maintenance.

Growing need for sustainable buildings.

The world is becoming conscious of climate change, global warming, and its impact on the

The pandemic has also shown the need for green buildings and the benefit of having a sustainable living space.

the EU (European Union) Green Deal, the European Commission has set a target to make Europe a climate-neutral The EU also issued

directives to member states like the “New Energy Performance in Building” in 2018 to promote sustainable buildings.

by 2050, focusing on sustainable building and energy performance.

June 2019, Grand View Research issued Smart Glass Market Size, Share & Trends Analysis (SPD, PDLC, Liquid Crystal, Electrochromic),

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equipment on new production platforms including the Honda Aircraft HondaJet, Textron-Beechcraft King Air 250, 350i and C90GTx, Epic Aircraft

E1000, and One Aviation Eclipse 700.

E1000, and was selected for the One Aviation Eclipse 700, production of which is now discontinued.

<One Aviation is now defunct and

the 700 was not produced.

Should we delete this?>

Architectural

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provides greater design and performance options for end-product applications.

Chemical sold its overall business to Showa Denko, and although sales of SPD film by Showa Denko continued through late 2022, it is expected

that Showa Denko may reduce or discontinue the sale and branding of SPD film as part of the acquisition of Hitachi Chemical.

October 2018, Gauzy Ltd.

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January 2023, Research Frontiers, Gauzy Ltd.

and their customers showed 175 thousand attendees at this year’s CES new ways to benefit

from SPD-SmartGlass.

and their customers showed over 115 thousand attendees at this year’s CES new ways

to benefit from SPD-SmartGlass.

April 2020, Gauzy Ltd.

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during the COVID-19 pandemic.

for Hitachi Chemical’s and Gauzy’s SPD-Smart film are end-product licensees of Research Frontiers.

These licensees receive

the film, laminate it between glass or plastic substrates, and then fabricate end-products which are sold into various industries.

end-product licensees pay Research Frontiers a royalty on the sale of these end-products that typically range from 10-15%.

for Showa Denko’s and Gauzy’s SPD-Smart film are end-product licensees of Research Frontiers.

These licensees receive the

film, laminate it between glass or plastic substrates, and then fabricate end-products which are sold into various industries.

Most end-product

licensees pay Research Frontiers a royalty on the sale of these end-products that typically range from 10-15%.

companies are currently licensed by Research Frontiers to sell SPD-Smart light-control film to licensees of Research Frontiers.

of these other companies has yet announced commercial SPD film for sale.

Transportation

Vehicle Products:

SPD-SmartGlass

is used extensively across many vehicle platforms in the transportation industry.

With the use of SPD-SmartGlass light-control film,

passengers and occupants in cars, boats, trains, RVs and other vehicles can instantly change the tint of their windows, sunroofs and

other glazings to help keep out harsh sunlight and heat, and create an open-air feeling even when the window or sunroof is closed.

October of 2022, Gauzy’s Vision Systems discussed their forty-one contracts with transportation OEM and Tier-1 suppliers using

SPD-SmartGlass technology, summarized below:

Helicopter Platforms

Aircraft Platforms

Aircraft Platforms:

Airline (Retrofit)

Sailing Yacht Platforms

Yacht Platforms

Cruise Ship Platforms

Railway Platforms

Vehicle Contracts

Specialty Vehicle Platforms

Vehicle Contracts

Automotive Products:

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Research Frontiers’ end-product licensees in this sector include industry

leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, Pilkington Glass, Saint-Gobain,

SER, and Vision Systems.

The Company’s automotive glass licensees account for the majority of all glass produced for the automotive

market throughout the world.

leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, Pilkington Glass, Saint-Gobain, SER, and Vision Systems.

The Company’s automotive glass licensees account for the majority of all glass produced for the automotive market throughout the

2011, Daimler AG began using SPD-SmartGlass technology in its Magic Sky Control™ panoramic glass roof as an option on its new Mercedes-Benz

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The Research Frontiers licensees

involved with the production of the Magic Sky Control™ roof for the SLK and SL include Hitachi Chemical, which manufactures the

SPD-Smart light-control film in Japan.

Automotive glass companies Nippon Sheet Glass in Japan and its subsidiary, Pilkington, in the

UK and Germany then process and laminates Hitachi’s SPD film into the glass for the Magic Sky Control™ roof.

involved with the production of the Magic Sky Control™ roof for the SLK and SL include Showa Denko, which manufactures the SPD-Smart

light-control film in Japan.

Automotive glass companies Nippon Sheet Glass in Japan and its subsidiary, Pilkington, in the UK and Germany

then process and laminates Hitachi’s SPD film into the glass for the Magic Sky Control™ roof.

late 2014, Daimler AG began offering its Magic Sky Control™ as an option on the new Mercedes-Benz S-Class Coupe.

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January 2023, Research Frontiers, Gauzy Ltd.

and their customers showed 175 thousand attendees at the CES new ways to benefit from SPD-SmartGlass,

including some unique automotive information displays with improved readability and performance.

CES was not held in person in 2021 due

to concerns about the global pandemic.

In January 2022 Gauzy exhibited in the Smart City pavilion at CES various commercial applications

for SPD-Smart film produced by Gauzy including electronically dimmable aircraft windows, dual-zone panoramic sunroofs, smart projection

systems, and information displays that combine transparent OLED and SPD technology to turn windows into high definition information or

entertainment displays that can operate in bright environments and instantly and automatically adjust to changing light conditions to

produce a vibrant high-contrast display.

and their customers showed over 115 thousand attendees at the CES new ways to benefit from

SPD-SmartGlass, at the prestigious automotive West Hall of the Las Vegas Convention Center.

Exhibits included cutting edge LCG ®

(Light Control Glass) smart glass in applications for passenger vehicles, aircraft and trains, as well as Advanced Driver Assistance

Systems (ADAS) / Camera Monitoring Systems (CMS) for long-body on-road vehicles.

Innovative new products co-developed with industry-leading

automotive and technology Tier 1 original equipment manufacturers (OEMs), such as BOS, LG Display, OSG, and Continental, made their North

American debut in Gauzy’s booth to demonstrate how Gauzy delivers solutions to help OEMs achieve their goals.

CES was not held

in person in 2021 due to concerns about the global pandemic.

In January 2022 Gauzy exhibited in the Smart City pavilion at CES various

commercial applications for SPD-Smart film produced by Gauzy including electronically dimmable aircraft windows, dual-zone panoramic

sunroofs, smart projection systems, and information displays that combine transparent OLED and SPD technology to turn windows into high

definition information or entertainment displays that can operate in bright environments and instantly and automatically adjust to changing

light conditions to produce a vibrant high-contrast display.

January 2023, Oliver Zipse, Chairman of the Board of Management and CEO of BMW AG, delivered the opening automotive keynote address at

During the address, BMW revealed the i VISION Dee vehicle to showcase how the future of mobility can merge the real and virtual

An integral part of how this was done uses a sophisticated head-up display system utilizing SPD-SmartGlass in the windshield

The full side and rear glass of the i VISION Dee also uses SPD-SmartGlass to enhance the passenger experience and the integration

of real and virtual environments.

BMW’s implementation of Gauzy and Research Frontiers technology makes this the first vehicle

to showcase the full extent that smart glass can be utilized in a passenger vehicle for shading, privacy, and transparent displays, with

smart glass being used in all the windows on the front, rear and sides of the vehicle.

June 2022, Research Frontiers announced:

“Cool and Coming Soon:

Research Frontiers SPD-SmartGlass Technology in Cadillac CELESTIQ

Electric Vehicle.” CELESTIQ’s full-glass roof is expected to be one of the first to feature a large four-quadrant panel of

SPD-SmartGlass.

Using Research Frontiers’ patented SPD-Smart light-control technology, each occupant of the vehicle can set their

own level of roof transparency.

The driver and front-seat passenger will enjoy a pillar-to-pillar freeform display with active privacy

to help mitigate driver distraction, while rear-seat passengers have personalized entertainment screens.

Console screens between seats

in the front and back will separate individualized comfort settings from entertainment displays to minimize distractions.

CELESTIQ will be built on GM’s Ultium Platform, the heart of the company’s EV strategy.

The CELESTIQ will be the first production

vehicle to be built at GM’s Global Technical Center.

September 2021, Research Frontiers licensee Gauzy Ltd.

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The FS Hybrid Concept demonstrated the use of SPD-Smart™

technology in side glass.

technology inside glass.

debuted its A2 concept car at the Frankfurt International Auto Show in Frankfurt, Germany.

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electronics are integrated into the EDW, which facilitates OEM and aftermarket installations.

the NBAA trade show, Vision Systems discussed their SPD-SmartGlass contracts for transportation vehicles, which includes three recreational

vehicle contracts.

Systems exhibited its SPD-SmartGlass technology for the coach marketplace at the UMA Motorcoach Expo in Nashville, TN.

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feature can be installed in the aftermarket should bring these benefits to a wider range of drivers.

the NBAA trade show, Vision Systems discussed their SPD-SmartGlass contracts for transportation vehicles, which includes three railway

the InnoTrans trade show, Gauzy showcased its SPD T-OLED in cooperation with LG Display, the world’s industry-leading manufacturer

of Transparent OLED, in a railway compliant Insulated Glass Unit (IGU).

These use LG Display’s state-of-the-art 55” Transparent

OLED display with Gauzy SPD for high contrast and vibrant advertising and messaging in shifting lighting conditions when SPD is tinted,

or a transparent window when SPD is on (clear mode).

at InnoTrans, Gauzy showed the platinum concept, which Gauzy created for Talgo, the Spain-based railway OEM.

They demonstrated a

segmented SPD railway compliant IGU which allows passengers to instantly dim entire windows or specific areas for precise shading

that increases visual and thermal comfort.

at InnoTrans, Rehau, in collaboration with Gauzy and Research Frontiers, presented as part of the major Deutsche Bahn (DB) “Ideas

Train” exhibition.

This is an SPD-SmartGlass window system for trains, enabling continuously variable shading of carriage windows.

This DB innovation project demonstrates how continuously variable shading using SPD-SmartGlass technology can raise comfort and sustainability

to a new level in the trains of the future.

February 2020, Vision Systems presented its SPD-SmartGlass marine products at the Middle East Rail show in Dubai, UAE, including a multi-zone

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next stop, or service availability.

the leading international trade fair for transport technology, was the stage for the world premier of new EDW solutions using SPD-SmartGlass

the leading international trade fair for transport technology, was the stage for the world premiere of new EDW solutions using SPD-SmartGlass

AGC and Vision Systems launched their respective latest generations of SPD-SmartGlass EDWs for the rail industry.

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unveiled a number of new innovations, including an intelligent technology for darkening glass panes and a range of individual surface

The ‘Intelligent Glass Control’ (IGC) system by Continental provides passengers with the flexibility to adjust

the amount of light and the color of their window or other glazed areas to suit their needs.

The ‘Intelligent Glass Control’ (IGC) system by Continental provides passengers with the flexibility to adjust the

amount of light and the color of their window or other glazed areas to suit their needs.

The technology, which was originally developed

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darker tints and privacy.

A number of the Company’s licensees including American Glass Products, Isoclima, and SER are recognized industry leaders in the armored glass market.

A number of the Company’s licensees including American Glass Products, Isoclima, and SER are recognized

industry leaders in the armored glass market.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

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Aircraft Products:

aircraft manufacturers have announced that they have selected SPD-Smart dimmable window products as standard or optional equipment for

their production aircraft:

aircraft manufacturers and their selected interiors installers have announced that they have selected SPD-Smart dimmable window products

as standard or optional equipment for their production aircraft:

Aircraft Company:

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King Air C90GTx, with first deliveries during the first quarter of 2016

Aviation announced the selection of SPD-Smart electronically dimmable windows for its upcoming Eclipse 700 platform.

Aircraft’s E1000, with first delivery in February 2020, comes with SPD-Smart electronically dimmable windows as standard equipment

on all passenger windows.

Aviation announced the selection of SPD-Smart electronically dimmable windows for its Eclipse 700 platform, production of which is

now discontinued..

<This OEM is defunct and the 700 was not produced.

Should this be deleted?

If it is, the first word of this

section needs to change from “four” to “three>

Aircraft’s E1000, with first delivery in February 2020, comes with SPD-Smart electronically

dimmable windows as standard equipment on all passenger windows.

ACJ TwoTwenty, the A220 platform for private aircraft, will come with SPD-Smart windows.

Airbus, as well as their selected completion

center Comlux, feature the EDWs in promotional materials.

Airbus shipped the first ACJ TwoTwenty to Comlux in January 2022, for the

installation of the interior.

October 2022, Daher showcased its TBM 960 aircraft at the NBAA show, which had SPD EDWs.

The TBM 960 comes with SPD EDWs as standard

equipment, which a Vision Systems partner publicly confirmed in February of 2023.

Falcon 5X was scheduled to come with SPD-Smart electronically dimmable skylights as standard equipment.

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being exhibited at major aviation shows:

Systems partner Verre Industrie published a news item promoting Vision Systems SPD EDW as standard equipment contract for the Daher TBM

960 aircraft.

They noted, “Our partner Vision Systems has entrusted us with the manufacture of several hundred thin glasses X-Lite

for dimmable windows to be fitted in series in Daher TBM 960 aircraft.

This success rewards the joint efforts of recent years including

the creation several prototypes before the launch in production.”

the NBAA aircraft show, Vision Systems discussed their SPD-SmartGlass contracts for transportation vehicles, which includes five helicopter

contracts, eleven aircraft contracts, and one airline retrofit contract.

the 2022 Aircraft Interiors Expo, Vision Systems unveiled an “ambiance management system” for commercial and private aircraft.

This system delivers the ideal atmosphere for each passenger with SPD electronically dimmable windows (EDWs), mood lighting, and large

triple-window shades – and all elements of the system can be synchronized to provide an unparalleled passenger experience.

at this show, Vision Systems unveiled new SPD EDW innovations, for first class and business class passengers on commercial airlines.

This included a smart glass partition showing messages, images or videos such as traveling information or advertising.

When nothing is

displayed, this divider can remain transparent, or opaque (white or dark) to offer privacy between classes.

the Sun ‘n Fun Expo in Florida, OEM Daher showed its TBM 960, which features EDWs.

Aircraft EDWs using SPD technology instantly

and precisely control the amount of light, glare and heat in the cabin.

launched the ACJ TwoTwenty business jet, a clean-sheet design aircraft based on Airbus’ A220-100, featuring advanced materials

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This product offering was showcased at Vaupell’s AIX Americas booth.

Vision Systems and Vaupellentered into a

Vision Systems and Vaupell entered into a

strategic partnership to develop and offer SPD-Smart Noctis and Nuance windows to OEMs, including Vaupell’s longstanding customer

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to switch to their clearest state in the event of a power loss – that was a request made by certain OEMs.

InspecTech’siShades

InspecTech’s iShades

now offer “the best of both worlds” - when unpowered on the ramp, the windows automatically switch to their darkest, maximum

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the 2012 Aircraft Interiors Expo in Hamburg, Germany, Isoclima S.p.A.

announced that Isoclima’sCromaLite brand of SPD-Smart aerospace

announced that Isoclima’s CromaLite brand of SPD-Smart aerospace

windows made its world premiere.

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Smartglass International will create bespoke solar switchable panels that will be fitted inside each of the 13 circular

oculi, each more than 2 metres in diameter.”

oculi, each more than 2 meters in diameter.”

its annual stockholders meeting in June 2015, Research Frontiers announced a small strategic investment in Zuli Inc.

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wastage of glass facades.” In addition to SPD-Smart technology, the Cambridge study discussed alternative dynamic glazing technologies

that could be used in windows (e.g.electrochromics) and reported that SPD-Smart technology did not have the disadvantages that limited

that could be used in windows (e.g.

electrochromics) and reported that SPD-Smart technology did not have the disadvantages that limited

the potential of these alternative technologies.

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renew its license for SPD-SmartGlass technology for the marine market which terminated at the end of December 2017.

October 2022, at the NBAA trade show, Vision Systems discussed their SPD-SmartGlass contracts for marine platforms, which includes three

sailing yacht contract, four yacht contracts, and 2 cruise ship contracts.

June 2019, Vision Systems exhibited at the Cruise Ship Interiors Expo in Miami, Florida.

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of Hours, St.

Christopher carrying the Christ Child, watercolour and gold on parchment, Spain, c1400.

of Hours, Arrest of Christ, watercolour and gold on parchment, France, c1500.

Christopher carrying the Christ Child, watercolor and gold on parchment, Spain, c1400.

of Hours, Arrest of Christ, watercolor and gold on parchment, France, c1500.

object, Christ on the Cross, France, c1350.

of Hours, St.

Catherine and Kneeling Donor, watercolour and gold on parchment, Netherlands, c1430.

Catherine and Kneeling Donor, watercolor and gold on parchment, Netherlands, c1430.

The Hours of Giraldi-Guicciardini:

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Death Carrying a Scythe;

1500-1525, Watercolour, gold on parchment, Italy.

1500-1525, Watercolor, gold on parchment, Italy.

objects in the collection date from the Middle Ages and are highly susceptible to permanent damage from exposure to UV, visible and infrared

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after some period of time and give Research Frontiers only limited rights to terminate before the license expires.

The licenses granted

by the Company are non-exclusive and generally last as long as Research Frontiers’ patents remain in effect.

Due to their bankruptcy

filings or other termination of their general business activities or for other reasons, the Company does not believe that Polaroid Corporation,

Kerros Limited, ThermoView Industries, BRG Group, MDV, Hanamac, SPD Technologies, SPD Systems, and Film Technologies International are

pursuing business activities with respect to SPD technology.

The Company and SPD Control Systems agreed to terminate their license agreement

in December 2014 which resulted in a grant back to Research Frontiers of certain rights in SPD Control Systems’ intellectual property.

Some of the Company’s other licensees are currently inactive with respect to SPD technology, but may hereafter become active again.

To date, the Company has not generated sufficient revenue from its licensees to profitably fund its operations other than a profit reported

for the third quarter of 2021.

The current licensees

of Research Frontiers are listed on the Company’s website, and licenses granted by the Company are non-exclusive and generally

last as long as Research Frontiers’ patents remain in effect.

Due to their bankruptcy filings or other termination of their general

business activities or for other reasons, the Company does not believe that Polaroid Corporation, Kerros Limited, ThermoView Industries,

BRG Group, MDV, Hanamac, SPD Technologies, SPD Systems, and Film Technologies International are pursuing business activities with respect

to SPD technology.

The Company and SPD Control Systems agreed to terminate their license agreement in December 2014 which resulted in

a grant back to Research Frontiers of certain rights in SPD Control Systems’ intellectual property.

Some of the Company’s

other licensees are currently inactive with respect to SPD technology, but may hereafter become active again.

To date, the Company has

not generated sufficient revenue from its licensees to profitably fund its operations other than a profit reported for the third quarter

Company plans to continue to exploit its SPD-Smart light-control technology by entering into additional license and other agreements

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making operations).

The first four companies listed above are also licensees of Research Frontiers Inc.

for SPD-Smart technology.

crystal windows only change from a cloudy, opaque milky-white to a clear state, are hazy when viewed at an angle and have no useful intermediate

The first four companies listed above are also licensees of Research Frontiers for SPD-Smart technology.

Liquid crystal

windows only change from a cloudy, opaque milky-white to a clear state, are hazy when viewed at an angle and have no useful intermediate

As compared to liquid crystal windows, SPD smart windows are expected to have some or all of the following advantages:

less direct and off-angle haze

its intermediate tinted states provides shading

without loss of view

its intermediate tinted states provides shading without loss of view

over a wider temperature range

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The Company has

15 United States and 204 foreign patents in force.

The Company’s United States patents expire at various dates from 2022 through

2037, while its foreign patents expire at various dates from 2022 through 2037.

14 United States and several hundred foreign patents in force.

The Company’s United States patents expire at various dates from

2023 through 2037, while its foreign patents expire at various dates from 2023 through 2037.

Company has current US and foreign patent applications that, if granted, would add a number of additional patents to its portfolio.

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of Common Stock issued after the Record Time and prior to the Separation Time.

The Rights Plan was readopted and extended in December

2022 until February 11, 2033.

Time” shall mean the earlier of the Close of Business on the tenth Business Day (or such later date as the Board of Directors may

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(other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40.

The Rights will expire at the

close of business on February 11, 2023, unless the Rights Plan is extended by the Company’s Board of Directors or unless the Rights

are earlier redeemed by the Company at a price of $.0001 per Right.

The Rights are not exercisable during the time when they are redeemable

by the Company.

During 2022, the Company extended

the expiration of The Rights which will now expire at the close of business on February 11, 2033, unless the Rights Plan is extended

by the Company’s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right.

Rights are not exercisable during the time when they are redeemable by the Company.

above description highlights some of the features of the Company’s Rights Plan and is not a complete description of the Rights

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business