What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-06 compared with 2024-03-07 · 141 added, 183 removed, 1463 unchanged (18% of the section changed)

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the end-products themselves such as “smart” windows, skylights and sunroofs.

Research Frontiers currently has numerous companies

Research Frontiers currently has over 40 companies

that, in the aggregate, are licensed to primarily serve five major SPD-Smart application areas (aerospace, architectural, automotive,

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for 34%, 28%, 11% and 11% of fee income recognized during the year.

During 2022, four licensees accounted for 28%, 23%, 13% and 11%

of fee income recognized during the year.

During 2023, four licensees accounted for 39%, 16%, 16% and 13% 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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and know-how.

Although patent and trade secret protection are not a guarantee of commercial success, Research Frontiers currently has

Although patent and trade secret protection is not a guarantee of commercial success, Research Frontiers currently has

219 patents that have been issued worldwide.

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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 compound annual growth rate (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.

January 2024, MarketsandMarkets issued Smart Glass Market by Technology (Electrochromic, Suspended Particle Display, Liquid Crystal,

Photochromic, Thermochromic, Micro-blinds), Mechanism (Active Passive), Control System (Manual, Remote, Mobile-based, Voice-based) –

Global Forecast to 2029.

market research report concludes that the smart glass market is expected to be valued at USD $5.8 billion in 2024 and is projected to

reach USD $9.4 billion by 2029.

It is expected to grow at a CAGR of 9.8% from 2024 to 2029.

Significant drivers of this growth are increasing

awareness and adoption of energy-efficient solutions, particularly in the construction and automotive sectors.

Technological advancements

such as IoT integration present opportunities for enhanced functionality and connectivity.

conclusions in this report included:

● Transportation

end use segment is predicted to hold the largest share during the forecast period in smart glass market.

The dominance of the transportation sector in the smart glass market stems from its widespread

integration across various applications in automotive, aerospace, and marine industries.

In automotive applications, smart glass is increasingly utilized in windows, sunroofs, and

rearview mirrors, providing features like glare reduction, UV protection, and privacy control.

Smart glass’s lightweight and energy-efficient properties in the aerospace sector contribute

to improved passenger comfort and overall fuel efficiency.

Additionally, in marine applications

such as cruise ships and yachts, smart glass enhances aesthetics and offers panoramic views.

With the transportation sector experiencing substantial growth and a heightened focus on

safety, aesthetics, and energy efficiency, it emerges as the primary contributor to the overall

market share, establishing itself as a crucial segment within the smart glass market.

smart glass accounts for the highest growth rate during the forecast period, due to their

dynamic and responsive nature.

Active smart glass systems, driven by external stimuli like

electrical voltage or heat, provide rapid optical properties such as tint and transparency

This real-time adaptability is particularly attractive across various applications,

including smart windows in homes, offices, and automobiles, as it offers precise control

over environmental factors.

glass market for the mobile-based control system is predicted to exhibit the highest CAGR market during

the forecast period.

Mobile-based control systems hold a higher CAGR in the smart glass market

due to their seamless integration with the modern lifestyle and the increasing reliance on

mobile devices.

The convenience of controlling smart glass functionalities through mobile

applications aligns with the growing trend of smart home and building automation.

The widespread

adoption of mobile-based control systems, coupled with ongoing technological advancements

in mobile platforms, positions it as a key driver for the observed higher CAGR in the smart

glass market.

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.

● Architecture

is predicted to hold the highest growth rate in the smart glass market, due to increasing demand for innovative

and energy-efficient solutions in the construction industry.

Smart glass, with its ability

to optimize natural light, regulate indoor temperatures, and enhance sustainability, aligns

seamlessly with the evolving trends in modern architecture.

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

The glare control property of smart glass eliminates unwanted glare from sunlight

and can provide bright, clear, and customized lighting levels in the building.

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.

● Opportunity:

Growing need for sustainable buildings.

The world is becoming conscious of climate change,

global warming, and its impact on the planet.

The pandemic has also shown the need for green

buildings and the benefit of having a sustainable living space.

As part of 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.

continent 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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the world’s two largest aircraft manufacturers are both promoting the size of the windows in new aircraft platforms already being

delivered (e.g., Boeing 787 and Airbus A350).

delivered (e.g.

Boeing 787 and Airbus A350).

In the “general aviation” category (primarily business jets, private or chartered

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Leading companies manufacturing electromechanical pleated window shades have products that incorporate

SPD-Smart windows into their designs, and Tier 1 suppliers of other cabin systems (e.g., cabin management systems) are featuring SPD-Smart

SPD-Smart windows into their designs, and Tier-1 suppliers of other cabin systems (e.g.

cabin management systems) are featuring SPD-Smart

electronically dimmable windows in mockups.

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This is the largest known installation of smart glass in the world for a roof application and was seen

by over six million people.

by over 6 million people.

the marine application, where light-control needs are especially important, many yacht manufacturers currently employ less than ideal

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Background and Recent Developments:

SPD-Smart Film Production

Film Production

important material used in SPD-Smart end-products is SPD light-control film that varies the tint of glass or plastic.

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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 2023, 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.

Chemical sold its overall business to Showa Denko, and Gauzy acquired the patents and technical information related to SPD light control

technology owned or controlled by Showa Denko in February 2023.

October 2018, Gauzy Ltd.

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January 2023, Research Frontiers, Gauzy Ltd.

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

to benefit from SPD-SmartGlass.

and their customers showed over 115 thousand attendees at a recent CES new ways to benefit

from SPD-SmartGlass.

April 2020, Gauzy Ltd.

announced that it secured Series C investments from Hyundai Motor Company, Blue Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in Research Frontiers’ entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility in Israel, and

its custom SPD production line strategically located in Germany, are currently operating and producing SPD emulsion and light control

film for the automotive, aircraft, and architectural industries, with modified staffing and procedures to protect Gauzy’s employees

during the COVID-19 pandemic.

This strategic investment marks the first known equity investment by an automotive OEM in the Company’s entire industry.

of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility in Israel, and its custom

SPD production line strategically located in Germany, are currently operating and producing SPD emulsion and light control film for the

automotive, aircraft, and architectural industries, with modified staffing and procedures to protect Gauzy’s employees during the

COVID-19 pandemic.

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

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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 2022, Gauzy’s Vision Systems discussed their 41 contracts with transportation OEM and Tier-1 suppliers using

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:

Aerospace Contracts

+ Helicopter Platforms

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Airline (Retrofit)

Marine Contracts

+ Sailing Yacht Platforms

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+ Cruise Ship Platforms

Railway Contracts

+ Railway Platforms

Vehicle Contracts

Specialty Vehicle Contracts

+ Specialty Vehicle Platforms

Vehicle Contracts

January 2024, Vision Systems disclosed their transportation contracts with OEM and Tier-1 suppliers using SPD-SmartGlass

Recreational Vehicle Contracts

+ RV Platforms

January of 2024, Gauzy’s Vision Systems disclosed their transportation contracts with OEM and Tier-1 suppliers using SPD-SmartGlass

aerospace, Gauzy has secured 20 contracts covering a range of aircraft from small to midsize business aircraft like the HondaJet HA-420

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SPD-SmartGlass solutions are found in many specialty vehicle markets, with 10 contracts.

SPD-Smart Automotive Products:

Automotive Products:

Frontiers and its licensees are currently working with multiple automotive manufacturers to introduce SPD-Smart windows, sunroofs and

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leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, SER, and Vision Systems.

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

The Company’s automotive

glass licensees account for a substantial portion of all glass produced for the automotive market throughout the world.

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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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.

would 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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Frontiers SPD-SmartGlass technology, is a carry-over from the SLC’s predecessor model, the SLK roadster.

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive market.

The following new production cars by McLaren Automotive featured SPD-SmartGlass technology in their roofs:

the McLaren GT,

McLaren 720S Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in sun

visor and also other areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the McLaren

Speedtail was first delivered to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional production

models including the new McLaren 750S and McLaren Artura.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their

new electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants

control over individual segments of the sunroof above them to better customize and enhance the driving experience in terms of

comfort, security, and the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was

launched at CES 2021 in January 2021.

2024, Ferrari introduced and delivered to customers an all glass SPD-SmartGlass roof using Research Frontiers’ technology as an

option in its new Purosangue.

the McLaren GT, McLaren 720S

Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in sun visor and also other

areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the McLaren Speedtail was first delivered

to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional production models.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their new

electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants control over

individual segments of the sunroof above them to better customize and enhance the driving experience in terms of comfort, security, and

the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was launched at CES 2021in January

2021 and delivery to customers began in the fourth quarter of 2024.

in terms of new product development in the automotive industry, in August 2020, Daimay, the world’s largest supplier of automotive

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Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in Research

Frontiers’ entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material

synthesis facility in Israel, and its custom SPD production line strategically located in Germany, are currently operating and producing

SPD emulsion and light control film for the automotive, aircraft, and architectural industries.

This strategic investment marks the first known equity investment by an automotive OEM in the Company’s

entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility

in Israel, and its custom SPD production line strategically located in Germany, are currently operating and producing SPD emulsion and

light control film for the automotive, aircraft, and architectural industries.

January 2024, at the CES show in Las Vegas, Gauzy debuted an SPD-SmartGlass side window for the Mercedes S-Class .

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This vehicle, a Ford Mondeo station wagon, used SPD-SmartGlass technology to enable the glass

in all 11 side and rear windows and in the top sun visor portion of the windshield to change its transparency and darken instantly

in all eleven side and rear windows and in the top sun visor portion of the windshield to change its transparency and darken instantly

through electric control signals.

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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).

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.

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

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.

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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Systems at InnoTrans

of the products using SPD-SmartGlass for the train industry being showcased this week in Berlin include:

of the products using SPD-SmartGlass for the train industry being showcased in Berlin include:

with integrated control system electronics (on the passenger window EDW itself), for rapid installation in both new train car production,

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for the automotive industry, relies on a film sandwiched between two panes of glass and connected to an electronic control unit (ECU).

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new

proposed special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new proposed

special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

Asahi Glass announced its light control glass, WONDERLITETM, was adopted for JR East luxury sleeper train, Train Suite Shiki-shima

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American Glass Products (AGP), Asahi

Glass, CricursaCristalesCurvados, Gauzy, Glatic, Innovative Glass, Isoclima, LTI SmartGlass, NSG UMU Products Co., Ltd Prelco, Isoclima,

Smartglass International and Traco (a business unit of Alcoa).

Glass, CricursaCristalesCurvados, Gauzy, Glatic, Innovative Glass, Isoclima, LTI SmartGlass, Isoclima, Smartglass International and Traco

(a business unit of Alcoa).

December 2019, Research Frontiers licensed Seoul, South Korea based Glatic Co., Ltd.

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for the South Korean architectural market.

January 2017, Research Frontiers and NSG UMU Products Co., Ltd.

announced that UMU Products has acquired a license from Research Frontiers

to produce and sell SPD-SmartGlass architectural intelligent products throughout the United States, Canada, Mexico, Japan, the People’s

Republic of China and Taiwan.

The non-exclusive license grants UMU Products, a subsidiary of world-leading glass manufacturer Nippon

Sheet Glass, the right to manufacture and sell SPD-SmartGlass products including windows, doors, solar shading screens, curtainwalls,

skylights and other intelligent smart glass architectural products.

September 2016, Smartglass International announced that its Solar SmartGlass brand of SPD-SmartGlass has been selected for both new construction

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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.

a manufacturer of

At this meeting, Joseph Harary demonstrated how the ZuliSmartplug integrates with SPD SmartGlass products.

Harary indicated

that “Using a ZuliSmartplug, you can walk into a room with your smartphone, and have the lights automatically turn on, temperature

adjust, and the glass in your windows instantly go from an energy-saving dark tint, to clear so you can see the magnificent views outside

Now, walk into another room and have those lights and windows adjust too, while the ZuliSmartplug automatically shuts off

your devices in the room you left to save energy.”

March 2015, Research Frontiers’ patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA Pavilion

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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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to make and sell SPD-SmartGlass architectural smart window products throughout

In November 2013, Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural market in

In November of 2013 Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural market in

In March of 2013 Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech, both of whom

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

January of 2024, Vision Systems disclosed their marine contracts with OEM and Tier-1 suppliers using SPD-SmartGlass technology,

noting that they have nine contracts for sailing yachts, motor yachts, and cruise ships.

January of 2024, Gauzy’s Vision Systems disclosed their marine contracts with OEM and Tier-1 suppliers using SPD-SmartGlass technology,

noting that they have 9 contracts for sailing yachts, motor yachts, and cruise ships.

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 two cruise ship contracts.

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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institution for the picture framing industry (Picture Framing Magazine).

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45 th annual meeting of the American Institute

for Conservation of Historic and Artistic Works (AIC) in Chicago at booth #107.

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45th annual meeting of the American Institute for Conservation

of Historic and Artistic Works (AIC) in Chicago at booth #107.

The Church History Museum, operated by The Church of Jesus Christ of Latter-day Saints, installed 22 exhibit cases containing

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Seth Van Voorhees, President of the VariGuard SmartGlass business unit commented:

display panels offer the highest level of protection against UV and visible light damage in the industry and they are being used

in cases, frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits

of VariGuard panels and how they limit light exposure, the Smithsonian National Postal Museum presented a paper at this meeting entitled

“(Year of Light) Lighten Up:

Enhancing Visitor Experiences,” which will discuss the positive impact that VariGuard panels

have in protecting valuable artifacts and enhancing the visitor experience.

panels offer the highest level of protection against UV and visible light damage in the industry and they are being used in cases,

frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits of VariGuard

panels and how they limit light exposure, the Smithsonian National Postal Museum presented a paper at this meeting entitled “(Year

of Light) Lighten Up:

Enhancing Visitor Experiences,” which will discuss the positive impact that VariGuard panels have in

protecting valuable artifacts and enhancing the visitor experience.

VariGuard SmartGlass exhibited its display panels at a Washington Conservation Guild meeting focused on innovative new conservation

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to the Automotive Industry at the 5th International CTI Automotive Glazing USA conference in Novi, Michigan.

In March 2019,

the Company presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing Summit in Berlin, Germany.

Both of these presentations focused on a real-world analysis of the use, benefits and reliability of SPD-SmartGlass in automotive and

other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass or plastic, is currently being used

in the automotive, aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12 th International CTI Conference – Automotive Glazing Europe and at the

3 rd Annual 2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

and 2016, the Company participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company

presented at the Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker, and event

chairman, at the annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

In March 2019, the Company

presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing Summit in Berlin, Germany.

Both of these

presentations focused on a real-world analysis of the use, benefits and reliability of SPD-SmartGlass in automotive and other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass or plastic, is currently being used in the automotive,

aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12th International CTI Conference – Automotive Glazing Europe and at the 3rd Annual

2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

In 2017 and 2016, the Company

participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company presented at the

Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker, and event chairman, at the

annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

Company’s market development department has a number of other initiatives in place.

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film to glass or plastic, and end-products.

Emulsion makers produce and combine the necessary materials (i.e., SPD particles and various

Emulsion makers produce and combine the necessary materials (i.e.

SPD particles and various

liquids and special polymers) from which SPD-Smart films are made.

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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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and a distribution channel of over 70 certified industrial partners, five dedicated manufacturing sites, 14 global offices.

entity reported revenues of approximately $50 million in 2021, and holding over 60 patents, offering 20 unique product categories, and

entity reports revenues of approximately $50 million in 2021, and holding over 60 patents, offering 20 unique product categories, and

employing 480 people globally serving customers in over 50 countries.

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all of their respective electrochromic manufacturing and developmental efforts.

In late 2020, View announced that it was trying to become

a public company by merging with a Special Purpose Acquisition Company (“SPAC”) CF Finance Acquisition Corp.

Crystal Technology:

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the past few years, the Company and/or its licensees have made significant advances relating to materials to enable (1) improved stability

of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion, (4) increased durability of SPD

of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion and (4) increased durability of SPD

films/laminates, and (5) cost reductions.

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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