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“First quarter reported revenues compared to the same period last year were affected by the timing of revenue recognition under our license agreements and the non-recurrence of upfront revenue recognized from a new license agreement entered into during the first quarter of 2025.”
“During the quarter, we made progress across multiple strategic initiatives. Automotive projects initiated in
For more details, please see the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending
About
Note: From time to time
CONTACT:
President and CEO
+1-516-364-1902
Info@SmartGlass.com
Condensed Consolidated Balance Sheets
| (Unaudited) | (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,279,301 | $ | 664,299 | ||||
| Royalties receivable, net of reserves of | 544,985 | 408,666 | ||||||
| Prepaid expenses and other current assets | 192,457 | 70,969 | ||||||
| Total current assets | 2,016,743 | 1,143,934 | ||||||
| Fixed assets, net | 3,147 | 3,393 | ||||||
| Operating lease ROU assets | 1,004,671 | 1,048,352 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 3,080,627 | $ | 2,251,745 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 149,471 | $ | 146,043 | ||||
| Accounts payable | 101,112 | 132,666 | ||||||
| Accrued expenses | 65,524 | 19,168 | ||||||
| Total current liabilities | 316,107 | 297,877 | ||||||
| Operating lease liability, net of current portion | 981,259 | 1,020,242 | ||||||
| Total liabilities | 1,297,366 | 1,318,119 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value | 3,487 | 3,365 | ||||||
| Additional paid-in capital | 129,926,946 | 128,552,068 | ||||||
| Accumulated deficit | (128,147,172 | ) | (127,621,807 | ) | ||||
| Total shareholders’ equity | 1,783,261 | 933,626 | ||||||
| Total liabilities and shareholders’ equity | $ | 3,080,627 | $ | 2,251,745 | ||||
Condensed Consolidated Statements of Operations
(Unaudited)
| Three months ended | ||||||||
| 2026 | 2025 | |||||||
| Fee income | $ | 136,319 | $ | 559,776 | ||||
| Operating expenses | 521,382 | 636,476 | ||||||
| Research and development | 145,350 | 162,877 | ||||||
| Total expenses | 666,732 | 799,353 | ||||||
| Operating loss | (530,413 | ) | (239,577 | ) | ||||
| Net interest income | 5,048 | 14,533 | ||||||
| Other income | - | 47,357 | ||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Basic and diluted net loss per common share | $ | (0.02 | ) | $ | (0.01 | ) | ||
| Weighted average number of common shares outstanding | 34,159,694 | 33,648,221 | ||||||
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the three months ended
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Deficit | Total | |||||||||||||||||
| Balance, | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
| Net loss | - | - | - | (177,687 | ) | (177,687 | ) | |||||||||||||
| Balance, | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,753,910 | ) | $ | 2,426,648 | ||||||||||
| Balance, | 33,648,221 | $ | 3,365 | $ | 128,552,068 | $ | (127,621,807 | ) | $ | 933,626 | ||||||||||
| Issuance of common stock and warrants | 1,219,565 | 122 | 1,374,878 | - | 1,375,000 | |||||||||||||||
| Net loss | - | - | - | (525,365 | ) | (525,365 | ) | |||||||||||||
| Balance, | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (128,147,172 | ) | $ | 1,783,261 | ||||||||||
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three months ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 313 | 3,080 | ||||||
| ROU asset amortization | 43,681 | 43,244 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | (136,319 | ) | (310,846 | ) | ||||
| Prepaid expenses and other assets | (121,488 | ) | (105,188 | ) | ||||
| Accounts payable and accrued expenses | 14,802 | (62,255 | ) | |||||
| Operating lease liability | (35,555 | ) | (31,619 | ) | ||||
| Net cash used in operating activities | (759,931 | ) | (641,271 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (67 | ) | (110 | ) | ||||
| Net cash used in investing activities | (67 | ) | (110 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from sale of common stock and warrants | 1,375,000 | - | ||||||
| Net cash provided by financing activities | 1,375,000 | - | ||||||
| Net increase (decrease) in cash and cash equivalents | 615,002 | (641,381 | ) | |||||
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 | ||||||
| Cash and cash equivalents at end of period | $ | 1,279,301 | $ | 1,352,805 | ||||
