<SEC-DOCUMENT>0001206774-11-001146.txt : 20110505
<SEC-HEADER>0001206774-11-001146.hdr.sgml : 20110505
<ACCEPTANCE-DATETIME>20110505164531
ACCESSION NUMBER:		0001206774-11-001146
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110505
DATE AS OF CHANGE:		20110505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESEARCH FRONTIERS INC
		CENTRAL INDEX KEY:			0000793524
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112103466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09399
		FILM NUMBER:		11815289

	BUSINESS ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
		BUSINESS PHONE:		5163641902

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>research_10q.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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<br>
<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">FORM 10-Q</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF<br>
THE SECURITIES EXCHANGE ACT OF 1934 </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">For Quarter Ended </font><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">March 31, 2011</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> Commission File No. </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">1-9399</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160; RESEARCH FRONTIERS INCORPORATED&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in charter)</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; ">
<tr valign="bottom">
<td nowrap width="20%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Delaware</font></td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">11-2103466</font></td>
</tr><tr valign="bottom">
<td nowrap width="20%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(State of incorporation or organization)</font></td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(IRS Employer</font></td>
</tr><tr valign="bottom">
<td nowrap width="20%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Identification No.)</font></td>
</tr><tr valign="bottom">
<td nowrap width="20%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td nowrap width="20%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">240 Crossways Park Drive, Woodbury, N.Y.</font></td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">11797</font> </td>
</tr><tr valign="bottom">
<td nowrap width="20%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Address of principal executive offices)</font></td>
<td nowrap width="75%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Zip Code)</font></td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; ">
<tr valign="bottom">
<td nowrap width="99%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(516)<font size="3"> </font>364-1902</font></font></td>
</tr><tr valign="bottom">
<td nowrap width="99%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Registrant's telephone number, including area code)</font> </td>
</tr></table>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes </font><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">X</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#160; No __ </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes </font><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">X</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#160; No __ </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. (Check one): </font></div>

<div>&#160;</div>

<div align="justify">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; ">
<tr>
<td width="25%"><font size="2" style="FONT-FAMILY: times new roman">Large accelerated filer [ ]</font></td>
<td width="25%"><font size="2" style="FONT-FAMILY: times new roman">Accelerated filer [X]</font></td>
<td width="25%"><font size="2" style="FONT-FAMILY: times new roman">Non-accelerated filer [ ]</font></td>
<td width="25%"><font size="2" style="FONT-FAMILY: times new roman">Smaller reporting company [ ]</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). </font><font size="2" style="FONT-FAMILY: Times New Roman">Yes [ ]&#160; No [X]</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 5, 2011, there were outstanding 18,544,355 shares of Common Stock, par value $0.0001 per share. </font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">RESEARCH FRONTIERS INCORPORATED </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">Consolidated Balance Sheets </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">March 31, 2011</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
</tr><tr>
<td nowrap width="85%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">Assets</font></font></td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Unaudited)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="9%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">December 31, 2010</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Current assets:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="7%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">6,352,789</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: times new roman">6,957,544</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Royalty receivables, net of reserves of $92,723 and 162,723</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">194,769</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">380,177</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Prepaid expenses and other current assets</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">89,319</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">118,099</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total current assets</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">6,636,877</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">7,455,820</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="silver"><font size="2" style="FONT-FAMILY: times new roman">Fixed assets, net</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="2" style="FONT-FAMILY: times new roman">102,374</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="silver"><font size="2" style="FONT-FAMILY: times new roman">109,768</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">Note receivable SPD Control Systems</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="silver" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">Deposits and other assets</font></td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">72,677</font></td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">69,103</font></td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="85%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 2pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total assets</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">6,961,928</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 2pt">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">7,784,691</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left">&#160;</td>
</tr><tr>
<td nowrap width="85%" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="85%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liabilities and Shareholders' Equity</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Current liabilities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="7%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accounts payable</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">156,814</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: times new roman">51,938</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Deferred revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">249,203</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">25,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accrued expenses and other</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">131,785</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap width="1%" style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">235,301</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total liabilities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">537,802</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">312,239</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">Commitments and Contingencies</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">Shareholders' equity:</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="85%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Capital stock, par value $0.0001 per share; authorized 100,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="7%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; shares, issued and outstanding 18,544,355 and 18,281,973 shares, respectively</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">1,854</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="white"><font size="2" style="FONT-FAMILY: times new roman">1,828</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Additional paid-in capital</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">88,285,771</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: times new roman">87,744,842</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="85%" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accumulated deficit</font></td>
<td nowrap width="1%" style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(81,863,499</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(80,274,218</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr bgcolor="silver">
<td align="left" nowrap width="85%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="7%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%" style="PADDING-BOTTOM: 1pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total shareholders' equity</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">6,424,126</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">7,472,452</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="85%" style="PADDING-BOTTOM: 2pt"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total liabilities and shareholders' equity</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">6,961,928</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 2pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">7,784,691</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" nowrap width="85%">&#160; </td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="7%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">See accompanying notes to consolidated financial statements. </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">2 </font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">RESEARCH FRONTIERS INCORPORATED</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">Consolidated Statements of Operations</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">(Unaudited) </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="7" nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Three months ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">March 31, 2011</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">March 31, 2010</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Fee income</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">144,441</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">127,011</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Operating expenses</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">1,325,690</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">1,300,187</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Research and development</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">411,971</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">496,312</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">1,737,661</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">1,796,499</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Operating loss</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(</font><font size="2" style="FONT-FAMILY: times new roman">1,593,220</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1,669,488</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">3,939</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">3,719</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Net loss</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (1,589,281</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (1,665,769</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Basic and diluted</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; net loss per common share</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">(.09</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">(.10</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Basic and diluted</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">weighted average number of</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">common shares outstanding</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">18,518,748</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">16,765,968</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr style="LINE-HEIGHT: 2pt;">
<td align="left" colspan="9" nowrap width="100%">&#160; </td>
</tr></table>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">See accompanying notes to consolidated financial statements. </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">3</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">RESEARCH FRONTIERS INCORPORATED</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">Consolidated Statements of Cash Flows</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">(Unaudited) </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="7" nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Three months ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">March 31, 2011</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">March 31, 2010</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Cash flows from operating activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net loss</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">(1,589,281</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">(1,665,769</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Adjustments to reconcile net loss to net cash</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; used in operating activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Depreciation and amortization</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">9,678</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">10,885</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Stock-based compensation</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">474,978</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">606,015</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Recovery of uncollectible royalty receivable</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">(30,000</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">(5,000</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Changes in assets and liabilities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> Royalty receivables</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">215,408</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">139,740</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0">
<div><font size="2" style="FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </font><font size="2" style="FONT-FAMILY: times new roman">Prepaid expenses and other assets</font></div>
</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">25,206</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">36,890</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%">
<div><font size="2" style="FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </font><font size="2" style="FONT-FAMILY: times new roman">Deferred revenue</font></div>
</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">224,203</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: times new roman">183,750</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0">
<div><font size="2" style="FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </font><font size="2" style="FONT-FAMILY: times new roman">Accounts payable and accrued expenses</font></div>
</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">1,360</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">82,549</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Net cash used in operating activities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(668,448</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(610,940</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Cash flows from investing activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Purchase of fixed assets</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(2,284</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1,596</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Net cash used in investing activities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(2,284</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1,596</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Cash flows from financing activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="5%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net proceeds from issuance of common stock</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">65,977</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">1,618,653</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net cash provided by financing activities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">65,977</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">1,618,653</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net (decrease) increase in cash and cash equivalents</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(604,755</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">1,006,117</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Cash and cash equivalents at beginning of year</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">6,957,544</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">3,760,534</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="84%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="5%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="84%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Cash and cash equivalents at end of period</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6,352,789</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 4,766,651</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr style="LINE-HEIGHT: 2pt;">
<td align="left" colspan="9" nowrap width="100%">&#160;&#160; </td>
</tr></table>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">See accompanying notes to consolidated financial statements.</font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">4 </font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
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<br>
<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">RESEARCH FRONTIERS INCORPORATED<br>
Notes to Consolidated Financial Statements<br>
March 31, 2011<br>
(Unaudited) </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Basis of Presentation</font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K relating to Research Frontiers Incorporated (the &#8220;Company&#8221;) for the fiscal year ended December 31, 2010. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Business</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as "light valves" or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&#8482; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; appliance applications and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, and aerospace applications. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Patent Costs</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">5</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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<br>
<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Revenue Recognition</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company has entered into a number of license agreements covering its light-control technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. Such excess amounts are recorded as deferred revenue and recognized into income in future periods as earned. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Fee Income</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Fee income represents amounts earned by the Company under various license and other agreements relating to technology developed by the Company. During the first three months of 2011, five licensees of the Company accounted for approximately 17%, 17%, 16%, 11%, and 9%, respectively, of fee income recognized during such period. During the first three months of 2010, five licensees of the Company accounted for approximately 23%, 20%, 17%, 15% and 10%, respectively, of fee income recognized during such period.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Stock-Based Compensation</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">During the three months ended March 31, 2011, the Company granted 63,000 shares of restricted common stock to its directors and employees. All of the shares granted to the directors, as well as 3,000 shares granted to employees vested immediately upon grant. The remaining 136,000 shares issued in previous years vest ratably over the next 36 months. The market value per share on the date of grant was $5.20. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $474,978 to operations during the three months ended March 31, 2011. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">In addition during the first three months of 2010, the Company granted a total of 40,500 shares of restricted common stock to three directors. The market price of each share on the date of grant was $3.69. These shares were fully vested on the date of grant. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">No options were granted during the first three months of 2011. During the first three months of 2010 the Company granted 175,500 fully vested options to employees and 500 fully vested options to a consultant. The relevant information for this option grant was as follows: </font></div>

<div>&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Fair value of option on date of grant</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">$2.31</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="2" style="FONT-FAMILY: times new roman">Expected dividend yield</font></td>
<td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: times new roman">--</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Expected Volatility</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">76%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="2" style="FONT-FAMILY: times new roman">Risk free interest rate</font></td>
<td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: times new roman">2.57</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Expected term of option</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">5 years</font></td>
</tr></table>
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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The aggregate charge to operations relating to these options and share grants as well as charges relating to grants from prior years that vested during the first three months of 2010 was $606,015.</font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">6 </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">As of March 31, 2011, remaining unamortized compensation costs in connection with these grants was $753,928 which will be recognized over the next 33 month period.</font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Equity</font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">During the first three months of 2011 the Company received proceeds of $65,977 in connection with the exercises of outstanding options and warrants. </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">During the first three months of 2010 the company sold, pursuant to the company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows:</font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="90%" style="PADDING-LEFT: 3pt; FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="20%" style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Date</font></td>
<td align="left" nowrap width="20%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Shares issued</font></td>
<td align="left" nowrap width="20%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Warrants issued</font></td>
<td align="left" nowrap width="20%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Unit price</font></td>
<td align="left" nowrap width="20%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Proceeds</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: times new roman">March 3, 2010</font></td>
<td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: times new roman">588,602</font></td>
<td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: times new roman">117,719</font></td>
<td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: times new roman">$</font><font size="2" style="FONT-FAMILY: times new roman">2.75</font></td>
<td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: times new roman">$1,618,653</font></td>
</tr></table>
</div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Warrants issued are five year warrants at an exercise price of $5 per share. </font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">Treasury Stock </font></font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company did not repurchase any of its stock during the three months ended March 31, 2011 or 2010. </font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note Receivable from SPD Control Systems</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">On May 9, 2007, the Company began participating in the funding of the ongoing development of automotive controllers by SPD Control Systems Corp., a licensee of the Company. This development work is to produce the electronic controllers to operate SPD-Smart automotive windows and glass roof systems for one or more of the top five automotive makers in the world. The Company&#8217;s funding of this project is reflected in the form of a senior secured convertible promissory note (the &#8220;Note&#8221;) of SPD Control Systems Corp. held by Research Frontiers&#8217; wholly-owned subsidiary, SPD Enterprises Inc. The note bears interest at 10% per annum, is secured by all of the assets (including intellectual property) of SPD Control Systems, and is convertible at the option of SPD Enterprises into common stock of SPD Control Systems at an initial conversion price of $0.50 per share. This conversion price is adjustable downward to result in the issuance to SPD Enterprises of additional shares of SPD Control Systems common stock under certain conditions. The Note provides for funding of up to $150,000 by SPD Enterprises based upon the achievement of certain development milestones by SPD Control Systems. As of March 31, 2011, the principal and interest amount outstanding under this Note was $150,000 and $50,072, respectively. As part of a broader agreement between SPD Control Systems and the Company, effective as of May 9, 2010, the maturity date of this Note was extended to May 9, 2012 and the applicable conversion price for the Note was specified as $0.25 per share of SPD Control Systems stock through May 9, 2012 and $0.10 per share thereafter.</font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">7</font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair Value Measurements</font></font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">We value financial instruments using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices for similar assets or liabilities in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Financial assets accounted for at fair value on a recurring basis at March 31, 2011 include cash equivalents of approximately $6.4 million. These assets are carried at fair value based on quoted market prices for identical securities (Level 1 inputs). </font></div>

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Management&#8217;s Discussion and Analysis of<br>
Financial Condition and Results of Operations </font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Critical Accounting Policies</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The following accounting policies are important to understanding our financial condition and results of operations and should be read as an integral part of the discussion and analysis of the results of our operations and financial position. For additional accounting policies, see note 2 to our consolidated financial statements, "Summary of Significant Accounting Policies,&#8221; filed with our form 10-K for December 31, 2010.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company has entered into a number of license agreements covering potential products using the Company&#8217;s SPD technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">All of our research and development costs are charged to operations as incurred. Our research and development expenses consist of costs incurred for internal and external research and development. These costs include direct and indirect overhead expenses. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Company has historically used the Black-Scholes option-pricing model to determine the estimated fair value of each option grant. The Black-Scholes model includes assumptions regarding dividend yields, expected volatility, expected lives, and risk-free interest rates. These assumptions reflect our best estimates, but these items involve uncertainties based on market conditions generally outside of our control. As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted. Furthermore, if management uses different assumptions in future periods, stock-based compensation expense could be materially impacted in future years. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">On occasion, the Company may issue to consultants either options or warrants to purchase shares of common stock of the Company at specified share prices. These options or warrants may vest based upon specific services being performed or performance criteria being met. In accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services, the Company would be required to record consulting expenses based upon the fair value of such options or warrants on the earlier of the service period or the period that such options or warrants vest as determined using a Black-Scholes option pricing model.</font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">8 </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. An example of a critical estimate is the full valuation allowance for deferred taxes that was recorded based on the uncertainty that such tax benefits will be realized in future periods. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Results of Operations</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">Three month periods ended March 31, 2011 and 2010</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;The Company&#8217;s fee income from licensing activities for the three months ended March 31, 2011 was $144,441, as compared to $127,011 for the three months ended March 31, 2010. This difference in fee income was primarily due to the amount of royalties and other fee income paid by new and existing licensees. Fee income also includes earned royalties resulting from sales by certain licensees in the architectural and aircraft markets. In addition to product sales in the architectural and aircraft markets included in fee income as described above, one licensee reported product sales in the automotive market, although the fee income generated from such sales did not exceed the minimum annual royalties recorded so no additional fee income was recorded with respect to such automotive sales. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;Certain license fees, which are paid to the Company in advance of the accounting period in which they are earned resulting in the recognition of deferred revenue for the current accounting period, will be recognized as fee income in future periods. Also, licensees may offset some or all of their royalty payments on sales of licensed products for a given period by applying these advance payments towards such earned royalty payments. Because the Company&#8217;s license agreements typically provide for the payment of royalties by a licensee on product sales within 45 days after the end of the quarter in which a sale of a licensed product occurs (with some of the Company&#8217;s more recent license agreements providing for payments on a monthly basis), and because of the time period which typically will elapse between a customer order and the sale of the licensed product and installation in a home, office building, automobile, aircraft, boat, or any other product, there could be a delay between when economic activity between a licensee and its customer occurs and when the Company is paid its royalty resulting from such activity. In February 2011, Research Frontiers announced that </font><font size="2" style="FONT-FAMILY: Times New Roman">Daimler AG selected its SPD-SmartGlass light-control technology for use in their Magic Sky Control glass roof. The first vehicle to offer the Magic Sky Control glass roof as an option will be the new Mercedes-Benz SLK Roadster. Research Frontiers currently expects to start receiving royalty payments from sales of this Mercedes-Benz SLK optional feature on schedule in the fourth quarter of 2011, to the extent that they exceed contractual minimum annual royalties&#8217; payable by Pilkington under their licensing agreement with the Company.</font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;Operating expenses increased by $25,503 for the first three months of 2011 to $1,325,690 from $1,300,187 for the first three months of 2010. This increase was the result of higher director fees relating primarily to the addition of two new directors ($260,000), marketing costs ($22,000) and patent costs ($22,000) partially offset by lower payroll and stock compensation charges ($230,000), professional fees ($32,000) and a recovery of a previously written off bad debt ($25,000). Included in operating expenses are $444,000 and $453,000 of non-cash stock and option compensation charges for 2011 and 2010, respectively relating to common stock and options granted to directors, employees and consultants.</font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">9 </font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;Research and development expenditures decreased by $84,341 to $411,971 for the first three months of 2011 from $496,312 for the first three months of 2010. This decrease was principally the result of lower non-cash compensation charges from the issuance of stock options ($121,000), partially offset by increased cash payroll compensation ($16,000) as well as higher material costs ($8,000) and higher allocated insurance costs ($8,000). Included in research and development expenses are $31,000 and $152,000 of non-cash stock and option compensation charges for the first three months of 2011 and 2010, respectively. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;The Company&#8217;s net investment income for the first three months of 2011 was $3,939, as compared to net investment income of $3,719 for the first three months of 2010. This difference was primarily due to higher balances available for investment.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;As a consequence of the factors discussed above, the Company's net loss was $1,589,281 ($0.09 per common share) for the first three months of 2011 as compared to $1,665,769 ($0.10 per common share) for the first three months of 2010.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Financial Condition, Liquidity and Capital Resources</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;The Company has primarily utilized its cash and the proceeds from its investments to fund its research and development, for marketing initiatives, and for other working capital purposes. The Company&#8217;s working capital and capital requirements depend upon numerous factors, including, but not limited to, the results of research and development activities, competitive and technological developments, the timing and costs of patent filings, and the development of new licensees and changes in the Company&#8217;s relationship with existing licensees. The degree of dependence of the Company&#8217;s working capital requirements on each of the foregoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending upon the nature of such changes. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;During the first three months of 2011, the Company's cash and cash equivalents balance decreased by $604,755 principally as a result of cash used for operations of $668,448 and capital expenditures of $2,284 partially offset by proceeds of $65,977 from the exercise of options and warrants. At March 31, 2011, the Company had working capital of $6,099,075 and total shareholders&#8217; equity of $6,424,126.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;The Company expects to use its cash to fund its research and development of SPD light valves, its expanded marketing initiatives, and for other working capital purposes. The Company&#8217;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, the development of new licensees and changes in the Company&#8217;s relationships with its existing licensees. The degree of dependence of the Company&#8217;s working capital requirements on each of the foregoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending upon the nature of such changes. Based upon existing levels of cash expenditures, existing cash reserves and budgeted revenues, the Company believes that it would not require additional funding until the third quarter of 2013. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the extent of commercialization of products using the Company&#8217;s technology by the Company&#8217;s licensees and payments of continuing royalties on account thereof.</font></div>

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<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">10 </font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Item 3. Quantitative and Qualitative Disclosures About Market Risk</font></font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The information required by Item 3 has been disclosed in Item 7A of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2010. There has been no material change in the disclosure regarding market risk.</font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Item 4. Controls and Procedures</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Evaluation of Disclosure Controls and Procedures </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We designed our disclosure controls and procedures to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officer, to allow timely decisions regarding required disclosure. Our chief executive officer and chief financial officer, with assistance from other members of our management, have reviewed the effectiveness of our disclosure controls and procedures as of March 31, 2011, and, based on their evaluation, have concluded that our disclosure controls and procedures were effective. </font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Changes in Internal Control Over Financial Reporting </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended March 31, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. </font></div>

<div align="justify"><font size="2">&#160;</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Forward-Looking Statements</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The information set forth in this Report and in all publicly disseminated information about the Company, including the narrative contained in &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; above, includes &#8220;forward-looking statements&#8221; within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by that section. Readers are cautioned not to place undue reliance on these forward-looking statements as they speak only as of the date hereof and are not guaranteed.</font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">11 </font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">PART II.</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">OTHER INFORMATION</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Item 6. Exhibits</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

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<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">31.1</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Rule 13a-14(a)/15d-14(a) Certification of Joseph M. Harary - Filed herewith.</font></td>
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<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">31.2</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Rule 13a-14(a)/15d-14(a) Certification of Seth L. Van Voorhees - Filed herewith.</font></td>
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<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">32.1</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Section 1350 Certification of Joseph M. Harary - Filed herewith.</font></td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">32.2</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Section 1350 Certification of Seth L. Van Voorhees - Filed herewith.</font></td>
</tr></table>
</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">SIGNATURES </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">RESEARCH FRONTIERS INCORPORATED</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">(Registrant)</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">/s/ Joseph M. Harary</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Joseph M. Harary, President, CEO and Treasurer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">(Principal Executive)</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">/s/ Seth L. Van Voorhees</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Seth L. Van Voorhees, Vice President, CFO and Treasurer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">(Principal Financial and Accounting Officer)</font></td>
</tr></table>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Date: May 5, 2011 </font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">12 </font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exhibit31-1.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF JOSEPH M. HARARY
<TEXT>
<html>
<head>
    <title>exhibit31-1.htm</title>
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<body bgcolor="#ffffff">
<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 31.1</font></font></div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFICATION </font></font></div>

<div align="justify">&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">I, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Joseph M. Harary,</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font><font size="2" style="FONT-FAMILY: Times New Roman">certify that:</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">1. I have reviewed this quarterly report on Form 10-Q of Research Frontiers Incorporated (the &#8220;registrant&#8221;); </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">4. The registrant's other certifying officer&#8217;s and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">5. The registrant's other certifying officer&#8217;s and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Dated: May 5, 2011</font></td>
<td align="left" nowrap width="49%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">/s/ Joseph M. Harary</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Joseph M. Harary</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">President, Chief Executive Officer</font></td>
</tr></table>
</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<hr align="center" noshade size="2" width="100%">
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exhibit31-2.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF SETH L. VAN VOORHEES
<TEXT>
<html>
<head>
    <title>exhibit31-2.htm</title>
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<body bgcolor="#ffffff">
<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 31.2</font></font></div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFICATION </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">I, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Seth L. Van Voorhees,</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> certify that:</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">1. I have reviewed this quarterly report on Form 10-Q of Research Frontiers Incorporated (the &#8220;registrant&#8221;); </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">4. The registrant's other certifying officer&#8217;s and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">5. The registrant's other certifying officer&#8217;s and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Dated: May 5, 2011</font></td>
<td align="left" nowrap width="49%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">/s/ Seth L. Van Voorhees</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Seth L. Van Voorhees</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Vice President, Chief Financial Officer,</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Treasurer and Principal Accounting Officer</font></td>
</tr></table>
</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<hr align="center" noshade size="2" width="100%">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF JOSEPH M. HARARY
<TEXT>
<html>
<head>
    <title>exhibit32-1.htm</title>
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<body bgcolor="#ffffff">
<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 32.1</font></font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFICATION PURSUANT TO</font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">18 U.S.C. SECTION 1350,</font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">AS ADOPTED PURSUANT TO </font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;In connection with the Quarterly Report of Research Frontiers Incorporated (the </font><font size="2" style="FONT-FAMILY: Times New Roman">&#8220;Company&#8221;) on Form 10-Q for the quarter ended March 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph M. Harary, President and Chief Executive Officer and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="TEXT-ALIGN: justify; ">
<tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and</font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160; </td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td nowrap valign="top">&#160;</td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">/s/ Joseph M. Harary</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> <br>
Joseph M. Harary </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">President, Chief Executive Officer and Principal Executive Officer</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">May 5, 2011 </font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>exhibit32-2.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF SETH L. VAN VOORHEES
<TEXT>
<html>
<head>
    <title>exhibit32-2.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 32.2</font></font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFICATION PURSUANT TO </font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">18 U.S.C. SECTION 1350, </font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">AS ADOPTED PURSUANT TO </font></div>

<div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: Times New Roman">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 3pt">&#160;&#160;&#160;</font>&#160;In connection with the Quarterly Report of Research Frontiers Incorporated (the </font><font size="2" style="FONT-FAMILY: Times New Roman">&#8220;Company&#8221;) on Form 10-Q for the quarter ended March 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Seth L. Van Voorhees, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and</font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td nowrap valign="top">&#160;</td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">/s/ Seth L. Van Voorhees</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> <br>
Seth L. Van Voorhees</font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Vice President, Chief Financial Officer, </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Treasurer and Principal Accounting Officer </font></div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">May 5, 2011</font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

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