<SEC-DOCUMENT>0001206774-12-001041.txt : 20120313
<SEC-HEADER>0001206774-12-001041.hdr.sgml : 20120313
<ACCEPTANCE-DATETIME>20120313172145
ACCESSION NUMBER:		0001206774-12-001041
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120313
DATE AS OF CHANGE:		20120313

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09399
		FILM NUMBER:		12687989

	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-K
<SEQUENCE>1
<FILENAME>research_10k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE>scratch.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<BR>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION<BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>WASHINGTON, D.C. 20549</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>FORM
10-K</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>ANNUAL
REPORT PURSUANT TO SECTION 13 or 15(d) of<BR>THE SECURITIES AND EXCHANGE ACT OF
1934 </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>For the fiscal year ended
      </FONT><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>December 31,
    2011</FONT></FONT></TD>
    <TD noWrap align=center width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Commission File Number
      </FONT><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>1-9399</FONT></FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR></FONT></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>(Exact name of registrant as specified in its charter)</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>DELAWARE</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>11-2103466</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>(State or other jurisdiction
      of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>(I.R.S. Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>incorporation or
      organization)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Identification
  No.)</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="49%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>240 CROSSWAYS PARK
    DRIVE</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>WOODBURY, NEW
      YORK</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>11797-2033</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>(Address of principal
      executive offices)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>(Zip
Code)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>Registrant&#146;s
telephone number, including area code <FONT style="DISPLAY: inline; TEXT-DECORATION: underline">(516)
364-1902</FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Securities registered pursuant
      to Section 12(b) of the Act:</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Name of Exchange</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>Title of
Class</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>on Which
      Registered</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Common Stock, $0.0001 Par
      Value</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>The NASDAQ Stock
    Market</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>Securities
registered pursuant to Section 12(g) of the Act:<BR></FONT><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: Times New Roman" size=2>None</FONT></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2> </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>Indicate by
check mark if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. </FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Yes [&nbsp; &nbsp;]&nbsp;&nbsp; No [X] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>Indicate by
check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Act. </FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;
No [X] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>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 [X]&nbsp;&nbsp; No [&nbsp;&nbsp;&nbsp;] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>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
[X]&nbsp;&nbsp; No [&nbsp;&nbsp;&nbsp;] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>Indicate by
check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K is not contained herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>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 &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller
reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one): </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT style="FONT-FAMILY: times new roman" size=2><font style="background-color: transparent">[&nbsp;&nbsp;&nbsp;] Large accelerated filer</font></FONT></TD>
    <TD noWrap align=left width="25%"><FONT style="FONT-FAMILY: times new roman" size=2><font style="background-color: transparent">[X] Accelerated filer</font></FONT></TD>
    <TD noWrap align=left width="25%"><FONT style="FONT-FAMILY: times new roman" size=2>
      <font style="background-color: transparent">[&nbsp;&nbsp;&nbsp;] Non-accelerated filer</font></FONT></TD>
    <TD noWrap align=left width="25%"><FONT style="FONT-FAMILY: times new roman" size=2>
      <font style="background-color: transparent">[&nbsp;&nbsp;&nbsp;] Smaller reporting company</font></FONT></TD></TR></TABLE></DIV><BR>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Act). Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp; No [X] </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>The
aggregate market value of the voting and non-voting common equity held by
non-affiliates of the registrant as of June 30, 2011 (the last business day of
the registrant&#146;s most recently completed second fiscal quarter), computed based
on the closing sale price of $4.57 was $79,467,100. In making this computation,
all shares known to be owned by directors and executive officers of the Company
and all shares known to be owned by other persons holding in excess of 5% of the
Company&#146;s common stock have been deemed held by &#147;affiliates&#148; of the Company, and
awards of restricted stock subject to vesting are assumed to have been fully
issued and outstanding. Nothing herein shall prejudice the right of the Company
or any such person to deny that any such director, executive officer, or
stockholder is an &#147;affiliate.&#148;</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: Times New Roman" size=2>On March
13, 2012 the registrant had 18,907,555 shares of Common Stock
outstanding.</FONT></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART
I</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2><U>ITEM 1.</U>
<U>BUSINESS</U></FONT></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Forward-Looking
Statements </FONT></I></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Information included in
this Annual Report on Form 10-K may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not statements of historical facts, but rather
reflect our current expectations concerning future events and results. We
generally use the words &#147;believes,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148;
&#147;anticipates,&#148; &#147;likely,&#148; &#147;will&#148; and similar expressions to identify
forward-looking statements. Such forward-looking statements, including those
concerning our expectations, involve risks, uncertainties and other factors,
some of which are beyond our control, which may cause our actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. These risks, uncertainties and factors include,
but are not limited to, those factors set forth in this Annual Report on Form
10-K under &#147;Item 1A. &#150; Risk Factors&#148; below. Except as required by applicable
law, including the securities laws of the United States, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. You are cautioned
not to unduly rely on such forward-looking statements when evaluating the
information presented in this Annual Report on Form 10-K. </FONT></I></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>General</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As
used herein, &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; the &#147;Company&#148; or &#147;Research Frontiers&#148; means
Research Frontiers Incorporated unless otherwise indicated. We develop and
license our patented suspended particle device (&#147;SPD-Smart&#148;) light-control
technology to other companies that manufacture and market either the SPD-Smart
chemical emulsion, light-control film made from the chemical emulsion,
lamination services, electronics to power end-products incorporating the film,
or the end-products themselves such as &#147;smart&#148; windows, skylights and sunroofs.
Research Frontiers currently has 39 companies that, in the aggregate, are
licensed to primarily serve four major SPD-Smart application areas (aerospace,
architectural, automotive and marine products) in every country of the world.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Research Frontiers
was incorporated in New York in 1965 to continue early work that Dr. Edwin Land,
founder of Polaroid Corporation, and others had done in the area of
light-control beginning in the 1930s. Research Frontiers was reincorporated in
Delaware in 1989. Since 1965, Research Frontiers has actively worked to develop
and license its own SPD technology, which it protects using patents, trade
secrets and know-how. Although patent and trade secret protection is not a
guarantee of commercial success, Research Frontiers currently has approximately
300 patents that have issued worldwide. In addition, the Company has current
patent applications in the US and other countries that if granted, would add
approximately 250 additional patents to its portfolio. The Company has and
continues to devote significant resources to develop, license and protect its
intellectual property position. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>SPD-Smart products
use microscopic light-absorbing nanoparticles that are typically suspended in a
film. These particles align when an electrical voltage is applied, thus
permitting light to pass through the film. Adjustment of the voltage to the SPD
film gives users the ability to <FONT face="Times New Roman" size=2>quickly,
precisely and consistently regulate the amount of light, glare and heat passing
through the window, skylight, sunroof, window shade or other SPD-Smart
end-product. This SPD film can be incorporated between two layers of glass or
plastic, or combinations of both, to produce a laminate that has enhanced energy
efficiency, light-control and security performance properties.</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research Frontiers believes that the SPD industry is in the initial phase
of growth. SPD light-control technology may have wide commercial applicability
in many types of products and industries where variable light-control is
desired. SPD-Smart glass or plastic window products include the following:
</FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>Automotive sunroofs, sunvisors, side
  windows and rear windows; </FONT></LI>
  <LI><FONT face="Times New Roman" size=2>Architectural commercial and
  residential windows, doors, skylights, and partitions for new construction ,
  replacement, and retrofit applications; </FONT></LI>
  <LI><FONT face="Times New Roman" size=2>Aerospace and marine windows, doors,
  partitions and sunvisors. </FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Some of the early sales and uses of SPD technology have been low volume
commercial installations and some have involved concept and test installations
by licensees and their customers (see &#147;Trends and Recent Developments&#148; below).
Some of our licensees consider the stage of development, product introduction
strategies and timetables, and other plans to be proprietary or secret, and as
such this information cannot be disclosed by Research Frontiers until such
licensees, or their customers, make their own public announcements of planned or
actual product launches. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Higher volume
sales is now expected, initiated by the recent launch by Daimler AG of the Magic
Sky Control&#153; all glass roof option (using SPD technology) on their Mercedes-Benz
SLK and SL vehicles. Research Frontiers believes that within the different
industry applications listed above, automotive sunroofs and all glass roofs such
as the recently launched Magic Sky Control roof on the Mercedes-Benz SLK,
sunvisors and side and rear windows for vehicles, aircraft window shades and
certain architectural applications will be the earliest adopters of the
Company&#146;s technology the largest and most predictable near and intermediate term
market for its technology will be the automotive glass market.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In
addition to the  product applications listed above, <font style="background-color: transparent">SPD-SmartGlass technology may also offer potential benefits in
the development</font> of <font style="background-color: transparent">new</font> flat panel displays,  eyewear, and self-dimming automotive rear-view mirrors. <font style="background-color: transparent">However,
such</font> products need additional product design, engineering or  testing before <font style="background-color: transparent">an evaluation of the</font> commercial <font style="background-color: transparent">potential of
such SPD-SmartGlass</font> products can be <font style="background-color: transparent">determined</font>. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Recent progress
with regard to market development and commercialization activity has been the
result of focused and active efforts by Research Frontiers and its key
production and end-product licensees who have invested in product development
and improvements, production facilities, increased production capacity,
durability, performance testing, quality control and assurance, and marketing
programs. Licensees supplying film to end-product licensees have announced
increases, or plans to do so, in their production capacity. Research Frontiers
believes that with the normal progression of product and manufacturing
improvements, and as licensees become more experienced at the lamination,
fabrication and installation of SPD-Smart products for various applications, the
adoption rates for SPD-Smart products will grow and accelerate, which we expect
will increase the stream of royalty income for the Company.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>As part of their
marketing and branding programs, many of our licensees have developed <FONT face="Times New Roman" size=2>their own trademarks for SPD-Smart emulsion, film,
and end-products and these are listed in their respective press releases,
product brochures, advertising and other promotional materials. Research
Frontiers uses the following trademarks: SPD-Smart&#153;, SPD-SmartGlass&#153;, VaryFast&#153;,
SPD-CleanTech&#153;, SPD Clean Technology&#153;, SmartGlass&#153;, The View of the Future -
Everywhere you Look&#153;, Powered by SPD&#153;, Powered by SPD-CleanTech&#153;, Powered by SPD
Clean Technology&#153;, SG Enabled&#153;, SPD Green and Clean&#153;, SPD On-Board&#153;, Speed
Matters&#153;, and Visit SmartGlass.com - to change your view of the world&#153;.
</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In
each of the last three fiscal years the Company has devoted substantially all of
its time to the development of one class of products, namely SPD-Smart
light-control technology, and therefore revenue analysis by class is not
provided herein. Information about our operation and those of our licensees is
included below and in our financial statements and notes thereto. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company does
not believe that future sales will be seasonal in any material respect. The
Company does not directly manufacture or market products on its own but rather
depends on activities of its licensees. Due to the nature of the Company&#146;s
business operations and the fact that the Company is not presently a
manufacturer, there is no backlog of orders for the Company&#146;s products.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
believes that compliance with federal, state and local provisions which have
been enacted or adopted regulating the discharge of materials into the
environment, or otherwise relating to the protection of the environment, will
not have a material effect upon the capital expenditures, earnings and
competitive position of the Company. The Company has no material capital
expenditures for environmental control facilities planned for the remainder of
its current fiscal year or its next succeeding fiscal year. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Employees</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>On March 13, 2012
the Company had thirteen full-time employees, five of whom are technical
personnel, and the rest of whom perform legal, finance, marketing, investor
relations, and administrative functions. Of these employees, three have obtained
doctorates in chemistry, one has a masters degree in chemistry, one has
extensive industrial experience in electronics and electrical engineering, and
one has majored in physics. Four employees also have additional postgraduate
degrees in business administration, including one doctorate in organization and
management. Also the Company&#146;s suppliers and licensees have people on their
teams with advanced degrees in a number of areas relevant to the commercial
development of products using the Company&#146;s technology. The success of the
Company is dependent upon, among other things, the services of its senior
management, the loss of which could have a material adverse effect upon the
prospects of the Company. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Industry
Trends</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>While economic
activity around the world is still recovering from a severe downturn, there also
are favorable converging global trends in the major near-term markets for
SPD-Smart products. These trends are gaining momentum and strength. In both
public and private sectors across the world, there are substantial efforts
targeted toward the promotion and use of energy efficient materials, including
those used in automobiles, windows and other architectural glazings, aircraft
and boats. For example, as part of its sustainable design strategies, the
architectural community is actively increasing the use of daylight harvesting
and building automation systems to more effectively capture and control natural
light as part of energy <FONT face="Times New Roman" size=2>reduction strategies
to offset electricity used by artificial lighting. In addition to design,
aesthetic and other benefits, this expanded use of glass also supports a growing
body of research which finds that the presence of and control over incoming
natural light improves the well-being and productivity of individuals. Products
using SPD-Smart light-control technology &#150; sunroofs, windows, skylights,
partitions and others &#150; can play an important role in supporting these
converging global trends. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In  the automotive industry, global
trends include the introduction of larger  sunroofs and panoramic roof panels in transportation vehicles, and a higher
percentage of these vehicles having a sunroof or using more glass in the roof.  In 2011, Daimler AG introduced its new
Mercedes-Benz SLK and <font style="background-color: transparent">SL roadsters</font> which offers  as an option the Magic Sky Control glass roof using the Company&#146;s
SPD-SmartGlass technology. In March 2012, Daimler introduced its third vehicle, the Mercedes-Benz Viano PEARL, using
SPD-SmartGlass technology at the 82nd Geneva International Motor Show. The special limited edition of the Mercedes-Benz Viano
Pearl features as standard equipment SPD-SmartGlass technology in the luxury van&#146;s four rear side windows, allowing rear
passengers enhanced privacy as well as instant heat, light and glare control. </FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Automobile manufacturers are beginning to introduce &#147;cielo&#148; glass systems where the windshield of the vehicle joins with the glass in the roof of the vehicle to form one continuous piece of curved glass. The SPD-Smart component of these cielo systems can start with the blue band on the top of the windshield (the rest of the windshield would not use any kind of dark tint because regulations require that the main part of the windshield not have less than 70% light transmission at all times) and extend back to encompass the entire glass roof. Some automakers have incorporated SPD-SmartGlass in concept vehicles, with some of these concept vehicles being exhibited at major auto shows, and a growing number of automakers are developing SPD-SmartGlass products for production vehicles as well. SPD-SmartGlass has also been shown in armored automotive glass applications, and a new market is also beginning to develop for personalized custom conversions of automobiles for owners who wish to express themselves through the design of the cars they own and/or drive.</font></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="background-color: transparent"><FONT face="Times New Roman" size=2>For architectural
applications, various market forces and the distinctive features of
SPD-SmartGlass are having an upward influence on interest for SPD-Smart products. Many architects are specifying more glass in their
designs to satisfy building occupants&#146; desire for greater connectedness with the
outside environment. Also significant is the heightened attention to energy
efficiency in both commercial and residential buildings. Various studies
indicate that buildings in the United States and Europe now account for an
estimated 39-40% of total energy use and upwards of 70% or more of electricity
consumption. Many architects and building owners are striving for sustainable,
"green" buildings that are highly energy-efficient, reduce environmental impact,
and improve occupant health and well-being. In addition, the design community is
increasingly interested in advanced daylighting systems in buildings that lower
electrical lighting usage and reduce heating and cooling loads. Because of this,
the ability to control light, glare and heat in these building applications is
very important and advanced solutions often are needed to optimize operating
efficiencies. SPD-Smart architectural products instantly and precisely provide
shading, glare control and heat management solutions for offices and homes,
especially when these products are available for new construction, replacement
and retrofit projects. These products include insulated glass units,
single-panel retrofits, unusually shaped glazings, and products with advanced
fabrications such as those with ballistic- and blast-resistant capabilities.
</FONT></font></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In the aerospace
industry there is also a trend towards larger windows. In the &#147;transport
category&#148; (primarily large commercial passenger aircraft) segment, the world's
two largest aircraft manufacturers are both promoting the size of the windows in
new aircraft platforms either already being delivered (e.g. Boeing 787) or in
pre-production (e.g. Airbus A350). In the &#147;general aviation&#148; category (primarily
private or chartered smaller aircraft) this trend is true as well, for example
Gulfstream is promoting the size of the windows in the upcoming G650 platform.
Several OEMs either already offer, or have announced their interest to include,
electronic smart window shades in their aircraft &#150; including Boeing, Airbus,
Bombardier, Hawker Beechcraft, HondaJet and Nextant. Qantas Airlines currently
has SPD-Smart window shades installed in the first class lavatories in all of
their Airbus A380 aircraft.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Electronic aircraft window shades may use SPD technology, or may use
other smart window technologies such as liquid crystal or electrochromic
technology. For use in aircraft, SPD-Smart window shades are made of
shatterproof plastic instead of glass to save weight for a given window
thickness and to avoid breakage risks. The Company believes its SPD technology
offers important performance advantages over other technologies including
faster, more uniform response time, greater light-blockage, maximum
heat-rejection when the aircraft is parked on the ramp, and weight-savings. To
date, SPD technology is also the only commercially available light-control smart
window technology known to have passed the stringent safety and durability tests
required by the aviation industry and to have received a Supplemental Type
Certificate (STC) from the Federal Aviation Administration. Today SPD-Smart
window shades are flying in 26 models of various aircraft including those used
in commercial aviation, general aviation and military aviation. Two leading
companies manufacturing electromechanical pleated window shades have announced
new products that incorporate SPD dimmable windows into their designs.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In the marine
application, where light-control needs are especially important, many yacht
manufacturers currently employ less than ideal glazing solutions as they try to
satisfy various shading and solar control objectives. For example, some report
having to use as many as five different types of glass in a typical yacht to
satisfy diverse glazing needs. SPD-Smart marine products can reduce the number
of different types of glass used in these yachts because of its increased
functionality, superior performance and versatility. SPD-Smart marine products
provide an innovation that allows these operators to manage incoming light,
glare and heat while achieving privacy or maintaining one&#146;s view as desired. In
October 2011, Cheoy Lee Shipyards unveiled the Alpha, its most advanced
production yacht, which is fully-equipped with the latest yacht design features
including SPD-SmartGlass supplied by Research Frontiers licensee Diamond Sea
Glaze. The Alpha has approximately 150 square feet of SPD-SmartGlass at various
places throughout the vessel and it is the first large-scale production yacht to
make such extensive use of SPD-SmartGlass. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Products using
SPD-Smart technology continue to be exhibited at trade shows, conferences, and
industry events, with such products not only being exhibited by our licensees
but also by their customers and by OEMs. While there can be no assurance that
these trends will continue, to the extent that they do continue, each is
expected to have a beneficial effect on future fee income for the Company.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In January 2011,
Freedonia Group (a leading market research firm) issued a global flat glass
study that projects 6.0 percent annual growth for this market through 2014
(valued at $89 billion in 2014). This study indicated that Flat Glass demand
over this time period will be influenced by favorable expectations in building
construction and motor vehicles. The Advanced Flat Glass market, a specialty
segment of the Flat Glass market, is expected to grow at a faster rate.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>SPD-Smart glass
products compete in the solar control segment of the Advanced Flat Glass market.
In December 2010, Freedonia Group issued a US Advanced Flat Glass study that
projects 9.1 percent annual growth for this market through 2014 (valued at $7.0
billion in 2014). This study further projects that solar control glass, a
segment of the advanced flat glass market, is expected to grow at an annual
growth rate in excess of twelve percent from 2009 to 2014 (valued at $2.1
billion in 2014). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Historical Background
and Recent Developments</FONT></U></B></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Film
Production</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2>
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>An
important material used in SPD-Smart end-products is SPD light-control film that
varies the tint of glass or plastic. In early 2007, our licensee Hitachi
Chemical began producing their initial SPD-Smart light-control film on their
first factory line. During the second half of 2009, Hitachi Chemical announced
that they had begun mass production on their new, larger capacity production
line and expanded their annual production capacity to 400,000 square meters
(over 4.3 million square feet). Unlike prior production lines, Hitachi
Chemical&#146;s new production line is dedicated exclusively to the production of
SPD-Smart film. In July 2009, Hitachi Chemical launched its website dedicated to
its SPD-Smart light control film and during 2009, Hitachi Chemical outlined in
its press releases and public presentations that it plans to "accelerate the use
of SPD film, which holds significant potential for growth" and noted that "SPD
film is positioned as one of the key emerging products promoted by Hitachi
Chemical to become a future leading product for the company." Customers for
Hitachi Chemical's SPD-Smart film are end-product licensees of Research
Frontiers. These licensees receive the film, laminate it into glass or plastic,
and then fabricate end-products sold into various industries. Most of
end-product licensees pay Research Frontiers a royalty on the sale of these
end-products that typically range from 10-15%. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In 2010, Hitachi
Chemical expanded its SPD film product portfolio by initiating commercial
production of a &#147;lighter&#148; version of its film. Both the SPD &#147;dark&#148; and &#147;light&#148;
films provide very high ranges of visible light transmission. SPD &#147;dark&#148; film
has a range of approximately 0.5% to 55.0%, and SPD &#147;light&#148; film has a range of
approximately 2% to 65%. This leads to contrast ratios (the ratio of clear to
dark light transmission) of up to 110:1. The commercialization of both &#147;dark&#148;
and &#147;light&#148; versions of SPD-film provides greater design and performance options
for various end-product applications. In addition, in February 2012 the Company
filed a patent application relating to the production of SPD-films with even
higher light and dark transmission states than currently available commercially.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In addition to
Hitachi Chemical, two licensed companies are currently making or developing
SPD-Smart light-control film under license from Research Frontiers using
SPD-Smart emulsion produced by our licensee DIC Corporation (formerly known as
Dainippon Ink and Chemicals). These two companies are licensed to sell SPD-Smart
light-control film to other licensees of Research Frontiers. One company in
Italy, Isoclima S.p.A., is also licensed by Research Frontiers to make and sell
architectural and automotive end-products worldwide. In February 2010, Research
Frontiers also licensed Australia&#146;s ID Research Pty Ltd. (the parent company of
IGlass Pty Limited) to make and sell SPD-Smart film worldwide, and to make and
sell SPD-Smart architectural smart window products in Australia, New Zealand and
South Africa. </FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart
Automotive Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2>
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Research Frontiers
and its licensees are currently working with multiple automotive manufacturers
to introduce SPD-Smart windows, sunroofs and roof systems on both concept and
production vehicles. Research Frontiers&#146; end-product licensees in this sector
include: American Glass Products, Asahi Glass, BOS Automotive, Custom Glass,
Daimler AG, DuPont, GKN Aerospace Transparency Systems, Isoclima, Pilkington
Glass, Pittsburgh Glass Works (formerly the automotive glass division of PPG
Industries) and Vision Systems. The Company&#146;s automotive glass licensees account
for the majority of all glass produced for the automotive <FONT face="Times New Roman" size=2>market throughout the world. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In
September 2008, the automotive glass business of PPG Industries (now known as
Pittsburgh Glass Works, LLC), was licensed to make SPD-Smart automotive glass
products, including windows, sunroofs and roof glass systems. Pittsburg Glass
Works (PGW) is North America&#146;s largest automotive glass producer. PGW cited the
importance of this work with SPD-Smart automotive products in their October 2009
press release highlighting milestones achieved during their first year as an
independent company after being previously a wholly-owned subsidiary of PPG
Industries. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In September 2009,
Pilkington Group Limited, a subsidiary of Nippon Sheet Glass (the world&#146;s
largest supplier of glass used in buildings and cars), expanded its license for
SPD-Smart architectural products to include automotive end-products. In March
2011, Pilkington Automotive introduced its brand SPD-SmartGlass automotive
glazing products known as Sundym Select</FONT><FONT face="Times New Roman" size=2>&#153;</FONT><FONT face="Times New Roman" size=2>. Pilkington describes Sundym
Select as providing &#147;the highest level of solar protection available in any,
mass produced, vehicle glazing to date.&#148; Pilkington and its parent company
Nippon Sheet Glass (also a licensee of Research Frontiers) are now supplying
Sundym Select for the Mercedes-Benz SLK Magic Sky Control roof.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In February 2011,
Research Frontiers announced that Daimler AG will use SPD-SmartGlass technology
in its Magic Sky Control panoramic glass roof as an option on its new
Mercedes-Benz 2012 SLK. In December 2011, the Company further announced that
Daimler AG will also offer its Magic Sky Control panoramic glass roof as an
option on its new Mercedes-Benz 2013 SL (expected to be available during 2012).
These SPD products allow drivers and passengers to change the tint of the car
roof from dark to clear quickly with a touch of a button. The SLK and SL will be
the first large-scale series production vehicles to offer SPD-SmartGlass. The
Research Frontiers licensees involved with the production of the Magic Sky
Control roof for the SLK and SL include Hitachi Chemical, which manufactures the
SPD-Smart light-control film in Japan and has recently announced its capacity to
manufacture 4.3 million square feet of SPD film per year. Automotive glass
companies Nippon Sheet Glass in Japan and Pilkington in the UK and Germany then
process and laminate Hitachi&#146;s SPD film into the glass for the Magic Sky Control
roof. </FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In March 2012, Daimler introduced its third vehicle using Research Frontiers&#146; SPD-SmartGlass technology at the 82nd Geneva International Motor Show. The special limited edition of the Viano Pearl features as standard equipment SPD-SmartGlass technology in the luxury van&#146;s four side windows in the rear of the vehicle, allowing passengers enhanced privacy as well as instant heat, light and glare control. This is the first vehicle produced by an automotive OEM that offers automotive side windows made using SPD light-control technology. The Viano Pearl is expected to be available beginning in July 2012. This SPD-SmartGlass used in the Viano Pearl will be manufactured by Research Frontiers&#146; licensee Isoclima S.p.A.</font></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In January 2010,
Vision Systems acquired a license from the Company to manufacture and sell
SPD-Smart products for markets including recreational vehicles, buses, trucks,
mobile cranes and construction vehicles in all countries of Europe. During 2010,
Vision Systems featured its &#147;Nuance&#148; brand of SPD-Smart automotive dimmable
windows at InnoTrans 2010 (Berlin, Germany) and at the 63<SUP>rd</SUP> IAA
Commercial Vehicle conference (Hanover, Germany). During April 2011, Vision
Systems exhibited its SPD-Smart aerospace products at the 2011 Aircraft
Interiors Expo (Hamburg, Germany) and at the 2011 Bombardier Operators
Conference and Tradeshow (Toronto, Canada). In May 2011, Vision Systems
SPD-Smart products were exhibited in an OEM&#146;s mock-up at the 11th Annual
European Business Aviation Convention &amp; Exhibition (EBACE) (Geneva,
Switzerland). In June 2011, Vision Systems SPD-Smart aircraft window shades were
featured in the business class section of the Bombardier CSeries aircraft mockup
at the 49th International Paris Air Show (Le Bourget Airport in France). Also in
that month, Vision Systems exhibited its SPD-Smart transportation products at
AGIR 2011 (La Rochelle, France), an automotive trade exhibition dedicated to the
management and operation of public transport including buses, coaches, tramways
and fleet vehicles. Vision Systems&#146; aerospace and ground transportation products
were exhibited in October 2011 at the NBAA 2011 &#150; the National Business Aviation
Association&#146;s 64th Annual Meeting and Convention (Las <FONT face="Times New Roman" size=2>Vegas, Nevada) &#150; where HondaJet also exhibited
this licensees&#146; SPD-Smart products in its mock-up. During that month, SAFRA SAS
exhibited bus roof glass produced with Vision Systems&#146; SPD-Smart Nuance product
for the transportation industry at the 23rd National Meeting of Public Transport
(Strasbourg, France), and another automotive exhibited a skydome for a motorhome
made with Vision Systems&#146; SPD-SmartGlass at the 46th Salon de Vehicules de
Loisirs (Paris, France). Later October, Vision Systems exhibited its SPD-Smart
ground transportation products at Busworld Kortrijk 2011 (Kortrijk Xpo,
Belgium). In November 2011, Bombardier Aerospace featured Vision Systems&#146;
SPD-Smart aircraft windows in CSeries aircraft cabin mock-up at the 2011 Dubai
Airshow (Dubai, United Arab Emirates). </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Vision Systems announced in January 2012 that Notin, manufacturer of
motorhomes and campers, has selected Visions Systems&#146; Nuance brand of
SPD-SmartGlass for the skylight of Notin's Angara luxury motorhome. The
SPD-Smart skylight is standard equipment on the Angara. Production and shipments
of the Angara are scheduled to commence in 2012. In February 2012, Vision
Systems&#146; SPD-Smart aerospace products were exhibited at the 2012 Singapore
Airshow (Changi International Airport, Singapore). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>While the highest
volume market for which SPD-Smart technology is being developed is new car
production by the world&#146;s automakers, the aftermarket upgrade market also
presents near-term opportunities in the automotive market. Research Frontiers
licensee American Glass Products (AGP) is offering its Vario Plus Sky
SPD-SmartGlass to the automotive aftermarket. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Within the
automotive market, a potentially additional sector is the armored glass market.
Armored glass (sometimes referred to as &#147;transparent armor&#148; and
&#147;bullet-resistant glass&#148;) encompasses the military, non-military government, and
civilian markets. In addition, SPD-Smart technology in this market not only
provides the benefits of light-control and UV blockage, it also adds enhanced
security by introducing darker tints and privacy. A number of the Company&#146;s
licensees including American Glass Products, GKN, Isoclima and Pittsburgh Glass
Works are recognized industry leaders in the armored glass market.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In February 2008,
GKN Aerospace Transparency Systems acquired a license from us covering SPD-Smart
armored glass for vehicles (as discussed below, this license was also expanded
in late 2010 to also include aircraft products). GKN is a world leader in
armored transportation vehicles for both military and civilian vehicles. Since
then, GKN has exhibited their armored SPD-Smart automotive glass at various
military and industry trade shows. In September 2009, GKN announced that it had
been awarded a $425,000 contract by the Combating Terrorism Technical Support
Office (CTTSO) of the United States Department of Defense to develop instantly
dimmable SPD-Smart bullet resistant windows. GKN reported that it has
successfully moved to the next phase of this government project. In October
2011, GKN exhibited its SPD-Smart armored automotive window at AUSA 2011 in
Washington, D.C. and is pursuing commercial opportunities for its SPD-based
products. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In September 2010,
licensee Isoclima exhibited various products from its CromaLite brand of
SPD-SmartGlass at Glasstec 2010, a major industry event. At the Frankfurt
International Auto Show (Frankfurt, Germany), auto manufacturer Mercedes-Benz
exhibited its Viano Vision Pearl luxury concept van using SPD-SmartGlass&#153;
technology. The Viano Vision Pearl luxury van on display featured SPD-SmartGlass
technology in the three glass roof panels, the rear window, and four side
windows. All of these glazings were supplied by Research Frontiers&#146; licensee
Isoclima S.p.A. In November 2011, Isoclima exhibited its CromaLite brand of
SPD-SmartGlass at the 2011 Marine Equipment Trade Show (METS) (Amsterdam RAI
<FONT face="Times New Roman" size=2>Convention Centre, The Netherlands).
</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart
Architectural Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research Frontiers and its licensees are currently working with multiple architectural customers to introduce SPD-Smart products including windows, skylights, partitions and doors. The architectural markets for these products are highly fragmented and in general have a high sensitivity to price. In the near term, the Company expects SPD-SmartGlass products primarily will be commercialized in specialty applications and/or sectors that value its performance attributes. Research Frontiers&#146; end-product licensees in this sector include:  American Glass Products (AGP), Asahi Glass, Cricursa Cristales Curvados, ID Research Pty Ltd (&#147;iGlass&#148;), Innovative Glass, LTI SmartGlass, Prelco, Isoclima, Traco (a business unit of Alcoa) and SmartGlass International Ltd.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>SPD-Smart windows,
skylights, doors and partitions offer various benefits in architectural
applications. During 2009, independent tests were conducted by DSET
Laboratories, a division of Atlas Material Testing Technology, in accordance
with ASTM and ASHRAE testing and calculation protocols. These test results
demonstrate that SPD-Smart windows have excellent solar heat rejection and
control capabilities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In January 2011,
SmartGlass International announced that a new study published by the Department
of Engineering at the University of Cambridge concluded that SPD-Smart
light-control windows are exceptionally energy efficient, reducing solar heat
gain by as much as 90%. The Cambridge study indicated that the real-world
testing "confirms theoretical predictions that SPD glass holds great energy
saving potential and is a technology that can really help to reduce energy
wastage of glass facades." In addition to SPD-Smart technology, the Cambridge
study discussed alternative dynamic glazing technologies that could be used in
windows (e.g. electrochromics) and reported that SPD-Smart technology did not
have the disadvantages that limited the potential of these alternative
technologies. For example, the study cited that an electrochromic window that is
2.4 square meters can take up to 30 minutes to change from clear to dark.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Research Frontiers
licensee SmartGlass International has announced completion of several high
visibility SPD-SmartGlass installations. During February 2012, the company
announced installation of SPD-SmartGlass at CERN, the European Organization for
Nuclear Research, is one of the world&#146;s largest and most respected centers for
scientific research. SmartGlass International installed SPD-SmartGlass in CERN&#146;s
Globe of Science and Innovation Housing which will house a permanent exhibition
and is intended to serve as a venue for a wide range of activities, conferences
and other events, In February 2011, SmartGlass International announced it
supplied retrofit SPD-SmartGlass to five London television studios of the
Associated Press. The SPD-SmartGlass used in these projects harvested daylight
when it's needed, improved occupant comfort by providing controllable solar
shading during peak light conditions, and preserved views. Just prior to this
installation, it was announced that SmartGlass International installed retrofit
SPD-SmartGlass panels at the set of "Daybreak," the breakfast anchor program
from ITV, one of the UK's largest commercial television networks. SmartGlass
International also has established a division known as SmartGlass Medical which
is a dedicated manufacturer of electronically switchable glass for the medical
sector. In February 2011, SmartGlass International exhibited SPD-SmartGlass at
Patient Safety 2011 in London, England. Patient Safety 2011 is the United
Kingdom&#146;s premier forum for issues related of the country&#146;s National Health
Service hospitals. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
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<!-- Part B-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In November 2011,
Research Frontiers licensee Innovative Glass Corporation was awarded two 2010
Crystal Achievement Awards for their smart window product line using our
SPD-Smart light-control technology. In October 2010, their SPD-SmartGlass
product was awarded WFX&#146;s (Worship Facilities Conference &amp; Expo) New Product
award for Best Building System Material Product/Window. Innovative Glass also
has announced or is working on a number of SPD-SmartGlass architectural projects
including: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>residential projects in Florida for
  hurricane-rated windows</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>commercial projects in California
  including a high-tech R&amp;D optics laboratory that used 24 large SPD-Smart
  panels, each of which are each 9 feet tall by 3 feet wide</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>an upcoming high-profile project in
  lower Manhattan specifying the use of 43 SPD-Smart polycarbonate panels</FONT></LI>

  <LI><FONT face="Times New Roman" size=2>a project emphasizing energy efficient
  smart windows at Fort Knox, Kentucky</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>retrofits of existing windows for a
  luxury home</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>exterior windows in a recording
  studio</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>retrofits of skylights for a nature
  center at a New Mexico state park</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>interior partition for a television
  studio at a leading consumer electronics manufacturer</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>doors for a commercial office</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>interior partitions for developer of
  medical software</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>interior and exterior windows for a
  residential project in California</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In November 2011, licensee LTI Smart Glass exhibited SPD-SmartGlass at
the Build Boston 2011 architectural trade event in Boston, MA. Known as a
pioneer in the processing and laminating of electrified films, the LTI Smart
Glass product line includes high-performance SPD-Smart ballistic- and
blast-rated glazings, in addition to conventional SPD-Smart windows, doors,
skylights and partitions.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In February
2010, ID Research Pty Ltd (IDR) (the parent company of iGlass Pty Limited)
acquired a license from Research Frontiers granting it the right to manufacture
and sell SPD-Smart architectural end-products in Australia, New Zealand and
South Africa. The license also grants ID Research Pty Ltd the worldwide right to
manufacture and sell SPD emulsion and film to end-product licensees of Research
Frontiers. The license follows a $1.5 million grant to ID Research Pty Ltd from
the Government of Victoria's Science Agenda (VSA) Investment Fund for "Electro
Responsive Material Coatings for Switchable Automotive Tinted Glass." The
proceeds of this investment are to upgrade and modify the company&#146;s factory to
produce SPD light-control film.</FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Aircraft
Products</FONT></U></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Research
Frontiers&#146; worldwide presence in the aviation industry includes four end-product
licensees: GKN Aerospace, InspecTech Aero Service, SmartGlass International (in
partnership with Schott AG) and Vision Systems. Research Frontiers, its
licensees, and strategic partners of its licensees are currently working with
&#147;transport category&#148; (primarily large commercial aircraft) and &#147;general aviation
category&#148; (primarily private and chartered smaller aircraft) aerospace customers
to introduce SPD-Smart aircraft products including windows and partitions. The
SPD aviation infrastructure is actively working in both new aircraft production
and aftermarket installation programs. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Aviation Licensee
InspecTech Aero Service Inc.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Research
Frontiers' licensee InspecTech Aero Service Inc. markets its iShade brand of
SPD-Smart windows to both the OEM new production segment and aftermarket segment
of the aviation industry. Building on previously announced milestones including
the selection by Hawker Beechcraft Corporation of InspecTech smart window shades
for aftermarket installation on King Air aircraft, and receiving a Supplemental
Type Certificate (STC) for all models of King Air aircraft by the FAA,
InspecTech and its strategic partners are working with a growing number of
aircraft manufacturers and their customers and are selling SPD-Smart dimmable
windows for fixed wing aircraft and helicopters. InspecTech&#146;s SPD-Smart products
have been installed on 26 models of helicopters and commercial, corporate, and
military aircraft.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>InspecTech&#146;s SPD-Smart aircraft windows are the industry&#146;s only dynamic
switchable window shades that are now available for any aircraft as an
aftermarket installation worldwide, and for new production aircraft. In the
transport category of the industry, InspecTech&#146;s SPD-Smart products have been
installed in selected areas on all Airbus A380 aircraft delivered by Airbus to
Qantas Airlines to date, making SPD-Smart window shades the first and only
instantly dimmable window shade flying on commercial airlines.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In April
2011, InspecTech announced </FONT><FONT face="Times New Roman" size=2>a new
model of its SPD-Smart iShade dimmable window, branded iShade iQ. This model, in
addition to the light, glare and heat control made possible by its use of
SPD-Smart technology, also reduces noise levels in the cabin.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Also in April
2011, InspecTech exhibited its iShade iQ brand of SPD-Smart window at the 2011
Aircraft Interiors Expo in Hamburg, Germany. It was announced that one of
InspecTech&#146;s strategic partners, a premier aircraft pleated shade manufacturers,
also promoted SPD-Smart aircraft products at this expo. </FONT><FONT face="Times New Roman" size=2>Lou Martin &amp; Associates showcased their E3
brand of SPD-Smart dimmable window developed with licensee InspecTech. This
aircraft cabin window shading system integrates Lou Martin&#146;s electromechanical
pleated shade with InspecTech&#146;s SPD-Smart iShade dimmable window.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In October
2011, InspecTech&#146;s SPD-Smart dimmable windows had a substantial presence at NBAA
2011 &#150; the National Business Aviation Association&#146;s 64th Annual Meeting and
Convention. The NBAA is the year&#146;s most significant event for the business
aviation industry. This event brings together business leaders, government
officials, manufacturers, corporate aviation department personnel and others
involved in nearly all aspects of business aviation. InspecTech exhibited its
SPD-Smart iShade aerospace window shades. Lou Martin &amp; Associates and MSA
Aircraft Products, two strategic partners of InspecTech, exhibited InspecTech&#146;s
iShade in combination with a pleated shade at their respective booths. In
addition, an aircraft manufacturer unveiled an aircraft installed with
InspecTech iShades.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In November
2011, InspecTech exhibited at the NBAA trade show in Las Vegas. Strategic
Partners MSA Aircraft Products, and Lou Martin &amp; Associates, also exhibited
their products that include InspecTech&#146;s iShade dimmable windows.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At the end of
2011, InspecTech&#146;s sales of its iShade brand of SPD-Smart dimmable windows had
extended to installation on 26 different aircraft models, and its mature
SPD-Smart dimmable windows had been on in-service aircraft for ten
years.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Aviation Licensee Vision
Systems</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In December
2010, licensee Vision Systems exhibited its Nuance brand of SPD-Smart aircraft
cabin windows at MEBA 2010 in Dubai, United Arab Emirates. Vision Systems
featured an integrated display of three SPD-Smart Nuance aircraft cabin windows,
and demonstrated the advanced shading and solar control capabilities available
to pilots, crew and passengers when Nuance windows are used with Vision Systems&#146;
onboard control system.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In April 2011, Vision Systems exhibited
its SPD-Smart Nuance and Noctis products at the 2011 Aircraft Interiors Expo in Hamburg, Germany. Vision Systems&#146;
SPD-Smart Nuance aerospace windows offer instant and precise solar protection solutions that enhance flying comfort and
support fuel efficiency. Nuance aircraft and helicopter window shades are impact-resistant, completely silent, available in
flat and curved surfaces, and can be controlled by the cabin management system or by passengers. The SPD-Smart Noctis shading
system provides control of incoming light at every level, offering on-demand blackout solar protection and complete privacy
as needed. Also in April 2011, Vision Systems exhibited its Nuance and Noctis Products at the 2011 Bombardier Operators
Conference and Tradeshow in Toronto, Canada.  </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In May 2011,
Vision Systems exhibited at the European Business Aviation Convention &amp;
Exhibition (EBACE) in Geneva, Switzerland, a premier event and the annual
meeting place for the European business aviation community.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On June 20,
2011, it was announced that at the 2011 Paris Air Show, SPD-Smart windows
supplied by Vision Systems were presented by an OEM in their full cabin mockup.
Later in the month, with authorization from their customer Bombardier Aerospace,
Vision Systems revealed additional details. At the Paris Air Show, Bombardier
showcased Vision Systems&#146; Noctis brand of SPD-Smart aircraft window shades in
the business class section of the Bombardier C Series aircraft
mockup.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In October
2011, Vision Systems featured its SPD-Smart Nuance and Noctis aircraft and
helicopter window shades at the NBAA Annual Meeting and Convention. In addition
to Vision Systems exhibiting SPD-Smart products, an unnamed OEM also exhibited
Vision Systems&#146; SPD-Smart aerospace window shades in its mock-up. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Aviation </FONT><FONT face="Times New Roman" size=2>Licensee GKN Aerospace Transparency Systems
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In January
2011, Research Frontiers and GKN Aerospace Transparency Systems publicly
announced the expansion of the scope of the former license agreement to include
the sale of SPD-Smart windows, window shades, interior partitions, cabin
dividers and other products for aircraft. The earlier license agreement with GKN
focused on SPD-Smart products for armored transportation applications.
</FONT><FONT face="Times New Roman" size=2>GKN Aerospace is the world-leading
supplier of cockpit transparencies and passenger cabin windows. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In October
2011, GKN exhibited at NBAA 2011 and showed its SPD-Smart aircraft window to
select visitors to its booth.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Aviation </FONT><FONT face="Times New Roman" size=2>Licensee SmartGlass International Ltd.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In 2010,
Research Frontiers and SmartGlass International Ltd. announced an agreement to
expand the scope of SmartGlass International&#146;s license. Under this agreement,
SmartGlass International is authorized to manufacture and offer SPD-Smart
products, including aerospace windows, worldwide. Prior to this agreement,
SmartGlass International was licensed to offer SPD-Smart architectural products
worldwide outside of North America.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In April 2011, SmartGlass International&#146;s SPD-Smart aircraft products
were exhibited at the Aircraft Interiors Expo in Hamburg, Germany, at the booth
of SmartGlass International&#146;s strategic sales and marketing partner SCHOTT AG.
</FONT><FONT face="Times New Roman" size=2>SmartGlass International and the
SCHOTT Group have an agreement granting SCHOTT the right to sell SmartGlass
International&#146;s SPD-Smart products. In business for more than 125 years, SCHOTT
is a world leader in the specialty glass industry and brings its extensive
infrastructure of sales, distribution and service &#150; including over 50 sales
offices spanning 125 countries &#150; to SmartGlass International and its
award-winning SPD-Smart product line.</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Marine
Products</FONT></U></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research Frontiers and its licensees are currently working with marine
customers to introduce SPD-Smart products including windows, doors and
partitions. In December 2010, Diamond Sea Glaze Manufacturing Ltd. acquired a
license from Research Frontiers granting it the right to manufacture and sell
SPD-Smart marine end-products worldwide. When our patented SPD-Smart
light-control technology is used in yacht windows and other products, users can
quickly and precisely control and &#147;tune&#148; the amount of light, glare and heat
coming through their windows, while preserving their view. Diamond Sea-Glaze
Manufacturing commenced marketing activities for products using SPD technology
during the second quarter of 2011.  In October 2011, Cheoy Lee Shipyards
unveiled the Alpha, its most advanced production yacht, which is fully-equipped
with the latest yacht design features including SPD-SmartGlass supplied by
Research Frontiers licensee Diamond Sea Glaze. The Alpha has approximately 150
square feet of SPD-SmartGlass at various places throughout the vessel and it is
the first large-scale production yacht to make such extensive use of
SPD-SmartGlass. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Marketing Activities
and Licensee Support</FONT></U></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In addition to supporting the efforts of its licensees, the Company also
recognizes the need to develop the SPD industry as a whole. As such, the Company
continues to plan and execute complementary programs that build awareness and
interest in smart glass generally and demand for SPD-Smart technology
specifically. These programs include presentations at various general industry
conferences, participation in panel presentations and discussions hosted by
academia, development of trade association educational materials, and
presentations to architects, designers, and other influential specifiers. For
example, during 2011, the Company gave presentations at CEDIA Expo 2011
(Indianapolis, IN), Facility Fusion 2011 (Boston, MA), Buildings New York 2011
(New York, NY), The Society of Vacuum Coaters&#146; Technical Conference (Chicago,
IL) and at the National Building Museum (Washington D.C.). For the second
consecutive year, Research Frontiers exhibited SPD-SmartGlass in at NanoDays
2011 held at the Museum of Science in Boston, MA in March. In May 2011, the
Company exhibited SPD-SmartGlass at Glass Expo Northeast (Hauppauge, NY). During
2011, the Company gave a number of presentations to architects as an approved
provider of the America Institute of Architects&#146; (AIA) Continuing Education
System. The Company expects to participate in additional conferences and events
in 2012. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>During 2011, Dr. George Elvin, Director of Green Technology Forum,
featured SPD-Smart light-control technology in a series of international talks
and courses on emerging green technologies. Dr. Elvin is a well-known advisor,
speaker and author on emerging technologies and has an extensive academic
background. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company&#146;s market development department has a number of other
initiatives in place. To help guide and prioritize its technical and marketing
investments, the Company periodically retains outside strategic marketing and
other consultants to help generate increased short- and medium-term market
penetrations for each of the major markets for the Company&#146;s light-control
technology, and to provide support and guidance to the Company&#146;s licensees
worldwide. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company has emerged as a leading resource for market  research information on the subject of smart glass. Research Frontiers lectures
and presents at industry conferences in areas of energy efficiency, daylight  harvesting and sustainability. The Company has
published independent test data  about SPD-SmartGlass, shared the results of its research studies and test data  with
industry and the media, posted various reference materials to the Company&#146;s  website for global dissemination, and
published presentations, data and bylined  articles. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research Frontiers maintains an active role with various
standards-setting organizations. These organizations include ASTM International
and the National Fenestration Rating Council (NFRC), both of which have had or
continue to have active committees developing standards for smart
glass.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In addition to Research Frontiers providing overarching support of
licensees&#146; sales efforts by developing the SPD industry as a whole, leveraging
its prominence as a leading resource on the topic of smart glass, and
maintaining an active role with standards organizations, Research Frontiers also
supports licensees&#146; marketing and sales efforts directly. Activities include
advising and assisting with branding strategies and advertising campaigns,
website development and other marketing materials, joint presentations to
prospective customers, and additional support. As a focal point of interest in
smart glass, resulting in many consumer and business inquiries, Research
Frontiers has an active referral program to generate customer leads for its
licensees. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>As part of this mission to develop the industry and to support our
licensees&#146; acquiring specific SPD projects, in March of 2009 Research Frontiers
announced the completion of the SPD-SmartGlass Design Center. Research Frontiers
and its licensees have begun to host a series of events at this new facility.
This Center is also configured as an interactive and energy-efficient "smart"
executive office and conference room, is located at the Company's corporate
headquarters in Woodbury, New York. The SPD-SmartGlass Design Center features
leading-edge SPD-Smart windows of different sizes (some floor-to-ceiling) and
framing materials. It has a multi-functional electronic controller system for
manual, remote, automatic smart glass switching, and windows that can be
controlled remotely over the internet or using a smart phone. An interactive
exhibit was also competed in 2009 and expanded in 2010 adjacent to the
SPD-SmartGlass Design Center to provide guests with a history of smart glass and
to showcase state-of-the-art examples of SPD-Smart products. This interactive
area also contains other types of smart glass, such as those using liquid
crystal and electrochromic technologies, allowing users to operate and
experience first-hand the differences in performance characteristics of
different types of smart glass. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research Frontiers&#146; Design Center is the only known public forum where
customers can compare performance between SPD-Smart technology and products
using other light-control technologies. Research Frontiers believes that the
growth of the smart glass industry will be accelerated as more information is
made available through direct comparisons. Research Frontiers believes that SPD
products will be strongly preferred over competing technologies once a direct
comparison is available to potential buyers. Research Frontiers continues to
encourage its competitors to participate in public forums where consumers of
electronically tintable products can see the relative performance of products
that are available.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Licensees of Research
Frontiers</FONT></U></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Currently, the Company&#146;s 39 licensees are categorized into four main
areas: materials for making films (emulsions), film, lamination of film to glass
or plastic, and end-products. Emulsion makers produce and combine the necessary
materials (i.e. SPD particles and various liquids and special polymers) from
which SPD-Smart films are made. The film makers coat a thin layer of emulsion
between two sheets of plastic film, each of which has a transparent conductive
coating. This emulsion is then partly solidified to form an SPD film that allows
users to control the amount of light, glare and heat passing through this film.
The end-product licensees then integrate this film into a variety of SPD-Smart
products, or make electronic systems to control such SPD-Smart products. Some of
these end-product licensees do their own lamination of the SPD light-control
film to glass or plastic, and some outsource this lamination to other companies.
The names of this growing list of licensees, and the year that their license
agreements were entered into, are contained in the Exhibit section of this
Annual Report on Form 10-K. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Licensees of
Research Frontiers who incorporate SPD technology into end-products will pay
Research Frontiers a royalty of 5-15% of net sales of licensed products under
license agreements currently in effect, and may also be required to pay Research
Frontiers fees and minimum annual royalties. Licensees who sell components (such
as SPD emulsion or film) or lamination services to other licensees of Research
Frontiers do not pay a royalty on such sale or service, and Research Frontiers
will collect a royalty from the licensee incorporating these components into
their own SPD-Smart end-products. Research Frontiers&#146; license agreements
typically allow the licensee to terminate the license after some period of time,
and give Research Frontiers only limited rights to terminate before the license
expires. The licenses granted by the Company are non-exclusive and generally
last as long as Research Frontiers&#146; patents remain in effect. Due to their
bankruptcy filings or other termination of their general business activities or
for other reasons, the Company does not believe that Polaroid Corporation,
Kerros Limited, ThermoView Industries, BRG Group, SPD Technologies, SPD Systems,
and Film Technologies International are pursuing business activities with
respect to SPD technology. Also the Company and licensee N.V. Bekaert, S.A
mutually agreed to terminate their license agreement during 2008 for reasons
unrelated to SPD technology. Some of the Company&#146;s other licensees are currently
inactive with respect to SPD technology, but may hereafter become active again.
To date, the Company has not generated sufficient revenue from its licensees to
profitably fund its operations. All of the Company&#146;s license agreements are
included as exhibits to the Company&#146;s periodic reports filed with the United
States Securities and Exchange Commission (the &#147;SEC&#148;).</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Although the
Company believes based upon the status of current negotiations that additional
license agreements with third parties will be entered into, there can be no
assurance that any such additional license agreements will be consummated, or of
the extent to which any current or future licensee of the Company will produce
or sell commercial products using the Company&#146;s technology or generate
meaningful revenue from sales of such licensed products. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company
plans to continue to exploit its SPD-Smart light-control technology by entering
into additional license and other agreements with end-product manufacturers such
as manufacturers of flat glass, flat panel displays and automotive products, and
with other interested companies who may wish to acquire rights to manufacture
and sell the Company&#146;s proprietary emulsions and films.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company&#146;s plans also call for further development of its technology
and the provision of additional technological and marketing assistance to its
licensees to develop commercially viable SPD-Smart products, and expand the
markets for such products. The Company cannot predict when or if new license
agreements will be entered into or the extent to which commercial products will
result from its existing or future licensees because of general economic
conditions and the risks inherent in the developmental process and because
commercialization is dependent upon the efforts of its licensees as well as on
the continuing research and development efforts of the Company.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Competitive
Technologies</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company
believes that its SPD light-control technology has certain performance
advantages over other &#147;smart glass&#148; technologies which electrically vary the
amount of light passing through windows and other smart products.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company believes that pricing and product performance are the two main factors critical to the adoption of smart glass products. Because the non-SPD smart glass technologies listed below do not have published, consistent pricing or cost data that can be relied upon, the Company cannot accurately report its price position relative to these other technologies. In terms of product performance, the Company believes that SPD-SmartGlass technology offers numerous advantages over other smart glass technologies as discussed below.</font></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Variable
light transmission technologies can be classified into two basic types: &#147;active&#148;
technologies that can be controlled electrically by the user either
automatically or manually, and &#147;passive&#148; technologies that can only react to
ambient environmental conditions such as changes in lighting or temperature. One
type of passive variable light transmission technology is photochromic
technology; such devices change their level of transparency in reaction to
external ultra-violet radiation. As compared to photochromic technology, the
Company&#146;s SPD technology permits the user to adjust the amount of light passing
through the viewing area of the device, rather than the viewing area of the
photochromic device merely reacting to external radiation without control by the
user. In addition, the reaction time necessary to change from light to dark with
SPD-Smart technology can be almost instantaneous, as compared to the much slower
reaction time for photochromic devices. Also, unlike SPD technology,
photochromic technology does not function well at the high and low ends of the
temperature range in which smart windows and other devices are normally expected
to operate, nor does photochromic technology perform well in vehicles or other
enclosed settings where existing glass is blocking incoming ultra-violet light
which is required for photochromic devices to operate. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Similarly,
thermochromic smart windows are passive systems which change their light
transmission properties as sunlight heats or cools the glass. Because the light
transmission properties of thermochromic systems are not controlled by the user,
their ability to adapt to the specific needs of occupants is very limited. For
example, thermochromic glazings will remain tinted on hot days even when
occupants desire more daylight to enter the building or when they want to
preserve their views. SPD-Smart windows, which require very low amounts of power
to operate, allow for much greater control of incoming light, glare and heat and
can be adjusted to any level of light transmission from dark to clear at any
time. In addition, SPD-Smart windows can block up to 99.5% of incoming light, a
level many times darker than thermochromic systems. The added advantage offers
much higher levels of privacy and control over incoming solar energy. Companies
involved in thermochromic technology include Pleotint, Suntek and Ravenbrick.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Active,
user-controllable technologies, sometimes referred to as &#147;smart&#148; technologies,
are generally more useful than passive technologies because they allow the user
to actually control the state of the window. This control is achieved with a
manual adjustment, or automatically when coupled with a timer or sensing device
such as a photocell, motion detector, thermostat or other intelligent building
system. There are three main types of active devices which are compared
below:</FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>Electrochromic devices (EC)</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>Liquid crystal devices (LC)</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>Suspended-particle devices (SPD)
  </FONT></LI></UL>
<P align=justify><U><FONT face="Times New Roman" size=2>Electrochromic
Technology</FONT></U><FONT face="Times New Roman" size=2>: Electrochromic
windows and rear-view mirrors use a direct current voltage to alter the
molecular structure of electrochromic materials (which can be in the form of
either a liquid, gel or solid film) causing the material to darken. When
compared to electrochromic devices, SPD technology is expected to have numerous
potential performance and manufacturing advantages, including some or all of the
following: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>faster response time, especially for
  larger glazings which can take many minutes to switch</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>ability to precisely &#147;tune&#148; an
  infinite number of intermediate light-transmission states</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>consistent and uniform switching speed
  regardless of size of glazing area</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>more reliable performance over a wider
  temperature range&nbsp;</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>higher contrast ratios and the
  capability of achieving darker shaded states for large area product
  applications</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>unpowered state is dark, maximizing
  solar heat gain benefits when the room, office or vehicle is not in use</FONT></LI>

  <LI><FONT face="Times New Roman" size=2>lower electrical current drain</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>higher estimated battery life in
  applications where batteries are used</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>no &#147;iris effect&#148; (where light
  transmission changes first occur at the outer edges of a window or mirror and
  then work their way toward the center) when changing from clear to dark and
  back again</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>SPD technology is a film-based
  technology that can be applied to plastic as well as glass, and which can be
  applied to curved as well as flat surfaces</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>available in single panels for
  retrofitting existing windows, skylights and doors</FONT></LI></UL>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Many
companies with substantially greater resources than Research Frontiers such as
3M, Gentex Corp., Pilkington, PPG Industries, Saint-Gobain Glass and other large
corporations have pursued or are pursuing projects in the electrochromic area.
While some of these companies have reportedly discontinued or substantially
curtailed their work on electrochromics due to technical problems and issues
relating to the expense of these technologies, at least four companies (Gentex,
PPG Industries, Sage Electrochromics, Soladigm) are currently working to
commercialize electrochromic window products. In 2010, Saint-Gobain acquired a
50% equity stake in Sage Electrochromics and merged all of its manufacturing and
R&amp;D efforts into Sage Electrochromics. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>Liquid Crystal
Technology</FONT></U><FONT face="Times New Roman" size=2>: To date, the main
types of liquid crystal smart windows have been produced by Taliq Corp. (a
subsidiary of Raychem Corp. which has since discontinued its liquid crystal
operations and licensed its technology to others). Asahi Glass Co., Nippon Sheet
Glass, Saint-Gobain Glass, Polytronix, Inc., DMDisplays, iGlass Projects Pty
Limited, and 3M (which has also reportedly discontinued its liquid crystal film
making operations). The first three companies listed above are also licensees of
Research Frontiers Inc. for SPD-Smart technology. Liquid crystal windows only
change from a cloudy, opaque milky-white to a clear state, are hazy when viewed
at an angle and have no useful intermediate states. As compared to liquid
crystal windows, SPD smart windows are expected to have some or all of the
following advantages: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>have less haze</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>provide shading without loss of
  view</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>operate over a wider temperature
  range</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>use less power</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>have higher contrast ratios</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>absorb and block more light, rather
  than simply scatter it</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>permit an infinite number of
  intermediate states between a transparent state and a dark blue state, rather
  than being just two states.</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>offer superior solar heat gain
  control</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In the flat panel display market, further development (such as the
achievement of faster switching speeds sufficient for full-motion video
applications) is required if the Company expects to compete against display technologies that are currently being used commercially such as liquid
crystal displays (&#147;LCDs&#148;) and organic light-emitting diodes (&#147;OLEDs&#148;). Some of
the advantages that SPD displays might have include the ability to make displays
without using sheet polarizers or alignment layers, and lower light loss and a
corresponding reduction in backlighting requirements. However, such products need additional product design, engineering or testing before an evaluation of the commercial potential of such SPD-SmartGlass products can be determined and when, or
if, its licensees may begin to penetrate the flat panel display market.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>LCDs and
other types of displays, liquid crystal windows, as well as electrochromic
self-dimmable rear-view mirrors, are already on the market, whereas products
incorporating SPD technology (as well as electrochromic windows) have only begun
to appear in the marketplace. Therefore, the long-term durability and
performance of SPD-Smart displays have not yet been fully ascertained. The
companies manufacturing LCD and other display devices, liquid crystal windows,
and electrochromic self-dimmable rear-view mirrors and windows, have
substantially greater financial resources and manufacturing experience than the
Company. There is no assurance that comparable systems having the same
advantages of the Company&#146;s SPD technology could not be developed by competitors
at a lower cost or that other products could not be developed which would render
the Company&#146;s products difficult to market or otherwise render our products
obsolete. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Research and
Development</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As a result
of the Company&#146;s research and development efforts, the Company believes that its
SPD technology is now, or with additional development will become, usable in a
number of commercial products. Such products may include one or more of the
following fields: &#147;smart&#148; windows, doors, skylights and partitions; variable
light transmission eyewear such as sunglasses and goggles; self-dimmable
automotive sunroofs, sunvisors and mirrors; and instruments and other
information displays that use digits, letters, graphic images, or other symbols
to supply information, including scientific instruments, aviation instruments,
automobile dashboard displays and, if certain improvements can be made in
various features of the Company&#146;s SPD technology that increases switching speed
to the levels needed for video applications, portable computer displays and flat
panel television displays.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Even though the Company&#146;s SPD technology has much
faster switching speeds than electrochromic technology, current switching speeds
are not fast enough for such video applications. The Company believes that most
of its research and development efforts have applicability to products that may
incorporate the Company&#146;s technology. At its current state of development, the
Company&#146;s technology has been judged sufficiently advanced by various of its
licensees and their customers for them to proceed with the development,
introduction and sale of SPD-Smart products. However, the Company is
continuously investing in research and development because it believes that
further improvements will result in accelerated and increased market
penetration. The Company intends to continue its research and development
efforts for the foreseeable future to improve its SPD light-control technology
and thereby assist our licensees in the product development, sales and marketing
of various existing and new SPD-Smart products.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>During the past few years, and during the past year in particular, the
Company and/or its licensees have made significant advances relating to
materials to enable (1) improved stability of SPD emulsions, (2) a wider range
of light transmission, (3) improved film adhesion and cohesion and (4) increased
durability of SPD films/laminates. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company
has devoted most of the resources it has heretofore expended to research and
development activities with the goal of producing commercially viable SPD
products and has developed working prototypes of SPD-Smart products for several
different applications, with primary emphasis on smart windows for various
industries. In addition to working with the Company&#146;s licensees, Research
Frontiers has also expanded its efforts to also work directly with some of our
licensees&#146; major customers.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research Frontiers&#146; main
goals in its research and development include: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face="Times New Roman" size=2>developing wider ranges of light
  transmission and quicker switching speeds</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>developing different colored
  particles</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>reducing the voltage required to
  operate SPDs</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>obtaining data and developing improved
  materials regarding environmental stability and longevity</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>quantifying the degree of energy
  savings expected by users of the Company&#146;s technology including the degree
  that SPD technology can control heat and its contribution to energy savings
  directly and through daylight harvesting strategies in sustainable building
  designs.</FONT></LI>
  <LI><FONT face="Times New Roman" size=2>Continually striving to improve the
  performance and reducing material/production costs associated with making
  SPD-Smart products</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Excluding non-cash expenses of approximately $108,000, $170,000, and
$26,000, associated with the grant of stock options to the Company&#146;s technical
personnel, Research Frontiers incurred approximately $1,282,000, $1,235,000, and
$1,524,000, during the years ended December 31, 2011, 2010, and 2009,
respectively, for research and development. Research Frontiers plans to engage
in substantial continuing research and development activities to invest in
future improvements in SPD light-control technology and to expand for its
licensees the capabilities of SPD-Smart technology and the markets for SPD-Smart
products.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Patents and
Proprietary Information</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Research
Frontiers continues to make substantial investments to develop, license and
protect its intellectual property position. The Company has 38 United States and
250 foreign patents in force. The Company&#146;s United States patents expire at
various dates from 2012 through 2025, while its foreign patents expire at
various dates from 2012 through 2026. The Company has current US and foreign
patent applications that, if granted, would add approximately 250 additional
patents to its portfolio. The Company believes that its SPD light-control
technology is adequately protected by its patent position and by its proprietary
technological know-how. However, the validity of the Company&#146;s patents has never
been contested in any litigation. The Company also possesses know-how and relies
on trade secrets and nondisclosure agreements to protect its technology. The
Company generally requires any employee, consultant, or licensee having access
to its confidential information to execute an agreement whereby such person
agrees to keep such information confidential.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
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<!-- Part C-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research Frontiers&#146; licensees have directed the Company not to reveal
aspects of their activities or those of their customers, which limits the
Company&#146;s ability to disclose certain information. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Rights
Plan</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In February 2003,
the Company&#146;s Board of Directors adopted a Stockholders&#146; Rights Plan (the
&#147;Rights Plan&#148;) and declared a dividend distribution of one right (a &#147;Right&#148;) for
each outstanding share of Company common stock to stockholders of record at the
close of business on March 3, 2003. Subject to certain exceptions listed in the
Rights Plan, if a person or group has acquired beneficial ownership of, or
commences a tender or exchange offer for, 15% or more of the Company&#146;s common
stock, unless redeemed by the Company&#146;s Board of Directors, each Right entitles
the holder (other than the acquiring person) to purchase from the Company $120
worth of common stock for $60. If the Company is merged into, or 50% or more of
its assets or earning power is sold to, the acquiring company, the Rights will
also enable the holder (other than the acquiring person) to purchase $120 worth
of common stock of the acquiring company for $60. The Rights will expire at the
close of business on February 18, 2013, unless the Rights Plan is extended by
the Company&#146;s Board of Directors or unless the Rights are earlier redeemed by
the Company at a price of $.0001 per Right. The Rights are not exercisable
during the time when they are redeemable by the Company. The above description
highlights some of the features of the Company&#146;s Rights Plan and is not a
complete description of the Rights Plan. A more detailed description and copy of
the Rights Plan has been filed with the SEC and is available from the Company
upon request.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Available
Information</FONT></U><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Our principal executive
offices are located at 240 Crossways Park Drive, Woodbury, New York 11797, our
telephone number is (516) 364-1902, and our Internet website address is
www.SmartGlass.com. We make available free of charge on or through our Internet
website our annual report on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, proxy statements on Schedule 14A, and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 as soon as reasonably practicable after we electronically
file such materials with, or furnish them to, the SEC. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
1A</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>RISK FACTORS</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In
addition to the other information in this Annual Report on Form 10-K, you should
carefully consider the following factors in evaluating us and our business. This
Annual Report contains, in addition to historical information, forward-looking
statements that involve risks and uncertainties, some of which are beyond our
control. Should one or more of these risks and uncertainties materialize or
should underlying assumptions prove incorrect, our actual results could differ
materially. Factors that could cause or contribute to such differences include,
but are not limited to, those discussed below, as well as those discussed
elsewhere in this Annual Report, including the documents incorporated by
reference.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>There are risks
associated with investing in companies such as ours who are primarily engaged in
research and development. In addition to risks which could apply to any company
or business, you should also consider the business we are in and the
following:</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Source and Need for
Capital. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>As of December 31,
2011, we had approximately $3.7 million in cash, cash equivalents and short-term
investments. As we take steps in the commercialization and marketing of our
technology, or respond to potential opportunities and/or adverse events, our
working capital needs may change. We anticipate that if our cash and cash
equivalents are insufficient to satisfy our liquidity requirements, we will
require additional funding to sustain our ongoing operations and to continue our
SPD technology research and development activities. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>We have funded
most of our activities through sales of our common stock to investors, and upon
the exercise of options and warrants. Eventual success of the Company and
generation of positive cash flow will be dependent upon the extent of
commercialization of products using the Company's technology by the Company's
licensees and payments of continuing royalties on account thereof. We can give
no assurances that we will generate sufficient revenues in the future (through
sales of our common stock, exercise of options and warrants, royalty fees, or
otherwise) to satisfy our liquidity requirements or sustain future operations,
or that additional funding, if required, will be available when needed or, if
available, on favorable terms. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>History of Operating
Losses. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>We have
experienced net losses from operations, and we may continue to incur net losses
from operations in the future. We have incurred substantial costs and expenses
in researching and developing our SPD technology. As of December 31, 2011, we
had a cumulative net loss of $84,408,286 since our inception. Our net loss was
$4,134,068 in 2011, $3,874,865 in 2010 and $4,002,761 in 2009 (which includes
non-cash accounting charge in 2011, 2010 and 2009 of $702,837, $772,604, and
$445,913, respectively, resulting from the expensing of grants of restricted stock and stock
options).</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We have never
declared a cash dividend and do not intend to declare a cash dividend in the
foreseeable future. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>We have never
declared or paid cash dividends on our common stock. Payment of dividends on our
common stock is within the discretion of our Board of Directors and will depend
upon our future earnings, capital requirements, financial condition and other
relevant factors. We do not anticipate declaring or paying any cash dividends on
our common stock in the foreseeable future. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We do not directly
manufacture or market products using SPD technology and depend upon activities
by our licensees and their customers. </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We
depend upon the activities of our licensees in order to be profitable. We do not
directly manufacture or market products using SPD technology. Although a variety
of products have been sold by our licensees, and because it is up to our
licensees to decide when and if they will introduce products using SPD
technology, we cannot predict when and if our licensees will generate
substantial sales of such products. Our SPD technology is currently licensed to
39 companies. Other companies are also evaluating SPD technology for use in
various products. In the past, some companies have evaluated our technology
without proceeding further. While we expect that our licensees would be
primarily responsible for manufacturing and marketing SPD-Smart products and
components, we are also engaging in market development activities to support our
licensees and build the smart glass industry. We cannot control whether or not
our licensees will develop SPD products. Some of our licensees appear to be more
active than others, some appear to be better capitalized than others, and some
licensees appear to be inactive. There is no guarantee when or if our licensees
will successfully produce any commercial product using SPD technology in
sufficient quantities to make the Company profitable.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>SPD-Smart products
have only recently been introduced. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Products using SPD
technology have only recently begun to be introduced into the marketplace.
Developing products using new technologies can be risky because problems,
expenses and delays frequently occur, and costs may or may not come down quickly
enough for such products using new technologies to rapidly penetrate mass market
applications.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>SPD-Smart products
face intense competition, which could affect our ability to increase our
revenues. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The market for
SPD-Smart products is intensely competitive and we expect competition to
increase in the future. We compete based on the functionality and the quality of
our product. Many of our current and potential competitors have significantly
greater financial, technical, marketing and other resources than we have. In
addition, many of our competitors have well-established relationships with our
current and potential customers and have extensive knowledge of our industry. If
our competitors develop new technologies or new products, improve the
functionality or quality of their current products, or reduce their prices, and
if we are unable to respond to such competitive developments quickly either
because our research and development efforts do not keep pace with our
competitors or because of our lack of financial resources, we may be unable to
compete effectively. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Declining production
of automobiles, airplanes, boats and real estate could harm our business.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Our licensees&#146;
commercialization efforts of SPD-Smart products could be negatively impacted if
the global production of automobiles, airplanes, boats and real estate
construction declines significantly. If such commercialization is reduced, our
revenues, results of operations and financial condition could be negatively
impacted. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Single source of SPD
film. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Our end-product
licensees require a source of SPD film to manufacture finished products.
Currently, Hitachi Chemical is the sole source of commercial quantities of
SPD-film. There are several other companies that are licensed to manufacture
SPD-film, but they have not begun commercial production of this film. Our
end-product licensees&#146; ability to sell SPD products could be negatively impacted
if there was a prolonged disruption in SPD-film availability. Such a disruption
could also negatively impact our revenues, results of operations and financial
condition. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We are dependent on
key personnel. </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Our continued success will depend, to a significant extent, on the
services of our directors, executive management team, key personnel and certain
key scientists. If one or more of these individuals were to leave the Company,
there is no guarantee that we could replace them with qualified individuals in a
timely or economically satisfactory manner or at all. The loss or unavailability
of any or all of these individuals could harm our ability to execute our
business plan, maintain important business relationships and complete certain
product development initiatives, which would have a material adverse effect on
our business, results of operations and financial conditions. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Dependence on
SPD-Smart technology.</FONT></I></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Because SPD
technology is the only technology we work with, our success depends upon the
viability of SPD technology which has yet to be fully proven. We have not fully
ascertained the performance and long-term reliability of our technology, and
therefore there is no guarantee that our technology will successfully be
incorporated into all of the products which we are targeting for use of SPD
technology. We expect that different product applications for SPD technology
will have different performance and reliability specifications. We expect that
our licensees will primarily be responsible for reliability testing, but that we
may also continue to do reliability testing so that we can more effectively
focus our research and development efforts towards constantly improving the
performance characteristics and reliability of products using SPD
technology.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Our patents and other
protective measures may not adequately protect our proprietary intellectual
property, and we may be infringing on the rights of others. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Our intellectual
property, particularly our proprietary rights in our SPD technology, is critical
to our success. We have received various patents, and filed other patent
applications, for various applications and aspects of our SPD technology. In
addition, we generally enter into confidentiality and invention agreements with
our employees and consultants. Such patents and agreements and various other
measures we take to protect our intellectual property from use by others may not
be effective for various reasons generally applicable to patents and their
granting and enforcement. In addition, the costs associated with enforcing
patents, confidentiality and invention agreements or other intellectual property
rights may be expensive. Our inability to protect our proprietary intellectual
property rights or gain a competitive advantage from such rights could harm our
ability to generate revenues and, as a result, our business and
operations.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
1B</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>UNRESOLVED STAFF COMMENTS</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>None </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
2</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>PROPERTIES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company currently occupies approximately 9,500 square feet of space
at an annual rental which in 2011 was approximately $173,000 for its executive
office, research facility and SPD-Smart Glass Design Center at 240 Crossways
Park Drive, Woodbury, New York 11797 under a lease expiring January 31, 2014.
The Company believes that its space, including its laboratory facilities, is
adequate for its present needs. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
3</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>LEGAL PROCEEDINGS</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>There are no legal
proceedings pending by or against the Company required to be reported under this
Item 3. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM  4</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>MINE
SAFETY DISCLOSURES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>N/A</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-ALIGN: center"><B><U><FONT face="Times New Roman" size=2>PART
II</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">
    <TD noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2><U>ITEM
      5</U><FONT face="Times New Roman">.</FONT></FONT></STRONG></TD>
    <TD width="1%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" width="97%">
      <P><B><U><FONT face="Times New Roman" size=2>MARKET FOR THE REGISTRANT&#146;S
      COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
      </FONT></U></B><B><FONT face="Times New Roman" size=2></FONT></B><B><U><FONT face="Times New Roman" size=2>PURCHASES OF
      EQUITY
SECURITIES</FONT></U></B></P></TD></TR></TABLE></FONT></U></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(a)
</FONT></B><B><U><FONT face="Times New Roman" size=2>Market
Information</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2>The Company&#146;s common stock is traded on the
      NASDAQ Capital Market under the symbol &#147;REFR&#148;. As of March 13, 2012, there
      were 18,907,555 shares of common stock outstanding.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The following table
      sets forth the range of the high and low selling prices (as provided by
      the National Association of Securities Dealers) of the Company&#146;s common
      stock for each quarterly period within the past two fiscal
  years:</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%"><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>Quarter Ended</FONT></TD>
    <TD align=left width="2%"><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>Low</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>High</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>March 31, 2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.61</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.76</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%"><FONT face="Times New Roman" size=2>June 30,
      2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>2.79</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%"></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>4.70</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 30, 2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.63</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.91</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%"><FONT face="Times New Roman" size=2>December
      31, 2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>3.95</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%"></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>5.29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>March 31, 2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.70</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.88</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%"><FONT face="Times New Roman" size=2>June 30,
      2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>4.53</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%"></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>4.87</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 30, 2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.50</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.78</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%"><FONT face="Times New Roman" size=2>December
      31, 2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>3.25</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%"></TD>
    <TD style="TEXT-ALIGN: center" width="2%"><FONT face="Times New Roman" size=2>3.51</FONT></TD></TR></TABLE>
<P style="PADDING-LEFT: 50pt" align=left><FONT face="Times New Roman" size=2>These quotations may reflect inter-dealer prices, without retail mark-up,
mark-down, or commission, and may not necessarily represent actual
transactions.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(b)
</FONT></B><B><U><FONT face="Times New Roman" size=2>Approximate Number of
Security Holders</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As
of March 9, 2012, there were approximately 436 holders of record of the
Company&#146;s common stock and the closing price of our common stock was $3.56 per
share. The Company estimates that there are approximately 6,654 beneficial
holders of the Company&#146;s common stock.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(c)
</FONT></B><B><U><FONT face="Times New Roman" size=2>Dividends</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has
not declared or paid cash dividends on its common stock for the two most recent
fiscal years and does not expect to declare or pay any cash dividends in the
foreseeable future. There are no restrictions on the payment of dividends.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(d)
</FONT></B><B><U><FONT face="Times New Roman" size=2>Issuer Purchases of Equity
Securities</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2><U>ITEM
6</U></FONT></B><B><FONT face="Times New Roman" size=2><U>.</U>
</FONT></B><B><FONT face="Times New Roman" size=2><U>SELECTED FINANCIAL
DATA</U></FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following table sets forth selected data regarding the Company&#146;s
operating results and financial position. The data for fiscal years 2011, 2010 and 2009 should be read in conjunction
with Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations and our audited consolidated financial statements and notes thereto, which are contained in this Annual Report on Form 10-K. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="32%" colSpan=19><FONT face="Times New Roman" size=2>Year ended
      December 31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2008</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2007</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Statement of Operations Data:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee income</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>845,982</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>767,522</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>709,811</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,679,919</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>402,359</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Operating expenses (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,618,635</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,253,250</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,183,492</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,959,576</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,774,027</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Research and development (1)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,390,689</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,404,654</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,549,707</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,469,760</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,529,576</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,009,324</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,657,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,733,199</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,429,336</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,303,603</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Operating loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,163,342</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,890,382</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,023,388</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(2,749,417</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(7,901,244</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net investment income</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>29,274</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,517</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,627</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>154,574</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>336,026</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 4%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="4%"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="3%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 4%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="4%"><FONT face="Times New Roman" size=2>(4,002,761</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 4%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="4%"><FONT face="Times New Roman" size=2>(2,594,843</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="3%"><FONT face="Times New Roman" size=2>(7,565,218</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=20>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(.22</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; BORDER-BOTTOM: #c0c0c0 2pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(.22</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; BORDER-BOTTOM: #c0c0c0 2pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(.25</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; BORDER-BOTTOM: #c0c0c0 2pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(.17</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; BORDER-BOTTOM: #c0c0c0 2pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(.50</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt; WIDTH: 1%; BORDER-BOTTOM: #c0c0c0 2pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Dividends per share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=20>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted average number of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>common shares outstanding</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,538,041</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,321,360</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,065,248</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,441,789</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,441,789</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=20>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=20>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="32%" colSpan=19><FONT face="Times New Roman" size=2>As of December
      31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2008</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2007</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance Sheet Data:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>4,312,104</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,455,820</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>4,307,485</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>4,937,531</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,469,456</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,784,691</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,473,860</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,283,880</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,659,405</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt,
      including</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      accrued interest</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      shareholders&#146; equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,472,452</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,165,337</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,872,185</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,330,808</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Reflects
      non-cash charges of $594,492, $602,218, $419,879, $126,408 and $2,790,656
      to operating expenses, and non-cash charges of $108,345, $170,386,
      $26,034, $0, and $1,236,199 to research and development expenses relating
      to the issuance of stock and stock options in 2011, 2010, 2009, 2008 and 2007,
      respectively which increased the Company&#146;s net loss for 2011, 2010, 2009,
      2008 and 2007 by $702,837, $772,604, $445,913, $126,408 and $4,026,855,
      respectively.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2><U>ITEM 7</U><FONT face="Times New Roman">.</FONT></FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="97%">
      <P align=left><FONT face="Times New Roman" size=2><B><U>MANAGEMENT&#146;S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS</U></B> </FONT></P></TD></TR></TABLE></FONT></U></B></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Forward-Looking
Statements </FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I>Information included in this Annual Report on Form 10-K may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not statements of
historical facts, but rather reflect our current expectations concerning future
events and results. We generally use the words &#147;believes,&#148; &#147;expects,&#148; &#147;intends,&#148;
&#147;plans,&#148; &#147;anticipates,&#148; &#147;likely,&#148; &#147;will&#148; and similar expressions to identify
forward-looking statements. Such forward-looking statements, including those
concerning our expectations, involve risks, uncertainties and other factors,
some of which are beyond our control, which may cause our actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. These risks, uncertainties and factors include,
but are not limited to, those factors set forth in this Annual Report on Form
10-K under &#147;Item 1A. &#150; Risk Factors&#148; above. Except as required by applicable
law, including the securities laws of the United States, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. You are cautioned
not to unduly rely on such forward-looking statements when evaluating the
information presented in this Annual Report on Form 10-K. </I></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In reviewing
Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations, you should refer to our consolidated financial statements and the
notes related thereto. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Critical Accounting
Policies</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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.&#148;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has
entered into a number of license agreements covering potential products using
the Company&#146;s SPD technology. The Company receives fees and 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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
expenses costs relating to the development or acquisition of patents due to the
uncertainty of the recoverability of these items. 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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>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</FONT><I><FONT face="Times New Roman" size=2>,</FONT></I><FONT face="Times New Roman" size=2> 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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Results of
Operations</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Year ended December
31, 2011 Compared to the Year ended December 31, 2010</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company&#146;s fee
income from licensing activities for 2011 was $845,982, as compared to $767,522
for 2010. A majority of the increase in fee income during 2011 as compared to
2010 was a result of higher product sales in the automotive market from one of
our licensees. This licensee's sales levels exceeded its minimum annual royalty
levels under its license agreement, thereby resulting in the amount of royalty
fee income in excess of the minimum annual royalty being recognized as
additional fee income.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Certain license
fees, which are paid to the Company in advance of the accounting period in which
they are earned can result in the recognition of deferred revenue for the
current accounting period, which 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&#146;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&#146;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 gets paid its
royalty resulting from such activity. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Operating
expenses  increased by $365,385 for 2011 to $3,618,635 from $3,253,250 for 2010. This  increase was principally the result of
increased payroll and related costs  ($235,000), as well as higher directors fees and expenses ($70,000), and higher
insurance costs  ($48,000). Differences in the amount of directors fees recorded as expense by  the Company are the result of
the addition of two new directors in 2011. Included in operating expenses are $594,000 and $602,000 of non-cash stock
and stock option compensation expense for 2011 and 2010, respectively. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!-- Part D-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research and development expenditures decreased by $13,965 to $1,390,689
for 2011 from $1,404,654 for 2010. This decrease was principally the result of
lower payroll and non cash stock option compensation charges ($40,000) as well
as lower allocated rent ($10,000) partially offset by higher insurance costs
($41,000). Included in research and development expenses are $108,000 and $170,000 of non-cash stock option compensation charges for 2011 and 2010, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Investment
income for 2011 was $29,274 as compared to $15,517 for 2010. The difference was
due to higher cash balances available for investment which was invested in
certificates of deposit bearing somewhat higher interest rates. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As a
consequence of the factors discussed above, the Company's net loss was
$4,134,068 ($0.22 per share) for 2011 as compared to $3,874,865 ($0.22 per
share) for 2010.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Year ended December
31, 2010 Compared to the year ended December 31, 2009 </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company&#146;s
fee income from licensing activities for 2010 was $767,522, as compared to
$709,811 for 2009. 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. Furthermore, the expiration of an agreement
with a licensee in May 2009, regarding payments for guaranteed access to certain
improvements in the Company&#146;s technology reduced fee income by approximately
$202,000. Without the expiration of this agreement, fee income for 2010 would
have been higher. 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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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&#146;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&#146;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. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Operating
expenses increased by $69,758 for 2010 to $3,253,250 from $3,183,492 for 2009.
This increase was principally the result of higher payroll and stock
compensation charges ($193,000), as well as higher market costs ($36,000) and
patent costs ($19,000), partially offset by lower allocated insurance costs
($57,000), lower director fees ($56,000) and lower professional fees ($54,000)
relating to a non-recurring project. Included in operating expenses are $602,000
and $420,000 of non cash stock option compensation charges for 2010 and 2009,
respectively.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Research and development expenditures decreased by $145,053 to $1,404,654
for 2010 from $1,549,707 for 2009. This decrease was principally the result of
lower materials costs ($54,000) as well as lower allocated insurance costs
($54,000) and lower payroll expenses partially offset by increased non-cash
compensation charges from the issuance of stock options, the net effect being a
reduction in compensation expense of $31,000. Included in research and
development expenses are $170,000 and $26,000 of non cash stock option
compensation charges for 2010 and 2009, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company&#146;s
net investment income for 2010 was $15,517, as compared to net investment income
of $20,627 for 2009. The difference was primarily due to lower interest
rates.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As a
consequence of the factors discussed above, the Company's net loss was
$3,874,865 ($0.22 per common share) for 2010 as compared to $4,002,761 ($0.25
per common share) for 2009.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Financial Condition,
Liquidity and Capital Resources</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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&#146;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&#146;s relationship with existing licensees. The degree of
dependence of the Company&#146;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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During 2011,
the Company&#146;s cash and cash equivalents balance decreased by $4,554,180
principally as a result of cash used for operations of $3,352,584, as well as
net cash invested in certificates of deposit of $1,255,056. At December 31,
2011, the Company had working capital of $4,002,165 and total shareholders&#146;
equity of $4,107,198.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During 2010,
the Company&#146;s cash and cash equivalents balance increased by $3,197,010
principally as a result of cash proceeds from the sale of common stock of
$6,409,376, partially offset by cash used for operations of $3,202,053.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During 2009,
the Company&#146;s cash and cash equivalents balance increased by $1,393,022
principally as a result of cash proceeds from the sale of U.S. Treasury
Securities of $2,299,496 as well as proceeds from the sale of common stock of
$2,850,000 partially offset by cash used for operations of $3,732,527.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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&#146;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&#146;s
relationships with its existing licensees. The degree of dependence of the
Company&#146;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 second 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&#146;s
technology by the Company&#146;s licensees and payments of continuing royalties on
account thereof. To date the Company has not generated sufficient revenue from its licensees to fund its operations.</FONT> </P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Inflation</FONT></U></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company does not believe that inflation has a significant impact on
its business.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Contractual
Obligations</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company
occupies premises under an operating lease agreement which expires on January
31, 2014 and requires minimum annual rent which rises over the term of the lease
to approximately $177,000, plus tenant&#146;s share of applicable taxes. These lease
obligations are summarized over time as of December 31, 2011:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="21%" colSpan=11><FONT face="Times New Roman" size=2>Payments due by period</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>&lt;1
      year</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>1-3
      years</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>4-5
      years</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>&gt;5 years</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>Total</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Operating lease obligations</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$173,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$208,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$381,000</FONT></TD></TR></TABLE><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Off-Balance Sheet
Arrangements</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We have no
variable interest entities or other off-balance sheet obligation
arrangements.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Related Party
Transactions</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Forward Looking
Statements</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information set forth in this Report and in all publicly disseminated
information about the Company, including the narrative contained in
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; above, includes &#147;forward-looking statements&#148; 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></P>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
7A</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>QUANTITATIVE AND QUALITATIVE DISCLOSURE
</FONT></U></B><B><U><FONT face="Times New Roman" size=2>ABOUT MARKET
RISK</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>At times, the Company invests available cash and cash equivalents in
money market funds or in short-term U.S. treasury securities with maturities
that are generally one year or less. Although the rate of interest paid on such
investments in money market funds may fluctuate over time, each of the Company&#146;s
investments in U.S. treasury securities is made at a fixed interest rate over
the duration of the investment. Accordingly, the Company does not believe it is
materially exposed to changes in interest rates as it generally holds these
treasury securities until maturity. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company
does not currently have any sales, purchases, assets or liabilities determined
in currencies other than the U.S. dollar, and as such, is not subject to foreign
currency exchange risk. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2><U>ITEM 8.</U>
<U>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</U></FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consolidated financial statements listed in Item 15(a)(1) and (2) are included
in this Report beginning on page F-1. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2><U>ITEM 9</U><FONT face="Times New Roman">.&nbsp;</FONT></FONT></STRONG></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2><STRONG><U><FONT face="Times New Roman">CHANGES IN AND
      DISAGREEMENTS WITH ACCOUNTANTS </FONT><FONT face="Times New Roman">ON
      ACCOUNTING AND FINANCIAL DISCLOSURE</FONT></U></STRONG><FONT face="Times New Roman">
</FONT></FONT></TD></TR></TABLE></FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None.
</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
9A</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>CONTROLS AND PROCEDURES</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Conclusion Regarding the
Effectiveness of Disclosure Controls and Procedures </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As of the end
of the period covered by this Annual Report on Form 10-K, the Company carried
out an evaluation, under the supervision and with the participation of the
Company's management, including the Company&#146;s Chairman and its Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the design and
operation of the Company's disclosure controls and procedures pursuant to
Exchange Act Rule 13a-15(e) and 15d-15(e). Based upon that evaluation, the
Company's Chairman and its Chief Executive Officer and Chief Financial Officer
concluded that the Company's disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company (including
its consolidated subsidiary) required to be included in the Company's periodic
SEC filings. Our officers have concluded that as of December 31, 2011 our
disclosure controls and procedures are designed, and are effective, to ensure
that information required to be disclosed by our company in the reports we file
or submit under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the commission&#146;s rules and forms,
and are also effective 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 chief executive officer and chief
financial officer, to allow timely decisions regarding required disclosure.
There were no changes in the Company's internal control over financial reporting
during the quarterly period ended December 31, 2011 that has materially
affected, or is reasonably likely to materially affect, the Company's internal
control over financial reporting.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Management&#146;s Report
on Internal Control over Financial Reporting</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Our management is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined in Exchange
Act Rule 13a-15(f). Our internal control system is designed to provide
reasonable assurance to our management and Board of Directors regarding the
preparation and fair presentation of published financial statements. Under the
supervision and with the participation of our management, including our chief
executive officer and chief financial officer, we conducted an evaluation of the
effectiveness of our internal control over financial reporting based on the
framework in Internal Control-Integrated Framework, issued by the Committee of
Sponsoring Organizations of the Treadway Commission, or the COSO Framework.
Based on our evaluation under the COSO Framework, our management concluded that
our internal control over financial reporting was effective as of December 31,
2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
effectiveness of our internal control over financial reporting as of December
31, 2011 has been independently audited by BDO USA, LLP, an independent
registered public accounting firm, as stated in its report that is included
herein.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>ITEM 9B. OTHER
INFORMATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>None.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Report of Independent
Registered Public Accounting Firm</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Shareholders and Board
of Directors<BR>Research Frontiers Incorporated<BR>Woodbury, New York</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We have audited Research Frontiers Incorporated&#146;s internal control over
financial reporting as of December 31, 2011, based on criteria established in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (the COSO criteria). Research Frontiers
Incorporated&#146;s management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying Item 9A,
&#147;Management&#146;s Report on Internal Control Over Financial Reporting.&#148; Our
responsibility is to express an opinion on the Company&#146;s internal control over
financial reporting based on our audit.</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our
audit also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for
our opinion. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A company&#146;s
internal control over financial reporting is a process designed 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. A company&#146;s internal control over
financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s
assets that could have a material effect on the financial statements.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Because of
its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In our
opinion, Research Frontiers Incorporated maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2011,
based on the COSO criteria. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We also have
audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the consolidated balance sheets of Research
Frontiers Incorporated as of December 31, 2011 and 2010, and the related
consolidated statements of operations, shareholders&#146; equity, and cash flows for
each of the three years in the period ended December 31, 2011 and our report
dated March 13, 2012 expressed an unqualified opinion thereon. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>/s/ BDO USA,
LLP<BR>Melville, New York<BR>March 13, 2012</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><B><U><FONT face="Times New Roman" size=2>PART III</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
10</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company has adopted a code of ethics applicable to its Chief
Executive Officer, Chief Operating Officer, Treasurer and Chief Financial
Officer, any Vice President and other employees of the Company with important
roles in the financial reporting process. This Code of Ethics was adopted by the
entire Board of Directors of the Company, including all of its Audit Committee
members, in March 2004 in accordance with the requirements of the Sarbanes Oxley
Act. The code of ethics is available on the Company&#146;s website at </FONT><FONT face="Times New Roman" size=2>www.SmartGlass.com</FONT><FONT face="Times New Roman" size=2> and was also filed as an exhibit to the Company&#146;s
Annual Report on Form 10-K for the year ended December 31, 2003. The Company
intends to satisfy the disclosure requirement under Item 10 of Form 8-K
regarding any amendment to, or waiver from, a provision of this code of ethics
by posting such information on the website specified above. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The other
information required by this Item 10 is incorporated by reference to the
Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 27, 2012, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 14, 2012. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
11</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>EXECUTIVE COMPENSATION</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information required by this Item 11 is incorporated by reference to the
Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 27, 2012, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 14, 2012. Notwithstanding anything to
the contrary set forth herein or in any of the Company&#146;s past or future filings
with the SEC that might incorporate by reference the Company&#146;s definitive Proxy
Statement, in whole or in part, the report of the compensation committee and the
stock price performance graph contained in such definitive Proxy Statement shall
not be incorporated by reference into this Annual Report on Form 10-K or in any
other such filings. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2><U>ITEM 12</U><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman">&nbsp;</FONT></FONT></STRONG></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face="Times New Roman" size=2><STRONG><FONT face="Times New Roman"><B><FONT face="Times New Roman" size=2><U>SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER
MATTERS</U></FONT></B></FONT></STRONG></FONT></P></TD></TR></TABLE></FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information required by this Item 12 is incorporated by reference to the
Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 27, 2012, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 14, 2012. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
13</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
</FONT></U></B><B><U><FONT face="Times New Roman" size=2>AND DIRECTOR
INDEPENDENCE.</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information required by this Item 13 is incorporated by reference to the
Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 27, 2012, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 14, 2012.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
14</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>PRINCIPAL ACCOUNTANT FEES AND
SERVICES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The information required by this Item 14 is incorporated by reference to
the Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 27, 2012, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 14, 2012.</FONT></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART
IV</FONT></U></B></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM
15</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(a)(1) and (2)
</STRONG></FONT><U><FONT face="Times New Roman" size=2><STRONG>Financial
Statements and Financial Statement Schedules</STRONG></FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following
consolidated financial statements of Research Frontiers Incorporated are filed
under &#147;Item 8. Financial Statements and Supplemental Data&#148; of this Report.
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>Page</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Report of Independent Registered Public
      Accounting Firm</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-1</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consolidated Financial Statements:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance
      Sheets,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
      31, 2011 and 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-2</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements
      of Operations,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
      ended December 31, 2011, 2010 and 2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-3</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements
      of Shareholders&#146; Equity,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
      ended December 31, 2011, 2010 and 2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-4</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements
      of Cash Flows,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
      ended December 31, 2011, 2010 and 2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notes to Consolidated Financial
      Statements</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-6</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Schedule II - Valuation and Qualifying
      Accounts</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>F-19</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>All other schedules have
been omitted because they are not applicable, or not required, or the required
information is disclosed elsewhere in this Annual Report. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(a)(3)
      </STRONG></FONT><B><FONT face="Times New Roman" size=2><U>Exhibits</U></FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2><STRONG><FONT face="Times New Roman" size=2></FONT></STRONG>&nbsp; &nbsp; &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.1</FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Restated Certificate
      of Incorporation of the Company. Previously filed as Exhibit 3.1 to the
      Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended June
      30, 1994, and incorporated herein by reference.</FONT></P></TD></TR>
    <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.2</FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Amended and Restated
      Bylaws of the Company. Previously filed as Exhibit 99.2 to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 2007,
      and incorporated herein by reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Form of Common Stock
      Certificate. Previously filed as an Exhibit to the Company&#146;s Registration
      Statement on Form S-18 (Reg. No. 33-5573NY), declared effective by the
      Commission on July 8, 1986, and incorporated herein by
      reference.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; <FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Rights Agreement
      dated as of February 18, 2003 between Research Frontiers Incorporated and
      Continental Stock Transfer &amp; Trust Company, as Rights Agent, which
      includes as Exhibit A thereto the Form of Rights Certificate. Previously
      filed as an Exhibit to the Company&#146;s Registration Statement on Form 8-A
      dated February 24, 2003, and incorporated herein by
    reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.1A<SUP>*</SUP>&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Amended and Restated
      Employment Contract effective January 1, 1989 between the Company and
      Robert L. Saxe. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 1993 and
      incorporated herein by reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.1B<SUP>*</SUP></FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Employment Agreement
      effective as of January 1, 2009 between the Company and Joseph M. Harary.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated April 30, 2009 and incorporated herein by
reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.2<SUP>*</SUP></FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Amended and Restated
      1992 Stock Option Plan. Previously filed as Exhibit 4 to the Company&#146;s
      Registration Statement on Form S-8 (Reg. No. 33-86910) filed with the
      Commission on November 30, 1994, and incorporated herein by
      reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.3<SUP>*</SUP></FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>1998 Stock Option
      Plan, as amended. Previously filed as an Exhibit to the Company&#146;s
      Definitive Proxy Statement dated April 30, 1998 filed with the Commission
      on April 29, 1998, 1994, and incorporated herein by
    reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.31*</FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>2008 Equity Incentive
      Plan. Previously filed as an Exhibit to the Company&#146;s Definitive Proxy
      Statement dated April 30, 2008 filed with the Commission on April 29,
      2008, and incorporated herein by reference.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.4<SUP>*</SUP></FONT></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=2>Form of Stock Option
      Agreement between the Company and recipients of stock options issued
      pursuant to the Company&#146;s Stock Option Plans. Previously filed as part of
      Exhibits 4.1, 4.2, and 4.3 to the Company&#146;s Registration Statement on Form
      S-8 (Reg. No. 33-53030) filed with the Commission on October 6, 1992, and
      incorporated herein by reference.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>38 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lease
      Agreement dated November 7, 1986, between the Company and Industrial &amp;
      Research Associates Co. Previously filed as an exhibit to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 1986 and
      incorporated herein by reference.</FONT></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.1</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>First
      Amendment to Lease dated November 26, 1991 between the Company and
      Industrial and Research Associates Co. Previously filed as an Exhibit to
      Amendment No. 1 to the Company&#146;s Registration Statement on Form S-1 (Reg.
      No. 33-43768) declared effective by the Commission on December 17, 1991,
      and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.2</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Second Amendment to Lease dated March 11, 1994 between the Company
      and Industrial and Research Associates Co. Previously filed as an exhibit
      to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
      December 31, 1993 and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.3</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Third
      Amendment to Lease dated July 14, 1998 between the Company and Industrial
      and Research Associates Co. Previously filed as an exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 1998 and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.4&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fourth Amendment to Lease dated January 13, 2004 between the
      Company and Industrial and Research Associates Co. Previously filed as an
      exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2003 and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.6</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of August 2, 1995 between the
      Company and General Electric Company. Previously filed as an Exhibit to
      the Company&#146;s Current Report on Form 8-K dated August 2, 1995 with
      portions omitted pursuant to the Registrant&#146;s request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.7</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of April 29, 1996 between the
      Company and Glaverbel, S.A. Previously filed as an Exhibit to the
      Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended March
      31, 1996 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.8</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of January 18, 1997 between the
      Company and Material Sciences Corporation. Previously filed as an Exhibit
      to the Company&#146;s Current Report on Form 8-K dated March 3, 1997 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.9</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of March 31, 1997 between the
      Company and Hankuk Glass Industries, Inc. Previously filed as an Exhibit
      to the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter
      ended September 30, 1997 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference. </FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!-- Part E-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.10&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of August 8, 1997 between the Company and Orcolite,
      a Unit of Monsanto Company. Previously filed as an Exhibit to the
      Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended
      September 30, 1997 with portions omitted pursuant to the Registrant's
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.11</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of June 25, 1999 between the Company and Dainippon
      Ink and Chemicals, Incorporated. Previously filed as an Exhibit to the
      Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended June
      30, 1999 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.12</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of August 9, 1999 between the Company and Hitachi
      Chemical Co., Ltd. Previously filed as an Exhibit to the Company&#146;s
      Quarterly Report on Form 10-Q for the fiscal quarter ended September 30,
      1999 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.13</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of December 3, 1999 between the Company and Global
      Mirror GmbH &amp; Co. KG. Previously filed as an Exhibit to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 1999
      with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.14</FONT></TD>
    <TD vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of December 13, 1999 between the Company and Global Mirror GmbH &amp; Co.
      KG. Previously filed as an Exhibit to the Company&#146;s Annual Report on Form
      10-K for the fiscal year ended December 31, 1999 with portions omitted
      pursuant to the Registrant's request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.15</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of March 21, 2000 between the Company and
      ThermoView Industries, Inc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 1999 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.16</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of May 23, 2000 between the Company and Polaroid
      Corporation. Previously filed as an Exhibit to the Company&#146;s Quarterly
      Report on Form 10-Q for the fiscal quarter ended June 30, 2000 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed <FONT face="Times New Roman" size=2>separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference. </FONT></FONT></TD></TR></TABLE></DIV>
<P align=center><FONT face="Times New Roman" size=2>40 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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  <TR>
    <TD vAlign=top noWrap align=left bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.17</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of February 16, 2001 between the Company and AP
      Technoglass Co. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2001 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.18</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of March 21, 2001 between the Company and
      InspecTech Aero Service, Inc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2001 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.19</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of March 28, 2001 between the Company and Film
      Technologies International, Inc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2001 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.20</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of November 29, 2001 between the Company and Avery
      Dennison Corporation. Previously filed as an Exhibit to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 2001
      with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.21</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of February 4, 2002 between the Company and BOS GmbH &amp; Co. KG.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2001 with portions omitted pursuant
      to the Registrant's request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.22</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of March 11, 2002 between the Company and Isoclima
      S.p.A. Previously filed as an Exhibit to the Company&#146;s Annual Report on
      Form 10-K for the fiscal year ended December 31, 2001 with portions
      omitted pursuant to the Registrant's request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.23</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of July 2, 2002 between the Company and Isoclima
      S.p.A. Previously filed as an Exhibit to the Company&#146;s Annual Report on
      Form 10-K for the fiscal year ended December 31, 2002 with portions
      omitted pursuant to the Registrant's request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>41 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><FONT face="Times New Roman" size=2>
<P align=justify>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.24</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of August 19, 2002 between the Company and Razor&#146;s
      Edge Technologies, Inc. Previously filed as an Exhibit to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 2002
      with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.25</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of October 7, 2002 between the Company and American
      Glass Products (Glass Technology Investment Ltd.). Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2002 with portions omitted pursuant to the Registrant's
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.26</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of October 7, 2002 between the Company and SPD
      Systems, Inc. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2002 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.27</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of October 24, 2002 between the Company and
      Cricursa Cristales Curvados S.A. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2002 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.28</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of December 9, 2002 between the Company and BRG Group, Ltd. Previously
      filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the
      fiscal year ended December 31, 2002 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.29</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of December 13, 2002 between the Company and
      Laminated Technologies Inc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2002 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.30</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of April 17, 2003 between the Company and Custom
      Glass Corporation. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K/A for the fiscal year ended December 31, 2003 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by
reference.</FONT></TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>42 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.31</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of May 2, 2003 between the Company and Air Products
      and Chemicals, Inc. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K/A for the fiscal year ended December 31, 2003 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.32</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of May 30, 2003 between the Company and Kerros
      Limited. Previously filed as an Exhibit to the Company&#146;s Annual Report on
      Form 10-K/A for the fiscal year ended December 31, 2003 with portions
      omitted pursuant to the Registrant's request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.33</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of June 6, 2003 between the Company and Traco, Inc.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form
      10-K/A for the fiscal year ended December 31, 2003 with portions omitted
      pursuant to the Registrant's request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.34</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of June 16, 2003 between the Company and
      Saint-Gobain Glass France S.A. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K/A for the fiscal year ended December
      31, 2003 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.35</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of August 1, 2003 between the Company and Vision (Environmental
      Innovation) Limited. Previously filed as an Exhibit to the Company&#146;s
      Annual Report on Form 10-K/A for the fiscal year ended December 31, 2003
      with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.36</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of November 13, 2003 between the Company and
      Innovative Glass Corporation. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K/A for the fiscal year ended December
      31, 2003 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.37</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of December 11, 2003 between the Company and
      Leminur Limited. Previously filed as an Exhibit to the Company&#146;s Annual
      Report on Form 10-K/A for the fiscal year ended December 31, 2003 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#ffffff></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.38</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of March 25, 2004 between the
      Company and Pilkington plc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2004 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by
  reference.</FONT></TD></TR></TABLE></FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>43 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.39</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of April 5, 2004 between the Company and SmartGlass
      Ireland Ltd. Previously filed as an Exhibit to the Company&#146;s Annual Report
      on Form 10-K for the fiscal year ended December 31, 2004 with portions
      omitted pursuant to the Registrant's request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.40</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of April 8, 2004 between the Company and Prelco
      Inc. Previously filed as an Exhibit to the Company&#146;s Annual Report on Form
      10-K for the fiscal year ended December 31, 2004 with portions omitted
      pursuant to the Registrant's request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.41</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of April 13, 2004 between the Company and E. I.
      Dupont De Nemours and Company. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2004 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.42</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of September 3, 2004 between the Company and Nippon
      Sheet Glass Co., Ltd. Previously filed as an Exhibit to the Company&#146;s
      Annual Report on Form 10-K for the fiscal year ended December 31, 2004
      with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.43</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of October 25, 2005 between the Company and SPD Control Systems
      Corporation. Previously filed as an Exhibit to the Company&#146;s Current
      Report on Form 8-K dated October 31, 2005 with portions omitted pursuant
      to the Registrant's request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.44</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of March 30, 2006 between the Company and Dainippon
      Ink and Chemicals. Previously filed as an Exhibit to the Company&#146;s Current
      Report on Form 8-K dated April 4, 2006 with portions omitted pursuant to
      the Registrant's request for confidential treatment and filed separately
      with the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.45</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of May 11, 2006 between the Company and Asahi Glass
      Company. Previously filed as an Exhibit to the Company&#146;s Current Report on
      Form 8-K dated May 15, 2006 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR></TABLE></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>44 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.46</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of May 19, 2007 between the Company and SmartGlass
      International Ltd. Previously filed as an Exhibit to the Company&#146;s Current
      Report on Form 8-K dated March 19, 2007 with portions omitted pursuant to
      the Registrant's request for confidential treatment and filed separately
      with the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.47</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of October 16, 2007 between Research Frontiers
      Incorporated and Glass Wholesalers, Ltd. d/b/a Craftsman Fabricated Glass,
      Ltd. Previously filed as an Exhibit to the Company&#146;s Current Report on
      Form 8-K dated October 18, 2007, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.48</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of December 14, 2007 between Research Frontiers
      Incorporated and AGC Flat Glass Europe SA. Previously filed as an Exhibit
      to the Company&#146;s Current Report on Form 8-K dated December 17, 2007 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.49</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of February 21, 2008 between Research Frontiers
      Incorporated and GKN Aerospace Transparency Systems Inc. Previously filed
      as an Exhibit to the Company&#146;s Current Report on Form 8-K dated March 5,
      2008 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.50</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License Agreement effective as
      of September 29, 2008 between Research Frontiers Incorporated and PPG
      Industries, Inc. (now known as Pittsburgh Glass Works, LLC). Previously
      filed as an Exhibit to the Company&#146;s Current Report on Form 8-K dated
      October 6, 2008 with portions omitted pursuant to the Registrant's request
      for confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.51</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of September 10, 2009 between Research Frontiers
      Incorporated and Pilkington Group Ltd. Previously filed as an Exhibit to
      the Company&#146;s Current Report on Form 8-K dated September 15, 2009 with
      portions omitted pursuant to the Registrant's request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>10.52</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="100%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>License
      Agreement effective as of January 25, 2010 between Research Frontiers
      Incorporated and Vision Systems. Previously filed as an Exhibit to the
      Company&#146;s Current Report on Form 8-K dated January 25, 2010 with portions
      omitted pursuant to the Registrant's request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#ffffff></TD>
    <TD vAlign=top width="100%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.53</FONT></TD>
    <TD vAlign=top width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of February 8, 2010 between Research
      Frontiers Incorporated and ID Research Pty Ltd. (iGlass). Previously filed
      as an Exhibit to the Company&#146;s Current Report on Form 8-K dated February
      16, 2010 with portions omitted pursuant to the Registrant's request for
      confidential treatment and filed <FONT face="Times New Roman" size=2>separately with the Securities and Exchange Commission, and
      incorporated herein by reference.
</FONT></FONT></TD></TR></TABLE></FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>45 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.54</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of December 13, 2010 between
      Research Frontiers Incorporated and Diamond Sea-Glaze Manufacturing Ltd.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated December 14, 2010 with portions omitted pursuant to the Registrant's
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.55</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>License Agreement effective as of December 22, 2010 between Daimler
      AG, Research Frontiers Incorporated and SPD Control Systems Corp.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated February 9, 2011 with portions omitted pursuant to the Registrant's
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>14</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Code of Ethics of Research Frontiers Incorporated. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 2003, and incorporated herein by
    reference.</FONT></TD></TR>
  <TR>
    <TD width="3%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>21</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Subsidiaries of the Registrant - SPD Enterprises, Inc.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>23</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Consent of BDO USA, LLP - Filed herewith.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>31.1</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Rule 13a-14(a)/15d-14(a) Certification of Joseph M. Harary - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>31.2</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Rule 13a-14(a)/15d-14(a) Certification of Seth L. Van Voorhees -
      Filed herewith.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>32.1</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Section 1350 Certification of Joseph M. Harary - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>32.2</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT style="FONT-FAMILY: times new roman" size=2>Section 1350 Certification of Seth L. Van Voorhees - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.INS</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL INSTANCE
      DOCUMENT </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.SCH</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION SCHEMA </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.PRE</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION PRESENTATION LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.LAB</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION LABEL LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.CAL</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION CALCULATION LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#ffffff></TD>
    <TD width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>EX-101.DEF</FONT></TD>
    <TD width="96%" bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION DEFINITION LINKBASE</FONT></TD></TR></TABLE>
</DIV>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: times new roman" size=2>*</FONT></TD>
    <TD vAlign=top><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>Executive Compensation Plan or
Arrangement.</FONT></TD></TR></TABLE></FONT>
<P align=center><FONT face="Times New Roman" size=2>46 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>RESEARCH FRONTIERS
      INCORPORATED</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Joseph M.
      Harary</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Joseph M. Harary, President
      and CEO</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>(Principal Executive
      Officer)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Seth L. Van Voorhees, Vice
      President, CFO and Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>(Principal Financial and
      Accounting Officer)</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dated: March 13, 2012
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated: </FONT></P>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT style="FONT-FAMILY: times new roman" size=2>Signature</FONT></TD>
    <TD noWrap align=left width="29%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT style="FONT-FAMILY: times new roman" size=2>Position</FONT></TD>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT style="FONT-FAMILY: times new roman" size=2>Date</FONT></TD>
    <TD noWrap align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ John H.
      Derby</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>John H. Derby</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Gregory G.
      Grimes</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Gregory G. Grimes</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ M. Philip
      Guthrie</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>M. Philip Guthrie</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Joseph M.
      Harary</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director, President,
    CEO</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Seth L.
      Van Voorhees</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Vice President, CFO,
      Treasurer</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Richard
      Hermon-Taylor</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Richard
Hermon-Taylor</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Victor F.
      Keen</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Victor F. Keen</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=4>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Robert L.
      Saxe</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Director, Chairman</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>March 13, 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=4><FONT style="FONT-FAMILY: times new roman" size=2>Robert L. Saxe</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>47 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!-- Part F-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><U><FONT face="Times New Roman" size=2>Report of Independent Registered Public Accounting
Firm</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Shareholders and Board
of Directors</FONT><B><FONT face="Times New Roman" size=2> <BR></FONT></B><FONT face="Times New Roman" size=2>Research Frontiers Incorporated <BR>Woodbury, New
York </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We have audited the
accompanying consolidated balance sheets of Research Frontiers Incorporated as
of December 31, 2011 and 2010 and the related consolidated statements of
operations, shareholders&#146; equity and cash flows for each of the three years in
the period ended December 31, 2011. In connection with our audits of the
consolidated financial statements, we have also audited the schedule as listed
in the accompanying index. These consolidated financial statements and schedule
are the responsibility of the Company&#146;s management. Our responsibility is to
express an opinion on these financial statements and schedule based on our
audits. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and schedule
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
schedule, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the
financial statements and schedule. We believe that our audits provide a
reasonable basis for our opinion. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In our opinion, the
consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Research Frontiers Incorporated at
December 31, 2011 and 2010, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2011, in conformity
with accounting principles generally accepted in the United States of
America.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Also, in our opinion, the
financial statement schedule when considered in relation to the basic
consolidated financial statements taken as a whole, present fairly, in all
material respects, the information set forth therein. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We also have audited, in
accordance with the standards of the Public Company Accounting Oversight Board
(United States), Research Frontiers Incorporated&#146;s internal control over
financial reporting as of December 31, 2011, based on criteria established in
</FONT><I><FONT face="Times New Roman" size=2>Internal Control &#150; Integrated
Framework</FONT></I><FONT face="Times New Roman" size=2> issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) and our report
dated March 13, 2012 expressed an unqualified opinion thereon. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>/s/
      BDO USA, LLP</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Melville, New York</FONT></TD>
    <TD noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>March 13, 2012</FONT></TD>
    <TD noWrap align=left width="49%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED <BR>Consolidated Balance Sheets <BR>December 31, 2011 and 2010
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>Assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash
      equivalents</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>2,403,364</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>6,957,544</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Short-term Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,255,056</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>---</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty receivables, net of
      reserves of $92,723 in 2011</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      and $162,723 in 2010</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>334,050</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>380,177</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid
      expenses and other current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>169,634</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>118,099</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note receivable, SPD Control
      Systems</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>150,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>---</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,312,104</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,455,820</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fixed assets, net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>82,428</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>109,768</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>Note
      receivable, SPD Control Systems</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>---</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>150,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deposits and other assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,605</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>69,103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>7,784,691</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>Liabilities and Shareholders&#146; Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Current liabilities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>96,146</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>51,938</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued
      expenses and other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>188,793</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>235,301</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current liabilities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>309,939</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>312,239</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Commitments (note 9)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Shareholders&#146; equity:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value
      $0.0001 per share; authorized 100,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares, issued and outstanding
      18,544,355 and 18,281,973 shares for</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011 and 2010</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>1,854</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>1,828</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Additional paid-in capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>88,513,630</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>87,744,842</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accumulated deficit</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>(84,408,286</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>(80,274,218</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total shareholders&#146; equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,472,452</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total liabilities and shareholders&#146; equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,784,691</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to
consolidated financial statements.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED <BR>Consolidated Statements of Operations <BR>Years ended December
31, 2011, 2010 and 2009 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>845,982</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>767,522</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>709,811</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Operating expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,618,635</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,253,250</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,183,492</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Research and development</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,390,689</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,404,654</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,549,707</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,009,324</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,657,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,733,199</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,163,342</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(3,890,382</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,023,388</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net investment income</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>29,274</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,517</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,627</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 2pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 2pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,002,761</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 2pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 2pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted average number of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>common shares outstanding</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,538,041</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,321,360</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,065,248</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to
consolidated financial statements.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED <BR>Consolidated Statements of Shareholders&#146; Equity <BR>Years ended
December 31, 2011, 2010 and 2009 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="11%" colSpan=5><FONT face="Times New Roman" size=2>Common
      Stock</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Additional</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Accumulated</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Shares</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>Amount</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Paid-in
      Capital</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Deficit</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance, December 31, 2008</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,442,834</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,544</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>77,267,233</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(72,396,592</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,872,185</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Issuance of common stock</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>780,831</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>78</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,849,922</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,850,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Issuance of stock for</FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      services performed</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>299,950</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>445,883</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>445,913</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Unvested restricted stock</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; terminated employee</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>(888</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,002,761</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,002,761</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Balance, December 31, 2009</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>16,522,727</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,652</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>80,563,038</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(76,399,353</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>4,165,337</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Issuances of common stock</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,718,746</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>172</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,409,204</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Issuance of stock for</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; services performed</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>40,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>772,600</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>772,604</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Balance, December 31, 2010</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>18,281,973</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,828</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>87,744,842</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(80,274,218</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>7,472,452</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Issuances of common stock</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>60,382</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>65,971</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Issuance of restricted stock</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for services
    performed</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>202,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>702,817</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>702,837</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Balance, December 31, 2011</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>18,544,355</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,854</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>88,513,630</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(84,408,286</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 2pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to
consolidated financial statements. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED <BR>Consolidated Statements of Cash Flows <BR>Years ended December
31, 2011, 2010 and 2009 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash flows from operating
    activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,002,761</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Adjustments to reconcile net loss to net cash</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      used in operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Depreciation and amortization</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>39,857</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>44,315</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>40,077</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Stock based compensation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>702,837</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>772,604</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>445,913</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery of uncollectible royalty receivables</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(70,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(23,845</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(17,106</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change
      in assets and liabilities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Royalty receivables</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>116,127</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(129,841</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(80,598</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Prepaid expenses and other current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(5,037</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,861</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(28,724</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(2,300</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>3,716</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(128,172</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deposits and other assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(14,998</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>13,844</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash used in operating activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,352,584</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,202,053</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,732,527</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash flows from investing
    activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of fixed
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(12,517</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(10,313</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(23,947</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of
    investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(2,255,056</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds from sale of investment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>2,299,496</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash (used in) provided by investing activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(1,267,573</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(10,313</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,275,549</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: transparent">
    <TD align=left width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>Cash flows from financing
    activities:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from issuances of
      common stock</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and exercise of options and
      warrants</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,850,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: transparent">
    <TD align=left width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash provided by financing activities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>2,850,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="background-color: transparent">
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>Net (decrease) increase in cash
    and cash        equivalents</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>(4,554,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>3,197,010</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>1,393,022</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="background-color: transparent">
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>Cash and cash equivalents at beginning of
      year</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>6,957,544</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>3,760,534</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 4%"><FONT face="Times New Roman" size=2>2,367,512</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Cash
      and cash equivalents at end of year</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,403,364</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>6,957,544</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>3,760,534</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: transparent">
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>Non Cash Financing and Investing
      Activities</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD NOWRAP STYLE="text-align: left; width: 80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cashless Exercise of Stock Options:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>276,750</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to
consolidated financial statements. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED <BR>Notes to Consolidated Financial Statements <BR>December 31,
2011, 2010 and 2009 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(1) </FONT><U><FONT face="Times New Roman" size=2>Business</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research Frontiers Incorporated (&#147;Research Frontiers&#148; or the &#147;Company&#148;)
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&#153; 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; and flat panel displays for electronic products. SPD-Smart light
control film is now being developed for, or used in, architectural, automotive,
marine, aerospace and appliance applications.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has
historically utilized its cash and the proceeds from the sale of its investments to fund its
research and development of SPD light valves, for marketing initiatives, and for
other working capital purposes. The Company&#146;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, and the development of new licensees and changes in
the Company&#146;s relationships with its existing licensees. The degree of
dependence of the Company&#146;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. 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 commercialization of products using the Company&#146;s technology
by the Company&#146;s licensees and payments of continuing royalties on account
thereof. To date, the Company has not generated sufficient revenue from its
licensees to fund its operations. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(2) </FONT><U><FONT face="Times New Roman" size=2>Summary of Significant Accounting
Policies</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(a)</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Cash and Cash Equivalents</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
considers securities purchased with original maturities of three months or less
to be cash equivalents. Cash equivalents consist of short-term investments in
money market accounts at December 31, 2011 and 2010. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cash and cash
equivalents are maintained at financial institutions and, at times, balances may
exceed federally insured limits. We have never experienced any losses related to
these balances. All of our non-interest bearing cash balances were fully insured
at December 31, 2011 and 2010 due to a temporary federal program in effect from
December 31, 2010 through December 31, 2012. Under the program, there is no
limit to the amount of insurance for eligible non-interest bearing accounts.
Beginning 2013, insurance coverage will revert to $250,000 per depositor at each
financial institution, and our non-interest bearing cash balances may again
exceed federally insured limits. Interest-bearing amounts on deposit in excess
of federally insured limits at December 31, 2011 approximated $3 million.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(b)</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Short-term Investments</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
classifies investments in marketable securities as trading, available-for-sale
or held-to-maturity at the time of purchase and periodically re-evaluates such
classifications. Trading securities are carried at fair value, with unrealized
holding gains and losses included in earnings. Held-to-maturity securities are
recorded at cost and are adjusted for the amortization or accretion of premiums
or discounts over the life of the related security. Unrealized holding gains and
losses on available-for-sale securities are excluded from earnings and are
reported as a separate component of accumulated other comprehensive income
(loss) until realized. In determining realized gains and losses, the cost of
securities sold is based on the specific identification method. Interest and
dividends on the investments are accrued at the balance sheet date. At December
31, 2011 all investments were classified as held to maturity and consisted of
the following: </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=4><FONT face="Times New Roman" size=2>Certificates of Deposit</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>Maturity</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="43%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="7%" colSpan=4>&nbsp; <FONT face="Times New Roman" size=2>Value of Held to Maturity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=4><FONT face="Times New Roman" size=2>Investment</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="44%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="43%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=4>&nbsp; <FONT face="Times New Roman" size=2>Investments (based on cost)</FONT> &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="44%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6-28-12</FONT></TD>
    <TD noWrap align=left width="43%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,005,056</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="44%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>9-29-12</FONT></TD>
    <TD noWrap align=left width="43%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="43%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,255,056</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(c)
</FONT><U><FONT face="Times New Roman" size=2>Royalties
Receivable</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Royalties
receivable are recorded at the amounts specified within the license agreements
when the collectability of the receivable is reasonably assured. The receivables
do not bear interest. The allowance for doubtful accounts is the Company&#146;s best
estimate of the amount of probable credit losses in the Company&#146;s existing
royalties receivable. The Company determines the allowance based on historical
write off experience. The Company reviews its allowance for doubtful accounts
periodically. Past due accounts are reviewed individually for collectability.
Account balances are charged off against the allowance after all means of
collection have been exhausted and the potential for recovery is considered
remote. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(d)
</FONT><U><FONT face="Times New Roman" size=2>Fixed Assets</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Fixed assets are
carried at cost. Depreciation and amortization are computed using the
straight-line method over the estimated useful lives of the assets. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(e)
</FONT><U><FONT face="Times New Roman" size=2>Revenue Recognition/Fee
Income</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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></P>
<P align=center><FONT face="Times New Roman" size=2>F-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Fee income represents amounts earned by the Company under various license
and other agreements (note 8) relating to technology developed by the Company.
During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively
of fee income recognized for the year. During 2010 five licensees accounted for
13%, 11%, 10%, 10% and 10%, respectively of fee income recognized for the year.
During 2009, three licensees accounted for 29%, 21% and 18%, respectively of fee
income recognized during the year.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(f)
</FONT><U><FONT face="Times New Roman" size=2>Basic and Diluted Loss Per Common
Share</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Basic
earnings  (loss) per share excludes any dilution. It is based upon the weighted average  number of common shares outstanding
during the period. Dilutive earnings (loss)  per share reflects the potential dilution that would occur if securities or
other contracts to issue common stock were exercised or converted into common  stock. The Company&#146;s dilutive loss per
share equals basic loss per share for each of the years in the three-year period ended December  31, 2011 because all
common stock equivalents (</FONT><I><FONT face="Times New Roman" size=2>i.e.,</FONT></I><FONT face="Times New Roman" size=2>
options and warrants) were antidilutive in those periods. The number of  options and warrants that were not included because
their effect is antidilutive  was 1,973,906, 2,443,108, and 2,511,341, for 2011, 2010, and 2009, respectively.  </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(g)
</FONT><U><FONT face="Times New Roman" size=2>Research and Development
Costs</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Research and
development costs are charged to expense as incurred. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(h)
</FONT><U><FONT face="Times New Roman" size=2>Patent Costs</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
expenses costs relating to the development or acquisition of patents due to the
uncertainty of the recoverability of these items. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)
</FONT><U><FONT face="Times New Roman" size=2>Use of Estimates</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The preparation of
the Company&#146;s consolidated financial statements requires management of the
Company to make a number of estimates and assumptions relating to the reported
amount of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the
reported amounts of revenues and expenses during this period. Actual results
could differ from those estimates. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(j)
</FONT><U><FONT face="Times New Roman" size=2>Income Taxes</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Income taxes are
accounted for under the asset and liability method. Deferred tax assets and
liabilities are recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases and operating loss and tax credit
carryforwards. Deferred tax assets and liabilities are measured using enacted
tax rates expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!-- Part G-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In
accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax
positions that are more likely than not to be sustained upon examination by tax
authorities. The amount recognized is measured as the largest amount of benefit
that is greater than 50 percent likely to be realized upon ultimate settlement.
Unrecognized tax benefits are tax benefits claimed in tax returns that do not
meet these recognition and measurement standards. We classify accrued interest
and penalties related to any unrecognized tax benefits in our income tax
provision. At December 31, 2011 and 2010, we do not have accrued interest and
penalties related to any unrecognized tax benefits. We do not believe we have
any uncertain tax positions as of December 31, 2011 and 2010. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The tax years
subject to examination by major tax jurisdictions include the years 2007 and
forward by the U.S. Internal Revenue Service and certain states. The Company is
not currently being audited by any tax jurisdiction. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(k)
</FONT><U><FONT face="Times New Roman" size=2>Fair Value of Financial
Instruments</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The fair value of
a financial instrument is the amount at which the instrument could be exchanged
in a current transaction between willing parties. The carrying amounts of all
financial instruments classified as a current asset or current liability are
deemed to approximate fair value because of the short maturity of those
instruments.</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(l)
</FONT><U><FONT face="Times New Roman" size=2>Equity-Based
Compensation</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>We recognize all
stock-based compensation as an expense in the financial statements and such
costs are measured at the fair value of the award at the date of grant. In
addition to reflecting compensation expense for new share-based payment awards,
expense is also recognized to reflect the remaining vesting period of awards
that had been granted in prior periods. Tax benefits related to stock option exercises are reflected
as financing cash inflows instead of operating cash inflows. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The exercise price
for stock options granted are generally set at the average for the high and low
trading prices of the Company&#146;s common stock on the trading date immediately
prior to the date of grant, and the related number of shares granted are fixed
at the date of grant. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In order to
determine the fair value of stock options on the date of grant, the Company uses
the Black-Scholes option-pricing model. Inherent in this model are assumptions
related to expected stock-price volatility, option term, risk-free interest rate
and dividend yield. While the risk-free interest rate and dividend yield are
less subjective assumptions that are based on factual data derived from public
sources, the expected stock-price volatility and option term assumptions require
a greater level of judgment.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In connection with the stock options and restricted stock grants, the Company charged $719,811, $696,888 and $421,430 to operations during the years ended December 31, 2011, 2010 and 2009, respectively.


In lieu of higher cash compensation, the Company granted 175,000 and 9,000 warrants to consultants during 2009. These warrants vest ratably over 59 and 24 months respectively. These warrants are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholed method.



The Company incurred a (benefit) charge to operations of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(m)
</FONT><U><FONT face="Times New Roman" size=2>Restricted Stock</FONT></U></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted, The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(n)
</FONT><U><FONT face="Times New Roman" size=2>Impairment of Long-Lived Assets</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset&#146;s quoted market price in an active market or, where an active market for the asset does not exist, the Company&#146;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.</font></P>


<P align=center><FONT face="Times New Roman" size=2>F-10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(o)
</FONT><U><FONT face="Times New Roman" size=2>Recent Accounting Pronouncements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><I><FONT face="Times New Roman" size=2>New Accounting Standards</font></i></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In May 2011, FASB issued ASU No. 2011-04, &#147;Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. (GAAP and IFRSs.&#148; ASU 2011-04 amends Topic 820 to provide common fair value measurement and disclosure requirements in U.S. Generally Accepted Accounting Principles (&#147;U.S. GAAP&#148;) and International Financial Reporting Standards. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurement, as well as providing guidance on how fair value should be applied where its use is already required or permitted by other standards within U.S. GAAP. ASU No. 2011-04 is to be applied prospectively, and early adoption is not permitted. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on our results of operations or our financial position.</font></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In December 2011, the FASB
issued ASU 2011-11, &#147;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&#148; ASU 2011-11
provides for additional disclosures of both gross information and net information about both instruments and transactions
eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar
to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and
repurchase agreements, and securities borrowing and securities lending arrangements. The amendments in this Update are
effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual
periods, and disclosures required by these amendments should be provided retrospectively for all comparative periods
presented. The adoption of ASU 2011-11 is not expected to have a material impact on our results of operations or our financial position.</font> </P>

<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(p)
</FONT><U><FONT face="Times New Roman" size=2>Fair Value Measurements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>

<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Accounting
Standards Codification (&#147;ASC&#148;) Topic 820 &#147;Fair Value Measurements and
Disclosures&#148; (&#147;ASC Topic 820&#148;) establishes a framework for measuring fair value
in generally accepted accounting principles and expands disclosures about fair
value measurements. ASC Topic 820 applies under other previously issued
accounting pronouncements that require or permit fair value measurements but
does not require any new fair value measurements. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>ASC Topic 820
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date. ASC Topic 820 establishes a fair value hierarchy that
distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and (2) an
entity&#146;s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable inputs).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Financial assets
accounted for at fair value on a recurring basis at December 31, 2011 and 2010,
include cash and cash equivalents of approximately $2.4 million and $7.0 million,
respectively, as well as short term investments of $1.3 million in 2011. These
assets are carried at fair value based on quoted market prices for identical
securities (Level 1 inputs). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-11</FONT></P>
<P align=center></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><FONT face="Times New Roman" size=2>
<P align=justify><FONT face="Times New Roman" size=2>(3) </FONT><U><FONT face="Times New Roman" size=2>Note Receivable from SPD Control
Systems</FONT></U><FONT face="Times New Roman" size=2> </FONT></P></FONT>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>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 (&#147;SPD
Control Systems&#148;). 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&#146;s
funding of this project is reflected in the form </FONT></FONT><FONT face="Times New Roman" size=2>of a senior secured convertible promissory note
(the &#147;Note&#148;) of SPD Control Systems held by Research Frontiers&#146; wholly-owned
subsidiary, SPD Enterprises Inc. (&#147;SPD Enterprises&#148;). 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 December 31, 2011 and 2010, the principal amount
outstanding under this Note was $150,000. Interest receivable under this Note
was $61,450 and $46,498 at December 31, 2011 and 2010 and is included with other
current assets (2011) and other assets (2010) in the accompanying balance sheet.
As part of a broader agreement between SPD Control Systems and the Company,
effective 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></P>
<P align=justify><FONT face="Times New Roman" size=2>(4) </FONT><U><FONT face="Times New Roman" size=2>Fixed Assets</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Fixed assets and
their estimated useful lives as of December 31, 2011 and 2010, are as follows:</FONT></P>
<P align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" vAlign=top noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" vAlign=top noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="32%"><FONT face="Times New Roman" size=2>Estimated useful
      life</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Equipment and furniture</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,290,083</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,279,459</FONT></TD>
    <TD vAlign=top noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap align=left width="32%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5 years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%"><FONT face="Times New Roman" size=2>Leasehold Improvements</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"><FONT face="Times New Roman" size=2>437,427</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"><FONT face="Times New Roman" size=2>435,534</FONT></TD>
    <TD vAlign=top noWrap align=right width="2%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap align=left width="32%"><FONT size=2>Life of lease or estimated life of asset
    if        shorter</FONT>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,727,510</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,714,993</FONT></TD>
    <TD vAlign=top noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="32%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%"><FONT face="Times New Roman" size=2>Less accumulated depreciation</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="32%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%"><FONT face="Times New Roman" size=2>and amortization</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,645,082</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,605,225</FONT></TD>
    <TD vAlign=top noWrap align=right width="2%"></TD>
    <TD vAlign=top noWrap align=left width="32%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="51%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>82,428</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>109,768</FONT></TD>
    <TD vAlign=top noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="32%" bgColor=#c0c0c0></TD></TR></TABLE></P><BR>
<P align=justify><FONT face="Times New Roman" size=2>(5) </FONT><U><FONT face="Times New Roman" size=2>Accrued Expenses and Other</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Accrued expenses
consist of the following at December 31, 2011 and 2010: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=2><FONT face="Times New Roman" size=2>2010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Payroll, bonuses and related
    benefits</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>134,384</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>134,941</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Professional services</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>35,040</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=2>43,685</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deferred rent</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,006</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24,945</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Marketing consultants</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=2>23,017</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>363</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,713</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188,793</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
235,301</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>(6) <U><FONT face="Times New Roman" size=2>Income Taxes</FONT></U><FONT face="Times New Roman" size=2> </FONT></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>There was no income tax expense in 2011, 2010 and 2009 due to losses
incurred by the Company. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The tax effects of
temporary differences that give rise to significant portions of the deferred tax
assets at December 31, 2011 and 2010 are presented below. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deferred tax assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Depreciation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>91,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>86,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital
      loss carryforward</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>312,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for bad
    debts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>37,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>65,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net
      operating loss carryforwards</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,516,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>21,817,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>1,051,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>1,051,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Research and other credits</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,008,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>998,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other temporary
      differences</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total gross deferred tax assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24,718,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24,344,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less valuation
    allowance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,718,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,344,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE>
<BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In
assessing the realizability of deferred tax assets, the Company considers
whether it is more likely than not that some portion or all of the deferred tax
assets will not be realized. The ultimate realization of deferred tax assets is
dependent upon future taxable income during the period in which those temporary
differences become deductible. The Company considers the scheduled reversal of
deferred tax liabilities, projected future taxable income, and tax planning
strategies in making this assessment. Based upon its historical operating
losses, utilization of deferred tax assets cannot currently be determined.
Accordingly, the Company has recorded a full valuation allowance against the
deferred tax assets, as they will not be realized until the Company achieves
profitable operations in the future. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>At December 31,
2011, the Company had a net operating loss carryforward for federal income tax
purposes of $55,000,000, varying amounts of which will expire in each year from
2012 through 2031. Research and other credit carryforwards of
$1,008,000</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>are available to the Company to reduce income
taxes payable in future years principally through 2031. Net operating loss
carryforwards of $3,333,000 and research and other credit carryforwards of
$75,000 are scheduled to expire during fiscal 2012, if not utilized.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(7) </FONT><U><FONT face="Times New Roman" size=2>Shareholders&#146; Equity</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(a)</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>Common
Stock </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>On August 3, 2009, the Company announced that a group of accredited investors invested $2.85 million in the Company. The investors received 780,831 shares of Research Frontiers common stock at a price of $3.65 per share which was the closing market price of Research Frontiers stock on July 28, 2009, the day the transaction was priced.  In addition, the investors in this stock offering received 156,161 five-year warrants to purchase Research Frontiers common stock at a price of $6.00 per share.  These securities were sold pursuant to Research Frontiers&rsquo; effective shelf-registration statement filed with the SEC. Warrants issued are five year warrants at an exercise price of $5 per share for the March 3, 2010 offering, $6.25 per share for the September offerings and $6.75 for the December offering. See 7(b)(ii).
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>During 2010 the Company sold, pursuant to the Company&#146;s effective
registration statement filed with the SEC, equity in the Company as follows:
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="68%"><FONT face="Times New Roman" size=2>&nbsp;
      Date</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><FONT face="Times New Roman" size=2>Shares issued</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>Warrants issued</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="5%"><FONT face="Times New Roman" size=2>Unit
      price</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; WIDTH: 8%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" noWrap width="8%" colSpan=4><FONT face="Times New Roman" size=2>Proceeds</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>March 3, 2010</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>588,602</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>117,719</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2.75</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,618,653</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>September 17, 2010</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>641,026</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>128,205</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT STYLE="font: x-small Times New Roman">$3.90</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,490,723</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 27, 2010</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>194,118</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,824</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT STYLE="font: x-small Times New Roman">$4.25</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>825,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>December 1, 2010</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>295,000</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>59,000</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT STYLE="font: x-small Times New Roman">$5.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,475,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,718,746</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>343,748</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>*Net of fees of $9,277
</FONT></P>


<P align=justify><FONT STYLE="font: small Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: x-small">(b)
<U>Options and Warrants</U> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)
</FONT><U><FONT face="Times New Roman" size=2>Options</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In 1992, the
shareholders approved a stock option plan (1992 Stock Option Plan) which
provides for the granting of both incentive stock options at the fair market
value at the date of grant and nonqualified stock options at or below the fair
market value at the date of grant to employees or non-employees who, in the
determination of the Board of Directors, have made or may make significant
contributions to the Company in the future. The Company initially reserved
468,750 shares of its common stock for issuance under this plan. In 1994 and
1996, the Company&#146;s shareholders approved an additional 300,000 shares and
450,000 shares, respectively, for issuance under this plan. As of December 31,
2001, no options were available for issuance under this Plan and this Plan
expired during 2002. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In 1998, the
shareholders approved a stock option plan (1998 Stock Option Plan) which
provides for the granting of both incentive stock options at the fair market
value at the date of grant and nonqualified stock options at or below the fair
market value at the date of grant to employees or non-employees who, in the
determination of the Board of Directors, have made or may make significant
contributions to the Company in the future. The Company may also award stock
appreciation rights or restricted stock under this plan. The Company initially
reserved 540,000 shares of its common stock for issuance under this plan. In
1999, the Company&#146;s shareholders approved an additional 545,000 shares for
issuance under this Plan, and in each of 2000 and 2002, the Company&#146;s
shareholders approved an additional 600,000 shares for issuance under this Plan.
No options are available for issuance under this Plan as this Plan expired in
December 2007. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In 2008, the
shareholders approved the Company&#146;s 2008 Equity Incentive Plan which provides
for the granting of both incentive stock options at the fair market value at the
date of grant and nonqualified stock options at the fair market value at the
date of grant to employees or non-employees who, in the determination of the
Board of Directors, have made or may make significant contributions to the
Company in the future. The Company may also award stock appreciation rights,
restricted stock, or restricted stock units under this plan. The Company
initially reserved 750,000 shares of its common stock for issuance under this
plan, and 811,708 options and other awards were available for issuance under
this plan as of December 31, 2011.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>At
the discretion of the Board of Directors, options expire in ten years or less
from the date of grant and are generally fully exercisable upon grant but in
some cases may be subject to vesting in the future. Full payment of the exercise
price may be made in cash or in shares of common stock valued at the fair market
value thereof on the date of exercise, or by agreeing with the Company to cancel
a portion of the exercised options.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
granted no options during 2011 and 2009. The Company granted 176,000 fully
vested options during 2010 and recorded non-cash share-based compensation of $406,560. There was no share-based compensation recorded in 2011 and 2009. The Company valued these 2010 grants using the
Black-Scholes option pricing model with the following assumptions:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fair value on grant date</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Expected dividend yield</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Expected volatility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>76%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Risk
      free interest rate</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.57%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Expected term of the option</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 5
  years</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Activity in stock options
is summarized below: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>Weighted</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>Average</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Number</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Weighted</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>Remaining</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>of Shares</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Average</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>Contractual</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Aggregate</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Subject to</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Exercise</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>Term</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Intrinsic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Option</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Price</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%"><FONT face="Times New Roman" size=2>(Years)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2008</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,459,980</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12.92</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(448,800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8.87</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2009</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,011,180</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13.82</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.9</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>176,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>3.69</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(452,981</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18.90</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2010</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,734,199</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11.64</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(379,550</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20.43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>(85,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>3.72</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,269,649</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.48</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: center" noWrap width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>All options are exercisable
at December 31, 2011.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>During 2007 the Company issued options to consultants to purchase 31,500
shares of common stock at a weighted average exercise price of $14.79 per share.
The Company recorded $63,206 (included with expense of options
granted to employees and directors) of non-cash expense in connection with the
issuance of these options during 2009. The Company had no option related expense in 2010 and 2011. </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
During 2011 an employee was to make a payment of $276,750 for exercising 75,000 options but
instead he forfeited 29,270 options which would have been exercisable at a fair market value of
$276,896 and delivered the difference in cash.</Font></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>During 2011, the Company received $65,977 in proceeds from the exercise of options.</Font></P>
<P align=center><FONT face="Times New Roman" size=2>F-15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(ii) </FONT><U><FONT face="Times New Roman" size=2>Warrants</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Activity in
warrants is summarized below: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Shares Underlying</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Weighted Average</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Warrants
      Granted</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=2>Exercise
      Price</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2008</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>167,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.50-9.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(7,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8.98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>340,161</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>6.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2009</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>500,161</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.00-9.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (135,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>343,748</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>5.91</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2010</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>708,909</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.00-9.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>(4,652</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>5.64</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December 31, 2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>704,257</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.00-9.00</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Warrants generally expire
from five to ten years from the date of issuance. At December 31, 2011, the
number of warrants exercisable was 610,924 at a weighted average exercise price
of $6.07 per share.</FONT></P>

<P STYLE="text-align: justify"><FONT STYLE="font: x-small Times New Roman">	The Company also granted 175,000 and 9,000 warrants at an exercise price of $6.00 and $5.00 respectively to consultants during 2009.  These warrants vest ratably over 59 and 24 months, respectively.  These warrants are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a (benefit) charge of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(c) </FONT><U><FONT face="Times New Roman" size=2>Restricted Stock
Grant</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT STYLE="font: small Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: x-small">During
2011, the Company granted 63,000 and 139,000 shares of common stock to directors and employees respectively. The market price
of each share on the date of grant was $5.20. All of the shares granted to the directors, as well as 3,000 shares granted to certain
employees, vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. During 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. During 2009, the Company granted 100,000, 199,700
and 250 shares of restricted common stock to its directors, employees and a consultant, respectively. All of the shares granted
to the directors and the consultant, as well as 1,200 shares granted to employees vested immediately upon grant. The remaining
198,500 shares vest ratably over the 36 months subsequent to the grant date. In connection with a termination of employment, 888
shares were cancelled in 2009. The market value per share on the date of grant was $2.14. At December 31, 2011, 2010 and
2009, 90,667, 65,768 and 131,535, respectively, of these grants remain unvested. The Company recorded total non-cash share-based compensation expense of
$702,837, $366,044, and $445,913 for the years ended December 31, 2011, 2010 and 2009,
respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(8) </FONT><U><FONT face="Times New Roman" size=2>License and Other Agreements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has entered into a number of license agreements covering various products using the Company&rsquo;s SPD technology. Some of these license agreements are limited to specific counties and/or markets. Licensees of Research Frontiers who incorporate SPD technology into end products pay Research Frontiers an earned royalty of 5-15% of net sales of licensed products under license agreements currently in effect, and may also be required to pay Research Frontiers fees and minimum annual royalties. Licensees who sell products or components to other licensees of Research Frontiers do not pay a royalty on such sale; Research Frontiers will collect such royalty from the licensee incorporating such products or components into their own end-products. Research Frontiers&rsquo; license agreements typically allow the licensee to terminate the license after some period of time, and give Research Frontiers only limited rights to terminate before the license expires. Most licenses are non-exclusive and generally last as long as our patents remain in effect.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>(9) </FONT><U><FONT face="Times New Roman" size=2>Commitments</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has an
employment agreement with one of its officers which provides for an annual base
salary of $425,000 and with another officer which provides for an annual base
salary of $300,000, both for calendar year 2012. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company has a
defined contribution profit sharing (401K) plan covering employees who have
completed one year of service. Contributions are made at the discretion of the
Company. The Company did not make any contributions to this plan for 2011, 2010
or 2009. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Company
occupies premises under an operating lease agreement which expires on January
31, 2014. At December 31, 2011, the approximate minimum annual future rental
commitments under this lease for the next five years are as follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      173,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>2013:</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>192,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>2015:</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>--</FONT></TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Rent expense, including other occupancy related expenses, amounted to
approximately $172,000, $198,000, and $197,000 for 2011, 2010, and 2009,
respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(10) </FONT><U><FONT face="Times New Roman" size=2>Rights Plan</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In February 2003, the
Company&#146;s Board of Directors adopted a Stockholders&#146; Rights Plan (the &#147;Rights
Plan&#148;) and declared a dividend distribution of one right (a &#147;Right&#148;) for each
outstanding share of Company common stock to stockholders of record at the close
of business on March 3, 2003. Subject to certain exceptions listed in the Rights
Plan, if a person or group has acquired beneficial ownership of, or commences a
tender or exchange offer for, 15% or more of the Company&#146;s common stock, unless
redeemed by the Company&#146;s Board of Directors, each Right entitles the holder
(other than the acquiring person) to purchase from the Company $120 worth of
common stock for $60. If the Company is merged into, or 50% or more of its
assets or earning power is sold to, the acquiring company, the Rights will also
enable the holder (other than the acquiring person) to purchase $120 worth of
common stock of the acquiring company for $60. The Rights will expire at the
close of business on February 18, 2013, unless the Rights Plan is extended by
the Company&#146;s Board of Directors or unless the Rights are earlier redeemed by
the Company at a price of $.0001 per Right. The Rights are not exercisable
during the time when they are redeemable by the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>(11) </FONT><U><FONT face="Times New Roman" size=2>Selected Quarterly Financial Data
(Unaudited)</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="27%" colSpan=15><FONT face="Times New Roman" size=2>Quarter</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>First</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Second</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Third</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Fourth</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>144,441</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>140,407</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>207,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>353,934</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>Operating loss (2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(1,593,220</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(923,394</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(812,400</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(834,328</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net loss (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1,589,281</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(919,122</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(801,840</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(825,825</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.09</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.05</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>First</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Second</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Third</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=3><FONT face="Times New Roman" size=2>Fourth</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>127,011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>161,229</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>137,702</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>341,580</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>Operating loss (2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(1,669,488</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(727,416</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(753,336</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(742,142</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net loss (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (1,665,769</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (723,650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (749,391</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (736,055</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.10</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(1) Since per
share information is computed independently for each quarter and the full year,
based on the respective average number of common shares outstanding, the sum of
the quarterly per share amounts does not necessarily equal the per share amounts
for the year. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(2) The Company
incurred higher costs in the first quarter of 2011 and 2010 relating primarily
to approximately $475,000 and $606,000 respectively of non-cash stock
compensation costs on fully vested restricted stock and $175,000 and $105,000, respectively, in directors fees.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SCHEDULE II </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>VALUATION AND QUALIFYING ACCOUNTS<BR>Years ended December 31,
2011, 2010, and 2009 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Balance at</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Charged to</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>Balance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>beginning</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>costs and</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>at end</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>of
    period</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>expenses</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="6%" colSpan=3><FONT face="Times New Roman" size=2>Deductions</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=2><FONT face="Times New Roman" size=2>of
    period</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Allowance for uncollectible royalty
      receivables:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>December 31, 2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>162,723</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>92,723</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>December 31, 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>186,568</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,845</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>162,723</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>December 31, 2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      203,674</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,894</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      186,568</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>*Recovery of previously
reserved receivables. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-19</FONT></P>
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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 - FILED HEREWITH
<TEXT>

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<BR>
<P align=justify><FONT face="Times New Roman" size=2><B>EXHIBIT 31.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CERTIFICATION</B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>I, </FONT><B><FONT face="Times New Roman" size=2>Joseph M. Harary,</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>certify that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this annual report
on Form 10-K of Research Frontiers Incorporated (the &#147;registrant&#148;);</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant's other certifying
officer&#146;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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>d) Disclosed in this report any change
in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant's other certifying
officer&#146;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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Dated: March 13,
2012</FONT></TD>
    <TD noWrap align=left width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Joseph M.
      Harary</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>President, Chief Executive
      Officer</FONT></TD></TR></TABLE><BR>
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<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 - FILED HEREWITH
<TEXT>

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<P align=justify><FONT face="Times New Roman" size=2><B>EXHIBIT 31.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CERTIFICATION </B></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>I, </FONT><B><FONT face="Times New Roman" size=2>Seth L. Van Voorhees,</FONT></B><FONT face="Times New Roman" size=2> certify
that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this annual report
on Form 10-K of Research Frontiers Incorporated (the </FONT><FONT face="Times New Roman" size=2>&#147;registrant&#148;);</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant's other certifying
officer&#146;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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>d) Disclosed in this report any change
in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant's other certifying
officer&#146;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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<P align=justify><FONT face="Times New Roman" size=2>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></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Dated: March 13,
2012</FONT></TD>
    <TD noWrap align=left width="50%"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: times new roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Seth L. Van
  Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Vice President, Chief
      Financial Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Treasurer and Principal
      Accounting Officer</FONT></TD></TR></TABLE><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF JOSEPH M. HARARY - FILED HEREWITH
<TEXT>

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<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 32.1</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>CERTIFICATION PURSUANT TO <BR>18 U.S.C.
SECTION 1350, <BR>AS ADOPTED PURSUANT TO <BR></FONT><FONT face="Times New Roman" size=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In connection
with the Annual Report of Research Frontiers Incorporated (the &#147;Company&#148;) on
Form 10-K for the year ended December 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></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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 vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp; </TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT style="BORDER-BOTTOM: black 1pt solid" face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>President, Chief Executive Officer and Principal
      Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>March 13, 2012</FONT></TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>exhibit32-2.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF SETH L. VAN VOORHEES - FILED HEREWITH
<TEXT>

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<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>EXHIBIT 32.2</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>CERTIFICATION PURSUANT TO <BR>18 U.S.C.
SECTION 1350, <BR>AS ADOPTED PURSUANT TO <BR></FONT><FONT face="Times New Roman" size=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In connection
with the Annual Report of Research Frontiers Incorporated (the &#147;Company&#148;) on
Form 10-K for the year ended December 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></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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>
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    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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>
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    <TD noWrap align=left width="100%"><FONT style="border-bottom: 1pt solid black" face="Times New Roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></TD></TR>
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    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Vice President, Chief Financial
  Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Treasurer and Principal Accounting
    Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>March 13, 2012</FONT></TD></TR></TABLE><BR>

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	<us-gaap:NatureOfOperations contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(1) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Business&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;Research Frontiers Incorporated (&amp;#8220;Research Frontiers&amp;#8221; or the &amp;#8220;Company&amp;#8221;) 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&amp;#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; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has historically utilized its cash and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&amp;#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, and the development of new licensees and changes in the Company&amp;#8217;s relationships with its existing licensees. The degree of dependence of the Company&amp;#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. 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 commercialization of products using the Company&amp;#8217;s technology by the Company&amp;#8217;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
	<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(2) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Summary of Significant Accounting Policies&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(a)&lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2011 and 2010. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2011 and 2010 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit in excess of federally insured limits at December 31, 2011 approximated $3 million.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;(b)&lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Short-term Investments&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2011 all investments were classified as held to maturity and consisted of the following: &lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;table style="line-height: 14pt; width: 80%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td style="text-align: center;" width="4%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="44%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="43%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" width="7%" colspan="4" nowrap="nowrap"&gt;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="44%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="43%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="7%" colspan="4" nowrap="nowrap"&gt;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Investments (based on cost)&lt;/font&gt; &amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="44%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6-28-12&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="43%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,005,056&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="44%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;9-29-12&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="43%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="44%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="43%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,255,056&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(c) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Royalties Receivable&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&amp;#8217;s best estimate of the amount of probable credit losses in the Company&amp;#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(d) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fixed Assets&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(e) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Revenue Recognition/Fee Income&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year. During 2010 five licensees accounted for 13%, 11%, 10%, 10% and 10%, respectively of fee income recognized for the year. During 2009, three licensees accounted for 29%, 21% and 18%, respectively of fee income recognized during the year.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(f) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Basic and Diluted Loss Per Common Share&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&amp;#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2011 because all common stock equivalents (&lt;/font&gt;&lt;i&gt;&lt;font size="2" style="font-family:times new roman"&gt;i.e.,&lt;/font&gt;&lt;/i&gt;&lt;font size="2" style="font-family:times new roman"&gt; options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 1,973,906, 2,443,108, and 2,511,341, for 2011, 2010, and 2009, respectively. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(g) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Research and Development Costs&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Research and development costs are charged to expense as incurred. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(h) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Patent Costs&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(i) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Use of Estimates&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The preparation of the Company&amp;#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(j) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Income Taxes&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2011 and 2010, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2011 and 2010. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The tax years subject to examination by major tax jurisdictions include the years 2007 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(k) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fair Value of Financial Instruments&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(l) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Equity-Based Compensation&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&amp;#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In connection with the stock options and restricted stock grants, the Company charged $719,811, $696,888 and $421,430 to operations during the years ended December 31, 2011, 2010 and 2009, respectively. In lieu of higher cash compensation, the Company granted 175,000 and 9,000 warrants to consultants during 2009. These warrants vest ratably over 59 and 24 months respectively. These warrants are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholed method. The Company incurred a (benefit) charge to operations of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(m) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Restricted Stock&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted, The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(n) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Impairment of Long-Lived Assets&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;font size="2" style="font-family:times new roman"&gt;The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset&amp;#8217;s quoted market price in an active market or, where an active market for the asset does not exist, the Company&amp;#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(o) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Recent Accounting Pronouncements&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;i&gt;&lt;font size="2" style="font-family:times new roman"&gt;New Accounting Standards&lt;/font&gt;&lt;/i&gt;&lt;/p&gt;
&lt;p style="text-align: justify;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;font size="2" style="font-family:times new roman"&gt;In May 2011, FASB issued ASU No. 2011-04, &amp;#8220;Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. (GAAP and IFRSs.&amp;#8221; ASU 2011-04 amends Topic 820 to provide common fair value measurement and disclosure requirements in U.S. Generally Accepted Accounting Principles (&amp;#8220;U.S. GAAP&amp;#8221;) and International Financial Reporting Standards. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurement, as well as providing guidance on how fair value should be applied where its use is already required or permitted by other standards within U.S. GAAP. ASU No. 2011-04 is to be applied prospectively, and early adoption is not permitted. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on our results of operations or our financial position.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;font size="2" style="font-family:times new roman"&gt;In December 2011, the FASB issued ASU 2011-11, &amp;#8220;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&amp;#8221; ASU 2011-11 provides for additional disclosures of both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The amendments in this Update are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and disclosures required by these amendments should be provided retrospectively for all comparative periods presented. The adoption of ASU 2011-11 is not expected to have a material impact on our results of operations or our financial position.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(p) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fair Value Measurements&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify;"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 820 &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221; (&amp;#8220;ASC Topic 820&amp;#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&amp;#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Financial assets accounted for at fair value on a recurring basis at December 31, 2011 and 2010, include cash and cash equivalents of approximately $2.4 million and $7.0 million, respectively, as well as short term investments of $1.3 million in 2011. These assets are carried at fair value based on quoted market prices for identical securities (Level 1 inputs).&lt;/font&gt;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
	<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(3) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Note Receivable from SPD Control Systems&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;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 (&amp;#8220;SPD Control Systems&amp;#8221;). 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&amp;#8217;s funding of this project is reflected in the form &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;of a senior secured convertible promissory note (the &amp;#8220;Note&amp;#8221;) of SPD Control Systems held by Research Frontiers&amp;#8217; wholly-owned subsidiary, SPD Enterprises Inc. (&amp;#8220;SPD Enterprises&amp;#8221;). 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 December 31, 2011 and 2010, the principal amount outstanding under this Note was $150,000. Interest receivable under this Note was $61,450 and $46,498 at December 31, 2011 and 2010 and is included with other current assets (2011) and other assets (2010) in the accompanying balance sheet. As part of a broader agreement between SPD Control Systems and the Company, effective 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.&lt;/font&gt;&lt;/p&gt;</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
	<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(5) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Accrued Expenses and Other&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Accrued expenses consist of the following at December 31, 2011 and 2010: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 80%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="7%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Payroll, bonuses and related benefits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;134,384&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;134,941&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Professional services&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;35,040&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;43,685&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Deferred rent&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;19,006&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;24,945&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Marketing consultants&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;23,017&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;363&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;8,713&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 188,793&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="6%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 235,301&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
	<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(6) &lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Income Taxes&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;There was no income tax expense in 2011, 2010 and 2009 due to losses incurred by the Company. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2011 and 2010 are presented below. &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="7%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;91,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;86,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Capital loss carryforward&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;312,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Allowance for bad debts&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;65,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;22,516,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;21,817,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Stock option expense&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Research and other credits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;1,008,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;998,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other temporary differences&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Total gross deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;24,344,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Less valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,344,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the period in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon its historical operating losses, utilization of deferred tax assets cannot currently be determined. Accordingly, the Company has recorded a full valuation allowance against the deferred tax assets, as they will not be realized until the Company achieves profitable operations in the future. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;At December 31, 2011, the Company had a net operating loss carryforward for federal income tax purposes of $55,000,000, varying amounts of which will expire in each year from 2012 through 2031. Research and other credit carryforwards of $1,008,000&lt;/font&gt;&lt;b&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/b&gt;&lt;font style="font-family: times new roman;" size="2"&gt;are available to the Company to reduce income taxes payable in future years principally through 2031. Net operating loss carryforwards of $3,333,000 and research and other credit carryforwards of $75,000 are scheduled to expire during fiscal 2012, if not utilized.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
	<refr:LicenseAndOtherAgreementsTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(8) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;License and Other Agreements&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has entered into a number of license agreements covering various products using the Company&amp;#8217;s SPD technology. Some of these license agreements are limited to specific counties and/or markets. Licensees of Research Frontiers who incorporate SPD technology into end products pay Research Frontiers an earned royalty of 5-15% of net sales of licensed products under license agreements currently in effect, and may also be required to pay Research Frontiers fees and minimum annual royalties. Licensees who sell products or components to other licensees of Research Frontiers do not pay a royalty on such sale; Research Frontiers will collect such royalty from the licensee incorporating such products or components into their own end-products. Research Frontiers&amp;#8217; license agreements typically allow the licensee to terminate the license after some period of time, and give Research Frontiers only limited rights to terminate before the license expires. Most licenses are non-exclusive and generally last as long as our patents remain in effect.&lt;/font&gt;&lt;/p&gt;</refr:LicenseAndOtherAgreementsTextBlock>
	<us-gaap:CommitmentsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(9) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Commitments&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has an employment agreement with one of its officers which provides for an annual base salary of $425,000 and with another officer which provides for an annual base salary of $300,000, both for calendar year 2012. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has a defined contribution profit sharing (401K) plan covering employees who have completed one year of service. Contributions are made at the discretion of the Company. The Company did not make any contributions to this plan for 2011, 2010 or 2009. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company occupies premises under an operating lease agreement which expires on January 31, 2014. At December 31, 2011, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 15%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2012:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 173,000&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="92%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2013:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;192,000&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2014:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;16,000&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="92%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2015:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2016:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;Rent expense, including other occupancy related expenses, amounted to approximately $172,000, $198,000, and $197,000 for 2011, 2010, and 2009, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsDisclosureTextBlock>
	<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(10) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Rights Plan&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;In February 2003, the Company&amp;#8217;s Board of Directors adopted a Stockholders&amp;#8217; Rights Plan (the &amp;#8220;Rights Plan&amp;#8221;) and declared a dividend distribution of one right (a &amp;#8220;Right&amp;#8221;) for each outstanding share of Company common stock to stockholders of record at the close of business on March 3, 2003. Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company&amp;#8217;s common stock, unless redeemed by the Company&amp;#8217;s Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $120 worth of common stock for $60. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $120 worth of common stock of the acquiring company for $60. The Rights will expire at the close of business on February 18, 2013, unless the Rights Plan is extended by the Company&amp;#8217;s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right. The Rights are not exercisable during the time when they are redeemable by the Company.&lt;/font&gt;&lt;/p&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
	<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(11) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Selected Quarterly Financial Data (Unaudited)&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="27%" colspan="15" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;First&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Second&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Third&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fourth&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;144,441&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;140,407&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;207,200&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;353,934&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(1,593,220&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(923,394&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(812,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(834,328&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(1,589,281&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(919,122&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(801,840&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(825,825&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.09&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.05&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="100%" colspan="17"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="100%" colspan="17"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;First&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Second&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Third&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fourth&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;127,011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;161,229&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;137,702&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;341,580&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(1,669,488&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(727,416&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(753,336&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(742,142&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,665,769&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (723,650&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (749,391&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (736,055&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="72%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.10&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(2) The Company incurred higher costs in the first quarter of 2011 and 2010 relating primarily to approximately $475,000 and $606,000 respectively of non-cash stock compensation costs on fully vested restricted stock and $175,000 and $105,000, respectively, in directors fees.&lt;/font&gt;&lt;/p&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
	<us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="center"&gt;&lt;font size="2" style="font-family:times new roman"&gt;SCHEDULE II &lt;/font&gt;&lt;/p&gt;
&lt;p align="center"&gt;&lt;font size="2" style="font-family:times new roman"&gt;RESEARCH FRONTIERS INCORPORATED&lt;br  /&gt;VALUATION AND QUALIFYING ACCOUNTS&lt;br  /&gt;Years ended December 31, 2011, 2010, and 2009 &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="74%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Charged to&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="74%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;beginning&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;costs and&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;at end&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" width="74%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;of period&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Deductions&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;of period&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Allowance for uncollectible royalty receivables:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;162,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;70,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;92,723&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;186,568&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;23,845&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;162,723&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 203,674&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,894&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 20,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 186,568&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*Recovery of previously reserved receivables. &lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
	<refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">702837</refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed>
	<refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">20</refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed>
	<refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">702817</refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed>
	<refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="0">0</refr:StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed>
	<refr:StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="Shares" decimals="0">202000</refr:StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed>
	<!-- Footnote Section -->
	<link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
	</link:footnoteLink>
	<refr:CashlessExerciseOfStockOptions contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">276750</refr:CashlessExerciseOfStockOptions>
	<refr:CashlessExerciseOfStockOptions contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</refr:CashlessExerciseOfStockOptions>
	<refr:CashlessExerciseOfStockOptions contextRef="Context_FYE_31-Dec-2009" unitRef="USD" decimals="0">0</refr:CashlessExerciseOfStockOptions>
	<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_FYE_31-Dec-2011">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;font style="font-family: times new roman;"&gt;(4) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;"&gt;Fixed Assets&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;&lt;font style="font-family: times new roman;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Fixed assets and their estimated useful lives as of December 31, 2011 and 2010, are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" valign="top" width="51%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" valign="top" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" valign="top" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" valign="top" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" valign="top" width="2%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="border-bottom: #000000 1pt solid;" valign="top" width="32%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;Estimated useful life&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="51%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;Equipment and furniture&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;1,290,083&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;1,279,459&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center;" bgcolor="#c0c0c0" valign="top" width="32%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" valign="top" width="51%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;Leasehold Improvements&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;437,427&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;435,534&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center;" valign="top" width="32%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Life of lease or estimated life of asset if shorter&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" width="99%" colspan="9"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="51%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;1,727,510&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;1,714,993&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="32%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" valign="top" width="51%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;Less accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="32%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" valign="top" width="51%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,645,082&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,605,225&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" valign="top" width="32%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="51%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;82,428&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;; font-family:times new roman,times" size="2"&gt;109,768&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" bgcolor="#c0c0c0" valign="top" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" bgcolor="#c0c0c0" valign="top" width="32%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>

	<refr:StockholdersEquityNoteTextBlock contextRef="Context_FYE_31-Dec-2011">
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(7) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shareholders&amp;#8217; Equity&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(a)&lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Common Stock &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;On August 3, 2009, the Company announced that a group of accredited investors invested $2.85 million in the Company. The investors received 780,831 shares of Research Frontiers common stock at a price of $3.65 per share which was the closing market price of Research Frontiers stock on July 28, 2009, the day the transaction was priced. In addition, the investors in this stock offering received 156,161 five-year warrants to purchase Research Frontiers common stock at a price of $6.00 per share. These securities were sold pursuant to Research Frontiers&amp;#8217; effective shelf-registration statement filed with the SEC. Warrants issued are five year warrants at an exercise price of $5 per share for the March 3, 2010 offering, $6.25 per share for the September offerings and $6.75 for the December offering. See 7(b)(ii). &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;During 2010 the Company sold, pursuant to the Company&amp;#8217;s effective registration statement filed with the SEC, equity in the Company as follows: &lt;/font&gt;&lt;/p&gt;
	&lt;table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid;" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160; Date&lt;/font&gt;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; border-top: #000000 1pt solid;" width="7%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shares issued&lt;/font&gt;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; border-top: #000000 1pt solid;" width="6%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Unit price&lt;/font&gt;&lt;/td&gt;
	&lt;td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: black 1pt solid; text-align: center; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid;" width="8%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Proceeds&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;March 3, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;588,602&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;117,719&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="center" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$2.75&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,618,653&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;September 17, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;641,026&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;128,205&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="center" width="5%" nowrap="nowrap"&gt;&lt;font style="font: times new roman;"&gt;$3.90&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2,490,723&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;September 27, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;194,118&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;38,824&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="center" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font style="font: times new roman;"&gt;$4.25&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;825,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;December 1, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;295,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;59,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="center" width="5%" nowrap="nowrap"&gt;&lt;font style="font: times new roman;"&gt;$5.00&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,475,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Total&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,718,746&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;343,748&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6,409,376&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;/table&gt;
	&lt;div&gt;&amp;#160;&lt;/div&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*Net of fees of $9,277 &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font style="font: small times new roman;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;(b) &lt;u&gt;Options and Warrants&lt;/u&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(i) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Options&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In 1992, the shareholders approved a stock option plan (1992 Stock Option Plan) which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at or below the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company initially reserved 468,750 shares of its common stock for issuance under this plan. In 1994 and 1996, the Company&amp;#8217;s shareholders approved an additional 300,000 shares and 450,000 shares, respectively, for issuance under this plan. As of December 31, 2001, no options were available for issuance under this Plan and this Plan expired during 2002. &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In 1998, the shareholders approved a stock option plan (1998 Stock Option Plan) which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at or below the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights or restricted stock under this plan. The Company initially reserved 540,000 shares of its common stock for issuance under this plan. In 1999, the Company&amp;#8217;s shareholders approved an additional 545,000 shares for issuance under this Plan, and in each of 2000 and 2002, the Company&amp;#8217;s shareholders approved an additional 600,000 shares for issuance under this Plan. No options are available for issuance under this Plan as this Plan expired in December 2007. &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In 2008, the shareholders approved the Company&amp;#8217;s 2008 Equity Incentive Plan which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights, restricted stock, or restricted stock units under this plan. The Company initially reserved 750,000 shares of its common stock for issuance under this plan, and 811,708 options and other awards were available for issuance under this plan as of December 31, 2011.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;At the discretion of the Board of Directors, options expire in ten years or less from the date of grant and are generally fully exercisable upon grant but in some cases may be subject to vesting in the future. Full payment of the exercise price may be made in cash or in shares of common stock valued at the fair market value thereof on the date of exercise, or by agreeing with the Company to cancel a portion of the exercised options.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company granted no options during 2011 and 2009. The Company granted 176,000 fully vested options during 2010 and recorded non-cash share-based compensation of $406,560. There was no share-based compensation recorded in 2011 and 2009. The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:&lt;/font&gt;&lt;/p&gt;
	&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fair value on grant date&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.31&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected dividend yield&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected volatility&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;76%&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.57%&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected term of the option&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5 years&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;/table&gt;
	&lt;div&gt;&amp;#160;&lt;/div&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Activity in stock options is summarized below: &lt;/font&gt;&lt;/p&gt;
	&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Average&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Number&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Remaining&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;of Shares&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Average&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Contractual&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Aggregate&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Subject to&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Exercise&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Term&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Intrinsic&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Option&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Price&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(Years)&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Value&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2008&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2,459,980&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;12.92&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(448,800&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;8.87&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2,011,180&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;13.82&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.9&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;176,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.69&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(452,981&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;18.90&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,734,199&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;11.64&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.3&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 281,600&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(379,550&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;20.43&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(85,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.72&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="6%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,269,649&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 9.48&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 2pt double; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.2&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;/table&gt;
	&lt;div&gt;&amp;#160;&lt;/div&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;All options are exercisable at December 31, 2011.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;During 2007 the Company issued options to consultants to purchase 31,500 shares of common stock at a weighted average exercise price of $14.79 per share. The Company recorded $63,206 (included with expense of options granted to employees and directors) of non-cash expense in connection with the issuance of these options during 2009. The Company had no option related expense in 2010 and 2011. &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; During 2011 an employee was to make a payment of $276,750 for exercising 75,000 options but instead he forfeited 29,270 options which would have been exercisable at a fair market value of $276,896 and delivered the difference in cash.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;During 2011, the Company received $65,977 in proceeds from the exercise of options.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;(ii) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Activity in warrants is summarized below: &lt;/font&gt;&lt;/p&gt;
	&lt;table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Number of&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shares Underlying&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted Average&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants Granted&lt;/font&gt;&lt;/td&gt;
	&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
	&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2008&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;167,500&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;7.50-9.00&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(7,500&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;8.98&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;340,161&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6.00&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;500,161&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6.00-9.00&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (135,000&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;7.50&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;343,748&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.91&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;708,909&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(4,652&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.64&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
	&lt;tr valign="bottom"&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;704,257&lt;/font&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
	&lt;td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
	&lt;td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
	&lt;/tr&gt;
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	&lt;div&gt;&amp;#160;&lt;/div&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants generally expire from five to ten years from the date of issuance. At December 31, 2011, the number of warrants exercisable was 610,924 at a weighted average exercise price of $6.07 per share.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;The Company also granted 175,000 and 9,000 warrants at an exercise price of $6.00 and $5.00 respectively to consultants during 2009. These warrants vest ratably over 59 and 24 months, respectively. These warrants are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a (benefit) charge of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.&lt;/font&gt;&lt;/p&gt;
	&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(c) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Restricted Stock Grant&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; During 2011, the Company granted 63,000 and 139,000 shares of common stock to directors and employees respectively. The market price of each share on the date of grant was $5.20. All of the shares granted to the directors, as well as 3,000 shares granted to certain employees, vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. During 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. During 2009, the Company granted 100,000, 199,700 and 250 shares of restricted common stock to its directors, employees and a consultant, respectively. All of the shares granted to the directors and the consultant, as well as 1,200 shares granted to employees vested immediately upon grant. The remaining 198,500 shares vest ratably over the 36 months subsequent to the grant date. In connection with a termination of employment, 888 shares were cancelled in 2009. The market value per share on the date of grant was $2.14. At December 31, 2011, 2010 and 2009, 90,667, 65,768 and 131,535, respectively, of these grants remain unvested. The Company recorded total non-cash share-based compensation expense of $702,837, $366,044, and $445,913 for the years ended December 31, 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;
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			<link:roleType roleURI="http://www.smartglass.com/role/FixedAssets" id="FixedAssets">
				<link:definition>010 - Disclosure - Fixed Assets</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/AccruedExpensesAndOther" id="AccruedExpensesAndOther">
				<link:definition>011 - Disclosure - Accrued Expenses and Other</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/IncomeTaxes" id="IncomeTaxes">
				<link:definition>012 - Disclosure - Income Taxes</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/Equity" id="Equity">
				<link:definition>013 - Disclosure - Shareholders' Equity</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/LicenseAndOtherAgreements" id="LicenseAndOtherAgreements">
				<link:definition>014 - Disclosure - License and Other Agreements</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/Commitments" id="Commitments">
				<link:definition>015 - Disclosure - Commitments</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/RightsPlan" id="RightsPlan">
				<link:definition>016 - Disclosure - Rights Plan</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/SelectedQuarterlyFinancialDataUnaudited" id="SelectedQuarterlyFinancialDataUnaudited">
				<link:definition>017 - Disclosure - Selected Quarterly Financial Data (Unaudited)</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://www.smartglass.com/role/ValuationAndQualifyingAccounts" id="ValuationAndQualifyingAccounts">
				<link:definition>018 - Schedule - SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
			</link:roleType>
			<link:linkbaseRef xlink:type="simple" xlink:href="refr-20111231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="refr-20111231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="refr-20111231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="refr-20111231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
		</appinfo></annotation>
	<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
	<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
	<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
	<import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/currency/2011-01-31" schemaLocation="http://xbrl.sec.gov/currency/2011/currency-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/exch/2011-01-31" schemaLocation="http://xbrl.sec.gov/exch/2011/exch-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd"/>
	<import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd"/>
	<import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd"/>
	<import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd"/>
	<import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
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	<element name="RoyaltyReceivablesNetCurrent" id="refr_RoyaltyReceivablesNetCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="DepositsAndOtherAssetsNonCurrent" id="refr_DepositsAndOtherAssetsNonCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="AccruedExpensesAndOhterCurrentLiabilities" id="refr_AccruedExpensesAndOhterCurrentLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="BalanceSheetParentheticalAbstract" id="refr_BalanceSheetParentheticalAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="ReservesOfRoyaltyReceivables" id="refr_ReservesOfRoyaltyReceivables" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" id="refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="StockIssuedDuringPeriodValueIssuedForServices" id="refr_StockIssuedDuringPeriodValueIssuedForServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="StockIssuedDuringPeriodSharesIssuedForServices" id="refr_StockIssuedDuringPeriodSharesIssuedForServices" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" id="refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" xbrli:balance="credit" nillable="true"/>
	<element name="StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" id="refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true"/>
	<element name="IncreaseDecreaseInUncollectibleRoyaltyReceivable" id="refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
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	<element name="StockholdersEquityNoteTextBlock" id="refr_StockholdersEquityNoteTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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	<element name="LicenseAndOtherAgreementsTextBlock" id="refr_LicenseAndOtherAgreementsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
	<element name="CashlessExerciseOfStockOptions" id="refr_CashlessExerciseOfStockOptions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" xbrli:balance="credit" nillable="true"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>refr-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#StatementOfFinancialPositionClassified" roleURI="http://www.smartglass.com/role/StatementOfFinancialPositionClassified"/>
	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#BalanceSheetParenthetical" roleURI="http://www.smartglass.com/role/BalanceSheetParenthetical"/>
	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#StatementOfIncomeAlternative" roleURI="http://www.smartglass.com/role/StatementOfIncomeAlternative"/>
	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#StatementOfShareholdersEquityAndOtherComprehensiveIncome" roleURI="http://www.smartglass.com/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome"/>
	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#StatementOfCashFlowsIndirect" roleURI="http://www.smartglass.com/role/StatementOfCashFlowsIndirect"/>
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		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_12"/>
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<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/>
	<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
	<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_DocumentAndEntityInformationAbstract" xlink:label="loc_refr_DocumentAndEntityInformationAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DocumentAndEntityInformationAbstract" xlink:to="lab_refr_DocumentAndEntityInformationAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-Known Seasoned Issuer</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-Known Seasoned Issuer</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_dei_EntityPublicFloat"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, At Carrying Value</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at end of year</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="loc_us-gaap_MarketableSecuritiesCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Marketable Securities, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Short-term Investments</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesCurrent" xlink:to="lab_us-gaap_MarketableSecuritiesCurrent"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_RoyaltyReceivablesNetCurrent" xlink:label="loc_refr_RoyaltyReceivablesNetCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Royalty Receivables, Net, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Royalty receivables, net of reserves of $92,723 in 2011 and $162,723 in 2010</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for royalty.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_RoyaltyReceivablesNetCurrent" xlink:to="lab_refr_RoyaltyReceivablesNetCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid Expense and Other Assets, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesCurrent" xlink:label="loc_us-gaap_NotesReceivableRelatedPartiesCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Notes Receivable, Related Parties, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Note receivable, SPD Control Systems</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Note receivable, SPD Control Systems</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableRelatedPartiesCurrent" xlink:to="lab_us-gaap_NotesReceivableRelatedPartiesCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Fixed assets, net</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Fixed assets, net</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="loc_us-gaap_NotesReceivableRelatedPartiesNoncurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesNoncurrent" xml:lang="en-US">Notes Receivable, Related Parties, Noncurrent</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesNoncurrent" xml:lang="en-US">Note receivable, SPD Control Systems</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesNoncurrent" xml:lang="en-US">Note receivable SPD Control Systems</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:to="lab_us-gaap_NotesReceivableRelatedPartiesNoncurrent"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_DepositsAndOtherAssetsNonCurrent" xlink:label="loc_refr_DepositsAndOtherAssetsNonCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and Other Assets, Non Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and other assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and other assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Also includes aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DepositsAndOtherAssetsNonCurrent" xlink:to="lab_refr_DepositsAndOtherAssetsNonCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Shareholders' Equity</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts payable</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current, Total</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent" xlink:to="lab_us-gaap_AccountsPayableCurrent"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_AccruedExpensesAndOhterCurrentLiabilities" xlink:label="loc_refr_AccruedExpensesAndOhterCurrentLiabilities"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_AccruedExpensesAndOhterCurrentLiabilities" xml:lang="en-US">Accrued Expenses and Ohter Current Liabilities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_AccruedExpensesAndOhterCurrentLiabilities" xml:lang="en-US">Accrued expenses and other</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_refr_AccruedExpensesAndOhterCurrentLiabilities" xml:lang="en-US">Accrued expenses and other</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_AccruedExpensesAndOhterCurrentLiabilities" xml:lang="en-US">Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_AccruedExpensesAndOhterCurrentLiabilities" xlink:to="lab_refr_AccruedExpensesAndOhterCurrentLiabilities"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred revenue</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent" xlink:to="lab_us-gaap_DeferredRevenueCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments (note 9)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders Equity Attributable To Parent [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Shareholders' equity:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 18,544,355 and 18,281,973 shares for 2011 and 2010</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid In Capital, Common Stock</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Accumulated deficit</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Accumulated deficit</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Beginning Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Ending Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders Equity Attributable To Parent</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders' equity</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders' equity</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_BalanceSheetParentheticalAbstract" xlink:label="loc_refr_BalanceSheetParentheticalAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical] [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical] [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_BalanceSheetParentheticalAbstract" xlink:to="lab_refr_BalanceSheetParentheticalAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_ReservesOfRoyaltyReceivables" xlink:label="loc_refr_ReservesOfRoyaltyReceivables"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Reserves Of Royalty Receivables</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Reserves of royalty receivables (in dollars)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">A valuation reserves for royalty receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ReservesOfRoyaltyReceivables" xlink:to="lab_refr_ReservesOfRoyaltyReceivables"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par Or Stated Value Per Share</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value (in dollars per share)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Beginning Balance</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Ending Balance</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LicensesRevenue" xlink:label="loc_us-gaap_LicensesRevenue"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Licenses Revenue</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Fee income</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Fee income</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LicensesRevenue" xlink:to="lab_us-gaap_LicensesRevenue"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">Operating expenses</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">Operating expenses</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and Development Expense</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpense" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpense"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses, Total</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating loss</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating loss</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_us-gaap_InvestmentIncomeInterest"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Investment Income, Interest</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Net investment income</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Net investment income</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable To Parent</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDiluted"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Earnings Per Share, Basic and Diluted</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Basic and diluted net loss per common share (in dollars per share)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDiluted"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xlink:label="loc_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">Weighted Average Number Of Common Shares Outstanding, Basic and Diluted</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">Weighted average number of common shares outstanding (in shares)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xlink:to="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Statement, Equity Components [Axis]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Statement, Equity Components [Axis]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-In Capital [Member]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Shares, Outstanding</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding" xlink:to="lab_us-gaap_SharesOutstanding"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Issuance of common stock</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Issuance of common stock (in shares)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_StockIssuedDuringPeriodValueIssuedForServices" xlink:label="loc_refr_StockIssuedDuringPeriodValueIssuedForServices"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockIssuedDuringPeriodValueIssuedForServices" xml:lang="en-US">Stock Issued During Period Value Issued For Services</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodValueIssuedForServices" xml:lang="en-US">Issuance of Stock for Services Performed:</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodValueIssuedForServices" xml:lang="en-US">Issuance of stock for services performed</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodValueIssuedForServices" xml:lang="en-US">Value of stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodValueIssuedForServices" xlink:to="lab_refr_StockIssuedDuringPeriodValueIssuedForServices"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_refr_StockIssuedDuringPeriodSharesIssuedForServices"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Stock Issued During Period Shares Issued For Services</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Issuance of stock for services performed (in shares)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Issuance of stock for services performed (in shares)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodSharesIssuedForServices" xlink:to="lab_refr_StockIssuedDuringPeriodSharesIssuedForServices"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xml:lang="en-US">Stock Issued During Period, Value, Restricted Stock Award, Forfeitures</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xml:lang="en-US">Unvested restricted stock terminated employee</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Forfeited</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xml:lang="en-US">Unvested restricted stock terminated employee (in shares)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" xlink:label="loc_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" xml:lang="en-US">Stock Issued During Period Value Restricted Stock Options For Services Performed</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" xml:lang="en-US">Issuance of restricted stock for services performed</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" xml:lang="en-US">Value of restrictied stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed" xlink:to="lab_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" xlink:label="loc_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" xml:lang="en-US">Stock Issued During Period Shares Restricted Stock Options For Services Performed</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" xml:lang="en-US">Number of restricted shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</label>
		<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Issuance of restricted stock for services performed (in shares)</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed" xlink:to="lab_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from operating activities:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-Based Compensation</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock based compensation</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xlink:label="loc_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Increase Decrease In Uncollectible Royalty Receivable</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Recovery of uncollectible royalty receivables</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">The total amount of change during the period to uncollectible royalty receivable.</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Recovery of uncollectible royalty receivables</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xlink:to="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) In Operating Capital [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Change in assets and liabilities:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_IncreaseDecreaseInRoyaltyReceivables" xlink:label="loc_refr_IncreaseDecreaseInRoyaltyReceivables"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Increase Decrease In Royalty Receivables</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Royalty receivables</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from Royalty.</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Royalty receivables</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseInRoyaltyReceivables" xlink:to="lab_refr_IncreaseDecreaseInRoyaltyReceivables"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) In Prepaid Expense and Other Assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) In Accounts Payable and Accrued Liabilities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) In Deferred Revenue</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_IncreaseDecreaseInDepositsAndOtherAssets" xlink:label="loc_refr_IncreaseDecreaseInDepositsAndOtherAssets"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_IncreaseDecreaseInDepositsAndOtherAssets" xml:lang="en-US">Increase Decrease In Deposits and Other Assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_IncreaseDecreaseInDepositsAndOtherAssets" xml:lang="en-US">Deposits and other assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_refr_IncreaseDecreaseInDepositsAndOtherAssets" xml:lang="en-US">Deposits and other assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseInDepositsAndOtherAssets" xlink:to="lab_refr_IncreaseDecreaseInDepositsAndOtherAssets"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from investing activities:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments To Acquire Property, Plant, and Equipment</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of fixed assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of fixed assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of fixed assets</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of fixed assets</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Payments To Acquire Investments</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Purchase of investments</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Purchase of investments</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireInvestments"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="loc_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xml:lang="en-US">Proceeds From Sale, Maturity and Collection Of Investments</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xml:lang="en-US">Proceeds from sale of investment</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash (used in) provided by investing activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash (used in) provided by investing activities</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from financing activities:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants" xlink:label="loc_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants" xml:lang="en-US">Net Proceeds From Issuances Of Common Stock and Exercise Of Options and Warrants</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants" xml:lang="en-US">Net proceeds from issuances of common stock and exercise of options and warrants</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants" xml:lang="en-US">The cash inflow from the additional capital contribution to the entity.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants" xlink:to="lab_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xml:lang="en-US">Noncash Investing and Financing Items [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xml:lang="en-US">Non Cash Financing and Investing Activities</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_NatureOfOperationsAbstract" xlink:label="loc_refr_NatureOfOperationsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_NatureOfOperationsAbstract" xml:lang="en-US">Nature Of Operations [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_NatureOfOperationsAbstract" xml:lang="en-US">Nature Of Operations [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_NatureOfOperationsAbstract" xml:lang="en-US">Nature Of Operations.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_NatureOfOperationsAbstract" xlink:to="lab_refr_NatureOfOperationsAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="loc_us-gaap_NatureOfOperations"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NatureOfOperations" xml:lang="en-US">Nature Of Operations [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NatureOfOperations" xml:lang="en-US">Nature of Operations [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations" xlink:to="lab_us-gaap_NatureOfOperations"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivablesAbstract" xml:lang="en-US">Receivables [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ReceivablesAbstract" xml:lang="en-US">Receivables [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesAbstract" xlink:to="lab_us-gaap_ReceivablesAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property, Plant and Equipment [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property, Plant and Equipment [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xml:lang="en-US">Payables and Accruals [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xml:lang="en-US">Payables and Accruals [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract" xlink:to="lab_us-gaap_PayablesAndAccrualsAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">Income Tax Disclosure [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">Income Tax Disclosure [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="loc_us-gaap_StockholdersEquityNoteAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US">Stockholders Equity Note [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US">Stockholders' Equity Note [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteAbstract" xlink:to="lab_us-gaap_StockholdersEquityNoteAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_StockholdersEquityNoteTextBlock" xlink:label="loc_refr_StockholdersEquityNoteTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">Stockholders Equity Note [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">Stockholders Equity Note [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest excluding treasury stock.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockholdersEquityNoteTextBlock" xlink:to="lab_refr_StockholdersEquityNoteTextBlock"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_LicenseAndOtherAgreementsAbstract" xlink:label="loc_refr_LicenseAndOtherAgreementsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseAndOtherAgreementsAbstract" xml:lang="en-US">License and Other Agreements [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_LicenseAndOtherAgreementsAbstract" xml:lang="en-US">License and Other Agreements [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseAndOtherAgreementsAbstract" xlink:to="lab_refr_LicenseAndOtherAgreementsAbstract"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_LicenseAndOtherAgreementsTextBlock" xlink:label="loc_refr_LicenseAndOtherAgreementsTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseAndOtherAgreementsTextBlock" xml:lang="en-US">License and Other Agreements [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_LicenseAndOtherAgreementsTextBlock" xml:lang="en-US">License and Other Agreements [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_LicenseAndOtherAgreementsTextBlock" xml:lang="en-US">The entire disclosure for license and other agreements.</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseAndOtherAgreementsTextBlock" xlink:to="lab_refr_LicenseAndOtherAgreementsTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsDisclosureTextBlock" xml:lang="en-US">Commitments Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsDisclosureTextBlock" xml:lang="en-US">Commitments Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsAbstract" xlink:label="loc_us-gaap_ValuationAndQualifyingAccountsAbstract"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ValuationAndQualifyingAccountsAbstract" xml:lang="en-US">Valuation and Qualifying Accounts [Abstract]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ValuationAndQualifyingAccountsAbstract" xml:lang="en-US">Valuation and Qualifying Accounts [Abstract]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAndQualifyingAccountsAbstract" xlink:to="lab_us-gaap_ValuationAndQualifyingAccountsAbstract"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="loc_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xml:lang="en-US">Schedule Of Valuation and Qualifying Accounts Disclosure [Text Block]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xml:lang="en-US">Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementScenarioAxis" xml:lang="en-US">Statement, Scenario [Axis]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementScenarioAxis" xlink:to="lab_us-gaap_StatementScenarioAxis"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScenarioUnspecifiedDomain" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain" xlink:to="lab_us-gaap_ScenarioUnspecifiedDomain"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain"/>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
		<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_CashlessExerciseOfStockOptions" xlink:label="loc_refr_CashlessExerciseOfStockOptions"/>
		<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOptions" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cashless Exercise Of Stock Options</label>
		<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Value of exercised stock options in noncash activities.</label>
		<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOptions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cashless Exercise of Stock Options:</label>
		<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_CashlessExerciseOfStockOptions" xlink:to="lab_refr_CashlessExerciseOfStockOptions"/>
	</labelLink></linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>refr-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
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<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
	<roleRef xlink:type="simple" xlink:href="refr-20111231.xsd#StatementOfFinancialPositionClassified" roleURI="http://www.smartglass.com/role/StatementOfFinancialPositionClassified"/>
	<calculationLink xlink:type="extended" xlink:role="http://www.smartglass.com/role/StatementOfFinancialPositionClassified">
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" order="20" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="loc_us-gaap_MarketableSecuritiesCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_MarketableSecuritiesCurrent" order="40" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_RoyaltyReceivablesNetCurrent" xlink:label="loc_refr_RoyaltyReceivablesNetCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_refr_RoyaltyReceivablesNetCurrent" order="60" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" order="80" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesCurrent" xlink:label="loc_us-gaap_NotesReceivableRelatedPartiesCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_NotesReceivableRelatedPartiesCurrent" order="100" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_AssetsCurrent" order="20" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet" order="40" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="loc_us-gaap_NotesReceivableRelatedPartiesNoncurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_NotesReceivableRelatedPartiesNoncurrent" order="60" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_DepositsAndOtherAssetsNonCurrent" xlink:label="loc_refr_DepositsAndOtherAssetsNonCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_refr_DepositsAndOtherAssetsNonCurrent" order="80" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_AccountsPayableCurrent" order="20" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="refr-20111231.xsd#refr_AccruedExpensesAndOhterCurrentLiabilities" xlink:label="loc_refr_AccruedExpensesAndOhterCurrentLiabilities"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_refr_AccruedExpensesAndOhterCurrentLiabilities" order="40" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_DeferredRevenueCurrent" order="60" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_CommonStockValue" order="20" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock" order="40" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit" order="60" use="optional" weight="1"/>
		<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/>
		<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_LiabilitiesCurrent" order="20" use="optional" weight="1"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>refr-20111231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Note Receivable from SPD Control Systems<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock', window );">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</a></td>
        <td class="text"><p align="justify"><font style="font-family: times new roman;" size="2">(3) </font><u><font style="font-family: times new roman;" size="2">Note Receivable from SPD Control Systems</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="2">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 (&#8220;SPD Control Systems&#8221;). 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 </font></font><font style="font-family: times new roman;" size="2">of a senior secured convertible promissory note (the &#8220;Note&#8221;) of SPD Control Systems held by Research Frontiers&#8217; wholly-owned subsidiary, SPD Enterprises Inc. (&#8220;SPD Enterprises&#8221;). 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 December 31, 2011 and 2010, the principal amount outstanding under this Note was $150,000. Interest receivable under this Note was $61,450 and $46,498 at December 31, 2011 and 2010 and is included with other current assets (2011) and other assets (2010) in the accompanying balance sheet. As part of a broader agreement between SPD Control Systems and the Company, effective 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></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(2) </font><u><font size="2" style="font-family:times new roman">Summary of Significant Accounting Policies</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(a)</font><font size="2" style="font-family:times new roman"> </font><u><font size="2" style="font-family:times new roman">Cash and Cash Equivalents</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2011 and 2010. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2011 and 2010 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit in excess of federally insured limits at December 31, 2011 approximated $3 million.</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">(b)</font><font size="2" style="font-family:times new roman"> </font><u><font size="2" style="font-family:times new roman">Short-term Investments</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2011 all investments were classified as held to maturity and consisted of the following: </font></p>
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<tr valign="bottom">
<td style="text-align: center;" width="4%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman">Certificates of Deposit</font></td>
<td style="text-align: center;" width="44%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Maturity</font></td>
<td style="text-align: center;" width="43%" nowrap="nowrap">&#160;</td>
<td style="text-align: center;" width="7%" colspan="4" nowrap="nowrap">&#160; <font size="2" style="font-family:times new roman">Value of Held to Maturity</font></td>
</tr>
<tr valign="bottom">
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman">Investment</font></td>
<td style="text-align: center;" width="44%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Date</font></td>
<td style="text-align: center;" width="43%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="7%" colspan="4" nowrap="nowrap">&#160; <font size="2" style="font-family:times new roman">Investments (based on cost)</font> &#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,000,000</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="44%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6-28-12</font></td>
<td align="left" bgcolor="#c0c0c0" width="43%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,005,056</font></td>
<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">250,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="44%" nowrap="nowrap"></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">9-29-12</font></td>
<td align="left" width="43%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">250,000</font></td>
<td align="right" width="2%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="44%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="43%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,255,056</font></td>
<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
</tr>
</table>
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<div>&#160;</div>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(c) </font><u><font size="2" style="font-family:times new roman">Royalties Receivable</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(d) </font><u><font size="2" style="font-family:times new roman">Fixed Assets</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(e) </font><u><font size="2" style="font-family:times new roman">Revenue Recognition/Fee Income</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>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></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year. During 2010 five licensees accounted for 13%, 11%, 10%, 10% and 10%, respectively of fee income recognized for the year. During 2009, three licensees accounted for 29%, 21% and 18%, respectively of fee income recognized during the year.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(f) </font><u><font size="2" style="font-family:times new roman">Basic and Diluted Loss Per Common Share</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2011 because all common stock equivalents (</font><i><font size="2" style="font-family:times new roman">i.e.,</font></i><font size="2" style="font-family:times new roman"> options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 1,973,906, 2,443,108, and 2,511,341, for 2011, 2010, and 2009, respectively. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(g) </font><u><font size="2" style="font-family:times new roman">Research and Development Costs</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Research and development costs are charged to expense as incurred. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(h) </font><u><font size="2" style="font-family:times new roman">Patent Costs</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(i) </font><u><font size="2" style="font-family:times new roman">Use of Estimates</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The preparation of the Company&#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(j) </font><u><font size="2" style="font-family:times new roman">Income Taxes</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2011 and 2010, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2011 and 2010. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The tax years subject to examination by major tax jurisdictions include the years 2007 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(k) </font><u><font size="2" style="font-family:times new roman">Fair Value of Financial Instruments</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(l) </font><u><font size="2" style="font-family:times new roman">Equity-Based Compensation</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In connection with the stock options and restricted stock grants, the Company charged $719,811, $696,888 and $421,430 to operations during the years ended December 31, 2011, 2010 and 2009, respectively. In lieu of higher cash compensation, the Company granted 175,000 and 9,000 warrants to consultants during 2009. These warrants vest ratably over 59 and 24 months respectively. These warrants are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholed method. The Company incurred a (benefit) charge to operations of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(m) </font><u><font size="2" style="font-family:times new roman">Restricted Stock</font></u></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted, The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(n) </font><u><font size="2" style="font-family:times new roman">Impairment of Long-Lived Assets</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="font-family:times new roman">The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset&#8217;s quoted market price in an active market or, where an active market for the asset does not exist, the Company&#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(o) </font><u><font size="2" style="font-family:times new roman">Recent Accounting Pronouncements</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><i><font size="2" style="font-family:times new roman">New Accounting Standards</font></i></p>
<p style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;<font size="2" style="font-family:times new roman">In May 2011, FASB issued ASU No. 2011-04, &#8220;Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. (GAAP and IFRSs.&#8221; ASU 2011-04 amends Topic 820 to provide common fair value measurement and disclosure requirements in U.S. Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;) and International Financial Reporting Standards. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurement, as well as providing guidance on how fair value should be applied where its use is already required or permitted by other standards within U.S. GAAP. ASU No. 2011-04 is to be applied prospectively, and early adoption is not permitted. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on our results of operations or our financial position.</font></p>
<p style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;<font size="2" style="font-family:times new roman">In December 2011, the FASB issued ASU 2011-11, &#8220;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&#8221; ASU 2011-11 provides for additional disclosures of both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The amendments in this Update are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and disclosures required by these amendments should be provided retrospectively for all comparative periods presented. The adoption of ASU 2011-11 is not expected to have a material impact on our results of operations or our financial position.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(p) </font><u><font size="2" style="font-family:times new roman">Fair Value Measurements</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p style="text-align: justify;"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC Topic 820&#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>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></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Financial assets accounted for at fair value on a recurring basis at December 31, 2011 and 2010, include cash and cash equivalents of approximately $2.4 million and $7.0 million, respectively, as well as short term investments of $1.3 million in 2011. These assets are carried at fair value based on quoted market prices for identical securities (Level 1 inputs).</font></p><span></span></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EP1AE">
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          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 2,403,364<span></span></td>
        <td class="nump">$ 6,957,544<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Short-term Investments</a></td>
        <td class="nump">1,255,056<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RoyaltyReceivablesNetCurrent', window );">Royalty receivables, net of reserves of $92,723 in 2011 and $162,723 in 2010</a></td>
        <td class="nump">334,050<span></span></td>
        <td class="nump">380,177<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
        <td class="nump">169,634<span></span></td>
        <td class="nump">118,099<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedPartiesCurrent', window );">Note receivable, SPD Control Systems</a></td>
        <td class="nump">150,000<span></span></td>
        <td class="nump">0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">4,312,104<span></span></td>
        <td class="nump">7,455,820<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
        <td class="nump">82,428<span></span></td>
        <td class="nump">109,768<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedPartiesNoncurrent', window );">Note receivable, SPD Control Systems</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">150,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_DepositsAndOtherAssetsNonCurrent', window );">Deposits and other assets</a></td>
        <td class="nump">22,605<span></span></td>
        <td class="nump">69,103<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">4,417,137<span></span></td>
        <td class="nump">7,784,691<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>Liabilities and Shareholders' Equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">96,146<span></span></td>
        <td class="nump">51,938<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_AccruedExpensesAndOhterCurrentLiabilities', window );">Accrued expenses and other</a></td>
        <td class="nump">188,793<span></span></td>
        <td class="nump">235,301<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
        <td class="nump">25,000<span></span></td>
        <td class="nump">25,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">309,939<span></span></td>
        <td class="nump">312,239<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments (note 9)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 18,544,355 and 18,281,973 shares for 2011 and 2010</a></td>
        <td class="nump">1,854<span></span></td>
        <td class="nump">1,828<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump">88,513,630<span></span></td>
        <td class="nump">87,744,842<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(84,408,286)<span></span></td>
        <td class="num">(80,274,218)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
        <td class="nump">4,107,198<span></span></td>
        <td class="nump">7,472,452<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump">$ 4,417,137<span></span></td>
        <td class="nump">$ 7,784,691<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_AccruedExpensesAndOhterCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_AccruedExpensesAndOhterCurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DepositsAndOtherAssetsNonCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Also includes aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_DepositsAndOtherAssetsNonCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_RoyaltyReceivablesNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for royalty.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_RoyaltyReceivablesNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesReceivableRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Related Parties<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6523133<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesReceivableRelatedPartiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due after 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.11)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Related Parties<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6523133<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedPartiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>instant</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EIOAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (4,134,068)<span></span></td>
        <td class="num">$ (3,874,865)<span></span></td>
        <td class="num">$ (4,002,761)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">39,857<span></span></td>
        <td class="nump">44,315<span></span></td>
        <td class="nump">40,077<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock based compensation</a></td>
        <td class="nump">702,837<span></span></td>
        <td class="nump">772,604<span></span></td>
        <td class="nump">445,913<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable', window );">Recovery of uncollectible royalty receivables</a></td>
        <td class="num">(70,000)<span></span></td>
        <td class="num">(23,845)<span></span></td>
        <td class="num">(17,106)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInRoyaltyReceivables', window );">Royalty receivables</a></td>
        <td class="nump">116,127<span></span></td>
        <td class="num">(129,841)<span></span></td>
        <td class="num">(80,598)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
        <td class="num">(5,037)<span></span></td>
        <td class="nump">20,861<span></span></td>
        <td class="num">(28,724)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="num">(2,300)<span></span></td>
        <td class="nump">3,716<span></span></td>
        <td class="num">(128,172)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">25,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInDepositsAndOtherAssets', window );">Deposits and other assets</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(14,998)<span></span></td>
        <td class="nump">13,844<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(3,352,584)<span></span></td>
        <td class="num">(3,202,053)<span></span></td>
        <td class="num">(3,732,527)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of fixed assets</a></td>
        <td class="num">(12,517)<span></span></td>
        <td class="num">(10,313)<span></span></td>
        <td class="num">(23,947)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInvestments', window );">Purchase of investments</a></td>
        <td class="num">(2,255,056)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments', window );">Proceeds from sale of investment</a></td>
        <td class="nump">1,000,000<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,299,496<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash (used in) provided by investing activities</a></td>
        <td class="num">(1,267,573)<span></span></td>
        <td class="num">(10,313)<span></span></td>
        <td class="nump">2,275,549<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants', window );">Net proceeds from issuances of common stock and exercise of options and warrants</a></td>
        <td class="nump">65,977<span></span></td>
        <td class="nump">6,409,376<span></span></td>
        <td class="nump">2,850,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">65,977<span></span></td>
        <td class="nump">6,409,376<span></span></td>
        <td class="nump">2,850,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
        <td class="num">(4,554,180)<span></span></td>
        <td class="nump">3,197,010<span></span></td>
        <td class="nump">1,393,022<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">6,957,544<span></span></td>
        <td class="nump">3,760,534<span></span></td>
        <td class="nump">2,367,512<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">2,403,364<span></span></td>
        <td class="nump">6,957,544<span></span></td>
        <td class="nump">3,760,534<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Non Cash Financing and Investing Activities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_CashlessExerciseOfStockOptions', window );">Cashless Exercise of Stock Options:</a></td>
        <td class="nump">$ 276,750<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_CashlessExerciseOfStockOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of exercised stock options in noncash activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_CashlessExerciseOfStockOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseInDepositsAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInDepositsAndOtherAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from Royalty.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInRoyaltyReceivables</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of change during the period to uncollectible royalty receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_NetProceedsFromIssuancesOfCommonStockAndExerciseOfOptionsAndWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NoncashInvestingAndFinancingItemsAbstract</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the purchase of all investments (debt, security, other) during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireInvestments</nobr></td>
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                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
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                <p>The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
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<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">Research Frontiers Incorporated (&#8220;Research Frontiers&#8221; or the &#8220;Company&#8221;) 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; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has historically utilized its cash and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for 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, and 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. 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 commercialization of products using the Company&#8217;s technology by the Company&#8217;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations.</font></p><span></span></td>
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                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NatureOfOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWGAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets [Parenthetical] (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ReservesOfRoyaltyReceivables', window );">Reserves of royalty receivables (in dollars)</a></td>
        <td class="nump">$ 92,723<span></span></td>
        <td class="nump">$ 162,723<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
        <td class="nump">$ 0.0001<span></span></td>
        <td class="nump">$ 0.0001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">100,000,000<span></span></td>
        <td class="nump">100,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">18,544,355<span></span></td>
        <td class="nump">18,281,973<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">18,544,355<span></span></td>
        <td class="nump">18,281,973<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ReservesOfRoyaltyReceivables">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation reserves for royalty receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ReservesOfRoyaltyReceivables</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract', window );"><strong>Quarterly Financial Information Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Quarterly Financial Information [Text Block]</a></td>
        <td class="text"><p align="justify"><font style="font-family: times new roman;" size="2">(11) </font><u><font style="font-family: times new roman;" size="2">Selected Quarterly Financial Data (Unaudited)</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="27%" colspan="15" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Quarter</font></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2011</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">First</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Second</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Third</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Fourth</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Fee income</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">144,441</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">140,407</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">207,200</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">353,934</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(1,593,220</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(923,394</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(812,400</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(834,328</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Net loss (2)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(1,589,281</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(919,122</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(801,840</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(825,825</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.09</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.05</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
<tr>
<td width="100%" colspan="17">&#160;</td>
</tr>
<tr>
<td width="100%" colspan="17">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2010</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">First</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Second</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Third</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Fourth</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Fee income</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">127,011</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">161,229</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">137,702</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">341,580</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(1,669,488</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(727,416</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(753,336</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(742,142</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Net loss (2)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (1,665,769</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (723,650</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (749,391</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (736,055</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="72%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.10</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
</tr>
</table>
<div>&#160;</div>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(2) The Company incurred higher costs in the first quarter of 2011 and 2010 relating primarily to approximately $475,000 and $606,000 respectively of non-cash stock compensation costs on fully vested restricted stock and $175,000 and $105,000, respectively, in directors fees.</font></p><span></span></td>
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                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section G<br><br> -Subsection 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e725-108305<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 23, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e765-108305<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 30<br><br> -Subparagraph a-j<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-K (SK)<br><br> -Number 229<br><br> -Section 302<br><br> -Paragraph a<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952194&amp;loc=d3e1280-108306<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXRAE">
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          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">RESEARCH FRONTIERS INC<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000793524<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
        <td class="text">refr<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">18,907,555<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-K<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Dec. 31,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">FY<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-Known Seasoned Issuer</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 79,467,100<span></span></td>
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    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
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                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ValuationAndQualifyingAccountsAbstract', window );"><strong>Valuation and Qualifying Accounts [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock', window );">Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]</a></td>
        <td class="text"><p align="center"><font size="2" style="font-family:times new roman">SCHEDULE II </font></p>
<p align="center"><font size="2" style="font-family:times new roman">RESEARCH FRONTIERS INCORPORATED<br  />VALUATION AND QUALIFYING ACCOUNTS<br  />Years ended December 31, 2011, 2010, and 2009 </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="left" width="74%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Charged to</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance</font></td>
</tr>
<tr valign="bottom">
<td align="left" width="74%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">beginning</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">costs and</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">at end</font></td>
</tr>
<tr valign="bottom">
<td align="left" width="74%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">of period</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">expenses</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="3"><font size="2" style="font-family:times new roman">Deductions</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">of period</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Description</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Allowance for uncollectible royalty receivables:</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"><font size="2" style="font-family:times new roman">December 31, 2011</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">162,723</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">0</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">70,000</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">*</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">92,723</font></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"><font size="2" style="font-family:times new roman">December 31, 2010</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">186,568</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">0</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">23,845</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">*</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">162,723</font></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="74%" nowrap="nowrap"><font size="2" style="font-family:times new roman">December 31, 2009</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 203,674</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 2,894</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 20,000</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">*</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 186,568</font></td>
</tr>
</table>
<div>&#160;</div>
<p align="justify"><font size="2" style="font-family:times new roman">*Recovery of previously reserved receivables. </font></p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 09<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e24092-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Fee income</a></td>
        <td class="nump">$ 845,982<span></span></td>
        <td class="nump">$ 767,522<span></span></td>
        <td class="nump">$ 709,811<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Operating expenses</a></td>
        <td class="nump">3,618,635<span></span></td>
        <td class="nump">3,253,250<span></span></td>
        <td class="nump">3,183,492<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
        <td class="nump">1,390,689<span></span></td>
        <td class="nump">1,404,654<span></span></td>
        <td class="nump">1,549,707<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Operating Expenses, Total</a></td>
        <td class="nump">5,009,324<span></span></td>
        <td class="nump">4,657,904<span></span></td>
        <td class="nump">4,733,199<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(4,163,342)<span></span></td>
        <td class="num">(3,890,382)<span></span></td>
        <td class="num">(4,023,388)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Net investment income</a></td>
        <td class="nump">29,274<span></span></td>
        <td class="nump">15,517<span></span></td>
        <td class="nump">20,627<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (4,134,068)<span></span></td>
        <td class="num">$ (3,874,865)<span></span></td>
        <td class="num">$ (4,002,761)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
        <td class="num">$ (0.22)<span></span></td>
        <td class="num">$ (0.22)<span></span></td>
        <td class="num">$ (0.25)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted', window );">Weighted average number of common shares outstanding (in shares)</a></td>
        <td class="nump">18,538,041<span></span></td>
        <td class="nump">17,321,360<span></span></td>
        <td class="nump">16,065,248<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
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                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
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                <p>No definition available.</p>
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                <p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 985<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 730<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph g<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 2<br><br> -Paragraph 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 86<br><br> -Paragraph 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p align="justify"><font style="font-family: times new roman;" size="2">(6) <u><font style="font-family: times new roman;" size="2">Income Taxes</font></u><font style="font-family: times new roman;" size="2"> </font></font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">There was no income tax expense in 2011, 2010 and 2009 due to losses incurred by the Company. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2011 and 2010 are presented below. </font></p>
<table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2011</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="7%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2010</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Deferred tax assets:</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Depreciation</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">91,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">86,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Capital loss carryforward</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">312,000</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Allowance for bad debts</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">37,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">65,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Net operating loss carryforwards</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">22,516,000</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">21,817,000</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Stock option expense</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">1,051,000</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">1,051,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Research and other credits</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">1,008,000</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">998,000</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Other temporary differences</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">15,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">15,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total gross deferred tax assets</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">24,718,000</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">24,344,000</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; Less valuation allowance</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (24,718,000</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">)</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160; (24,344,000</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2">)</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
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<div>&#160;</div>
<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the period in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon its historical operating losses, utilization of deferred tax assets cannot currently be determined. Accordingly, the Company has recorded a full valuation allowance against the deferred tax assets, as they will not be realized until the Company achieves profitable operations in the future. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>At December 31, 2011, the Company had a net operating loss carryforward for federal income tax purposes of $55,000,000, varying amounts of which will expire in each year from 2012 through 2031. Research and other credit carryforwards of $1,008,000</font><b><font style="font-family: times new roman;" size="2"> </font></b><font style="font-family: times new roman;" size="2">are available to the Company to reduce income taxes payable in future years principally through 2031. Net operating loss carryforwards of $3,333,000 and research and other credit carryforwards of $75,000 are scheduled to expire during fiscal 2012, if not utilized.</font></p><span></span></td>
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                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Accrued Expenses and Other<br></strong></div>
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        <td class="text"><p align="justify"><font style="font-family: times new roman;" size="2">(5) </font><u><font style="font-family: times new roman;" size="2">Accrued Expenses and Other</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Accrued expenses consist of the following at December 31, 2011 and 2010: </font></p>
<table style="line-height: 14pt; width: 80%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2011</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
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<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">134,384</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">134,941</font></td>
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<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">35,040</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">43,685</font></td>
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<td align="left" bgcolor="#c0c0c0" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Deferred rent</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">19,006</font></td>
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<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">24,945</font></td>
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<tr valign="bottom">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Marketing consultants</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">23,017</font></td>
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<tr valign="bottom">
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<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">363</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">8,713</font></td>
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<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="5%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160; 188,793</font></td>
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<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="6%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160; 235,301</font></td>
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                <p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 24<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a),20,24)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has an employment agreement with one of its officers which provides for an annual base salary of $425,000 and with another officer which provides for an annual base salary of $300,000, both for calendar year 2012. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has a defined contribution profit sharing (401K) plan covering employees who have completed one year of service. Contributions are made at the discretion of the Company. The Company did not make any contributions to this plan for 2011, 2010 or 2009. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company occupies premises under an operating lease agreement which expires on January 31, 2014. At December 31, 2011, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: </font></p>
<table style="line-height: 14pt; width: 15%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2012:</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160; &#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 173,000</font></td>
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<tr valign="bottom">
<td align="right" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="92%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2013:</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2"></font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">192,000</font></td>
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<tr valign="bottom">
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2014:</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">16,000</font></td>
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<tr valign="bottom">
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="92%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2015:</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2"></font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
</tr>
<tr valign="bottom">
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" width="92%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2016:</font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2"></font></td>
<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">--</font></td>
</tr>
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<div>&#160;</div>
<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">Rent expense, including other occupancy related expenses, amounted to approximately $172,000, $198,000, and $197,000 for 2011, 2010, and 2009, respectively.</font></p><span></span></td>
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                <p>The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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	<p align="justify"><font size="2" style="font-family:times new roman">(7) </font><u><font size="2" style="font-family:times new roman">Shareholders&#8217; Equity</font></u><font size="2" style="font-family:times new roman"> </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(a)</font><font size="2" style="font-family:times new roman"> </font><font size="2" style="font-family:times new roman">Common Stock </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>On August 3, 2009, the Company announced that a group of accredited investors invested $2.85 million in the Company. The investors received 780,831 shares of Research Frontiers common stock at a price of $3.65 per share which was the closing market price of Research Frontiers stock on July 28, 2009, the day the transaction was priced. In addition, the investors in this stock offering received 156,161 five-year warrants to purchase Research Frontiers common stock at a price of $6.00 per share. These securities were sold pursuant to Research Frontiers&#8217; effective shelf-registration statement filed with the SEC. Warrants issued are five year warrants at an exercise price of $5 per share for the March 3, 2010 offering, $6.25 per share for the September offerings and $6.75 for the December offering. See 7(b)(ii). </font></p>
	<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">During 2010 the Company sold, pursuant to the Company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows: </font></p>
	<table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
	<tr valign="bottom">
	<td align="left" style="border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid;" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160; Date</font></td>
	<td style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="3%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td align="center" style="border-bottom: #000000 1pt solid; border-top: #000000 1pt solid;" width="7%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">Shares issued</font></td>
	<td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td align="center" style="border-bottom: #000000 1pt solid; border-top: #000000 1pt solid;" width="6%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">Warrants issued</font></td>
	<td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Unit price</font></td>
	<td align="center" style="border-bottom: #000000 1pt solid; text-align: center; border-top: #000000 1pt solid;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: black 1pt solid; text-align: center; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid;" width="8%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman">Proceeds</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">March 3, 2010</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160; </font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">588,602</font></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160; </font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap">&#160;&#160;&#160;&#160;</td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">117,719</font></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap">&#160;&#160;&#160;&#160;</td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="center" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$2.75</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160; </font></td>
	<td align="left" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,618,653</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2">&#160;&#160;&#160;&#160; </font></td>
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	<tr valign="bottom">
	<td align="left" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">September 17, 2010</font></td>
	<td align="right" width="3%" nowrap="nowrap"></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">641,026</font></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap">&#160;</td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">128,205</font></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="center" width="5%" nowrap="nowrap"><font style="font: times new roman;">$3.90</font></td>
	<td align="right" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2,490,723</font></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">*</font></td>
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	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">September 27, 2010</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap">&#160;</td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">194,118</font></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap">&#160;</td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">38,824</font></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	<td align="center" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font style="font: times new roman;">$4.25</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">825,000</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">December 1, 2010</font></td>
	<td align="right" width="3%" nowrap="nowrap"></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">295,000</font></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">59,000</font></td>
	<td align="right" width="2%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="center" width="5%" nowrap="nowrap"><font style="font: times new roman;">$5.00</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,475,000</font></td>
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	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Total</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,718,746</font></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">343,748</font></td>
	<td align="left" bgcolor="#c0c0c0" width="2%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6,409,376</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	</tr>
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	<div>&#160;</div>
	<p align="justify"><font size="2" style="font-family:times new roman">*Net of fees of $9,277 </font></p>
	<p align="justify"><font style="font: small times new roman;">&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">(b) <u>Options and Warrants</u> </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(i) </font><u><font size="2" style="font-family:times new roman">Options</font></u><font size="2" style="font-family:times new roman"> </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In 1992, the shareholders approved a stock option plan (1992 Stock Option Plan) which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at or below the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company initially reserved 468,750 shares of its common stock for issuance under this plan. In 1994 and 1996, the Company&#8217;s shareholders approved an additional 300,000 shares and 450,000 shares, respectively, for issuance under this plan. As of December 31, 2001, no options were available for issuance under this Plan and this Plan expired during 2002. </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In 1998, the shareholders approved a stock option plan (1998 Stock Option Plan) which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at or below the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights or restricted stock under this plan. The Company initially reserved 540,000 shares of its common stock for issuance under this plan. In 1999, the Company&#8217;s shareholders approved an additional 545,000 shares for issuance under this Plan, and in each of 2000 and 2002, the Company&#8217;s shareholders approved an additional 600,000 shares for issuance under this Plan. No options are available for issuance under this Plan as this Plan expired in December 2007. </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In 2008, the shareholders approved the Company&#8217;s 2008 Equity Incentive Plan which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights, restricted stock, or restricted stock units under this plan. The Company initially reserved 750,000 shares of its common stock for issuance under this plan, and 811,708 options and other awards were available for issuance under this plan as of December 31, 2011.</font></p>
	<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">At the discretion of the Board of Directors, options expire in ten years or less from the date of grant and are generally fully exercisable upon grant but in some cases may be subject to vesting in the future. Full payment of the exercise price may be made in cash or in shares of common stock valued at the fair market value thereof on the date of exercise, or by agreeing with the Company to cancel a portion of the exercised options.</font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company granted no options during 2011 and 2009. The Company granted 176,000 fully vested options during 2010 and recorded non-cash share-based compensation of $406,560. There was no share-based compensation recorded in 2011 and 2009. The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:</font></p>
	<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fair value on grant date</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.31</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected dividend yield</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected volatility</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">76%</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Risk free interest rate</font></td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.57%</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected term of the option</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; 5 years</font></td>
	</tr>
	</table>
	<div>&#160;</div>
	<p align="justify"><font size="2" style="font-family:times new roman">Activity in stock options is summarized below: </font></p>
	<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="4%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="4%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Average</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Number</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Remaining</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">of Shares</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Average</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Contractual</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Aggregate</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Subject to</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Exercise</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Term</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Intrinsic</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Option</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="5%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Price</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(Years)</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Value</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2008</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2,459,980</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">12.92</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(448,800</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">8.87</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2009</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2,011,180</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">13.82</font></td>
	<td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.9</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
	<td align="right" width="1%" nowrap="nowrap">&#160;</td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">176,000</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.69</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(452,981</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">18.90</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2010</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,734,199</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">11.64</font></td>
	<td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.3</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 281,600</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap">&#160;</td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(379,550</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">20.43</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="5%" nowrap="nowrap">&#160;</td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(85,000</font></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.72</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="6%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="73%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2011</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 1,269,649</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 9.48</font></td>
	<td style="text-align: center;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td style="border-bottom: #000000 2pt double; text-align: center;" bgcolor="#c0c0c0" width="6%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.2</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	</table>
	<div>&#160;</div>
	<p align="justify"><font size="2" style="font-family:times new roman">All options are exercisable at December 31, 2011.</font></p>
	<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">During 2007 the Company issued options to consultants to purchase 31,500 shares of common stock at a weighted average exercise price of $14.79 per share. The Company recorded $63,206 (included with expense of options granted to employees and directors) of non-cash expense in connection with the issuance of these options during 2009. The Company had no option related expense in 2010 and 2011. </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; During 2011 an employee was to make a payment of $276,750 for exercising 75,000 options but instead he forfeited 29,270 options which would have been exercisable at a fair market value of $276,896 and delivered the difference in cash.</font></p>
	<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">During 2011, the Company received $65,977 in proceeds from the exercise of options.</font></p>
	<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">(ii) </font><u><font size="2" style="font-family:times new roman">Warrants</font></u><font size="2" style="font-family:times new roman"> </font></p>
	<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Activity in warrants is summarized below: </font></p>
	<table style="line-height: 14pt; width: 95%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Number of</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Shares Underlying</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
	<td style="text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted Average</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Warrants Granted</font></td>
	<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
	<td style="border-bottom: #000000 1pt solid; text-align: center;" width="6%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Exercise Price</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2008</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">167,500</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">7.50-9.00</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(7,500</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">8.98</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">340,161</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6.00</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2009</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">500,161</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6.00-9.00</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (135,000</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">7.50</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">343,748</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.91</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2010</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">708,909</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap">&#160;</td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(4,652</font></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.64</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
	<td align="right" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 1pt solid;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
	</tr>
	<tr valign="bottom">
	<td align="left" bgcolor="#c0c0c0" width="85%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2011</font></td>
	<td align="right" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">704,257</font></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"></td>
	<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
	<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
	</tr>
	</table>
	<div>&#160;</div>
	<p align="justify"><font size="2" style="font-family:times new roman">Warrants generally expire from five to ten years from the date of issuance. At December 31, 2011, the number of warrants exercisable was 610,924 at a weighted average exercise price of $6.07 per share.</font></p>
	<p align="justify"><font size="2" style="font-family:times new roman">The Company also granted 175,000 and 9,000 warrants at an exercise price of $6.00 and $5.00 respectively to consultants during 2009. These warrants vest ratably over 59 and 24 months, respectively. These warrants are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a (benefit) charge of ($16,974), $75,716 and $24,483 for 2011, 2010 and 2009, respectively in connection with these warrants.</font></p>
	<p align="justify"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;(c) </font><u><font size="2" style="font-family:times new roman">Restricted Stock Grant</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; During 2011, the Company granted 63,000 and 139,000 shares of common stock to directors and employees respectively. The market price of each share on the date of grant was $5.20. All of the shares granted to the directors, as well as 3,000 shares granted to certain employees, vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. During 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. During 2009, the Company granted 100,000, 199,700 and 250 shares of restricted common stock to its directors, employees and a consultant, respectively. All of the shares granted to the directors and the consultant, as well as 1,200 shares granted to employees vested immediately upon grant. The remaining 198,500 shares vest ratably over the 36 months subsequent to the grant date. In connection with a termination of employment, 888 shares were cancelled in 2009. The market value per share on the date of grant was $2.14. At December 31, 2011, 2010 and 2009, 90,667, 65,768 and 131,535, respectively, of these grants remain unvested. The Company recorded total non-cash share-based compensation expense of $702,837, $366,044, and $445,913 for the years ended December 31, 2011, 2010 and 2009, respectively.</font></p>
	<span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest excluding treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>License and Other Agreements<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_LicenseAndOtherAgreementsAbstract', window );"><strong>License and Other Agreements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
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<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has entered into a number of license agreements covering various products using the Company&#8217;s SPD technology. Some of these license agreements are limited to specific counties and/or markets. Licensees of Research Frontiers who incorporate SPD technology into end products pay Research Frontiers an earned royalty of 5-15% of net sales of licensed products under license agreements currently in effect, and may also be required to pay Research Frontiers fees and minimum annual royalties. Licensees who sell products or components to other licensees of Research Frontiers do not pay a royalty on such sale; Research Frontiers will collect such royalty from the licensee incorporating such products or components into their own end-products. Research Frontiers&#8217; license agreements typically allow the licensee to terminate the license after some period of time, and give Research Frontiers only limited rights to terminate before the license expires. Most licenses are non-exclusive and generally last as long as our patents remain in effect.</font></p><span></span></td>
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                <p>The entire disclosure for license and other agreements.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
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      <tr>
        <th class="th">
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<p align="justify"><font style="font-family: times new roman;" size="2">In February 2003, the Company&#8217;s Board of Directors adopted a Stockholders&#8217; Rights Plan (the &#8220;Rights Plan&#8221;) and declared a dividend distribution of one right (a &#8220;Right&#8221;) for each outstanding share of Company common stock to stockholders of record at the close of business on March 3, 2003. Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company&#8217;s common stock, unless redeemed by the Company&#8217;s Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $120 worth of common stock for $60. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $120 worth of common stock of the acquiring company for $60. The Rights will expire at the close of business on February 18, 2013, unless the Rights Plan is extended by the Company&#8217;s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right. The Rights are not exercisable during the time when they are redeemable by the Company.</font></p><span></span></td>
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                <p>The entire disclosure for pension and other postretirement benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -URI http://asc.fasb.org/topic&amp;trid=2235017<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 87<br><br> -Paragraph 264<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 03-2<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 8<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph q<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1HAI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Common Stock [Member]</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital [Member]</div>
        </th>
        <th class="th">
          <div>Retained Earnings [Member]</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2008</a></td>
        <td class="nump">$ 1,544<span></span></td>
        <td class="nump">$ 77,267,233<span></span></td>
        <td class="num">$ (72,396,592)<span></span></td>
        <td class="nump">$ 4,872,185<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2008</a></td>
        <td class="nump">15,442,834<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock</a></td>
        <td class="nump">78<span></span></td>
        <td class="nump">2,849,922<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,850,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock (in shares)</a></td>
        <td class="nump">780,831<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodValueIssuedForServices', window );">Issuance of stock for services performed</a></td>
        <td class="nump">30<span></span></td>
        <td class="nump">445,883<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">445,913<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodSharesIssuedForServices', window );">Issuance of stock for services performed (in shares)</a></td>
        <td class="nump">299,950<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures', window );">Unvested restricted stock terminated employee</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited', window );">Unvested restricted stock terminated employee (in shares)</a></td>
        <td class="num">(888)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(4,002,761)<span></span></td>
        <td class="num">(4,002,761)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2009</a></td>
        <td class="nump">1,652<span></span></td>
        <td class="nump">80,563,038<span></span></td>
        <td class="num">(76,399,353)<span></span></td>
        <td class="nump">4,165,337<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="nump">16,522,727<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock</a></td>
        <td class="nump">172<span></span></td>
        <td class="nump">6,409,204<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">6,409,376<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock (in shares)</a></td>
        <td class="nump">1,718,746<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodValueIssuedForServices', window );">Issuance of stock for services performed</a></td>
        <td class="nump">4<span></span></td>
        <td class="nump">772,600<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">772,604<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodSharesIssuedForServices', window );">Issuance of stock for services performed (in shares)</a></td>
        <td class="nump">40,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(3,874,865)<span></span></td>
        <td class="num">(3,874,865)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2010</a></td>
        <td class="nump">1,828<span></span></td>
        <td class="nump">87,744,842<span></span></td>
        <td class="num">(80,274,218)<span></span></td>
        <td class="nump">7,472,452<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="nump">18,281,973<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock</a></td>
        <td class="nump">6<span></span></td>
        <td class="nump">65,971<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">65,977<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock (in shares)</a></td>
        <td class="nump">60,382<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed', window );">Issuance of restricted stock for services performed</a></td>
        <td class="nump">20<span></span></td>
        <td class="nump">702,817<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">702,837<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed', window );">Issuance of restricted stock for services performed (in shares)</a></td>
        <td class="nump">202,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(4,134,068)<span></span></td>
        <td class="num">(4,134,068)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2011</a></td>
        <td class="nump">$ 1,854<span></span></td>
        <td class="nump">$ 88,513,630<span></span></td>
        <td class="num">$ (84,408,286)<span></span></td>
        <td class="nump">$ 4,107,198<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="nump">18,544,355<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodSharesIssuedForServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodSharesIssuedForServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of restricted shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodSharesRestrictedStockOptionsForServicesPerformed</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodValueIssuedForServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodValueIssuedForServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of restrictied stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodValueRestrictedStockOptionsForServicesPerformed</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued and outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares related to Restricted Stock Award forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueNewIssues</nobr></td>
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                    <td>us-gaap_</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock related to Restricted Stock Awards forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Fixed Assets<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman,times"><font style="font-family: times new roman;">(4) </font><u><font style="font-family: times new roman;">Fixed Assets</font></u><font style="font-family: times new roman;"> </font></font></p>
<p align="justify"><font style="font-family: times new roman;; font-family:times new roman,times" size="2"><font style="font-family: times new roman;">&#160;&#160;&#160;&#160; </font>Fixed assets and their estimated useful lives as of December 31, 2011 and 2010, are as follows:</font></p>
<table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td align="left" valign="top" width="51%" nowrap="nowrap"></td>
<td align="left" valign="top" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" valign="top" width="6%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">2011</font></td>
<td style="text-align: center;" valign="top" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" valign="top" width="6%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">2010</font></td>
<td style="text-align: center;" valign="top" width="2%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="center" style="border-bottom: #000000 1pt solid;" valign="top" width="32%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">Estimated useful life</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" valign="top" width="51%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">Equipment and furniture</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">1,290,083</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">$</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">1,279,459</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="2%" nowrap="nowrap"></td>
<td align="left" style="text-align: center;" bgcolor="#c0c0c0" valign="top" width="32%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">5 years</font></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top" width="51%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">Leasehold Improvements</font></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">437,427</font></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">435,534</font></td>
<td align="right" valign="top" width="2%" nowrap="nowrap"></td>
<td align="left" style="text-align: center;" valign="top" width="32%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Life of lease or estimated life of asset if shorter&#160;</font></td>
</tr>
<tr>
<td valign="top" width="99%" colspan="9">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#c0c0c0" valign="top" width="51%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">1,727,510</font></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">1,714,993</font></td>
<td align="right" bgcolor="#c0c0c0" valign="top" width="2%" nowrap="nowrap"></td>
<td align="left" bgcolor="#c0c0c0" valign="top" width="32%" nowrap="nowrap"></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top" width="51%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">Less accumulated depreciation</font></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" valign="top" width="5%" nowrap="nowrap"></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" valign="top" width="1%" nowrap="nowrap"></td>
<td align="left" valign="top" width="5%" nowrap="nowrap"></td>
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<td align="left" valign="top" width="51%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">and amortization</font></td>
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<td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">&#160;&#160;&#160;&#160;&#160;&#160; 1,645,082</font></td>
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<td align="left" style="border-bottom: #000000 1pt solid;" valign="top" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">&#160;&#160;&#160;&#160;&#160;&#160; 1,605,225</font></td>
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<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">82,428</font></td>
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<td align="left" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="1%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" bgcolor="#c0c0c0" valign="top" width="5%" nowrap="nowrap"><font style="font-family: times new roman;; font-family:times new roman,times" size="2">109,768</font></td>
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                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
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