<SEC-DOCUMENT>0001206774-15-003398.txt : 20151104
<SEC-HEADER>0001206774-15-003398.hdr.sgml : 20151104
<ACCEPTANCE-DATETIME>20151104083118
ACCESSION NUMBER:		0001206774-15-003398
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20150930
FILED AS OF DATE:		20151104
DATE AS OF CHANGE:		20151104

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14893
		FILM NUMBER:		151195616

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

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>refr_10q.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>WASHINGTON, D.C. 20549 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FORM 10-Q </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF<BR>THE SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>For Quarter
Ended</FONT><U><FONT face="Times New Roman" size=2>&nbsp;September 30,
2015</FONT></U><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Commission File No.&nbsp; </FONT><U><FONT face="Times New Roman" size=2>1-9399</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><U><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;RESEARCH FRONTIERS INCORPORATED&nbsp;&nbsp;&nbsp;<BR></FONT></U><FONT face="Times New Roman" size=2>(Exact name of registrant as specified in charter)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="1%"><FONT face="Times New Roman" size=2>Delaware</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="98%"></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="1%"><FONT face="Times New Roman" size=2>11-2103466</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(State of incorporation or organization)</FONT></TD>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(IRS
      Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>Identification No.)</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>240 Crossways Park Drive,
      Woodbury, N.Y.</FONT></TD>
    <TD noWrap align=left width="98%"></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11797</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>(Address of principal executive
      offices)</FONT></TD>
    <TD noWrap align=right width="99%" colSpan=2><FONT face="Times New Roman" size=2>(Zip Code)</FONT></TD></TR></TABLE>
<P align=center><U><FONT face="Times New Roman" size=2></FONT></U></P><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="99%"><FONT face="Times New Roman" size=2><U>(516) 364-1902</U></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="99%"><FONT face="Times New Roman" size=2>(Registrant's telephone number, including
      area code)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp; </FONT><U><FONT face="Times New Roman" size=2>X</FONT></U><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No __ </FONT></P>
<P align=justify><FONT face="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).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp; <U><FONT face="Times New Roman" size=2>X</FONT></U><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No __ </FONT></FONT></P>
<P align=justify><FONT face="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></P>
<P align=justify><FONT face="Times New Roman" size=2>Large accelerated filer [
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer
[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer [
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company </FONT><FONT face="Times New Roman" size=2>[ ] </FONT></P>
<P align=justify><FONT face="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).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes [ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [X]
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman">Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date: As of
November 3, 2015, there were outstanding 24,043,846 shares of Common Stock, par
value $0.0001 per share.</FONT>&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>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 </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="88%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=2>September
      30,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=2>December
      31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>(Unaudited)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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="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>&nbsp;</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="88%"><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%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">6,427,835</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,569,537</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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>&nbsp;</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>1,511,191</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>1,501,554</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty
      receivables, net of reserves of $305,171 in</FONT></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="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2015 and 2014</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 STYLE="BACKGROUND-COLOR: TRANSPARENT">1,767,472</FONT></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>1,175,218</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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></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>77,250</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>121,252</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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%"></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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">9,783,748</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>10,367,561</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>881,195</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>660,201</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Long-term
      investments</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=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,503,525</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deposits and
      other assets</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,567</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>33,567</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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 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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">10,698,510</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12,564,854</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Liabilities and Shareholders&#146; Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Current
      liabilities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts
      payable</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">79,293</FONT></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>159,312</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>273,012</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>323,372</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred
      revenue</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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 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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">362,305</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>482,684</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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="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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      stock, par value $0.0001 per share;</FONT></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="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized
      100,000,000 shares, issued and outstanding</FONT></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="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,040,846
      and 23,924,465 shares for 2015 and 2014</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>2,404</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>2,392</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>110,929,488</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>110,210,480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accumulated deficit</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="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(100,595,687</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></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="3%"><FONT face="Times New Roman" size=2>(98,130,702</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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 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 STYLE="BACKGROUND-COLOR: TRANSPARENT">10,336,205</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>12,082,170</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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 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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">10,698,510</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>12,564,854</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>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><BR>Consolidated Statements of Operations <BR><BR>(Unaudited)
</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="76%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><FONT face="Times New Roman" size=2>Nine months ended</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><FONT face="Times New Roman" size=2>Three months ended</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fee
      income</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>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">1,628,736</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,156,904</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">445,846</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>452,937</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Operating
      expenses</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 STYLE="BACKGROUND-COLOR: TRANSPARENT">3,029,386</FONT></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>3,011,681</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 STYLE="BACKGROUND-COLOR: TRANSPARENT">895,123</FONT></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>778,075</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Research and
      development</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,096,420</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,123,746</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>327,448</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>324,306</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses</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="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4,125,806</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>4,135,427</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">1,222,571</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</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>1,102,381</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating loss</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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(2,497,070</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></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>(2,978,523</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(766,725</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(649,444</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      investment income</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="3%"><FONT face="Times New Roman" size=2>32,085</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>26,874</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>9,405</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,638</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(2,464,985</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(2,951,649</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 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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(767,320</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(639,806</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></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><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=right 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=right 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=right 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=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share</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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.10</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.13</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.03</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.03</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right 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=right 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=right 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=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares
    outstanding</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></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24,037,042</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>23,535,083</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>23,996,038</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>23,924,465</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>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><BR>Consolidated Statements of Cash Flows <BR><BR>(Unaudited)
</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="88%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><FONT face="Times New Roman" size=2>Nine months ended</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2015</FONT></TD>
    <TD style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>September 30, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(2,464,985</FONT></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,951,649</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="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Adjustments
      to reconcile net loss to net cash</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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>used in
      operating activities:</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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and
      amortization</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>91,949</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD 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>22,803</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based
    compensation</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>183,897</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>426,809</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(592,254</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD 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>(354,465</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="88%"><FONT face="Times New Roman" size=2>&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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>44,002</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD 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>47,526</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>(8,750</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="88%"><FONT face="Times New Roman" size=2>&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 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><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(130,379</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD 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>120,272</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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;
      Net cash used in operating activities</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(2,857,770</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT"><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></FONT></TD>
    <TD 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>(2,697,454</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></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Cash flows
      from investing activities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><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%" 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>(312,943</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD 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>(109,817</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="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in investments</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="3%"><FONT face="Times New Roman" size=2>1,493,888</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD 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>(3,003,915</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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;
      <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Net cash provided by (used in) investing activities</FONT></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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,180,945</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>(3,113,732</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></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Cash flows
      from financing activities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of common
      stock</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>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>3,278,250</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from exercise of
      options and warrants</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="3%"><FONT face="Times New Roman" size=2>535,123</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD 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>304,788</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" 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;
      Net cash provided by <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">(used in)</FONT> financing activities</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>535,123</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>3,583,038</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Net decrease in cash and cash equivalents</FONT></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 STYLE="BACKGROUND-COLOR: TRANSPARENT">(1,141,702</FONT></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">)</FONT></FONT></TD>
    <TD 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>(2,228,148</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash and
      cash equivalents at beginning of year</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,569,537</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD 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>5,866,123</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Cash and
      cash equivalents at end of period</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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">6,427,835</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,637,975</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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>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>Notes to Consolidated Financial Statements <BR>September 30,
2015 <BR>(Unaudited) </FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Basis of
Presentation</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The accompanying unaudited
consolidated condensed financial statements have been prepared in accordance
with U.S. generally accepted accounting principles (&#147;GAAP&#148;) for interim
financial information and with the instructions to Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by GAAP for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included. All
such adjustments are of a normal recurring nature. Operating results for the
three and nine months ended September 30, 2015 are not necessarily indicative of
the results that may be expected for the fiscal year ending December 31, 2015.
For further information, refer to the consolidated financial statements and
footnotes thereto included in the Annual Report on Form 10-K relating to
Research Frontiers Incorporated (the &#147;Company&#148;) for the fiscal year ended
December 31, 2014. </FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Business</FONT></U></P>
<P align=justify><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
&#147;light valves&#148; 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; frames, cases and
partitions protecting light-sensitive artwork, documents and artifacts; 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>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 forgoing 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 on 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&#146;s 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><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5 </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>Patent
Costs</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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><U><FONT face="Times New Roman" size=2>Revenue
Recognition</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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><U><FONT face="Times New Roman" size=2>Fee
Income</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Fee income represents
amounts earned by the Company under various license and other agreements
relating to technology developed by the Company. During the first nine months of
2015, two licensees accounted for 10% or more of fee income of the Company;
these licensees accounted for approximately <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">33%</FONT> and 15% respectively of fee
income recognized during this period. In addition, during the nine months ended
September 30, 2015, approximately 17% of revenues related to a fee received due
to the Company&#146;s participation in the Milan 2015 Expo and no such income from
this project was recorded in the comparable period. During the first nine months
of 2014, one licensee accounted for 10% or more of fee income of the Company;
this licensee accounted for approximately 38%, of fee income recognized during
such period. </FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Stock-Based
Compensation</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>GAAP requires that all
stock-based compensation be recognized as an expense in the financial statements
and that such costs be measured at the fair value of the award.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company has granted
options/warrants to consultants. These awards generally vest ratably over 12 to
60 months from the date of grant and the Company charges to operations quarterly
the current market value of the options using the Black-Scholes method. During
the nine months ended September 30, 2015 and 2014, a charge (benefit) of $10,007
and $31,879, respectively, and during the three months ended September 30, 2015
and 2014, $0 and $(33,901), respectively was recorded to operations reflecting
the fair value of the options using the Black-Scholes method with the following
weighted average 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="89%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Risk free
      interest rate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2>1.7%</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2>1.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Option
    Life</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: right"><FONT face="Times New Roman" size=2>8.9
    years</FONT></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: right"><FONT face="Times New Roman" size=2>5.2
    years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Volatility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2>65%</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2>55%</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6 </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>The Company did not grant
any stock options to employees and directors during the three and nine months
ended September 30, 2015 and 2014.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In connection with the
restricted stock grants to employees and directors, the Company charged $57,967
and $131,643 to operations during the three months ended September 30, 2015 and
2014, respectively and $173,890 and $394,930 was charged to operations during
the nine months ended September 30, 2015 and 2014, respectively. As of September
30, 2015, remaining unamortized compensation costs in connection with these
restricted stock grants was $58,000 which will be recognized over the next three
month period.</FONT></P>
<P align=justify><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>Since inception, the
Company has incurred losses from operations and as a result has not recorded
income tax expense. Benefits related to net operating loss carryforwards and
deferred items have been fully reserved since it was not more likely than not
that the Company would achieve profitable operations.</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Equity</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In May 2014, under an
existing shelf registration statement, the Company sold 750,000 shares of common
stock to a current institutional shareholder, Kevin Douglas and his related
parties. Net proceeds from the offering were $3,278,250 which the Company
intends to use for working capital and general corporate purposes. The Company
did not sell any additional equity securities during the nine months ended
September 30, 2015.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company received
proceeds of $535,123 and $304,788 during the nine months ended September 30,
2015 and 2014, respectively, in connection with stock issued by the exercise of
options and warrants.</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Treasury
Stock</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company did not
repurchase any of its stock during the nine months ended September 30, 2015 and
2014. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</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>Investments</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2>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
September 30, 2015 and December 31, 2014 all investments were classified as held
to maturity and consisted of the following: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="32%" colSpan=2><FONT face="Times New Roman" size=2>September
      30, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%" colSpan=2><FONT face="Times New Roman" size=2>December 31,
      2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="21%" colSpan=2><FONT face="Times New Roman" size=2>Certificates
      of Deposit</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=2>Maturity</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="32%" colSpan=2><FONT face="Times New Roman" size=2>Value of
      Held to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Maturity</FONT> Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%" colSpan=2><FONT face="Times New Roman" size=2>Value of
      Held to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Maturity</FONT> Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=2><FONT face="Times New Roman" size=2>Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%" colSpan=2><FONT face="Times New Roman" size=2>(based on cost)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%" colSpan=2><FONT face="Times New Roman" size=2>(based on cost)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,501,554</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>August 27, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="32%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,501,554</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face="Times New Roman" size=2>1,503,525</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=2>August 27,
      2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="31%"><FONT face="Times New Roman" size=2>1,511,191</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="32%"><FONT face="Times New Roman" size=2>1,503,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,511,191</FONT></TD>
    <TD noWrap align=right 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="32%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,005,079</FONT></TD></TR></TABLE><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>Fair Value
Measurements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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>Financial assets accounted
for at fair value on a recurring basis at September 30, 2015 include cash, cash
equivalents and investments of approximately $7.9 million. These assets are
carried at fair value based on quoted market prices for identical securities
(Level 1 inputs). </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Management&#146;s Discussion
and Analysis of <BR>Financial Condition and Results of Operations
</FONT></B></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Critical Accounting
Policies</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>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,
&#147;Summary of Significant Accounting Policies&#148; in our Form 10-K report for the
period ending December 31, 2014.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company has entered
into a number of license agreements covering 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=center><FONT face="Times New Roman" size=2>8 </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>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>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=justify><FONT face="Times New Roman" size=2>On occasion, the Company
may issue consultants either options or warrants to purchase shares of common
stock of the Company at specified share prices. These options or warrants may
vest based upon specific services being performed or performance criteria being
met. In accounting for equity instruments that are issued to other than
employees for acquiring, or in conjunction with selling, goods or services, the
Company would be required to record consulting expenses based upon the fair
value of such options or warrants on the earlier of the service period or the
period that such options or warrants vest as determined using a Black-Scholes
option pricing model.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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 would 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><FONT face="Times New Roman" size=2>The majority of the
Company&#146;s fee income comes from the activities of several licensees
participating in the automotive market. The Company currently believes that the
automotive market will be the largest source of its royalty income over the next
several years. The Company&#146;s royalty income from this market may be influenced
by numerous factors including various trends affecting demand in the automotive
industry and the rate of introduction of new technology in OEM product lines. In
addition to these macro factors, the Company&#146;s royalty income from the
automotive market could also be influenced by specific factors such as whether
the Company&#146;s SPD SmartGlass technology appears as standard equipment or as an
option of a particular vehicle, the number of additional vehicle models that
SPD-SmartGlass appears on, the size of each window on a vehicle and the number
of windows on a vehicle that use SPD-SmartGlass, fluctuations in the total
number of vehicles produced by a manufacturer, and in the percentage of cars
within model like produced with SPD-SmartGlass, and changes in pricing or
exchange rates. 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, 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=center><FONT face="Times New Roman" size=2>9</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>Nine months ended
September 30, 2015 Compared to the Nine months ended September 30, 2014
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company&#146;s fee income
from licensing activities for the nine months ended September 30, 2015 increased
to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$1,628,736</FONT> from $1,156,904 for the nine months ended September 30, 2014. In
the first quarter of 2015, the Company began receiving royalty revenues for
fiscal 2015 from sales of the Magic Sky Control option on the S-Class in excess
of minimum annual royalty levels for one of our licensees which therefore will
be accretive to the Company&#146;s royalty revenue. Most of the increase in fee
income during this period was a result of an increase in automotive fee income
from the new Mercedes-Benz S-Class Coupe and Mercedes-Benz S-Class Maybach, both
of which offer the Magic Sky Control panoramic roof option using the Company&#146;s
SPD-SmartGlass technology.



<!-- RIDER1-->

In addition, the higher unit volume Mercedes-Benz S-Class long wheelbase sedan (V222) began
production toward the end of the third quarter of 2015, and this is expected to have a more positive
impact on royalty income starting in the fourth quarter of 2015 when a full quarter of production of
glass for the V222 S Class Sedan is included.
<!--END-->
The Company also received royalties from another
one of our licensees in excess of minimum annual royalty levels from sales of
the Magic Sky Control option on the SLK and SL vehicles which also are accretive
to the Company&#146;s royalty revenues. Royalty activity from the SLK and SL
vehicles, however, have been declining due to (A) lower productions levels of
these roadsters which are typical for cars several years after their redesign,
and (B) cost reductions in the price of SPD-SmartGlass due to production
efficiencies and higher production volumes, and (C) exchange rate fluctuations.
Production efficiencies are expected to continue and accelerate with the
introduction of the higher vehicle production volumes for various car models
going forward, and the Company expects that lower pricing per square foot of the
Company&#146;s technology could expand the market opportunities, adoption rates, and
revenues for its technology in automotive and non-automotive applications. In
addition, during the nine months ended September 30, 2015, the Company recorded
revenues of $275,000 related to a fee received due to the Company&#146;s
participation in the Milan 2015 Expo.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Operating expenses
increased by <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$17,705</FONT> for the nine months ended September 30, 2015 to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$3,029,386</FONT>
from $3,011,681 for the nine months ended September 30, 2014. This increase was
the result of higher depreciation charges ($67,000) relating to depreciation on
trade show displays as well as higher insurance ($20,000) and travel ($21,000)
costs partially offset by lower payroll costs ($99,000). Included in payroll
costs are non-cash compensation charges of $153,000 and $330,000 for the nine
months ended September 30, 2015 and 2014, respectively, related to grants of
common stock and options to employees. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Research and development
expenditures decreased by $27,326 to $1,096,420 for the nine months ended
September 30, 2015 from $1,123,746 for the nine months ended September 30, 2014.
This decrease was principally the result of lower non-cash compensation charges
related to common stock and options granted to employees ($44,000) primarily due
to timing of the Company&#146;s annual grant, partially offset by higher allocated
insurance costs ($21,000). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company&#146;s net
investment income for the nine months ended September 30, 2015 was $32,085
compared to $26,874 earned for the nine months ended September 30, 2014.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>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>As a consequence of the
factors discussed above, the Company&#146;s net loss was <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$2,464,985</FONT> ($0.10 per common
share) for the nine months ended September 30, 2015 as compared to $2,951,649
($0.13 per common share) for the nine months ended September 30, 2014.
</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Three months ended
September 30, 2015 Compared to the Three months ended September 30, 2014
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company&#146;s fee income
from licensing activities for the three months ended September 30, 2015
decreased to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$445,846</FONT> from $452,937 for the three months ended September 30,
2014.


<!-- RIDER1-->

In addition, the higher unit volume Mercedes-Benz S-Class long wheelbase sedan (V222) began
production toward the end of the third quarter of 2015, and this is expected to have a more positive
impact on royalty income starting in the fourth quarter of 2015 when a full quarter of production of
glass for the V222 S Class Sedan is included.
<!--END-->
</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>
The Company also received royalties from another one
of our licensees in excess of minimum annual royalty levels from sales of the
Magic Sky Control option on the SLK and SL vehicles which also are accretive to
the Company&#146;s royalty revenues. Royalty activity from the SLK and SL vehicles,
however, have been declining due to (A) lower productions levels of these
roadsters which are typical for cars several years after their redesign, and (B)
cost reductions in the price of SPD-SmartGlass due to production efficiencies
and higher production volumes, and (C) exchange rate fluctuations. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Operating expenses
increased by <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$117,048</FONT> for the three months ended September 30, 2015 to <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$895,123</FONT>
from $778,075 for the three months ended September 30, 2014. This increase was
principally the result of higher marketing/investor relations cost ($69,000) as
well as higher depreciation ($38,000) relating to depreciation on trade show
displays and higher patent/legal costs ($8,000). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Research and development
expenditures increased by $3,142 to $327,448 for the three months ended
September 30, 2015 from $324,306 for the three months ended September 30, 2014.
This increase was principally the result of higher allocated facility costs
($11,000) partially offset by lower payroll costs ($7,000). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company&#146;s net
investment income for the three months ended September 30, 2015 was $9,405
compared to $9,638 earned for the three months ended September 30, 2014.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>As a consequence of the
factors discussed above, the Company&#146;s net loss was <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$767,320</FONT> ($0.03 per common
share) for the three months ended September 30, 2015 as compared to $639,806
($0.03 per common share) for the three months ended September 30, 2014.
</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Financial Condition,
Liquidity and Capital Resources</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company has primarily
utilized its cash, cash equivalents, short-term investments, 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=center><FONT face="Times New Roman" size=2>11 </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>During the nine months
ended September 30, 2015, the Company&#146;s cash and cash equivalents balance
decreased by <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$1,141,702</FONT>. The decrease was mainly due to cash used for operations
of <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$2,857,770</FONT>, the purchase of fixed assets of <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$312,943,</FONT> proceeds from
short term investments of $1,493,888<FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">, and by the proceeds from the exercise of options and warrants of $535,123.</FONT> As of September 30, 2015 the Company
had working capital (total current assets less total current liabilities) of
<FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$9,421,443</FONT> and total shareholder&#146;s equity of <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">$10,336,205.</FONT> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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 for the foreseeable future. There can be no
assurances 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
licensees to fund its operations.</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Item 3. Quantitative and
Qualitative Disclosures About Market Risk</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2>The information required by
Item 3 has been disclosed in Item 7A of the Company&#146;s Annual Report on Form 10-K
for the year ended December 31, 2014. There has been no material change in the
disclosure regarding market risk.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12 </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>Item 4. Controls and
Procedures</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Evaluation of Disclosure
Controls and Procedures </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Our disclosure controls and
procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, are
designed to ensure that information required to be disclosed in the reports that
we file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the rules and forms of the SEC. We
designed our disclosure controls and procedures to ensure that information
required to be disclosed in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our
principal executive and principal financial officer, to allow timely decisions
regarding required disclosure. Our chief executive officer and chief financial
officer, with assistance from other members of our management, have reviewed the
effectiveness of our disclosure controls and procedures as of September 30,
2015, and, based on their evaluation, have concluded that our disclosure
controls and procedures were effective. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Changes in Internal
Control Over Financial Reporting </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>There were no changes in
our internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) of the Exchange Act) during the nine months ended September 30, 2015
that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Forward-Looking
Statements</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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=justify><U><FONT face="Times New Roman" size=2>PART II.</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>OTHER INFORMATION</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><U>Item 6. Exhibits</U></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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rule
      13a-14(a)/15d-14(a) Certification of Joseph M. Harary - Filed
      herewith.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>31.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Rule
      13a-14(a)/15d-14(a) Certification of Seth L. Van Voorhees - Filed
      herewith.&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1350
      Certification of Joseph M. Harary - Filed herewith.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>32.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Section 1350
      Certification of Seth L. Van Voorhees - Filed
  herewith.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunder duly
authorized.</FONT></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="45%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="53%" colSpan=3><U><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="53%" colSpan=3><FONT face="Times New Roman" size=2>(Registrant)</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT size=2 face="Times New Roman">/s/ Joseph M.
    Harary</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="53%" colSpan=3><FONT face="Times New Roman" size=2>Joseph M. Harary,
      President, CEO and Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="45%"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="53%" colSpan=3><FONT size=2 face="Times New Roman">(Principal Executive)</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></TD>
    <TD noWrap align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="53%" colSpan=3><FONT face="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="45%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="53%" colSpan=3><FONT face="Times New Roman" size=2>(Principal
      Financial and Accounting Officer)</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>Date: November <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4</FONT>,
      2015</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="53%" colSpan=3>&nbsp;&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>14</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
<TEXT>

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<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 31.1
</FONT></B><B><FONT face="Times New Roman" size=2>CERTIFICATION </FONT></B></P>
<P align=justify><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
quarterly report on Form 10-Q 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="40%"><FONT face="Times New Roman" size=2>Dated: November
      <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4,</FONT> 2015</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="55%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="59%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M.
      Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%" colSpan=2><FONT face="Times New Roman" size=2>President, Chief
      Executive Officer</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exhibit31-2.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF SETH L. VAN VOORHEES
<TEXT>

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<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 31.2
CERTIFICATION</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></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
quarterly report on Form 10-Q 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="40%"><FONT face="Times New Roman" size=2>Dated: November
      <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4,</FONT> 2015</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%">
      <P><FONT face="Times New Roman" size=2>/s/ Seth L. Van Voorh</FONT><FONT face="Times New Roman" size=2>ees</FONT></P></TD>
    <TD noWrap align=left width="54%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van
      Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="58%" colSpan=2><FONT face="Times New Roman" size=2>Vice President,
      Chief Financial Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%" colSpan=2><FONT face="Times New Roman" size=2>Treasurer and
      Principal Accounting Officer</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF JOSEPH M. HARARY
<TEXT>

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<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT
32.1</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
Quarterly Report of Research Frontiers Incorporated (the &#147;Company&#148;) on Form 10-Q
for the quarter ended September 30, 2015 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="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" 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 ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify"><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 width="100%" 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 ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify"><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></TABLE><BR>
<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="5%"><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M.
      Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><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="100%" colSpan=2><FONT face="Times New Roman" size=2>November <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4</FONT>,
      2015</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade size="2">

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

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<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT
32.2</FONT></B></P>
<P align=justify><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
Quarterly Report of Research Frontiers Incorporated (the &#147;Company&#148;) on Form 10-Q
for the quarter ended September 30, 2015 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="BORDER-COLLAPSE: collapse" 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 ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify"><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 width="100%" 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 ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify"><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></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT face="Times New Roman" size=2>/s/ Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van
      Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Vice President,
      Chief Financial Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Treasurer and
      Principal Accounting Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>November <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">4</FONT>,
      2015</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade size="2">

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<SEQUENCE>6
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&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Basis of Presentation&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&amp;#147;GAAP&amp;#148;) for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K relating to Research Frontiers Incorporated (the &amp;#147;Company&amp;#148;) for the fiscal year ended December 31, 2014.&lt;/font&gt;&lt;/p&gt;
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&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Business&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2"&gt;Research Frontiers Incorporated (&amp;#147;Research Frontiers&amp;#148; or the &amp;#147;Company&amp;#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 &amp;#147;light valves&amp;#148; 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;#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; frames, cases and partitions protecting light-sensitive artwork, documents and artifacts; 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" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2"&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'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's relationships with its existing licensees. The degree of dependence of the Company's working capital requirements on each of the forgoing 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 on 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's 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's technology by the Company'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;
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&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Patent Costs&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&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;
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&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Revenue Recognition&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&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;br/&gt;&lt;/p&gt;
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&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Fee Income&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;Fee income represents amounts earned by the Company under various license and other agreements relating to technology developed by the Company. During the first nine months of 2015, two licensees accounted for 10% or more of fee income of the Company; these licensees accounted for approximately &lt;font&gt;33&lt;/font&gt;%&amp;#160;and &lt;font&gt;15&lt;/font&gt;% respectively of fee income recognized during this period. In addition, during the nine months ended September 30, 2015, approximately &lt;font&gt;17&lt;/font&gt;% of revenues related to a fee received due to the Company's participation in the Milan 2015 Expo and no such income from this project was recorded in the comparable period. During the first nine months of 2014, one licensee accounted for 10% or more of fee income of the Company; this licensee accounted for approximately &lt;font&gt;38&lt;/font&gt;%&amp;#160;of fee income recognized during such period.&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax id="Tag127" contextRef="D2014-01-01_To_2014-09-30_ConsultantMember" unitRef="USD" decimals="0">31879</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
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  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate id="Tag129" contextRef="D2014-01-01_To_2014-09-30" unitRef="Pure" decimals="3">0.017</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate>
  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1 id="Tag130" contextRef="D2015-01-01_To_2015-09-30">P8Y10M24D</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1>
  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1 id="Tag131" contextRef="D2014-01-01_To_2014-09-30">P5Y2M12D</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1>
  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate id="Tag132" contextRef="D2015-01-01_To_2015-09-30" unitRef="Pure" decimals="2">0.65</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate>
  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate id="Tag133" contextRef="D2014-01-01_To_2014-09-30" unitRef="Pure" decimals="2">0.55</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock id="Tag134" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Stock-Based Compensation&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2"&gt;&lt;font style="font-size: 10pt;"&gt;Th&lt;/font&gt;e Company has granted options/warrants to consultants. These awards generally vest ratably over &lt;font&gt;&lt;font style="font-size: 10pt;"&gt;12&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt; to &lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;60&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt; months&lt;/font&gt; from the date of grant and the Company charges to operations quarterly the current market value of the options using the Black-Scholes method. During the nine months ended September 30, 2015 and 2014, a charge (benefit) of &lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;10,007&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;and $&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;31,879&lt;/font&gt;&lt;/font&gt;, respectively, and during the three months ended September 30, 2015 and 2014, $&lt;font&gt;0&lt;/font&gt;&amp;#160;and $&lt;font&gt;(33,901)&lt;/font&gt;, respectively was recorded to operations reflecting the fair value of the options using the Black-Scholes method with the following weighted average assumptions:&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Option Life&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;8.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Volatility&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;65&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;55&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;The Company did not grant any stock options to employees and directors during the three and nine months ended September 30, 2015 and 2014.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;In connection with the restricted stock grants to employees and directors, the Company charged &lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;57,967&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;and $&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;131,643&lt;/font&gt;&lt;/font&gt;&amp;#160;to operations during the three months ended September 30, 2015 and 2014, respectively and $&lt;font&gt;173,890&lt;/font&gt;&amp;#160;and $&lt;font&gt;394,930&lt;/font&gt;&amp;#160;was charged to operations during the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, remaining unamortized compensation costs in connection with these restricted stock grants was &lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;58,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt; which&lt;/font&gt;&amp;#160;will be recognized over the next &lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: transparent;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;three&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;month pe&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;riod.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 id="Tag135" contextRef="D2015-01-01_To_2015-09-30_MinimumMember_ConsultantMember">P12M</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 id="Tag136" contextRef="D2015-01-01_To_2015-09-30_ConsultantMember_MaximumMember">P60M</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax id="Tag137" contextRef="D2015-01-01_To_2015-09-30_RestrictedStockMember" unitRef="USD" decimals="0">173890</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
  <us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax id="Tag138" contextRef="D2014-01-01_To_2014-09-30_RestrictedStockMember" unitRef="USD" decimals="0">394930</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
  <us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax id="Tag139" contextRef="D2015-07-01_To_2015-09-30_ConsultantMember" unitRef="USD" decimals="0">0</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
  <us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax id="Tag140" contextRef="D2014-07-01_To_2014-09-30_ConsultantMember" unitRef="USD" decimals="0">-33901</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
  <us-gaap:ScheduleOfShareBasedGoodsAndNonemployeeServicesTransactionBySupplierTextBlock id="Tag141" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Option Life&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;8.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td width="100%" nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Volatility&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;65&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;55&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfShareBasedGoodsAndNonemployeeServicesTransactionBySupplierTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock id="Tag142" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font style=" text-decoration: underline;"&gt;&lt;font style=" font-size: 10pt;"&gt;Income Taxes&lt;/font&gt;&lt;/font&gt;&lt;font style=" font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p align="justify"&gt;&lt;font style=" font-size: 10pt;"&gt;Since inception, the Company has incurred losses from operations and as a result has not recorded income tax expense. Benefits related to net operating loss carryforwards and deferred items have been fully reserved since it was not more likely than not that the Company would achieve profitable operations.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock id="Tag143" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Equity&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;In May 2014, under an existing shelf registration statement, the Company sold &lt;font&gt;750,000&lt;/font&gt; shares of common stock to a current institutional shareholder, Kevin Douglas and his related parties. Net proceeds from the offering were $&lt;font&gt;3,278,250&lt;/font&gt; which the Company intends to use for working capital and general corporate purposes. The Company did not sell any additional equity securities during the nine months ended September 30, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;The Company received proceeds of $&lt;font&gt;535,123&lt;/font&gt; and $&lt;font&gt;304,788&lt;/font&gt; during the nine months ended September 30, 2015 and 2014, respectively, in connection with stock issued by the exercise of options and warrants.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag144" contextRef="D2014-05-01_To_2014-05-31" unitRef="Shares" decimals="INF">750000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:ProceedsFromIssuanceOfCommonStock id="Tag145" contextRef="D2014-05-01_To_2014-05-31" unitRef="USD" decimals="0">3278250</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:TreasuryStockTextBlock id="Tag146" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Treasury Stock&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;The Company did not repurchase any of its stock during the nine months ended September 30, 2015 and 2014.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:TreasuryStockTextBlock>
  <us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue id="Tag147" contextRef="I2015-09-30_CertificateOfDepositsThreeMember" unitRef="USD" decimals="0">1501554</us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag148" contextRef="I2015-09-30_CertificateOfDepositsThreeMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue id="Tag149" contextRef="I2015-09-30_CertificateOfDepositsFourMember" unitRef="USD" decimals="0">1503525</us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag150" contextRef="I2015-09-30_CertificateOfDepositsFourMember" unitRef="USD" decimals="0">1511191</us-gaap:HeldToMaturitySecuritiesCurrent>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag151" contextRef="I2015-09-30_CertificatesOfDepositMember" unitRef="USD" decimals="0">1511191</us-gaap:HeldToMaturitySecuritiesCurrent>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag152" contextRef="I2014-12-31_CertificatesOfDepositMember" unitRef="USD" decimals="0">3005079</us-gaap:HeldToMaturitySecuritiesCurrent>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag153" contextRef="I2014-12-31_CertificateOfDepositsThreeMember" unitRef="USD" decimals="0">1501554</us-gaap:HeldToMaturitySecuritiesCurrent>
  <us-gaap:HeldToMaturitySecuritiesCurrent id="Tag154" contextRef="I2014-12-31_CertificateOfDepositsFourMember" unitRef="USD" decimals="0">1503525</us-gaap:HeldToMaturitySecuritiesCurrent>
  <dei:EntityCommonStockSharesOutstanding id="Tag155" contextRef="I2015-11-03" unitRef="Shares" decimals="INF">24043846</dei:EntityCommonStockSharesOutstanding>
  <dei:DocumentPeriodEndDate id="Tag156" contextRef="D2015-01-01_To_2015-09-30">2015-09-30</dei:DocumentPeriodEndDate>
  <dei:AmendmentFlag id="Tag157" contextRef="D2015-01-01_To_2015-09-30">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey id="Tag158" contextRef="D2015-01-01_To_2015-09-30">0000793524</dei:EntityCentralIndexKey>
  <dei:EntityFilerCategory id="Tag159" contextRef="D2015-01-01_To_2015-09-30">Accelerated Filer</dei:EntityFilerCategory>
  <dei:DocumentFiscalPeriodFocus id="Tag160" contextRef="D2015-01-01_To_2015-09-30">Q3</dei:DocumentFiscalPeriodFocus>
  <us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock id="Tag161" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Investments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&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 September 30, 2015 and December 31, 2014 all investments were classified as held to maturity and consisted of the following:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 14pt; border-collapse: collapse;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;September 30, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;December 31, 2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;Maturity&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;Date&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;(based on cost)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;(based on cost)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #cccccc;"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;August 27, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;August 27, 2016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt; 1,511,191 &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #cccccc;"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt; 1,511,191 &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;3,005,079&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
  <invest:InvestmentMaturityDate1 id="Tag162" contextRef="D2015-01-01_To_2015-09-30_CertificateOfDepositsThreeMember">2015-08-27</invest:InvestmentMaturityDate1>
  <invest:InvestmentMaturityDate1 id="Tag163" contextRef="D2015-01-01_To_2015-09-30_CertificateOfDepositsFourMember">2016-08-27</invest:InvestmentMaturityDate1>
  <us-gaap:HeldToMaturitySecuritiesTextBlock id="Tag164" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 14pt; border-collapse: collapse;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;September 30, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;December 31, 2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;Maturity&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;Date&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;(based on cost)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;&lt;font style="font-size: 10pt; margin: 0pt; text-align: center;"&gt;(based on cost)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #cccccc;"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;August 27, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cccccc;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; background-color: #cccccc;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;August 27, 2016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt; 1,511,191 &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #cccccc;"&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt; 1,511,191 &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'Times New Roman'; margin: 0pt;"&gt;&lt;font style="font-size: 10pt; margin: 0pt;"&gt;&lt;font&gt;3,005,079&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:HeldToMaturitySecuritiesTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock id="Tag165" contextRef="D2015-01-01_To_2015-09-30">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;Fair Value Measurements&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2"&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" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2"&gt;Financial assets accounted for at fair value on a recurring basis at September 30, 2015 include cash, cash equivalents and investments of approximately&lt;font style="font-size: 10pt;"&gt; $&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;7.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;million&lt;/font&gt;. These assets are carried at fair value based on quoted market prices for identical securities (Level 1 inputs).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:AssetsFairValueDisclosure id="Tag166" contextRef="I2015-09-30" unitRef="USD" decimals="-5">7900000</us-gaap:AssetsFairValueDisclosure>
  <dei:EntityRegistrantName id="Tag167" contextRef="D2015-01-01_To_2015-09-30">RESEARCH FRONTIERS INC</dei:EntityRegistrantName>
  <dei:DocumentFiscalYearFocus id="Tag168" contextRef="D2015-01-01_To_2015-09-30">2015</dei:DocumentFiscalYearFocus>
  <dei:DocumentType id="Tag169" contextRef="D2015-01-01_To_2015-09-30">10-Q</dei:DocumentType>
  <dei:CurrentFiscalYearEndDate id="Tag170" contextRef="D2015-01-01_To_2015-09-30">--12-31</dei:CurrentFiscalYearEndDate>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>refr-20150930.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by DG3, Powered by IRIS Carbon-->
<xsd:schema xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:refr="http://www.SmartGlass.com/20150930" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2015-01-31" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.SmartGlass.com/20150930">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="refr-20150930_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-20150930_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="refr-20150930_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-20150930_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.SmartGlass.com/role/refr-cbs" id="refr-cbs">
        <link:definition>002 - Statement - Consolidated Balance Sheets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/refr-cbsp" id="refr-cbsp">
        <link:definition>003 - Statement - Consolidated Balance Sheets (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/refr-csoo" id="refr-csoo">
        <link:definition>004 - Statement - Consolidated Statements of Operations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/refr-csocf" id="refr-csocf">
        <link:definition>006 - Statement - Consolidated Statements of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-BasisofPresentation" id="Disclosure-BasisofPresentation">
        <link:definition>101 - Disclosure - Basis of Presentation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Business" id="Disclosure-Business">
        <link:definition>102 - Disclosure - Business</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-PatentCosts" id="Disclosure-PatentCosts">
        <link:definition>103 - Disclosure - Patent Costs</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-RevenueRecognition" id="Disclosure-RevenueRecognition">
        <link:definition>104 - Disclosure - Revenue Recognition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-FeeIncome" id="Disclosure-FeeIncome">
        <link:definition>105 - Disclosure - Fee Income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensation" id="Disclosure-Stock-BasedCompensation">
        <link:definition>107 - Disclosure - Stock-Based Compensation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-IncomeTaxes" id="Disclosure-IncomeTaxes">
        <link:definition>108 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Equity" id="Disclosure-Equity">
        <link:definition>109 - Disclosure - Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-TreasuryStock" id="Disclosure-TreasuryStock">
        <link:definition>110 - Disclosure - Treasury Stock</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Investments" id="Disclosure-Investments">
        <link:definition>111 - Disclosure - Investments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-FairValueMeasurements" id="Disclosure-FairValueMeasurements">
        <link:definition>113 - Disclosure - Fair Value Measurements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationTables" id="Disclosure-Stock-BasedCompensationTables">
        <link:definition>307 - Disclosure - Stock-Based Compensation (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-EquityTables" id="Disclosure-EquityTables">
        <link:definition>309 - Disclosure - Equity (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-InvestmentsTables" id="Disclosure-InvestmentsTables">
        <link:definition>311 - Disclosure - Investments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-FeeIncomeDetails" id="Disclosure-FeeIncomeDetails">
        <link:definition>40501 - Disclosure - Fee Income (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoConsultantsDetails" id="Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoConsultantsDetails">
        <link:definition>40701 - Disclosure - Stock-Based Compensation (Schedule of Assumptions Used to Value Options Granted to Consultants) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoEmployeesDetails" id="Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoEmployeesDetails">
        <link:definition>40702 - Disclosure - Stock-Based Compensation (Schedule of Assumptions Used to Value Options Granted to Employees) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationNarrativeDetails" id="Disclosure-Stock-BasedCompensationNarrativeDetails">
        <link:definition>40703 - Disclosure - Stock-Based Compensation (Narrative) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-IncomeTaxesDetails" id="Disclosure-IncomeTaxesDetails">
        <link:definition>40801 - Disclosure - Income Taxes (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-EquityDetails" id="Disclosure-EquityDetails">
        <link:definition>40901 - Disclosure - Equity (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-InvestmentsDetails" id="Disclosure-InvestmentsDetails">
        <link:definition>41101 - Disclosure - Investments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-FairValueMeasurementsDetails" id="Disclosure-FairValueMeasurementsDetails">
        <link:definition>41301 - Disclosure - Fair Value Measurements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>0000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.SmartGlass.com/role/Disclosure-RevisiontoStock-BasedCompensationtoConsultants" id="Disclosure-RevisiontoStock-BasedCompensationtoConsultants">
        <link:definition>106 - Disclosure - Revision to Stock-Based Compensation to Consultants</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2006/ref" schemaLocation="http://www.xbrl.org/2006/ref-2006-02-27.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/XLink" schemaLocation="http://www.xbrl.org/2003/xl-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-gaap/2015-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd" />
  <xsd:element name="BusinessAbstract" id="refr_BusinessAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsFiveMember" id="refr_CertificateOfDepositsFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsFourMember" id="refr_CertificateOfDepositsFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsOneMember" id="refr_CertificateOfDepositsOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsThreeMember" id="refr_CertificateOfDepositsThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsTwoMember" id="refr_CertificateOfDepositsTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConsultantMember" id="refr_ConsultantMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="refr_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeesMember" id="refr_EmployeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FeeIncomeAbstract" id="refr_FeeIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FeeIncomeDisclosureTextBlock" id="refr_FeeIncomeDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LicenseeFourMember" id="refr_LicenseeFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicenseeOneMember" id="refr_LicenseeOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicenseeThreeMember" id="refr_LicenseeThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicenseeTwoMember" id="refr_LicenseeTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VestingImmediatelyMember" id="refr_VestingImmediatelyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VestingRatablyMember" id="refr_VestingRatablyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WarrantsIssuedToInvestorsDuringPeriod" id="refr_WarrantsIssuedToInvestorsDuringPeriod" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsSixMember" id="refr_CertificateOfDepositsSixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificateOfDepositsSevenMember" id="refr_CertificateOfDepositsSevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StockBasedCompensationAssumptionsMember" id="refr_StockBasedCompensationAssumptionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MilanExpoMember" id="refr_MilanExpoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>refr-20150930_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by DG3, Powered by IRIS Carbon-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Business" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Business" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="refr-20150930.xsd#DocumentAndEntityInformation" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-FeeIncome" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-FeeIncome" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-FeeIncomeDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-FeeIncomeDetails" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-InvestmentsDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-InvestmentsDetails" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationNarrativeDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Stock-BasedCompensationNarrativeDetails" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-RevisiontoStock-BasedCompensationtoConsultants" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-RevisiontoStock-BasedCompensationtoConsultants" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/refr-csocf" xlink:type="simple" xlink:href="refr-20150930.xsd#refr-csocf" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/refr-cbs" xlink:type="simple" xlink:href="refr-20150930.xsd#refr-cbs" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensation" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Stock-BasedCompensation" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoEmployeesDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoEmployeesDetails" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationTables" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Stock-BasedCompensationTables" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoConsultantsDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-Stock-BasedCompensationScheduleofAssumptionsUsedtoValueOptionsGrantedtoConsultantsDetails" />
  <link:roleRef roleURI="http://www.SmartGlass.com/role/Disclosure-FairValueMeasurementsDetails" xlink:type="simple" xlink:href="refr-20150930.xsd#Disclosure-FairValueMeasurementsDetails" />
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    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsFiveMember" xlink:label="refr_CertificateOfDepositsFiveMember" xlink:title="refr_CertificateOfDepositsFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsFiveMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsFiveMember">Certificate Of Deposits Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsFiveMember" xlink:to="label_refr_CertificateOfDepositsFiveMember" xlink:title="Label : refr_CertificateOfDepositsFiveMember to label_refr_CertificateOfDepositsFiveMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsFourMember" xlink:label="refr_CertificateOfDepositsFourMember" xlink:title="refr_CertificateOfDepositsFourMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsFourMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsFourMember">Certificate Of Deposits Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsFourMember" xlink:to="label_refr_CertificateOfDepositsFourMember" xlink:title="Label : refr_CertificateOfDepositsFourMember to label_refr_CertificateOfDepositsFourMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsOneMember" xlink:label="refr_CertificateOfDepositsOneMember" xlink:title="refr_CertificateOfDepositsOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsOneMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsOneMember">Certificate Of Deposits One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsOneMember" xlink:to="label_refr_CertificateOfDepositsOneMember" xlink:title="Label : refr_CertificateOfDepositsOneMember to label_refr_CertificateOfDepositsOneMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsThreeMember" xlink:label="refr_CertificateOfDepositsThreeMember" xlink:title="refr_CertificateOfDepositsThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsThreeMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsThreeMember">Certificate Of Deposits Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsThreeMember" xlink:to="label_refr_CertificateOfDepositsThreeMember" xlink:title="Label : refr_CertificateOfDepositsThreeMember to label_refr_CertificateOfDepositsThreeMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsTwoMember" xlink:label="refr_CertificateOfDepositsTwoMember" xlink:title="refr_CertificateOfDepositsTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsTwoMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsTwoMember">Certificate Of Deposits Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsTwoMember" xlink:to="label_refr_CertificateOfDepositsTwoMember" xlink:title="Label : refr_CertificateOfDepositsTwoMember to label_refr_CertificateOfDepositsTwoMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_ConsultantMember" xlink:label="refr_ConsultantMember" xlink:title="refr_ConsultantMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_ConsultantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ConsultantMember" xml:lang="en-US" id="label_refr_ConsultantMember">Consultant [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ConsultantMember" xlink:to="label_refr_ConsultantMember" xlink:title="Label : refr_ConsultantMember to label_refr_ConsultantMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_DocumentAndEntityInformationAbstract" xlink:label="refr_DocumentAndEntityInformationAbstract" xlink:title="refr_DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US" id="label_refr_DocumentAndEntityInformationAbstract">Document and Entity Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DocumentAndEntityInformationAbstract" xlink:to="label_refr_DocumentAndEntityInformationAbstract" xlink:title="Label : refr_DocumentAndEntityInformationAbstract to label_refr_DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_DocumentAndEntityInformationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_DocumentAndEntityInformationAbstract_1" xml:lang="en-US" id="label_refr_DocumentAndEntityInformationAbstract_1">Document and Entity Information.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DocumentAndEntityInformationAbstract" xlink:to="label_refr_DocumentAndEntityInformationAbstract_1" xlink:title="Label : refr_DocumentAndEntityInformationAbstract to label_refr_DocumentAndEntityInformationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_EmployeesMember" xlink:label="refr_EmployeesMember" xlink:title="refr_EmployeesMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmployeesMember" xml:lang="en-US" id="label_refr_EmployeesMember">Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmployeesMember" xlink:to="label_refr_EmployeesMember" xlink:title="Label : refr_EmployeesMember to label_refr_EmployeesMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_FeeIncomeAbstract" xlink:label="refr_FeeIncomeAbstract" xlink:title="refr_FeeIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_FeeIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_FeeIncomeAbstract" xml:lang="en-US" id="label_refr_FeeIncomeAbstract">Fee Income [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_FeeIncomeAbstract" xlink:to="label_refr_FeeIncomeAbstract" xlink:title="Label : refr_FeeIncomeAbstract to label_refr_FeeIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_FeeIncomeDisclosureTextBlock" xlink:label="refr_FeeIncomeDisclosureTextBlock" xlink:title="refr_FeeIncomeDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_FeeIncomeDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_FeeIncomeDisclosureTextBlock" xml:lang="en-US" id="label_refr_FeeIncomeDisclosureTextBlock">Fee Income Disclosure [Text Block].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_FeeIncomeDisclosureTextBlock" xlink:to="label_refr_FeeIncomeDisclosureTextBlock" xlink:title="Label : refr_FeeIncomeDisclosureTextBlock to label_refr_FeeIncomeDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_FeeIncomeDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_FeeIncomeDisclosureTextBlock_1" xml:lang="en-US" id="label_refr_FeeIncomeDisclosureTextBlock_1">Fee Income Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_FeeIncomeDisclosureTextBlock" xlink:to="label_refr_FeeIncomeDisclosureTextBlock_1" xlink:title="Label : refr_FeeIncomeDisclosureTextBlock to label_refr_FeeIncomeDisclosureTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_FeeIncomeDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_FeeIncomeDisclosureTextBlock_2" xml:lang="en-US" id="label_refr_FeeIncomeDisclosureTextBlock_2">Fee Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_FeeIncomeDisclosureTextBlock" xlink:to="label_refr_FeeIncomeDisclosureTextBlock_2" xlink:title="Label : refr_FeeIncomeDisclosureTextBlock to label_refr_FeeIncomeDisclosureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:title="dei_AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_AmendmentFlag" xml:lang="en-US" id="label_dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="label_dei_AmendmentFlag" xlink:title="Label : dei_AmendmentFlag to label_dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_LicenseeFourMember" xlink:label="refr_LicenseeFourMember" xlink:title="refr_LicenseeFourMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeFourMember" xml:lang="en-US" id="label_refr_LicenseeFourMember">Licensee Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeFourMember" xlink:to="label_refr_LicenseeFourMember" xlink:title="Label : refr_LicenseeFourMember to label_refr_LicenseeFourMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_LicenseeOneMember" xlink:label="refr_LicenseeOneMember" xlink:title="refr_LicenseeOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeOneMember" xml:lang="en-US" id="label_refr_LicenseeOneMember">Licensee One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeOneMember" xlink:to="label_refr_LicenseeOneMember" xlink:title="Label : refr_LicenseeOneMember to label_refr_LicenseeOneMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_LicenseeThreeMember" xlink:label="refr_LicenseeThreeMember" xlink:title="refr_LicenseeThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeThreeMember" xml:lang="en-US" id="label_refr_LicenseeThreeMember">Licensee Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeThreeMember" xlink:to="label_refr_LicenseeThreeMember" xlink:title="Label : refr_LicenseeThreeMember to label_refr_LicenseeThreeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentAxis" xlink:label="invest_InvestmentAxis" xlink:title="invest_InvestmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_invest_InvestmentAxis" xml:lang="en-US" id="label_invest_InvestmentAxis">Investment [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentAxis" xlink:to="label_invest_InvestmentAxis" xlink:title="Label : invest_InvestmentAxis to label_invest_InvestmentAxis" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_LicenseeTwoMember" xlink:label="refr_LicenseeTwoMember" xlink:title="refr_LicenseeTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeTwoMember" xml:lang="en-US" id="label_refr_LicenseeTwoMember">Licensee Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeTwoMember" xlink:to="label_refr_LicenseeTwoMember" xlink:title="Label : refr_LicenseeTwoMember to label_refr_LicenseeTwoMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentDomain" xlink:label="invest_InvestmentDomain" xlink:title="invest_InvestmentDomain" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_invest_InvestmentDomain" xml:lang="en-US" id="label_invest_InvestmentDomain">Investment [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentDomain" xlink:to="label_invest_InvestmentDomain" xlink:title="Label : invest_InvestmentDomain to label_invest_InvestmentDomain" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_VestingImmediatelyMember" xlink:label="refr_VestingImmediatelyMember" xlink:title="refr_VestingImmediatelyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingImmediatelyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_VestingImmediatelyMember" xml:lang="en-US" id="label_refr_VestingImmediatelyMember">Vesting Immediately [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingImmediatelyMember" xlink:to="label_refr_VestingImmediatelyMember" xlink:title="Label : refr_VestingImmediatelyMember to label_refr_VestingImmediatelyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingImmediatelyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_VestingImmediatelyMember_1" xml:lang="en-US" id="label_refr_VestingImmediatelyMember_1">Vesting Immediately [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingImmediatelyMember" xlink:to="label_refr_VestingImmediatelyMember_1" xlink:title="Label : refr_VestingImmediatelyMember to label_refr_VestingImmediatelyMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_VestingRatablyMember" xlink:label="refr_VestingRatablyMember" xlink:title="refr_VestingRatablyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingRatablyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_VestingRatablyMember" xml:lang="en-US" id="label_refr_VestingRatablyMember">Vesting Ratably [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingRatablyMember" xlink:to="label_refr_VestingRatablyMember" xlink:title="Label : refr_VestingRatablyMember to label_refr_VestingRatablyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingRatablyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_VestingRatablyMember_1" xml:lang="en-US" id="label_refr_VestingRatablyMember_1">Vesting Ratably [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingRatablyMember" xlink:to="label_refr_VestingRatablyMember_1" xlink:title="Label : refr_VestingRatablyMember to label_refr_VestingRatablyMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:label="refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:title="refr_WarrantsIssuedToInvestorsDuringPeriod" />
    <link:label xlink:type="resource" xlink:label="label_refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US" id="label_refr_WarrantsIssuedToInvestorsDuringPeriod">Warrants Issued To Investors During Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:to="label_refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:title="Label : refr_WarrantsIssuedToInvestorsDuringPeriod to label_refr_WarrantsIssuedToInvestorsDuringPeriod" />
    <link:label xlink:type="resource" xlink:label="label_refr_WarrantsIssuedToInvestorsDuringPeriod_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_WarrantsIssuedToInvestorsDuringPeriod_1" xml:lang="en-US" id="label_refr_WarrantsIssuedToInvestorsDuringPeriod_1">Warrants issued to investors during period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:to="label_refr_WarrantsIssuedToInvestorsDuringPeriod_1" xlink:title="Label : refr_WarrantsIssuedToInvestorsDuringPeriod to label_refr_WarrantsIssuedToInvestorsDuringPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_WarrantsIssuedToInvestorsDuringPeriod_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_WarrantsIssuedToInvestorsDuringPeriod_2" xml:lang="en-US" id="label_refr_WarrantsIssuedToInvestorsDuringPeriod_2">Warrants issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:to="label_refr_WarrantsIssuedToInvestorsDuringPeriod_2" xlink:title="Label : refr_WarrantsIssuedToInvestorsDuringPeriod to label_refr_WarrantsIssuedToInvestorsDuringPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsSixMember" xlink:label="refr_CertificateOfDepositsSixMember" xlink:title="refr_CertificateOfDepositsSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsSixMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsSixMember">Certificate of Deposits Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSixMember" xlink:to="label_refr_CertificateOfDepositsSixMember" xlink:title="Label : refr_CertificateOfDepositsSixMember to label_refr_CertificateOfDepositsSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSixMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_CertificateOfDepositsSixMember_1" xml:lang="en-US" id="label_refr_CertificateOfDepositsSixMember_1">Certificate of Deposits Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSixMember" xlink:to="label_refr_CertificateOfDepositsSixMember_1" xlink:title="Label : refr_CertificateOfDepositsSixMember to label_refr_CertificateOfDepositsSixMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_CertificateOfDepositsSevenMember" xlink:label="refr_CertificateOfDepositsSevenMember" xlink:title="refr_CertificateOfDepositsSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsSevenMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsSevenMember">Certificate of Deposits Seven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSevenMember" xlink:to="label_refr_CertificateOfDepositsSevenMember" xlink:title="Label : refr_CertificateOfDepositsSevenMember to label_refr_CertificateOfDepositsSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSevenMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_CertificateOfDepositsSevenMember_1" xml:lang="en-US" id="label_refr_CertificateOfDepositsSevenMember_1">Certificate of Deposits Seven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSevenMember" xlink:to="label_refr_CertificateOfDepositsSevenMember_1" xlink:title="Label : refr_CertificateOfDepositsSevenMember to label_refr_CertificateOfDepositsSevenMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20150930.xsd#refr_StockBasedCompensationAssumptionsMember" xlink:label="refr_StockBasedCompensationAssumptionsMember" xlink:title="refr_StockBasedCompensationAssumptionsMember" />
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    <link:label xlink:type="resource" xlink:label="label_refr_MilanExpoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_MilanExpoMember_1" xml:lang="en-US" id="label_refr_MilanExpoMember_1">Milan 2015 Expo [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_refr_MilanExpoMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_MilanExpoMember_3" xml:lang="en-US" id="label_refr_MilanExpoMember_3">Large Architectural Glass Project [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:title="dei_CurrentFiscalYearEndDate" />
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    <link:label xlink:type="resource" xlink:label="label_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentPeriodEndDate" xml:lang="en-US" id="label_dei_DocumentPeriodEndDate">Document Period End Date</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" xlink:title="us-gaap_AwardTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AwardTypeAxis" xml:lang="en-US" id="label_us-gaap_AwardTypeAxis">Award Type [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:title="dei_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityFilerCategory" xml:lang="en-US" id="label_dei_EntityFilerCategory">Entity Filer Category</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityRegistrantName" xml:lang="en-US" id="label_dei_EntityRegistrantName">Entity Registrant Name</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCentralIndexKey" xml:lang="en-US" id="label_dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="label_dei_EntityCentralIndexKey" xlink:title="Label : dei_EntityCentralIndexKey to label_dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:title="dei_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="label_dei_EntityCommonStockSharesOutstanding" xlink:title="Label : dei_EntityCommonStockSharesOutstanding to label_dei_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:title="dei_DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalYearFocus" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
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    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="label_us-gaap_CommonStockSharesAuthorized" xlink:title="Label : us-gaap_CommonStockSharesAuthorized to label_us-gaap_CommonStockSharesAuthorized" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommonStockSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CommonStockSharesOutstanding_1" xml:lang="en-US" id="label_us-gaap_CommonStockSharesOutstanding_1">Common Stock, Shares, Outstanding</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="label_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:title="Label : us-gaap_ConcentrationRiskBenchmarkDomain to label_us-gaap_ConcentrationRiskBenchmarkDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquityAbstract to label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquityAbstract to label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity">Liabilities and Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquity" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquity to label_us-gaap_LiabilitiesAndStockholdersEquity" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquity_1" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquity to label_us-gaap_LiabilitiesAndStockholdersEquity_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermInvestments" xlink:to="label_us-gaap_LongTermInvestments" xlink:title="Label : us-gaap_LongTermInvestments to label_us-gaap_LongTermInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermInvestments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LongTermInvestments_1" xml:lang="en-US" id="label_us-gaap_LongTermInvestments_1">Long-term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermInvestments" xlink:to="label_us-gaap_LongTermInvestments_1" xlink:title="Label : us-gaap_LongTermInvestments to label_us-gaap_LongTermInvestments_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_MarketableSecuritiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesCurrent">Marketable Securities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesCurrent" xlink:to="label_us-gaap_MarketableSecuritiesCurrent" xlink:title="Label : us-gaap_MarketableSecuritiesCurrent to label_us-gaap_MarketableSecuritiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_MarketableSecuritiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_MarketableSecuritiesCurrent_1" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesCurrent_1">Short term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesCurrent" xlink:to="label_us-gaap_MarketableSecuritiesCurrent_1" xlink:title="Label : us-gaap_MarketableSecuritiesCurrent to label_us-gaap_MarketableSecuritiesCurrent_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_MaximumMember" xml:lang="en-US" id="label_us-gaap_MaximumMember">Maximum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="label_us-gaap_MaximumMember" xlink:title="Label : us-gaap_MaximumMember to label_us-gaap_MaximumMember" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_MinimumMember" xml:lang="en-US" id="label_us-gaap_MinimumMember">Minimum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="label_us-gaap_MinimumMember" xlink:title="Label : us-gaap_MinimumMember to label_us-gaap_MinimumMember" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_NatureOfOperations" xml:lang="en-US" id="label_us-gaap_NatureOfOperations">Business</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_NatureOfOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_NatureOfOperations_1" xml:lang="en-US" id="label_us-gaap_NatureOfOperations_1">Nature Of Operations [Text Block]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ProductOrServiceAxis" xml:lang="en-US" id="label_us-gaap_ProductOrServiceAxis">Products and Services [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProductOrServiceAxis" xlink:to="label_us-gaap_ProductOrServiceAxis" xlink:title="Label : us-gaap_ProductOrServiceAxis to label_us-gaap_ProductOrServiceAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProductInformationLineItems" xlink:label="us-gaap_ProductInformationLineItems" xlink:title="us-gaap_ProductInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProductInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ProductInformationLineItems" xml:lang="en-US" id="label_us-gaap_ProductInformationLineItems">Product Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProductInformationLineItems" xlink:to="label_us-gaap_ProductInformationLineItems" xlink:title="Label : us-gaap_ProductInformationLineItems to label_us-gaap_ProductInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="us-gaap_ProfessionalFees" xlink:title="us-gaap_ProfessionalFees" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProfessionalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ProfessionalFees" xml:lang="en-US" id="label_us-gaap_ProfessionalFees">Professional Fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalFees" xlink:to="label_us-gaap_ProfessionalFees" xlink:title="Label : us-gaap_ProfessionalFees to label_us-gaap_ProfessionalFees" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProfessionalFees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ProfessionalFees_1" xml:lang="en-US" id="label_us-gaap_ProfessionalFees_1">Professional fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalFees" xlink:to="label_us-gaap_ProfessionalFees_1" xlink:title="Label : us-gaap_ProfessionalFees to label_us-gaap_ProfessionalFees_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet">Fixed assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_1">Property, Plant and Equipment, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts">Bad debts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="label_us-gaap_ProvisionForDoubtfulAccounts" xlink:title="Label : us-gaap_ProvisionForDoubtfulAccounts to label_us-gaap_ProvisionForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProvisionForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ProvisionForDoubtfulAccounts_1" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts_1">Provision for Doubtful Accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="label_us-gaap_ProvisionForDoubtfulAccounts_1" xlink:title="Label : us-gaap_ProvisionForDoubtfulAccounts to label_us-gaap_ProvisionForDoubtfulAccounts_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember" xlink:title="us-gaap_RangeMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RangeMember" xml:lang="en-US" id="label_us-gaap_RangeMember">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="label_us-gaap_RangeMember" xlink:title="Label : us-gaap_RangeMember to label_us-gaap_RangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" xlink:title="us-gaap_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RangeAxis" xml:lang="en-US" id="label_us-gaap_RangeAxis">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="us-gaap_ResearchAndDevelopmentExpense" xlink:title="us-gaap_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpense">Research and development</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpense_1">Research and Development Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestatementAdjustmentMember" xlink:label="us-gaap_RestatementAdjustmentMember" xlink:title="us-gaap_RestatementAdjustmentMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RestatementAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RestatementAdjustmentMember" xml:lang="en-US" id="label_us-gaap_RestatementAdjustmentMember">Restatement Adjustment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestatementAdjustmentMember" xlink:to="label_us-gaap_RestatementAdjustmentMember" xlink:title="Label : us-gaap_RestatementAdjustmentMember to label_us-gaap_RestatementAdjustmentMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="us-gaap_RestrictedStockMember" xlink:title="us-gaap_RestrictedStockMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RestrictedStockMember" xml:lang="en-US" id="label_us-gaap_RestrictedStockMember">Restricted Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="label_us-gaap_RestrictedStockMember" xlink:title="Label : us-gaap_RestrictedStockMember to label_us-gaap_RestrictedStockMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="label_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:title="Label : us-gaap_RetainedEarningsAccumulatedDeficit to label_us-gaap_RetainedEarningsAccumulatedDeficit" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="label_us-gaap_RetainedEarningsAccumulatedDeficit_1" xlink:title="Label : us-gaap_RetainedEarningsAccumulatedDeficit to label_us-gaap_RetainedEarningsAccumulatedDeficit_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionAbstract" xlink:to="label_us-gaap_RevenueRecognitionAbstract" xlink:title="Label : us-gaap_RevenueRecognitionAbstract to label_us-gaap_RevenueRecognitionAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="label_us-gaap_ScenarioUnspecifiedDomain" xlink:title="Label : us-gaap_ScenarioUnspecifiedDomain to label_us-gaap_ScenarioUnspecifiedDomain" />
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>refr-20150930_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<!--Created by DG3, Powered by IRIS Carbon-->
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<DOCUMENT>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619020898432">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue Recognition<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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<p align="justify"><font style="font-size: 10pt;">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><br/></p>
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<div style="display: none;">
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<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 entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</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 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.3(b).Q1(c),(b).Q2,(c).Q3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<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 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=28358313&amp;loc=d3e6935-107765<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></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 style="white-space:nowrap;">us-gaap_DeferredRevenueDisclosureTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">us-gaap_RevenueRecognitionAbstract</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619148129232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Patent Costs<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</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_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Patent Costs [Abstract]</strong></a></td>
<td class="text">&#160;<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_IntangibleAssetsDisclosureTextBlock', window );">Patent Costs</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Patent Costs</font></font><font style="font-size: 10pt;"></font></p>
<p align="justify"><font style="font-size: 10pt;">The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items.</font></p>
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</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract</td>
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<td>us-gaap_</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsDisclosureTextBlock">
<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 entire disclosure for all or part of the information related to intangible 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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<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 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<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 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<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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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619020878256">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br></strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</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_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">$ 6,427,835<span></span>
</td>
<td class="nump">$ 7,569,537<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_MarketableSecuritiesCurrent', window );">Short term investments</a></td>
<td class="nump">1,511,191<span></span>
</td>
<td class="nump">1,501,554<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_AccountsReceivableNetCurrent', window );">Royalty receivables, net of reserves of $305,171 in 2015 and 2014</a></td>
<td class="nump">1,767,472<span></span>
</td>
<td class="nump">1,175,218<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">77,250<span></span>
</td>
<td class="nump">121,252<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">9,783,748<span></span>
</td>
<td class="nump">10,367,561<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
<td class="nump">$ 881,195<span></span>
</td>
<td class="nump">660,201<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_LongTermInvestments', window );">Long-term investments</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,503,525<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_OtherAssetsNoncurrent', window );">Deposits and other assets</a></td>
<td class="nump">$ 33,567<span></span>
</td>
<td class="nump">33,567<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_Assets', window );">Total assets</a></td>
<td class="nump">10,698,510<span></span>
</td>
<td class="nump">12,564,854<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_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">79,293<span></span>
</td>
<td class="nump">159,312<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_AccruedLiabilitiesCurrent', window );">Accrued expenses and other</a></td>
<td class="nump">273,012<span></span>
</td>
<td class="nump">$ 323,372<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_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="text"> <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_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">362,305<span></span>
</td>
<td class="nump">$ 482,684<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_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,040,846 and 23,924,465 shares for 2015 and 2014</a></td>
<td class="nump">2,404<span></span>
</td>
<td class="nump">2,392<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">110,929,488<span></span>
</td>
<td class="nump">110,210,480<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(100,595,687)<span></span>
</td>
<td class="num">(98,130,702)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">10,336,205<span></span>
</td>
<td class="nump">12,082,170<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 10,698,510<span></span>
</td>
<td class="nump">$ 12,564,854<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_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 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></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><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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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>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</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 210.5-02.3-4)<br><br><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><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(1)<br><br><br><br> -Article 5<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 4<br><br><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 style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccruedLiabilitiesCurrent">
<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).</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 210.5-02.20)<br><br><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 style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 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>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 31<br><br><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 style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 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>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> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<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 style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 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>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 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<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 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within 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> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<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 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=28358313&amp;loc=d3e6676-107765<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 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=56944662&amp;loc=d3e3044-108585<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> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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 210.5-02.1)<br><br><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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 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>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 30<br><br><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 style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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=28358313&amp;loc=d3e6935-107765<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 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=27012821&amp;loc=d3e214044-122780<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></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 style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount of liabilities and equity items, 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 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>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 25<br><br><br><br> -Article 7<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 style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 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></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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LiabilitiesCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LongTermInvestments">
<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 investments that are intended to be held for an extended period of time (longer than one operating 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 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 210.5-02.12)<br><br><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 style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged 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 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=28358313&amp;loc=d3e6676-107765<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 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=49167202&amp;loc=d3e26626-111562<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></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 style="white-space:nowrap;">us-gaap_MarketableSecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OtherAssetsNoncurrent">
<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 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>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 210.5-02.17)<br><br><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 style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that 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 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=28358313&amp;loc=d3e6676-107765<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 8<br><br><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 style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</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>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 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>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>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 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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 04<br><br><br><br> -Article 3<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 style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 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=27010918&amp;loc=d3e74512-122707<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 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 4<br><br><br><br> -Section E<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 style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockholdersEquityAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619036136992">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<p align="justify"><font style="font-size: 10pt;">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#147;GAAP&#148;) for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K relating to Research Frontiers Incorporated (the &#147;Company&#148;) for the fiscal year ended December 31, 2014.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619020819936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May. 31, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued</a></td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of common stock</a></td>
<td class="nump">$ 3,278,250<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 3,278,250<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_ProceedsFromStockOptionsExercised', window );">Net proceeds from exercise of options and warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 535,123<span></span>
</td>
<td class="nump">$ 304,788<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_ProceedsFromIssuanceOfCommonStock">
<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>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> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<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><strong> Balance Type:</strong></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 cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (j)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<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> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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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<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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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<br><br><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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619021212352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair Value Measurements (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Financial assets at fair value</a></td>
<td class="nump">$ 7.9<span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosure">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of 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 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619036152320">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</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_BusinessAbstract', window );"><strong>Business [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Business</font></font><font style="font-size: 10pt;"></font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font 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 &#147;light valves&#148; 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; frames, cases and partitions protecting light-sensitive artwork, documents and artifacts; 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" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2">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'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's relationships with its existing licensees. The degree of dependence of the Company's working capital requirements on each of the forgoing 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 on 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's 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's technology by the Company'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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</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 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6003-108592<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 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=SL51803626-108592<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619021252768">
<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>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="text">&#160;<span></span>
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<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 210.5-02.4)<br><br><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><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 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</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)<br><br><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><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></p></div>
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<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><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>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 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
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<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><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>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 30<br><br><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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</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 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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>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 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619148123856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation (Tables)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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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_ScheduleOfShareBasedGoodsAndNonemployeeServicesTransactionBySupplierTextBlock', window );">Schedule of Assumptions Used to Value Options Granted to Consultants</a></td>
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<td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"><font style="font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" align="center" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;">&#160;</td>
<td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"><font style="font-size: 10pt;">2014</font></td>
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<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;">&#160;</td>
<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">1.7</font></font></td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt;">%</font></td>
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<td width="100%" nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">Option Life</font></td>
<td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">8.9</font></font><font style="font-size: 10pt;"> years</font></td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px;">&#160;</td>
<td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">5.2</font></font><font style="font-size: 10pt;">&#160;years</font></td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td width="100%" nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">Volatility</font></td>
<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">65</font></font></td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;">&#160;</td>
<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">55</font></font></td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt;">%</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of each transaction in which an entity acquires goods or services other than employee services in exchange for equity securities of the company, including the purpose of the transaction, identification and quantity of the securities issued, the accounting made, disclosure of amounts by which report lines were affected, and noncash effects on the statement of cash flows.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<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 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619021272736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Nov. 03, 2015</div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">September 30, 2015</font></font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">December 31, 2014</font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Certificates of Deposit</font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">Maturity</font></font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Value of Held to Maturity Investment</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Value of Held to Maturity Investment</font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Investment</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">Date</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">(based on cost)</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">(based on cost)</font></font></td>
</tr>
<tr valign="bottom" style="background-color: #cccccc;">
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>1,501,554</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">August 27, 2015</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>-</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; background-color: #cccccc;"><font style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font>1,501,554</font></font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>1,503,525</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">August 27, 2016</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">&#160;</td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font> 1,511,191 </font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">&#160;</td>
<td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font>1,503,525</font></font></font></td>
</tr>
<tr valign="bottom" style="background-color: #cccccc;">
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">$</font></font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font> 1,511,191 </font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">$</font></font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>3,005,079</font></font></font></td>
</tr>

</table>
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</div><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_us-gaap_HeldToMaturitySecuritiesTextBlock">
<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>Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.</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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27290-111563<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<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 942<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62586-112803<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27337-111563<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 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6435544&amp;loc=d3e41834-113960<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> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5086-111524<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 942<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<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>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619020957024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Consolidated Statements of Operations [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Fee income</a></td>
<td class="nump">$ 445,846<span></span>
</td>
<td class="nump">$ 452,937<span></span>
</td>
<td class="nump">$ 1,628,736<span></span>
</td>
<td class="nump">$ 1,156,904<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_GeneralAndAdministrativeExpense', window );">Operating expenses</a></td>
<td class="nump">895,123<span></span>
</td>
<td class="nump">778,075<span></span>
</td>
<td class="nump">3,029,386<span></span>
</td>
<td class="nump">3,011,681<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_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">327,448<span></span>
</td>
<td class="nump">324,306<span></span>
</td>
<td class="nump">1,096,420<span></span>
</td>
<td class="nump">1,123,746<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_OperatingExpenses', window );">Total Expenses</a></td>
<td class="nump">1,222,571<span></span>
</td>
<td class="nump">1,102,381<span></span>
</td>
<td class="nump">4,125,806<span></span>
</td>
<td class="nump">4,135,427<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_OperatingIncomeLoss', window );">Operating loss</a></td>
<td class="num">(776,725)<span></span>
</td>
<td class="num">(649,444)<span></span>
</td>
<td class="num">(2,497,070)<span></span>
</td>
<td class="num">(2,978,523)<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_InvestmentIncomeInterest', window );">Net investment income</a></td>
<td class="nump">9,405<span></span>
</td>
<td class="nump">9,638<span></span>
</td>
<td class="nump">32,085<span></span>
</td>
<td class="nump">26,874<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_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (767,320)<span></span>
</td>
<td class="num">$ (639,806)<span></span>
</td>
<td class="num">$ (2,464,985)<span></span>
</td>
<td class="num">$ (2,951,649)<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_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share</a></td>
<td class="num">$ (0.03)<span></span>
</td>
<td class="num">$ (0.03)<span></span>
</td>
<td class="num">$ (0.10)<span></span>
</td>
<td class="num">$ (0.13)<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_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of common shares outstanding</a></td>
<td class="nump">23,996,038<span></span>
</td>
<td class="nump">23,924,465<span></span>
</td>
<td class="nump">24,037,042<span></span>
</td>
<td class="nump">23,535,083<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_EarningsPerShareBasicAndDiluted">
<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 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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></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 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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<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>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</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 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
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<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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 260<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=6371337&amp;loc=d3e3550-109257<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 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: 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 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: 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> -Paragraph 20<br><br><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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<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>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></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 style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</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></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</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 style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<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 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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 730<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=6420194&amp;loc=d3e21568-108373<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 985<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=6501960&amp;loc=d3e128462-111756<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 style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<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>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</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 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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>
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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></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
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<td>na</td>
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<td>duration</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619155336048">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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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_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td>
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<p align="justify"><font style=" text-decoration: underline;"><font style=" font-size: 10pt;">Income Taxes</font></font><font style=" font-size: 10pt;"></font></p>

<p align="justify"><font style=" font-size: 10pt;">Since inception, the Company has incurred losses from operations and as a result has not recorded income tax expense. Benefits related to net operating loss carryforwards and deferred items have been fully reserved since it was not more likely than not that the Company would achieve profitable operations.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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><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.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<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 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<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 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<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 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619033265232">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Stock-Based Compensation</font></font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.</font><br/></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2"><font style="font-size: 10pt;">Th</font>e Company has granted options/warrants to consultants. These awards generally vest ratably over <font><font style="font-size: 10pt;">12</font></font><font style="font-size: 10pt;"> to </font><font><font style="font-size: 10pt;">60</font></font><font style="font-size: 10pt;"> months</font> from the date of grant and the Company charges to operations quarterly the current market value of the options using the Black-Scholes method. During the nine months ended September 30, 2015 and 2014, a charge (benefit) of <font style="font-size: 10pt;">$</font><font><font style="font-size: 10pt;">10,007</font></font><font style="font-size: 10pt;">&#160;and $</font><font><font style="font-size: 10pt;">31,879</font></font>, respectively, and during the three months ended September 30, 2015 and 2014, $<font>0</font>&#160;and $<font>(33,901)</font>, respectively was recorded to operations reflecting the fair value of the options using the Black-Scholes method with the following weighted average assumptions:</font></p>
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<td nowrap="nowrap" align="left">&#160;</td>
<td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"><font style="font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" align="center" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;">&#160;</td>
<td align="center" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"><font style="font-size: 10pt;">2014</font></td>
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<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
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<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px;">&#160;</td>
<td style="text-align: right; font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">5.2</font></font><font style="font-size: 10pt;">&#160;years</font></td>
<td align="left" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; font-family: 'times new roman'; font-size: 9pt; border-left: none; border-right: none; border-color: #000000; padding: 0px;">&#160;</td>
<td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">55</font></font></td>
<td align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt;">%</font></td>
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<div><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">The Company did not grant any stock options to employees and directors during the three and nine months ended September 30, 2015 and 2014.</font></font></div>
<div><font style="font-size: 10pt;"></font><br/></div>
<div><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In connection with the restricted stock grants to employees and directors, the Company charged <font style="font-size: 10pt;">$</font><font><font style="font-size: 10pt;">57,967</font></font><font style="font-size: 10pt;">&#160;and $</font><font><font style="font-size: 10pt;">131,643</font></font>&#160;to operations during the three months ended September 30, 2015 and 2014, respectively and $<font>173,890</font>&#160;and $<font>394,930</font>&#160;was charged to operations during the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, remaining unamortized compensation costs in connection with these restricted stock grants was <font style="font-size: 10pt;">$</font><font><font style="font-size: 10pt;">58,000</font></font><font style="font-size: 10pt;"> which</font>&#160;will be recognized over the next </font><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: transparent;"><font><font style="font-size: 10pt;">three</font></font><font style="font-size: 10pt;">&#160;month pe</font></font><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">riod.</font></font></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</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 718<br><br><br><br> -SubTopic 40<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<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 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 718<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=6415400&amp;loc=d3e5047-113901<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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 6: 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 14<br><br><br><br></p></div>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619033474624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentAxis=us-gaap_CertificatesOfDepositMember', window );">Certificates of Deposit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfHeldToMaturitySecuritiesLineItems', window );"><strong>Schedule of Held-to-maturity Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
<td class="nump">$ 1,511,191<span></span>
</td>
<td class="nump">$ 3,005,079<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentAxis=refr_CertificateOfDepositsThreeMember', window );">Certificate Of Deposits Three [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ScheduleOfHeldToMaturitySecuritiesLineItems', window );"><strong>Schedule of Held-to-maturity Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Certificates of Deposit Investment</a></td>
<td class="nump">$ 1,501,554<span></span>
</td>
<td class="text">&#160;<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_invest_InvestmentMaturityDate1', window );">Maturity Date</a></td>
<td class="text">Aug. 27,  2015<span></span>
</td>
<td class="text">&#160;<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_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,501,554<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentAxis=refr_CertificateOfDepositsFourMember', window );">Certificate Of Deposits Four [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ScheduleOfHeldToMaturitySecuritiesLineItems', window );"><strong>Schedule of Held-to-maturity Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Certificates of Deposit Investment</a></td>
<td class="nump">$ 1,503,525<span></span>
</td>
<td class="text">&#160;<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_invest_InvestmentMaturityDate1', window );">Maturity Date</a></td>
<td class="text">Aug. 27,  2016<span></span>
</td>
<td class="text">&#160;<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_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
<td class="nump">$ 1,511,191<span></span>
</td>
<td class="nump">$ 1,503,525<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentMaturityDate1">
<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 maturity date of the investment.</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 12<br><br><br><br> -Section 12<br><br><br><br> -Sentence Column A<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 style="white-space:nowrap;">invest_InvestmentMaturityDate1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_HeldToMaturitySecuritiesCurrent">
<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>Amount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity, expected to be converted to cash, sold or exchanged within one year or the normal operating 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 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=49167202&amp;loc=d3e26626-111562<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<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 style="white-space:nowrap;">us-gaap_HeldToMaturitySecuritiesCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<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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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount on the investment owned.</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> -Glossary Underlying<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6527499<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 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 10<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6431724&amp;loc=d3e32938-113948<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 815<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 10<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6438156&amp;loc=d3e57880-113973<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 style="white-space:nowrap;">us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentAxis=us-gaap_CertificatesOfDepositMember">
<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 style="white-space:nowrap;">invest_InvestmentAxis=us-gaap_CertificatesOfDepositMember</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<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 style="white-space:nowrap;">invest_InvestmentAxis=refr_CertificateOfDepositsThreeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<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 style="white-space:nowrap;">invest_InvestmentAxis=refr_CertificateOfDepositsFourMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619033440896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fee Income (Details) - Sales [Member]<br></strong></div></th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeOneMember', window );">Licensee One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Product Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Percentage of fee income</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="nump">38.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember', window );">Licensee Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Product Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Percentage of fee income</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_MilanExpoMember', window );">Milan 2015 Expo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Product Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Percentage of fee income</a></td>
<td class="nump">17.00%<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1">
<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>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</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 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 18<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<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 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 21<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductInformationLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ProductInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</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_ProductOrServiceAxis=refr_LicenseeOneMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember">
<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_MilanExpoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619036158544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</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_InvestmentsDebtAndEquitySecuritiesAbstract', window );"><strong>Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Investments</font></font></p>
<p align="justify"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">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 September 30, 2015 and December 31, 2014 all investments were classified as held to maturity and consisted of the following:</font></font></p>
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<tr valign="bottom">
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">September 30, 2015</font></font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">December 31, 2014</font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Certificates of Deposit</font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">Maturity</font></font></td>
<td nowrap="nowrap" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Value of Held to Maturity Investment</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Value of Held to Maturity Investment</font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">Investment</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">Date</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">(based on cost)</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
<td nowrap="nowrap" colspan="2" style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; vertical-align: bottom; white-space: nowrap; text-align: center;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"><font style="font-size: 10pt; margin: 0pt; text-align: center;">(based on cost)</font></font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>1,501,554</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">August 27, 2015</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>-</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cccccc;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; background-color: #cccccc;"><font style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font>1,501,554</font></font></font></td>
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<tr valign="bottom">
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>1,503,525</font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">August 27, 2016</font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">&#160;</td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font> 1,511,191 </font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">&#160;</td>
<td nowrap="nowrap" align="right" style="vertical-align: bottom; margin: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font>1,503,525</font></font></font></td>
</tr>
<tr valign="bottom" style="background-color: #cccccc;">
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">$</font></font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font> 1,511,191 </font></font></font></td>
<td nowrap="nowrap" style="vertical-align: bottom; white-space: nowrap; background-color: #cccccc;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;">$</font></font></td>
<td nowrap="nowrap" align="right" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #cccccc; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'Times New Roman'; margin: 0pt;"><font style="font-size: 10pt; margin: 0pt;"><font>3,005,079</font></font></font></td>
</tr>

</table>
</div>
</div>
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</div><span></span>
</td>
</tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for  investments in certain debt and equity securities.</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 320<br><br><br><br> -Glossary Debt Security<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509901<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27290-111563<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 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<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 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<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 320<br><br><br><br> -Glossary Equity Security<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6511694<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 942<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<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> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27161-111563<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 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<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> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619148140608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
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<p align="justify"><font style="font-size: 10pt;">In May 2014, under an existing shelf registration statement, the Company sold <font>750,000</font> shares of common stock to a current institutional shareholder, Kevin Douglas and his related parties. Net proceeds from the offering were $<font>3,278,250</font> which the Company intends to use for working capital and general corporate purposes. The Company did not sell any additional equity securities during the nine months ended September 30, 2015.</font></p>
<p align="justify"><font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">The Company received proceeds of $<font>535,123</font> and $<font>304,788</font> during the nine months ended September 30, 2015 and 2014, respectively, in connection with stock issued by the exercise of options and warrants.</font></p>
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<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, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619148129232">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619042192016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements [Abstract]</strong></a></td>
<td class="text">&#160;<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_FairValueDisclosuresTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Fair Value Measurements</font></font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2">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" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2">Financial assets accounted for at fair value on a recurring basis at September 30, 2015 include cash, cash equivalents and investments of approximately<font style="font-size: 10pt;"> $</font><font><font style="font-size: 10pt;">7.9</font></font><font style="font-size: 10pt;">&#160;million</font>. These assets are carried at fair value based on quoted market prices for identical securities (Level 1 inputs).</font></p>
</div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired 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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 30<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 21<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13504-108611<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 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<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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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619033284192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensation', window );">Stock-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 183,897<span></span>
</td>
<td class="nump">$ 426,809<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=refr_ConsultantMember', window );">Consultant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Charge recorded</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (33,901)<span></span>
</td>
<td class="nump">10,007<span></span>
</td>
<td class="nump">31,879<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Charge recorded</a></td>
<td class="nump">57,967<span></span>
</td>
<td class="nump">$ 131,643<span></span>
</td>
<td class="nump">173,890<span></span>
</td>
<td class="nump">$ 394,930<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Unamortized compensation costs</a></td>
<td class="nump">$ 58,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 58,000<span></span>
</td>
<td class="text">&#160;<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Unamortized compensation costs, period for recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<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_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member] | Consultant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Award vesting period</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Award vesting period</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (i)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> Period Type:</strong></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>Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (i)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_ShareBasedCompensation">
<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 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></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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<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>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TitleOfIndividualAxis=refr_ConsultantMember">
<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 style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=refr_ConsultantMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<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 style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<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 style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm140619022472512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br></strong></div></th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (2,464,985)<span></span>
</td>
<td class="num">$ (2,951,649)<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">&#160;<span></span>
</td>
<td class="text">&#160;<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">91,949<span></span>
</td>
<td class="nump">22,803<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">183,897<span></span>
</td>
<td class="nump">426,809<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_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncreaseDecreaseInAccountsReceivable', window );">Royalty receivables</a></td>
<td class="num">(592,254)<span></span>
</td>
<td class="num">(354,465)<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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">44,002<span></span>
</td>
<td class="nump">47,526<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">10,000<span></span>
</td>
<td class="num">(8,750)<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">(130,379)<span></span>
</td>
<td class="nump">120,272<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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities</a></td>
<td class="num">(2,857,770)<span></span>
</td>
<td class="num">(2,697,454)<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">&#160;<span></span>
</td>
<td class="text">&#160;<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">(312,943)<span></span>
</td>
<td class="num">(109,817)<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_PaymentsForProceedsFromInvestments', window );">Change in investments</a></td>
<td class="nump">1,493,888<span></span>
</td>
<td class="num">(3,003,915)<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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="nump">$ 1,180,945<span></span>
</td>
<td class="num">(3,113,732)<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_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from sale of common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">3,278,250<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_ProceedsFromStockOptionsExercised', window );">Net proceeds from exercise of options and warrants</a></td>
<td class="nump">$ 535,123<span></span>
</td>
<td class="nump">304,788<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by (used in) financing activities</a></td>
<td class="nump">535,123<span></span>
</td>
<td class="nump">3,583,038<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 in cash and cash equivalents</a></td>
<td class="num">(1,141,702)<span></span>
</td>
<td class="num">(2,228,148)<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">7,569,537<span></span>
</td>
<td class="nump">5,866,123<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 period</a></td>
<td class="nump">$ 6,427,835<span></span>
</td>
<td class="nump">$ 3,637,975<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_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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</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>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within 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> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<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 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=28358313&amp;loc=d3e6676-107765<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 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=56944662&amp;loc=d3e3044-108585<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> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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 210.5-02.1)<br><br><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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<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 830<br><br><br><br> -SubTopic 230<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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><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 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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><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 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInAccountsReceivable">
<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 amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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><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 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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><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 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<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>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<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>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive 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><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 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</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></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 260<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=6371337&amp;loc=d3e3550-109257<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 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: 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 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: 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> -Paragraph 20<br><br><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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PaymentsForProceedsFromInvestments">
<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 net cash paid (received) associated with the acquisition or disposal of all investments, including securities and other 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><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 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3098-108585<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> -Glossary Investing Activities<br><br><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><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 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3095-108585<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 style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PaymentsToAcquirePropertyPlantAndEquipment">
<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 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><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProceedsFromIssuanceOfCommonStock">
<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>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> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<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 style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProceedsFromStockOptionsExercised">
<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 associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (j)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<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> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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 style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensation">
<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 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></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 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&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 style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<p align="justify"><font style="text-decoration: underline;"><font style="font-size: 10pt;">Fee Income</font></font></p>
<p align="justify"><font style="font-size: 10pt;">Fee income represents amounts earned by the Company under various license and other agreements relating to technology developed by the Company. During the first nine months of 2015, two licensees accounted for 10% or more of fee income of the Company; these licensees accounted for approximately <font>33</font>%&#160;and <font>15</font>% respectively of fee income recognized during this period. In addition, during the nine months ended September 30, 2015, approximately <font>17</font>% of revenues related to a fee received due to the Company's participation in the Milan 2015 Expo and no such income from this project was recorded in the comparable period. During the first nine months of 2014, one licensee accounted for 10% or more of fee income of the Company; this licensee accounted for approximately <font>38</font>%&#160;of fee income recognized during such period.</font></p>
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<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>Period an equity-based award is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (f)(2)(i)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:durationItemType</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_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate">
<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 estimated measure of the percentage amount by which a share price is expected to fluctuate during the expected term of a nonvested share or option award issued to other than an employee.</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 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (f)(2)(ii)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</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_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate">
<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 risk-free interest rate assumption that is used in valuing a nonvested share or option award issued to other than an employee.</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 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (f)(2)(iv)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<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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