Research Frontiers Incorporated

Good afternoon, ladies and gentlemen. Welcome to Research Frontier's investor conference call to discuss the fourth quarter of 2022 and year-end results of operations and recent developments. During today's presentation, all parties will be in a listen-only mode, and following the presentation, the conference will be open for questions by pressing star 1. This conference is being recorded today. A replay of this conference call will be available starting later today in the Investors section of Research Frontier's website at www.smartglass.com. and will be available for replay for the next 90 days. Please note that some of the comments made today may contain forward-looking information. The words expect, anticipate, plans, forecast, and similar expressions are intended to identify forward-looking statements. Statements that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions that are part of the Securities Litigation Reform Act of 1995. These statements reflect the company's current beliefs and a number of important factors could cause actual results for future periods to differ materially from those expressed. Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC. Research Frontiers undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The company will be answering many of the questions that were emailed to it prior to this conference call either in their presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to email questions prior to this call or will do so afterwards in order to answer more questions of general interest to shareholders on this call. If you find that your question has been substantially answered as a courtesy and to allow time for other shareholders to ask their questions please remove yourself from the queue by pressing pound one. Also, we ask that you keep your question brief in the interest of time. I would now like to turn the conference over to Joe Harari, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.

Thank you, Paul, and hello, everyone, and welcome to our fourth quarter of 2022 and year-end investor conference call. I'm going to keep things more informal than usual today because I want to open up the floor to questions and discussion. We built off a number of very positive developments in 2022 and started 2023 off quite strongly. Gauzy had their largest booth ever at CES this past January and moved into the prestigious Automotive West Hall. Major worldwide customers such as Boss, LG Display, OST, Talgo, and Continental joined them with various products, mostly for automotive aircraft, trains, and boats, but also showing architectural applications. And that was just the first day of the show. That night, the CEO of BMW at his opening keynote speech at CES, aided by Arnold Schwarzenegger in person, and David Hasselhoff remotely, showcased BMW's iVision. The car was equipped with its glass all around being SPD smart glass. Also highlighted prominently in Oliver Zipsy's keynote and BMW's press releases was a heads-up display that added vast functionality and readability because of the SPD component. You can read more details in the press releases about this, but I was there at CES from the beginning, and some of our shareholders had even visited. You could see SPD at the Gauzy booth as well as other places, and it was impressive and prevalent. Moving to another active licensee, AGP has visibly expanded its operations to now be headquartered in Belgium, close to many of its European customers. They have several SPD car models coming out this year. They also expanded in Flanders, and they also have an amazing highly automated smart glass factory in Ghent, Belgium. I visited it, and it was really impressive. We also focused on position your company well over the past several years. I mentioned in one of the previous calls in response to questions about economic uncertainty how research frontiers had positioned itself to be somewhat recession-proof and certainly inflation-proof, and that continues, and I guess it's been well that we have done that because those things seem to be lurking or here. We are also patient and because of that we ultimately went over the customer. Many of you that have followed the smart glass industry might be aware that both Mercedes and Ferrari both used another smart glass technology before switching to SPD. And this year we expect another OEM that originally selected another switchable pin technology to switch over to SPD. Usually the OEM ultimately understands that not all smart glass technologies or the company supplying them are created equal, and we foster this by education, continuous improvement, data, having a high-performing technology, focusing on being a profitable business, and constant refinement of our business model, as well as good partnerships and cooperation with our licensees and a drive to reduce costs and to diversify the industries we're in. We and our licensees are constantly tapping into and fulfilling the need of customers to offer solutions to their customers and enable them to deliver new and improved and innovative products. And with that brief introduction and recap, I will now turn to some of the questions that we received by email.

Tom had asked,