Research Frontiers Incorporated (Research Frontiers) develops and licenses its suspended particle device (SPD-Smart) light-control technology to other companies that manufacture and market either the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, lamination services, electronics to power end-products incorporating the film, or the end-products themselves, such as smart windows, skylights and sunroofs. Research Frontiers has 39 companies that, in the aggregate, are licensed to primarily serve four major SPD-Smart application areas (aerospace, architectural, automotive and marine products) worldwide. The Company�s SPD-Smart products use microscopic light-absorbing nanoparticles that are suspended in a film. These particles align when an electrical voltage is applied, thus permitting light to pass through the film.