Welcome!

News Feed Item

hopTo Inc. Announces Fiscal 2013 Highlights and Results

hopTo Prosumer Adds 350,000 Users in First Four Months

CAMPBELL, Calif., March 31, 2014 /PRNewswire/ -- hopTo Inc. (OTCQB/OTCBB: HPTO), developer of the most comprehensive mobile productivity platform, announced today its financial results for the year ended December 31, 2013. 

hopTo Boosts Mobile Productivity on the iPad.

Recent Highlights

  • Launched hopTo Prosumer version in November 2013
  • hopTo Prosumer has over 350,000 unique users and adding ~3,000 daily
  • Featured in articles on CNET, VentureBeat, Engadget and PC World
  • On September 10, 2013 the company changed its name to hopTo
  • 5 patents applications have been allowed

Results for Year Ended December 31, 2013:

"2013 was a pivotal year for the company as we continued to make progress on our unique mobile productivity platform. In 2013, the company renamed itself hopTo to better represent this new direction and reflect our plans for future innovations and expansions in the Mobile Productivity market," said Eldad Eilam, hopTo's President and Chief Executive Officer.

"Our hopTo product is transitioning from a pre-revenue stage to cash flow positive stage as we launch the new offering for the SMB and Enterprise space, hopTo Work," continued Mr. Eilam. "We recognized $5.9 million in revenues in 2013 from our legacy asset, Go-Global, an application access solution taking advantage of cross-platform remote access and Web-enabled access to users' existing software applications.  As we roll out the hopTo Work new SMB and Enterprise offering, we expect to see growth in our revenues from the hopTo product line in the latter part of 2014."

"We launched the hopTo Prosumer edition in November 2013 to test the market and begin to build our customer base. Our app has over 350,000 new users and, with the positive feedback from Prosumer users, we see a great potential in the SMB and Enterprise space.  As more and more people are finding the need to work and be productive on-the-go, we expect to tap into a $53 billion productivity market through our future offering of hopTo Work. We expect these advancements with our productivity platform and continued focus on the enterprise business will continue to push hopTo Inc. to sustainable, profitable, long-term growth."

hopTo Inc. reported a net loss for the year ended December 31, 2013 of $3.7 million, or $.04 per share and the company's total revenue for 2013 was $5.9 million. Selling, general and administrative expenses were $5.5 million and R&D expenses were $5.0 million. R&D expenses increased by $1.2 million from 2012 as the company is developing new productivity platforms to tap into the mobile productivity business market.

Conference Call

hopTo will host a conference call at 4:30 p.m. EDT on Monday, March 31st, to discuss its year ended December 31, 2013. To participate, please dial (855) 273-1827 and enter the conference call code: 15772743.  The conference call will also be accessible live on the Investor Relations section of the hopTo website at hopto.com/investors.

A replay of the conference call will be available online at hopto.com beginning at 6:30 p.m. EDT on Monday, March 31st and continuing until Monday, June 30, 2014.  A podcast of the conference call will also be available online at hopto.com beginning approximately 24 hours after the call.

About hopTo:
Founded in its current form in 2012, hopTo Inc. is an innovator of a unique mobile productivity workspace application. hopTo delivers a mobile experience that changes the way you work and live — empowering you to fully embrace a mobile lifestyle – without any compromises or boundaries. Search, Access, Aggregate, Create, Edit and Share your content from your mobile device, efficiently and effectively, by leveraging the power of your own "personal cloud." The company is based in Campbell, CA.

For more information on hopTo, please visit: hopTo.com or facebook.com/hopTo.

FORWARD LOOKING STATEMENTS:
This press release contains statements that are forward looking as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These statements include statements regarding future growth and the expected impact of our products on the marketplace. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ significantly from those described in the forward looking statements.  Factors that may cause such a difference include the following: the success of our new products depends on a number of factors including market acceptance and our ability to manage the risks associated with new product introduction and developing and marketing new versions of the product; and other factors, including those set forth under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, and in other documents we have filed with the SEC.

Investors:
Julie Silber
[email protected]
310.766.9760

Media:
Troy Mickle
[email protected]
408.688.2674 x5086

Anne Donohoe
[email protected]
732.620.0033

 


hopTo Inc.





Consolidated Balance Sheets







 As of December 31,

 Assets


2013


2012

 Cash


$2,430,700


$3,960,600

 Accounts receivable, net


811,700


865,900

 Prepaid expense and other current assets


43,100


150,200

 Total current assets


3,285,500


4,976,700

 Property and equipment, net


302,100


358,900

 Capitalized software, net


619,400


223,100

 Other assets


139,900


46,900

 Total assets


$4,346,900


$5,605,600






 Liabilities and stockholders' deficit





 Accounts payable


$244,600


$159,600

 Accrued expenses


37,400


14,200

 Accrued wages


562,100


565,300

 Severance Liability


62,900


209,500

 Deferred rent


31,200


26,700

 Deferred revenue  


2,772,900


2,921,600

 Total current liabilities


3,711,100


3,896,900

 Warrants liability


979,800


7,390,100

 Severance liability


-


52,900

 Deferred revenue


476,200


570,400

 Deferred rent


84,600


127,500

 Total liabilities  


5,251,700


12,037,800

 Preferred stock


-


-

 Common stock


9,800


8,300

 Additional paid-in capital


71,697,300


62,425,400

 Accumulated deficit


(72,611,900)


(68,865,900)

 Stockholders' deficit


(904,800)


(6,432,200)

 Total liabilities and stockholders' deficit


$4,346,900


$5,605,600






 

 Consolidated Statements of Operations and Net Loss












 Year Ended December 31,



2013


2012

 Revenue


$5,889,000


$6,541,300

 Cost of revenue


508,600


601,500

 Gross profit


5,380,400


5,939,800

 Operating expenses





 Selling and marketing


2,441,400


2,403,400

 General and administrative


3,083,200


3,759,000

 Research and development


4,999,900


3,870,900

 Total operating expenses


10,524,500


10,033,300

 Loss from operations


(5,144,100)


(4,093,500)

 Change in fair value of warrant liability


1,406,000


(3,616,600)

 Interest & other income


1,900


5,300

 Interest & other expense


(2,000)


-

 Loss from continuing operations before provision from income taxes


(3,738,200)


(7,704,800)

 Provision for income taxes


7,800


3,500

 Net loss from continuing operations


(3,746,000)


(7,708,300)

 Loss from discontinued operations


-


(468,400)

 Net loss  


$(3,746,000)


$(8,176,700)

 Loss per share





 Continuing operations - basic and diluted


$(0.04)


$(0.09)

 Discontinued operations - basic and diluted


$-


$(0.01)

 Loss per share - basic and diluted


$(0.04)


$(0.10)

 Weighted average shares outstanding - basic and diluted


90,409,625


82,153,360

 

Logo - http://photos.prnewswire.com/prnh/20140219/LA67504LOGO

SOURCE hopTo Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...