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
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...