Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Dana Gardner, Elizabeth White, Carmen Gonzalez, PagerDuty Blog

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
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Thi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...