SOURCE: hopTo Inc.

hopTo Inc.

May 12, 2016 16:15 ET

hopTo Inc. Announces First Quarter 2016 Highlights and Results

CAMPBELL, CA--(Marketwired - May 12, 2016) -  hopTo Inc. (OTCQB: HPTO), developer and provider of the most comprehensive mobile productivity platform, today announced its financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Highlights:

  • Revenue of $1.0 million
  • Launched Project Mobilis -- integration with Citrix® HDX™
  • Announced MAX-IE -- the Mobile App eXperience for Internet Explorer®
  • Released hopTo MAX for GO-Global for Windows

"Throughout the first quarter, the hopTo team has been focused on Project Mobilis and the go to market efforts to support our integration with Citrix XenApp® and HDX," stated Eldad Eilam, President and CEO of hopTo Inc. "This has included support from Citrix in both product development and marketing efforts," said Eilam.

"We continue to receive positive feedback from prospective customers and channel partners in a range of vertical markets and have found a renewed willingness to engage with us with the pending release of our HDX integration. The interest in MAX-IE has been particularly keen as enterprises are seeking better mobile user experience for the large number of Microsoft® Internet Explorer based applications that they rely on for key operational functions."

"In Q1 we also delivered for the first time a Mobile App eXperience capability to our legacy GO-Global customers, providing them with a significant improvement for mobile users of their applications."

"Our product and business development efforts are off to a great start in the second quarter, with the recent announcement of our new partnership with EOH Technology Solutions, launching our Board of Advisors which is providing fantastic guidance and support, and preparing for our sponsorship of Citrix Synergy later this month," concluded Mr. Eilam.

First Quarter 2016 Results of Operations

Total revenue for the first quarter 2016 of $1.0 million represents a decrease of 31% from $1.47 million for the same period in the prior year. This revenue is nearly all from the Company's Go-Global products and services and consistent with our forecast as discussed on our earnings call on March 30, 2016.

Gross profit for the first quarter of 2016 amounted to $0.95 million, as compared to $1.37 million, for the same period in 2015.

Selling, general and administrative expenses for the first quarter of 2016 were $1.0 million and R&D expenses were $0.9 million, compared to $1.4 million and $1.2 million for the same period in 2015. The Company continued to deliver on cost controlling measures and better cash management, with total operating expenses for the first quarter of $1.9 million, compared to $2.6 million for the same period in 2015.

Total operating loss for the first quarter of 2016 was $0.9 million, which is a year over year improvement of 23% from the $1.2 million operating loss that we reported for the same period in 2015. 

hopTo reported a net loss for the quarter ended March 31, 2016 of $1.0 million, or $0.10 per basic and diluted share, compared to $1.3 million or $0.17 per basic and diluted share for the same period in 2015.

As of March 31, 2016 the Company had cash of $1.07 million and accounts receivable of $433 thousand.

Conference Call

hopTo Inc. will host an investor conference call to discuss its financial results today, Thursday, May 12, 2016 at 4:30 p.m. ET/1:30 p.m. PT.

Investors in the U.S. interested in participating in the call should dial 1-877-407-0784 and reference hopTo Inc. First Quarter 2016 Results Conference Call. Those calling from outside the U.S. should dial 1-201-689-8560 and reference hopTo Inc. First Quarter 2016 Results Conference Call. A telephone replay will be available approximately three hours after the call until May 19, 2016 by dialing 1-877-870-5176 from the U.S. or 1-858-384-5517 from international locations, with passcode 13636781.

A simultaneous live webcast will be available on the Investor Relations section of the Company's website at hopto.com and on the Company's Investor Relations mobile app, powered by IRapp™. The webcast will be archived on the Company's website for one year.

About hopTo:

Founded in its current form in 2012, hopTo Inc. is an innovator of a unique mobile productivity workspace platform. The hopTo mobile solution delivers an unparalleled user experience without compromising enterprise security. hopTo brings a new standard of mobile productivity by enabling individuals to Search, Access, Create, Edit and Share content from their mobile devices, efficiently and effectively, by leveraging any combination of on-premise or cloud stored content, documents and data as well as enterprise applications. The company is based in Campbell, CA.

For more information on hopTo, please visit: www.hopTo.com, https://www.linkedin.com/company/hopto or download the hopTo IRapp from the hopTo investor page.

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 and customer acceptance; 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, 2015 and in other documents we have filed with the SEC.

             
hopTo Inc.            
Condensed Consolidated Balance Sheets            
    March 31,     December 31,  
    2016     2015  
    (Unaudited)     (Unaudited)  
Assets                
Cash   $ 1,073,000     $ 1,777,300  
Accounts receivable, net     433,100       434,900  
Prepaid expenses     149,000       139,200  
Total current assets     1,655,100       2,351,400  
                 
Capitalized software, net     18,200       20,800  
Property and equipment, net     226,700       252,500  
Other assets     109,000       109,000  
Total assets   $ 2,009,000     $ 2,733,700  
                 
Liabilities and stockholders' deficit                
Accounts payable and accrued liabilities   $ 1,234,400     $ 1,018,000  
Deferred revenue     1,988,600       2,467,000  
Deferred rent     21,700       21,000  
Capital lease     8,600       8,400  
Total current liabilities     3,253,300       3,514,400  
                 
Warrants liability     83,100       31,600  
Deposit liability     81,400       81,400  
Deferred revenue     1,848,900       1,465,800  
Deferred rent     20,900       26,700  
Capital lease     4,600       6,800  
Stockholders' deficit     (3,283,200 )     (2,393,000 )
Total liabilities and stockholders' deficit   $ 2,009,000     $ 2,733,700  
                 
                 
Condensed Consolidated Statements of Operations             
                 
    Three Months Ended March 31,  
    2016     2015  
    (Unaudited)     (Unaudited)  
Revenue   $ 1,007,300     $ 1,471,100  
Costs of revenue     53,800       104,500  
Gross profit     953,500       1,366,600  
Operating expenses                
Selling and marketing     317,100       500,100  
General and administrative     678,100       907,800  
Research and development     885,800       1,164,900  
Total operating expenses     1,881,000       2,572,800  
Loss from operations     (927,500 )     (1,206,200 )
Other income (expense) - change in fair value of warrants liability     (47,300 )     (55,100 )
Other income (expense), net     600       (600 )
Loss before provision for income tax     (974,200 )     (1,261,900 )
Provision for income tax     700       1,100  
Net loss     (974,900 )     (1,263,000 )
                 
Basic and diluted loss per share   $ (0.10 )   $ (0.17 )
Average weighted common shares outstanding - basic and diluted     9,737,946       7,520,237  
                 

Contact Information