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hopTo Inc. Announces Fiscal 2013 Highlights and Results

March 31, 2014

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.

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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

jsilber@kcsa.com

310.766.9760

Media:

Troy Mickle

press@hopto.com

408.688.2674 x5086

Anne Donohoe

adonohoe@kcsa.com

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
                                                                                                                                           ==========   ==========

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SOURCE hopTo Inc.


Source: PR Newswire



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