0001181431-14-019373.txt : 20140513 0001181431-14-019373.hdr.sgml : 20140513 20140513163125 ACCESSION NUMBER: 0001181431-14-019373 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140513 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140513 DATE AS OF CHANGE: 20140513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: hopTo Inc. CENTRAL INDEX KEY: 0001021435 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133899021 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21683 FILM NUMBER: 14837773 BUSINESS ADDRESS: STREET 1: 1901 S. BASCOM AVENUE STREET 2: SUITE 660 CITY: CAMPBELL STATE: CA ZIP: 95008 BUSINESS PHONE: 8004727466 MAIL ADDRESS: STREET 1: 1901 S. BASCOM AVENUE STREET 2: SUITE 660 CITY: CAMPBELL STATE: CA ZIP: 95008 FORMER COMPANY: FORMER CONFORMED NAME: GRAPHON CORP/DE DATE OF NAME CHANGE: 19990727 FORMER COMPANY: FORMER CONFORMED NAME: UNITY FIRST ACQUISITION CORP DATE OF NAME CHANGE: 19960823 8-K 1 rrd409234.htm Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  05/13/2014
 
HOPTO INC.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  0-21683
 
Delaware
  
13-3899021
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
1919 S. Bascom Avenue
Suite 600
Campbell, CA 95008
(Address of principal executive offices, including zip code)
 
800-472-7466/408-688-2674
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
On May 13, 2014, hopTo Inc. issued a press release announcing its financial results for the quarter ended March 31, 2014 (attached hereto as Exhibit 99.1). The press release is being furnished as Exhibit 99.2 to this report and incorporated herein by reference.

The information contained in this report on Form 8-K, including the Exhibits, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by hopTo Inc. under the Securities Act of 1933, as amended.

 
 
Item 9.01.    Financial Statements and Exhibits
 
99.1 First Quarter 2014 Earnings Results and Operating Information

99.2 Press Release issued May 13, 2014

 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
HOPTO INC.
 
 
Date: May 13, 2014
     
By:
 
/s/    Robert L. Dixon
               
Robert L. Dixon
               
Vice President of Finance, Secretary
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Financial Information
EX-99.2
  
Press Release
EX-99 2 rrd409234_40719.htm FINANCIAL INFORMATION DC14407.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing
hopTo Inc.                 
Condensed Consolidated Balance Sheets                 
        March 31,        December 31, 
        2014        2013 
        (Unaudited)        (Unaudited) 
Assets                 
Cash    $    4,288,000    $    2,430,700 
Accounts receivable, net        617,300        811,700 
Other current assets        120,100        43,100 
Total current assets        5,025,400        3,285,500 
Property and equipment, net        375,900        302,100 
Capitalized software, net        551,400        619,400 
Other assets        139,900        139,900 
Total assets    $    6,092,600    $    4,346,900 
 
Liabilities and stockholders' equity (deficit)                 
Accounts payable and accrued liabilities    $    797,600    $    844,100 
Deferred revenue - current        2,544,200        2,772,900 
Deferred rent        34,000        31,200 
Severance liability        16,700        62,900 
Total current liabilities        3,392,500        3,711,100 
Warrants liability        1,152,300        979,800 
Deferred revenue - long term        447,700        476,200 
Deferred rent        190,100        84,600 
Stockholders' equity (deficit)        910,000        (904,800) 
Total liabilities and stockholders' equity (deficit)    $    6,092,600    $    4,346,900 

Condensed Consolidated Statements of Operations and Comprehensive Loss

        Three Months Ended March 31, 
        2014               2013 
        (Unaudited)        (Unaudited) 
Revenue    $    1,340,200    $    1,617,000 
Cost of revenue        194,600        111,800 
Gross profit        1,145,600        1,505,200 
 
Selling and marketing        650,500        499,000 
General and administrative        993,900        746,000 
Research and development        1,305,900        713,200 
Total operating expenses        2,950,300        1,958,200 
Loss from operations        (1,804,700)        (453,000) 
Change in fair value of warrant liability        1,133,700        (3,448,700) 
Other expense, net        (200)        (100) 
Loss before income taxes        (671,200)        (3,901,800) 
Income taxes        1,300        1,100 
Net loss        (672,500)        (3,902,900) 
Other comprehensive income (loss)        -        - 
Comprehensive loss    $    (672,500)    $    (3,902,900) 
Loss per common share - basic and diluted    $    (0.01)    $    (0.05) 
Weighted average shares outstanding - basic and diluted        110,283,363        83,139,078 

EX-99 3 rrd409234_40720.htm PRESS RELEASE DC14405.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

hopTo Inc. Announces First Quarter Highlights and Results

CAMPBELL, Calif., May 13, 2014 - hopTo Inc. (OTCQB/OTCBB: HPTO), developer of the most comprehensive mobile productivity platform, announced today its financial results for the first quarter ended March 31, 2014.

Recent Highlights

·      Significant progress towards launch of hopTo Work
 
·      Established partnership with Egnyte
 
·      Hired Chief Financial Officer, Jean-Louis Casabonne
 
·      Hired an Investor Relations Firm, KCSA
 

Results for First Quarter Ended March 31, 2014:

“We were very busy during the first quarter of 2014”, said Eldad Eilam, hopTo’s President and Chief Executive Officer. “Our focus was trying to connect with our market via hopTo prosumer and we made significant progress toward that objective. For example”, continued Mr. Eilam, “we have attracted hundreds of thousands of users, and learned that 93% of our current users use the app for both personal and business, which demonstrates the value of and supports our initial assumptions about the need for a unified workspace in the BYOD era”.

The Company’s partnership with Egnyte adds to hopTo’s already extensive catalogue of file storage accessibility, while at the same time enhances Egnyte’s offering with a true small office/home office (SOHO) and small/medium business (SMB) mobile productivity solution. The Egnyte enterprise file sharing platform includes cloud file sharing, private file sharing, cross-office collaboration, and fast local file access.

The Company recently announced the hiring of Jean-Louis Casabonne, a seasoned executive with over 25 years of corporate finance, business development and senior management experience, as hopTo’s Chief Financial Officer. The Company has also made significant progress towards building hopTo Work, our productivity app for SMB and enterprise, and is successfully moving forward executing the Company’s strategic plan.

In the first quarter, hopTo retained KCSA Strategic Communications, a leading New York-based communications firm, with offices in Los Angeles, to direct hopTo’s investor relations, public relations and social media program. KCSA has deployed an investor relations campaign designed to increase awareness of hopTo and its unique business model among the investment community.

“We recognized $1.34 million in revenues in the first quarter of 2014 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. This was a year over year decrease of 17%. This decrease was expected as the company continued to shift its focus to hopTo and remains consistent with management’s expectations”, said Mr. Eilam.

The Company reported a consolidated net loss of $672 thousand for the quarter ending March 31, 2014, which is an improvement on the $3.9 million loss we realized for the same quarter in 2013. The lower operating loss is primarily due to the impact of the change in the valuation of our warrants. Selling, general and administrative expenses were $1.64 million and R&D expenses were $1.31 million. R&D expenses increased by $593 thousand from Q1 2013 as the company is developing new productivity platforms to tap into the mobile productivity SMB and

enterprise market.

Conference Call

hopTo will host a conference call at 4:30 p.m. EDT on Tuesday, May 13th, to discuss its results for the first quarter ended March 31, 2014. To participate, please dial +1-877-407-9039 and reference passcode 13581627. Those calling from outside the U.S. should dial +1-201-689-8470 and reference passcode 13581627. A telephone replay will be available approximately two hours after the call concludes through May 27, 2014 by dialing +1-877-870-5176 from the U.S. or +1-858-384-5517 from international locations, with passcode 13581627.

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 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