0001493152-20-006399.txt : 20200414 0001493152-20-006399.hdr.sgml : 20200414 20200414172617 ACCESSION NUMBER: 0001493152-20-006399 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200414 DATE AS OF CHANGE: 20200414 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: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21683 FILM NUMBER: 20792017 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 10-K 1 form10-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2019

 

Commission File Number: 0-21683

 

 

hopTo Inc.

(Exact name of Registrant as specified in its charter)

 

Delaware   13-3899021

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

6 Loudon Road, Suite 200

Concord, New Hampshire 03301

(Address of principal executive offices)

 

(800) 472-7466

(408) 688-2674

(Registrant’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Exchange Act: None

 

Securities registered pursuant to Section 12(g) of the Exchange Act: (1) Common Stock, $0.0001 par value; and (2) Preferred Stock Purchase Rights

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes [  ] No [X]

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and such files).

Yes [X] No [  ]

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

[  ] Large accelerated filer [  ] Accelerated filer [X] Non-Accelerated filer [X] Smaller reporting company 

[  ] Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

 

As of June 30, 2019, the aggregate market value of the Registrant’s common stock held by non-affiliates was $2,606,838.

 

As of April 14, 2020, there were outstanding 11,572,880 shares of the Registrant’s common stock.

 

 

 

   

 

 

hopTo Inc.

 

ANNUAL REPORT ON FORM 10-K

 

TABLE OF CONTENTS

 

        Page
    PART I    
Item 1.   Business   3
Item 1A.   Risk Factors   7
Item 1B.   Unresolved Staff Comments   15
Item 2.   Properties   15
Item 3.   Legal Proceedings   15
Item 4.   Mine Safety Disclosures   15
    PART II    
Item 5.   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   15
Item 6.   Selected Financial Data   16
Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations   16
Item 7A.   Quantitative and Qualitative Disclosures About Market Risk   24
Item 8.   Financial Statements and Supplementary Data   25
Item 9.   Changes in and Disagreements With Accountants on Accounting and Financial Disclosure   43
Item 9A.   Controls and Procedures   43
Item 9B.   Other Information   44
    PART III    
Item 10.   Directors, Executive Officers and Corporate Governance   44
Item 11.   Executive Compensation   44
Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   45
Item 13.   Certain Relationships and Related Transactions, and Director Independence   45
Item 14.   Principal Accounting Fees and Services   45
    PART IV    
Item 15.   Exhibits, Financial Statement Schedules   45
Item 16.   Form 10-K Summary   48

 

Forward-Looking Information

 

This report includes, in addition to historical information, “forward-looking statements”. All statements other than statements of historical fact we make in this report are forward-looking statements. In particular, the statements regarding industry prospects and our future results of operations or financial position are forward-looking statements. Such 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, but are not limited to, those discussed in Item 1A. “Risk Factors,” as well as those discussed elsewhere in this report. Statements included in this report are based upon information known to us as of the date that this report is filed with the Securities and Exchange Commission (the “SEC”), and we assume no obligation to update or alter our forward-looking statements made in this report, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

 

 2 

 

 

PART I

 

ITEM 1. BUSINESS

 

Introduction

 

We are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants. Our application publishing software solutions are sold under the brand name GO-Global, which is our sole revenue source. GO-Global is an application access solution for use and/or resale by independent software vendors (“ISVs”), corporate enterprises, governmental and educational institutions, and others who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.

 

From 2012 to 2016 we developed several products in the field of software productivity for mobile devices such as tablets and smartphones, which have been marketed under the hopTo brand. We also made significant investments in intellectual property (“IP”) and filed many patents designed to protect the new technologies embedded in hopTo. We were granted a total of 56 patents by the United States Patent and Trademark Office as part of this effort.

 

Except for the sale of 7 patents sold to Salesforce.com during 2017, we own all hopTo-related IP including source-code, related patents, and the relevant trademarks. We continue to believe that we may be able to extract value from these assets and are currently working to do so at this time. For detailed historical information on the hopTo products and technologies, please refer to our previously filed Annual Report on form 10-K which are available at www.sec.gov. Such filings are being noted for historical information only; unless expressly noted, they are not incorporated herein by reference.

 

Corporate Background

 

We are a Delaware corporation, founded in May 1996. Our headquarters are located at 6 Loudon Road, Suite 200, Concord, NH 03301, and our phone number is 408-688-2674. We also have remote employees located in various states, as well as internationally in the United Kingdom. Our corporate Internet Website is http://www.hopTo.com. The information on our Website is not part of this Annual Report on Form 10-K.

 

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to such reports filed with or furnished to the SEC under sections 13(a) or 15(d) of the Securities Exchange Act of 1934 are made available free of charge on our corporate Internet Website investor webpage at www.hopto.com (click on “SEC Reporting” link) as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. We may suspend our obligation to make such reports in the future.

 

 3 

 

 

The GO-Global Software Products

 

Our GO-Global product offerings, which currently are our only revenue source, can be categorized into product families as follows:

 

  ● GO-Global for Windows: Allows access to Windows-based applications from remote locations and a variety of connections, including the Internet connections. The Windows applications run on a central computer server along with GO-Global Windows Host software. This allows the applications to be accessed remotely via GO-Global Client software, or a Web browser, over many types of data connections, regardless of the bandwidth or operating system. Web-enabling is achieved without modifying the underlying application’s code or requiring costly add-ons.
     
  ● GO-Global for UNIX: Allows access to UNIX and Linux-based applications from remote locations and a variety of connections, including the Internet and connections. The UNIX/Linux applications run on a central computer server along with the GO-Global for UNIX Host software. This allows the applications to be accessed and run remotely via GO-Global Client software or a Web browser without having to modify the application’s code or requiring costly add-ons.
     
  ● GO-Global Client: We offer a range of GO-Global Client software that allows remote application access from a wide variety of local, remote and mobile platforms, including Windows, Linux, UNIX, Apple OS X and iOS, and Google Android. We plan to continue to develop GO-Global Client software for new portable and mobile devices.

 

Target Markets

 

The target market for our GO-Global products includes small to medium-sized companies, departments within large corporations, governmental and educational institutions, independent software vendors (ISVs) and value-added resellers (VARs). Our software enables these targeted organizations to move their existing applications to the public cloud and provide SaaS, or move them to a secure, private cloud environment. By using our software, organizations can give their remote users, partners and customers access to their native applications. Our software is designed to allow these organizations and enterprises to tailor the configuration of the end-user device for a particular purpose, rather than following a “one PC fits all” high-cost ownership model. We believe our opportunities are as follows:

 

  ● ISVs. By Web-enabling their applications through use of our products, we believe that our ISV customers can accelerate their time to market without the risks and delays associated with rewriting applications or using other third-party software, thereby opening up additional revenue opportunities and securing greater satisfaction and loyalty from their customers.
     
    Our technology integrates with their existing software applications without sacrificing the full-featured look and feel of such applications, thereby providing ISVs with out-of-the-box Web-enabled applications with their own branding for licensed, volume distribution to their enterprise customers. We further believe that ISVs that effectively address the Web computing needs of customers and the emerging application service provider market will have a competitive advantage in the marketplace.
     
  ● Enterprises Employing a Mix of UNIX, Linux, Macintosh and Windows. Small to medium-sized companies that utilize a mixed computing environment require cross-platform connectivity software, like GO-Global Host and/or GO-Global Gateway, which will allow users to access applications from different client devices. We believe that our server-based software products will significantly reduce the cost and complexity of connecting PCs to various applications.

 

 4 

 

 

  ● Enterprises with Remote Computer Users and/or Extended Markets. We believe that remote computer users and enterprises with extended markets comprise two of the faster growing market segments in the computing industry. Extended enterprises permit access to their computing resources by their customers, suppliers, distributors and other partners, thereby affording them manufacturing flexibility, increased speed-to-market, and enhanced customer satisfaction. For example, extended enterprises may maintain decreased inventory via just-in-time, vendor-managed inventory and related techniques, or they may license their proprietary software application on a “pay-per-use” model, based on actual time usage by the user. The early adoption of extended enterprise software may be driven in part by an organization’s need to exchange information over a wide variety of computing platforms. We believe that our server-based software products, along with our low-impact communications protocol, which has been designed to enable highly efficient low-bandwidth connections, are well positioned to provide extended enterprises with the necessary means to exchange information over a wide variety of computing platforms.
     
  ● VARs. The VAR channel presents an additional sales force for our products and services. In addition to creating broader awareness of our GO-Global products, VARs also provide integration and support services for our current and potential customers. Our products allow VARs to offer a cost-effective competitive alternative for server-based, or thin-client, computing. In addition, reselling our GO-Global products creates new revenue streams for our VARs.

 

Strategic Customer Relationships

 

We believe it is important to maintain our current strategic alliances and to seek suitable new alliances in order to enhance shareholder value, improve our technology and/or enhance our ability to penetrate relevant target markets. We also are focusing on strategic relationships that have immediate revenue generating potential, strengthen our position in the server-based software market, add complementary capabilities and/or raise awareness of our products and us. Our strategic relationships for all GO-Global products include the following:

 

  ● We are party to a non-exclusive distribution agreement with KitASP, a Japanese application service provider founded by companies within Japan’s electronics and infrastructure industries, including NTT DATA, Mitsubishi Electric, Omron, RICS, Toyo Engineering and Hitachi. Pursuant to this agreement, which was entered into in September 2011, KitASP has licensed our GO-Global product line for inclusion in their software products, primarily their server-bundled application service provider software solution. Either party may terminate the contract upon 60 days’ written notice to the other party.
     
  ● We are party to a non-exclusive channel partner agreement with Elosoft Informatica Ltda, a South American distributor of various technology products, including both hardware and software offerings, and related services. Under the terms of this agreement, Elosoft has licensed both our GO-Global Windows Host and GO-Global for UNIX software for deployment to their distribution network with both sub-distributors and end-users. Our agreement with Elosoft, which was originally entered into in February 2005, automatically renews annually. Either party may terminate the agreement upon 60 days’ written notice to the other party.

 

  ● We are party to a non-exclusive global purchasing agreement with Alcatel-Lucent, a telecommunications, network systems and services company. Pursuant to this relationship, which started in July 1999, Alcatel-Lucent has licensed our GO-Global for UNIX software for inclusion with their software products. Many of Alcatel-Lucent’s customers are using our server-based software to remote access Alcatel-Lucent’s Network Management Systems applications. Since December 2012, we have mutually agreed with Alcatel-Lucent to renew this contract each year for additional one-year with terms consistent with those set forth in the expired contract. The current renewal period expires in December 2019.
     
  ● We are party to a non-exclusive distribution agreement with GE Intelligent Platforms (“GE”), a U.S. based designer, manufacturer, and supplier of products for industrial control and automation. GE has licensed our GO-Global product line for inclusion in their automation and production management software products. Our agreement with GE, which was originally entered into in December 2002, automatically renews annually. Either party may terminate the contract upon 60 days’ written notice to the other party.

 

 5 

 

 

  ● In August 2011 we entered into an agreement with GAD eG (“GAD”), a Germany based provider of information technology, software development and data processing solutions for retail banks. GAD licensed our GO-Global for Windows software and embedded it in their banking applications. This agreement covered a one-time transaction of theirs with a large German bank. The installation of their software application generated significant product license sales for us in 2011 and 2012. Since then, we continued to have large maintenance renewals from these product licenses and expect to have maintenance sales in future years; however, we do not expect to have future product licensing sales to GAD comparable to the 2012 and 2011 levels.
     
  ● In January 2010, we entered into a non-exclusive reseller and distribution agreement with Information Delivery Systems, LLC (IDS), a U.S. based publisher and hosting solutions provider for churches and educational institutions. IDS has licensed our GO-Global for Windows software and has utilized it as the hosting engine for its cloud-based solutions. Our agreement with IDS automatically renews annually. Either party may terminate the contract upon 60 days’ written notice to the other party.

 

Sales, Marketing and Support

 

Sales and marketing efforts for our software products are directed at increasing product awareness and demand among ISVs, small to medium-sized enterprises, departments within larger corporations and VARs who have a vertical orientation or are focused on Windows, UNIX and/or Linux environments. Current marketing activities have been limited due to budget constraints but include Internet marketing, direct response, promotional materials, and maintaining an active Web presence for marketing and sales purposes.

 

We currently consider the following to be our most significant customers and partners. For the purposes of this table, “Sales” refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values are non-GAAP metrics and do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

 

   2019   2018 
Customer  % Sales   % Sales 
Centric System   7.8%   9.5%
Elosoft   8.9%   10.4%
GE   6.5%   3.9%
IDS   8.6%   8.0%
KitASP   14.0%   6.2%
Uniface   14.3%   4.2%
Total   60.1%   42.2%

 

Many of our customers enter into, and periodically renew, maintenance contracts to ensure continued product updates and support. Currently, we offer maintenance contracts for one, two, three and five-year periods.

 

Operations

 

We perform all purchasing, order processing and shipping of products and accounting functions related to our operations. Although we generally ship products electronically, when a customer requires us to physically ship them a disc, production of the disc, printing of documentation and packaging are also accomplished through in-house means; however, since virtually all of our orders are currently being fulfilled electronically, we do not maintain any prepackaged inventory. Additionally, we have relatively little backlog at any given time; thus, we do not consider backlog a significant indicator of future performance.

 

 6 

 

 

Competition

 

The software markets in which we participate are highly competitive. Competitive factors in our market space include price, product quality, functionality, product differentiation and the breadth and variety of product offerings and product features. We believe that our products offer certain advantages over our competitors, particularly in product performance and market positioning.

 

GO-Global competes with developers of conventional server-based software for the individual PC, as well as with other companies in the cloud computing software market and the application virtualization software market. We believe our principal competitors in the cloud computing software market include Citrix Systems, Inc., OpenText Communications, Ltd. and Microsoft Corporation. Citrix is an established leading vendor of virtualization software, OpenText is an established market leader for remote access to UNIX applications and Microsoft is an established leading vendor of Windows operating systems and services for servers.

 

Employees

 

As of April 14, 2020, we had a full-time equivalent of 12.5 total employees, including 2 in marketing, sales and support, 8.5 in research and development (which is inclusive of employees who may also perform customer service related activities), 2 in administration and finance. We believe our relationship with our employees is good. None of our employees are covered by a collective bargaining agreement.

 

Recent Developments

 

On January 31, 2020, we entered into a Backstop Agreement (the “Backstop Agreement”) with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to $2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of our subscription rights offering to all of our stockholders (the “Rights Offering”). The Rights Offering expired on March 31, 2020. While upon the closing of the Rights Offering, we anticipated that the Backstop Agreement would close by April 14, 2020, as of the filing of this Annual Report on Form 10-K the Backstop Agreement has not closed and we now expect to consummate the Backstop Agreement transactions by the end of April 2020.

 

At the closing of the Rights Offering, we received gross proceeds of $480,191 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we expect to receive proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock We intend to use the proceeds from the Rights Offering and the Backstop Agreement for general corporate purposes, which may include acquisitions (although we do not currently have any plans with respect to any acquisition).

 

Item 1A. Risk Factors

 

The risks and uncertainties described below could materially and adversely affect our business, financial condition and results of operations and could cause actual results to differ materially from our expectations. The risk factors described below include the considerable risks associated with the current economic environment and the related potential adverse effects on our financial condition and results of operations. You should read these risk factors in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and our Consolidated Financial Statements and related notes in Item 8. There also may be other factors that we cannot anticipate or that are not described in this report generally because we do not currently perceive them to be material. Those factors could cause results to differ materially from our expectations.

 

Risks Related to Our Business

 

We have a history of operating and net losses.

 

We have experienced significant operating and net losses since we began operations. After years of losses, we had net income for 2019 of $554,300; however, such improvement in our financial performance could reverse if our GO-Global business, our only source of revenue, declines or if we are unable to maintain control over our expenses.

 

 7 

 

 

The coronavirus pandemic could adversely affect our results of operations.

 

The recent coronavirus pandemic throughout the United States and the world has resulted in the United States and other countries halting or sharply curtailing the movement of people, goods and services. All of this has caused extended shutdowns of businesses and the prolonged economic impact remains uncertain. At this point, we believe the conditions will have a material adverse effect on our business but given the rapidly changing developments we cannot accurately predict what effects these conditions will have on our business, which will depend on, among other factors, the ultimate geographic spread of the virus, the duration of the outbreak and travel restrictions and business closures imposed by the United States and various other governments.

 

Our revenue is typically generated from a limited number of significant customers.

 

A material portion of our revenue, all of which is currently derived from our GO-Global products, during any reporting period is typically generated from a limited number of significant customers, all of which are unrelated third parties. We categorize our customers into three broad categories for revenue recognition purposes: stocking resellers, non-stocking resellers and direct end users. If any of our significant non-stocking resellers or direct end users reduce their order level or fail to order during a reporting period, our revenue could be materially adversely impacted because we recognize revenue on sales to these customers upon product delivery, assuming all other revenue recognition criteria have been met.

 

Our significant stocking resellers are typically ISVs who have bundled our products with theirs to sell as Web-enabled versions of their products. These customers maintain inventories of our products for resale. If these customers decide to maintain a lower level of inventory in the future and/or they are unable to sell their inventory to end users as quickly as they have in the past, business could be materially adversely impacted.

 

If we are unable to develop new products and enhancements to our existing products, our business, results of operations, financial condition, and cash flows could be materially adversely impacted.

 

The market for our products and services is characterized by:

 

  ● frequent new product and service introductions and enhancements;
     
  ● rapid technological change;
     
  ● evolving industry standards;
     
  ● fluctuations in customer demand; and
     
  ● changes in customer requirements.

 

Our future success depends on our ability to continually enhance our current products and develop and introduce new features and capabilities that our customers choose to buy. If we are unable to satisfy our customers’ demands and remain competitive with other products that could satisfy their needs by introducing new features, capabilities and enhancements, our business, results of operations, financial condition, and cash flows could be materially adversely impacted. Our future success could be hindered by, among other factors:

 

  ● the amount of cash we have available to fund investment in new products and enhancements;
     
  ● the reduced level of research and development resources that the we now have available in the Company to perform the work necessary to develop new features and capabilities
     
  ● delays in our introduction of new features, capabilities and/or enhancements of existing products;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic;
     
     
  ● delays in market acceptance of new products and/or enhancements of existing products; and
     
  ● a competitor’s announcement of new products and/or product enhancements or technologies that could replace or shorten the life cycle of our existing products.

 

 8 

 

 

For example, sales of our GO-Global Windows Host software could be affected by the announcement from Microsoft of an intended release, and the subsequent actual release, of a new Windows-based operating system, or an upgrade to a previously released Windows-based operating system version. These new or upgraded systems may contain similar features to our products or they could contain architectural changes that would temporarily prevent our products from functioning properly within a Windows-based operating system environment.

 

We are subject to various liquidity risks.

 

We have incurred significant net losses since our inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800. Our ability to continue to generate net profits and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks, some of which are described in this Annual Report on Form 10-K. As a very small company, we have limited ability to deploy new revenue increasing opportunities, and limited flexibility to respond to unforeseen adverse developments, such as customer losses, adverse market developments or unanticipated expenses. Although our current operating plan does not call for the raising of new capital, if we need to raise new capital, our ability to do so is extremely limited given our very small market capitalization and the limited volume in the trading of our common stock.

 

If we do need to issue new equity, such issuances may be at a significant discount to market prices, would dilute existing stockholders and may give the purchasers of new capital stock additional rights, preferences and privileges relative to existing stockholders. There can be no assurance that additional capital necessary for any execution of our operations will be available on a timely basis, on reasonable terms or at all.

 

Challenges to develop new business may reverse the improvements in our finances.

 

Our management believes that any significant improvement in our cash flow must result from increases in revenues from existing sources and from new revenue sources. Our ability to develop new revenues depends on many factors not in our control, or only partially in its control, including available capital resources which affect the extent of our marketing activities and our research and development activities, all of which are limited by our small size and revenue base. We cannot assure you that the resources that we can devote to marketing and to research and development will be sufficient to increase its revenues to levels that will enable us to maintain positive operating cash flow in the future.

 

Sales of products within our GO-Global product families are likely to be our only source of revenue during 2020.

 

Sales of products within our GO-Global product families, and related enhancements, were our only source of revenue during 2019 and will continue to be our only source of revenue during 2020. The success, if any, of our new GO-Global releases may depend on a number of factors, including market acceptance of the new GO-Global releases and our ability to manage the risks associated with introducing such releases. Declines in demand for our GO-Global products could occur as a result of, among other factors:

 

  ● lack of success with our strategic partners;
     
  ● new competitive product releases and updates to existing competitive products;
     
  ● decreasing or stagnant information technology spending levels;
     
  ● price competition;
     
  ● technological changes;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic; or
     
  ● general economic conditions in the markets in which we operate.

 

 9 

 

 

If our customers do not continue to purchase GO-Global products as a result of these or other factors, our revenue would decrease and our results of operations, financial condition, and cash flows would be adversely affected.

 

Our operating results in one or more future periods are likely to fluctuate significantly and may fail to meet or exceed the expectations of investors.

 

Our operating results are likely to fluctuate significantly in the future on a quarterly and annual basis due to a number of factors, many of which are outside our control. Factors that could cause our operating results and therefore our revenues to fluctuate include the following, among other factors:

 

  ● our ability to maximize the revenue opportunities of our patents;
     
  ● variations in the size of orders by our customers;
     
  ● increased competition;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic; and
     
  ● the proportion of overall revenues derived from different sales channels such as distributors, original equipment manufacturers (“OEMs”) and others.

 

In addition, our royalty and license revenues are impacted by fluctuations in OEM licensing activity from quarter to quarter, which may involve one-time orders from non-recurring customers, or customers who order infrequently. Our expense levels are based, in part, on expected future orders and sales; therefore, if orders and sales levels are below expectations, our operating results are likely to be materially adversely affected. Additionally, because significant portions of our expenses are fixed, a reduction in sales levels may disproportionately affect our net financial results. Also, we may reduce prices and/or increase spending in response to competition or to pursue new market opportunities. Because of these factors, our operating results in one or more future periods may fail to meet or exceed the expectations of investors. In that event, the trading price of our common stock would likely be adversely affected.

 

We will encounter challenges in recruiting, hiring and retaining new personnel and/or replacements for any members of key management or other personnel who depart.

 

Our success and business strategy is dependent in large part on our ability to attract and retain key management and other personnel in certain areas of our business. If any of these employees were to leave, we would need to attract and retain replacements for them. We have lost employees, including at the officer level and in our new products engineering group, in the past. Without a successful replacement, the loss of the services of one or more key members of our management group and other key personnel could have a material adverse effect on our business.

 

We do not have long-term employment agreements with any of our key personnel and any officer or other employee can terminate their relationship with us at any time. We may also need to add key personnel in the future in order to successfully implement our business strategies. The market for such qualified personnel is highly competitive and it includes other potential employers whose financial resources for such qualified personnel are more substantial than ours. Consequently, we could find it difficult to attract, assimilate or retain such qualified personnel in sufficient numbers to successfully implement our business strategies.

 

We have sought to match our expenses structure with business opportunities, but this creates risks. As a result, our current Chief Executive Officer and Interim Chief Financial Officer does not receive any salary from the Company, which potentially understates our current operating expenses and overstates our profitability. We also rely on the considerable expertise of our Board of Directors and the moderate use of professional advisors. This arrangement limits our ability to respond to challenges and develop opportunities. Should we revise our approach to management by hiring additional resources, this too, can create risks to the cost savings we have achieved, if any anticipated business opportunities are not realized.

 

 10 

 

 

Our failure to adequately protect our proprietary rights may adversely affect us.

 

Our commercial success is dependent, in large part, upon our ability to protect our proprietary rights. We rely on a combination of patent, copyright and trademark laws, as well as trade secrets, confidentiality provisions and other contractual provisions to protect our proprietary rights. These measures afford only limited protection. We cannot assure you that measures we have taken or may take in the future will be adequate to protect us from misappropriation or infringement of our intellectual property. Despite our efforts to protect proprietary rights, it may be possible for unauthorized third parties to copy aspects of our products or obtain and use information that we regard as proprietary. In addition, the laws of some foreign countries do not protect our intellectual property or other proprietary rights as fully as do the laws of the United States. Furthermore, we cannot assure you that the existence of any proprietary rights will prevent the development of competitive products. The infringement upon, or loss of, any proprietary rights, or the development of competitive products despite such proprietary rights, could have a material adverse effect on our business.

 

Our business significantly benefits from strategic relationships and there can be no assurance that such relationships will continue in the future.

 

Our business and strategy rely to a significant extent on our strategic relationships with other companies. There is no assurance that we will be able to maintain or further develop any of these relationships or to replace them in the event any of these relationships are terminated. In addition, any failure to renew or extend any license between any third party and us may adversely affect our business.

 

We rely on indirect distribution channels for our products and may not be able to retain existing reseller relationships or develop new reseller relationships.

 

Our GO-Global products are primarily sold through several distribution channels. An integral part of our strategy is to strengthen our relationships with resellers such as OEMs, systems integrators, VARs, distributors and other vendors to encourage these parties to recommend or distribute our products and to add resellers both domestically and internationally. We currently invest, and intend to continue to invest, significant resources to expand our sales and marketing capabilities. We cannot assure you that we will be able to attract and/or retain resellers to market our products effectively. Our inability to attract resellers and the loss of any current reseller relationships could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Additionally, we cannot assure you that resellers will devote enough resources to provide effective sales and marketing support to our products.

 

The markets in which we participate are highly competitive and have more established competitors.

 

The markets we participate in with GO-Global are intensely competitive, rapidly evolving and subject to continuous technological changes. We expect competition to increase in each of these markets as other companies introduce additional competitive products. In order to compete effectively, we must continually develop and market new and enhanced products and market those products at competitive prices. As markets for our products continue to develop, additional companies, including companies in the computer hardware, software and networking industries with significant market presence, may enter the markets in which we compete and further intensify competition. A number of our current and potential competitors have longer operating histories, greater name recognition and significantly greater financial, sales, technical, marketing and other resources than we do. We cannot give any assurance that our competitors will not develop and market competitive products that will offer superior price or performance features, or that new competitors will not enter our markets and offer such products. We believe that we will need to invest significant financial resources in research and development to remain competitive in the future in each of the markets in which we compete. Such financial resources may not be available to us at the time or times that we need them, or upon terms acceptable to us, or at all. We cannot assure you that we will be able to establish and maintain a significant market position in the face of our competition and our failure to do so would adversely affect our business.

 

 11 

 

 

Risks Related to Our Common Stock

 

Our stock is thinly traded and its price has been historically volatile.

 

Our stock is thinly traded. As such, holders of our stock are subject to a high risk of illiquidity, e.g., you may not be able to sell as many shares at the price you would like, or you may not be able to purchase as many shares at the price you would like, due to the low average daily trading volume of our stock. Additionally, the market price of our stock has historically been volatile; it has fluctuated significantly to date. The trading price of our stock is likely to continue to be highly volatile and subject to wide fluctuations. Your investment in our stock could lose some or all of its value.

 

Future sales of our common stock could adversely affect its price and our future capital-raising activities, and could involve the issuance of additional equity securities, which would dilute current stockholder investments in our common stock and could result in lowering the trading price of our common stock.

 

We may sell securities in the public or private equity markets if and when conditions are favorable. Sales of substantial amounts of common stock, or the perception that such sales could occur, could adversely affect the prevailing market price of our common stock and our ability to raise capital. We may issue additional common stock in future financing transactions or as incentive compensation for our management team and other key personnel, consultants and advisors. Issuing any equity securities would be dilutive to the equity interests represented by our then-outstanding shares of common stock. The market price for our common stock could decrease as the market takes into account the dilutive effect of any of these issuances. Furthermore, we may enter into financing transactions and issue securities with rights and preferences senior to the rights and preferences of our common stock, and we may issue securities at prices that represent a substantial discount to the market price of our common stock. A negative reaction by investors and securities analysts to any discounted sale of our equity securities could result in a decline in the trading price of our common stock.

 

We may make acquisitions, which could require significant management attention, disrupt our business, dilute our stockholders, and seriously harm our business.

 

As part of our business strategy, we intend to make acquisitions in the future (although we do not currently have any probable acquisitions). Our ability to acquire and successfully integrate larger or more complex companies, products, and technologies is unproven. In the future, we may not be able to find other suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all. In addition, if we fail to successfully close transactions or integrate new teams, or integrate the products and technologies associated with these acquisitions into our company, our business could be seriously harmed. Any integration process may require significant time and resources, and we may not be able to manage the process successfully. We may not successfully evaluate or use the acquired products, technology, and personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. We may also incur unanticipated liabilities that we assume as a result of acquiring companies. We may have to pay cash, incur debt, or issue equity securities to pay for any acquisition, any of which could seriously harm our business. Selling equity to finance any such acquisitions would also dilute our stockholders. Incurring debt would increase our fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations.

 

In addition, on average, it is difficult to finalize the purchase price allocation and accounting. Therefore, it is possible that our valuation of an acquisition may change and result in unanticipated write-offs or charges, impairment of our goodwill, or a material change to the fair value of the assets and liabilities associated with a particular acquisition, any of which could seriously harm our business.

 

We are not likely to have the capital to acquire large businesses. Therefore, the businesses we acquire may require significant investment in corporate infrastructure, repositioning, incremental sales, marketing or product development.

 

Our acquisition strategy may not succeed if we are unable to remain attractive to target companies or expeditiously close transactions.

 

We have a significant number of outstanding warrants and options, and future sales of these shares could adversely affect the market price of our common stock.

 

As of December 31, 2019, we had outstanding warrants for an aggregate of 481,335 shares of common stock, at a weighted average exercise price of $0.01 per share. As of December 31, 2019, we had outstanding options exercisable for an aggregate of 106,077 shares of our common stock at a weighted average exercise price of $2.77 per share. The holders may sell these shares exercisable under warrants or options in the public markets from time to time. In addition, if our stock price rises, more outstanding warrants and options will be “in-the-money” and the holders may exercise their warrants and options and sell a large number of shares. This could cause the market price of our common stock to decline.

 

 12 

 

 

Our common stock is quoted on the FINRA OTC Bulletin Board, which may have an unfavorable impact on our stock price and liquidity.

 

Our common stock is currently quoted under the symbol “HPTO” on the OTC Bulletin Board market (“OTCBB”) operated by FINRA (Financial Industry Regulatory Authority) and on the OTC Markets Group QB tier (“OTCQB”). Neither the OTCBB nor the OTCQB is a “national securities exchange,” and in general, each is a significantly more limited market than the markets operated by the New York Stock Exchange and NASDAQ. The quotation of our shares on the OTCBB and the OTCQB could result in a less liquid market being available for existing and potential stockholders to trade shares of our common stock, which could depress the trading price of our common stock and have a long-term adverse impact on our ability to raise capital in the future. Because of the limited trading market for our common stock, and because of the significant price volatility, investors may not be able to sell their shares of common stock when they want to do so. We may not support any continued trading market for our shares.

 

Our stock may lose access to a viable trading market.

 

Given the increasing cost and resource demands of being a public company, we may decide to “go dark,” or discontinue our obligation to make periodic filings with the SEC, by deregistering our securities, for a period of time until our assets and stockholder base are sufficient to warrant public trading again. During such time, there would be a substantial decrease in disclosure by us of our operations and prospects, and a substantial decrease in the liquidity in our common stock even though stockholders may still continue to trade our common stock in the OTC market or “pink sheets.” The market’s interpretation of a company’s motivation for “going dark” varies from cost savings, to negative changes in the firm’s prospects, to serving insider interests, which may affect the overall price and liquidity of a company’s securities.

 

We have never paid dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future.

 

We have never declared or paid dividends on our common stock, nor do we anticipate paying any cash dividends for the foreseeable future. We currently intend to retain future earnings, if any, to finance the operations and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent upon the earnings, financial condition, operating results, capital requirements and other factors as deemed necessary by our Board of Directors.

 

FINRA’s sales practice requirements may also limit a stockholder’s ability to buy and sell our stock.

 

FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA’s requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

 

 13 

 

 

Provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and our Rights Agreement may prevent or discourage third parties or our stockholders from attempting to replace our management or influencing significant decisions.

 

Provisions in our Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws may have the effect of delaying or preventing a change in control of our company or our management, even if doing so would be beneficial to our stockholders. These provisions include, but are not limited to, authorizing our board of directors to issue preferred stock without stockholder approval and limiting the persons who may call special meetings of stockholders and providing that stockholders cannot take action by written consent in lieu of a meeting. In addition, our Rights Agreement, entered into by us and American Stock Transfer & Trust Company, LLC (as rights agent) on February 16, 2018, as amended on November 2, 2018 (the “Rights Agreement”), works by imposing a significant penalty upon any person or group (including a group of persons that are acting in concert with each other) that acquires five percent (5%) or more of our common stock without the approval of our board of directors. As a result, the overall effect of the Rights Agreement and the issuance of the rights thereunder may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving that is not approved by our board of directors. The Rights Agreement is not intended to interfere with any merger, tender or exchange offer or other business combination approved by our board of directors. Nor does the Rights Agreement prevent the Board from considering any offer that it considers to be in the best interest of its stockholders. The Rights Agreement expires at or prior to the earlier of (i) February 16, 2021 or (ii) the redemption or exchange of the rights thereunder, as provided for in the Rights Agreement. Together, these charter and contractual arrangements could make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our common stock.

 

Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.

 

Our certificate of incorporation, bylaws and Delaware law contain provisions that could have the effect of rendering more difficult or discouraging an acquisition deemed undesirable by our board of directors. Our corporate governance documents include provisions:

 

  ● authorizing blank check preferred stock, which could be issued with voting, liquidation, dividend and other rights superior to our common stock;
     
  ● limiting the liability of, and providing indemnification to, our directors and officers;
     
  ● limiting the ability of our stockholders to call and bring business before special meetings and to take action by written consent in lieu of a meeting;
     
  ● requiring advance notice of stockholder proposals for business to be conducted at meetings of our stockholders and for nominations of candidates for election to our board of directors;
     
  ● controlling the procedures for the conduct and scheduling of board of directors and stockholder meetings;
     
  ● providing our board of directors with the express power to postpone previously scheduled annual meetings and to cancel previously scheduled special meetings;
     
  ● limiting the determination of the number of directors on our board of directors and the filling of vacancies or newly created seats on the board to our board of directors then in office; and
     
  ● requiring a supermajority of two-thirds of stockholders to amend certain provisions of our certificate of incorporation or to amend our bylaws.

 

These provisions, alone or together, could delay hostile takeovers and changes in control of our company or changes in our management.

 

As a Delaware corporation, we are also subject to provisions of Delaware law, including Section 203 of the Delaware General Corporation Law, which prevents some stockholders holding more than 15% of our outstanding common stock from engaging in certain business combinations without approval of the holders of substantially all of our outstanding common stock. Any provision of our amended and restated certificate of incorporation or bylaws or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and could also affect the price that some investors are willing to pay for our common stock.

 

 14 

 

 

Item 1B. Unresolved Staff Comments

 

None.

 

Item 2. Properties

 

Our corporate headquarters currently occupies approximately 2,527 square feet of office space in Concord, New Hampshire, under a month-to-month lease arrangement for a monthly payment of $4,000 per month, which can be cancelled at any time by either party with a six-month advance notice.

 

We have certain employees who work remotely in various states. We believe our current facilities will be adequate to accommodate our needs for the foreseeable future.

 

Item 3. Legal Proceedings

 

From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations.

 

Item 4. Mine safety disclosures

 

Not applicable.

 

PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Market Information

 

Since March 27, 2003 our common stock has been quoted on the Over-the-Counter Bulletin Board under the symbol “HPTO.”

 

On April 14, 2020 there were approximately 116 holders of record of our common stock.

 

Dividends

 

We have never declared or paid dividends on our common stock, nor do we anticipate paying any cash dividends for the foreseeable future. We currently intend to retain future earnings, if any, to finance the operations and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent upon the earnings, financial condition, operating results, capital requirements and other factors as deemed necessary by the Board of Directors.

 

Unregistered Sales of Equity Securities

 

On January 31, 2020, we entered into the Backstop Agreement with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to $2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of the Rights Offering. The Rights Offering expired on March 31, 2020. While upon the closing of the Rights Offering, we anticipated that the Backstop Agreement would close by April 14, 2020, as of the filing of this Annual Report on Form 10-K the Backstop Agreement has not closed and we now expect to consummate the Backstop Agreement transactions by the end of April 2020. At the closing of the Rights Offering, we received gross proceeds of $480,191 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we expect to receive proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock. We intend to use the proceeds from the Rights Offering and the Backstop Agreement for general corporate purposes, which may include acquisitions (although we do not currently have any plans with respect to any acquisition). The shares were issued to the Backstop Agreement investors pursuant to the exemption from registration contained in Section 4(2) of the Securities Act of 1933, as amended.

 

 15 

 

 

Item 6. Selected Financial Data

 

Not applicable for smaller reporting companies.

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Introduction

 

We are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants. Our application publishing software solutions are sold under the brand name GO-Global, which is our sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors (“ISVs”), corporate enterprises, governmental and educational institutions, and others who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.

 

In 2012, we began developing several products in the field of software productivity for mobile devices such as tablets and smartphones, which have been marketed under the hopTo brand. We also made significant investments in intellectual property (“IP”) and filed many patents designed to protect the new technologies embedded in hopTo. We have been granted a total of 56 patents by the United States Patent and Trademark Office.

 

During the fourth quarter of 2016, we ceased all of our sales, marketing and development efforts for the hopTo products we do not expect any meaningful revenues from these products in the foreseeable future.

 

Except for the sale of 7 patents sold to Salesforce.com during 2017, we own all hopTo-related intellectual property including source-code, related patents, and the relevant trademarks. We believe these assets have value and are continuously evaluating opportunities to maximize such potential benefits from these assets.

 

There is no certainty as to timing or success of our efforts to extract residual value from our hopTo assets, and stockholders should not place any reliance on the outcome of such efforts unless and until definitive agreements are reached, which may include the sale of certain of our hopTo software products or additional sales of patents.

 

The following discussion should be read in conjunction with the consolidated financial statements and related notes provided in Item 8 “Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.

 

Critical Accounting Policies

 

Basis of Presentation and Use of Estimates

 

The consolidated financial statements include the accounts of hopTo Inc. and its subsidiaries (collectively, “we”, “us”, “our”, or “Company”); significant intercompany accounts and transactions are eliminated upon consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

 16 

 

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, independent software vendors (“ISVs”), value-added resellers (“VARs”) (collectively, “resellers”) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products.

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.

 

For the year ended December 31, 2018, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

 

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses.  For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.

 

 17 

 

 

On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

 

The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).

 

The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:

 

Balance Sheet  

Balance at

December 31, 2017

     Adjustments
due to ASC 606		     Balance at
January 1, 2018		  
                   
Current Assets                        
Deferred COGS   $ —     $ 20,000     $ 20,000  
                         
Liabilities and Stockholders’ Equity                        
Accumulated Deficit, net of tax   $ (81,849,200 )   $ 1,391,900     $ (80,457,300 )
                         
Current Liabilities                        
Deferred Revenue   $ 1,845,100     $ (609,700 )   $ 1,235,400  
Long Term Liabilities                        
Deferred Revenue   $ 1,409,700     $ (802,200 )   $ 607,500  

 

All of the Company’s software licenses are denominated in U.S. dollars.

 

As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

 18 

 

 

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the year ended December 31, 2019 or 2018.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits. As of December 31, 2018, the Company had approximately $642,500 of cash with financial institutions in excess of FDIC insurance limits.

 

For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, “Sales” refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

 

   2019   2018 
      % Accounts       % Accounts 
Customer  % Sales   Receivable   % Sales   Receivable 
Centric System   7.8%   17.9%   9.5%   3.2%
Elosoft   8.9%   8.1%   10.4%   32.1%
GE   6.5%   0.6%   3.9%   15.4%
KitASP   14.0%   3.0%   6.2%   1.7%
Thermo LabSystems   2.9%   9.7%   4.1%   10.8%
Uniface   14.3%   7.5%   4.2%   5.1%
Total   54.4%   46.8%   38.3%   68.3%

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

 19 

 

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

Recently Adopted Accounting Pronouncements

 

Leases

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842),” which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders’ equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.

 

The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred.

 

 20 

 

 

Results of Operations for the Year Ended December 31, 2019 and 2018

 

The following is a comparison of the results of our operations for the years ended December 31, 2019 and 2018.

 

   For the Year Ended 
   December 31, 2019   December 31, 2018 
         
Revenues:          
Software licenses   952,600    812,900 
Software service fees   2,483,600    2,240,300 
Other   93,900    100,200 
Total Revenue   3,530,100    3,153,400 
           
Cost of Revenue:          
Software service costs   52,700    52,100 
Software product costs   97,100    93,700 
Total cost of revenue   149,800    145,800 
           
Gross profit  $3,380,300   $3,007,600 
           
Operating expenses:          
Selling and marketing   442,400    412,300 
General and administrative   864,700    1,236,900 
Research and development   1,533,000    1,518,700 
Total operating expenses   2,840,100    3,167,900 
           
Income (loss) from operations   540,200    (160,300)
           
Other income (expense):          
Other income (expense)   14,100    129,800 
           
Income (loss) before provision for income taxes   554,300    (30,500)
Provision for income taxes   -    900 
Net income (loss)  $554,300   $(31,400)
           
Net income (loss) per share, basic  $0.06   $(0.00)
Net income (loss) per share, diluted  $0.05   $(0.00)
           
Weighted average number of common shares outstanding          
Basic   9,821,177    10,150,867 
Diluted   10,287,183    10,150,867 

 

See accompanying notes to consolidated financial statements

 

Revenues

 

Our software revenue is entirely related to our GO-Global product line, and historically has been primarily derived from product licensing fees and service fees from maintenance contracts. The majority of this revenue has been earned, and continues to be earned, from a limited number of significant customers, most of whom are resellers. Many of our resellers purchase software licenses that they hold in inventory until they are resold to the ultimate end user (a “stocking reseller”).

 

 21 

 

 

When a software license is sold directly to an end user by us, or by one of our resellers who does not stock licenses into inventory, revenue is recognized immediately upon shipment, assuming all other criteria for revenue recognition are met. Consequently, if any significant end user customer substantially changes its order level, or fails to order during the reporting period, whether the order is placed directly with us or through one of our non-stocking resellers, our software licenses revenue could be materially impacted.

 

Almost all stocking resellers maintain inventories of our Windows products; few stocking resellers maintain inventories of our UNIX products.

 

The following is a summary of our revenues by category for the year ended December 31, 2019 and 2018.

 

   For the Year Ended         
   December 31, 2019   December 31, 2018   $ Change   % Change 
Revenue                
Software Licenses                    
Windows  $906,300   $714,800   $191,500    26.8%
UNIX/Linux   46,300    98,100    (51,800)   -52.8%
Total   952,600    812,900    139,700    17.2%
                     
Software Service Fees                    
Windows   2,192,100    1,856,500    335,600    18.1%
UNIX/Linux   291,500    383,800    (92,300)   -24.0%
Total   2,483,600    2,240,300    243,300    10.9%
                     
Other   93,900    100,200    (6,300)   -6.3%
   $3,530,100   $3,153,400   $376,700    11.9%

 

Software Licenses

 

Windows software licenses revenue increased by $191,500 or 26.8% to $906,300 during the year ended December 31, 2019, from $714,800 as compared to 2018. The increase was primarily due to a certain partner that purchased a large order of Window licenses from the Company during the first and third quarter of 2019.

 

Software licenses revenue from our UNIX/Linux products decreased by $51,800 or 52.8% to $46,300 during the year ended December 31, 2019 from $98,100 as compared to 2018. The decrease was primarily due to lower revenue from lower stocking order licenses.

 

Software Service Fees

 

Service fees attributable to our Windows product service increased by $335,600 or 18.1% to $2,192,100 during the year ended December 31, 2019, from $1,856,500 as compared to 2018. The increase was primarily due to a combination of large renewals of maintenance support from OEM partners and an increase of new license orders stated above.

 

Service fees revenue attributable to our UNIX products decreased by $92,300 or 24.0% to $291,500 during the year ended December 31, 2019, from $383,800 as compared to 2018. The decrease was primarily the result of the lower level of UNIX product sales throughout the prior year and an expiration of certain long-term maintenance contracts. The majority of this decrease was attributable to our European telecommunications customers.

 

Other

 

Other revenue consists of private labeling fees and professional services. Other revenue decreased by $6,300 or 6.3% to $93,900 for the year ended December 31, 2019, from $100,200 compared to 2018 due to decrease in branding fees and professional services.

 

 22 

 

 

Cost of Revenues

 

Cost of revenue is comprised primarily of software service costs, which represent the costs of customer service. Also included in cost of revenue are software product costs, which are primarily comprised of the amortization of capitalized software development costs and costs associated with licenses to third party software included in our product offerings, and the required import tax withholdings from Brazil resellers. We incur no significant shipping or packaging costs as virtually all of our deliveries are made via electronic means over the Internet.

 

Cost of revenue for the year ended December 31, 2019 increased by $4,000, or 2.7%, to $149,800 as compared to $145,800 for 2018. Cost of revenue represented 4.2% and 4.6% of total revenue for the year ended December 31, 2019 and 2018, respectively.

 

Selling and Marketing Expenses

 

Selling and marketing expenses primarily consisted of employee, outside services and travel and entertainment expenses.

 

Selling and marketing expenses increased by $30,100, or 7.3%, to $442,400 for the year ended December 31, 2019 from $412,300 as compared to 2018. Selling and marketing expenses represented approximately 12.5% and 13.1% of total revenue for the year ended December 31, 2019 and 2018, respectively. Selling and marketing expenses increased during 2019 due to consulting services and benefit costs.

 

General and Administrative Expenses

 

General and administrative expenses primarily consist of employee costs, depreciation and amortization, legal, accounting, other professional services (including those related to our patents), rent, travel and entertainment and insurance. Certain costs associated with being a publicly held corporation are also included in general and administrative expenses, as well as bad debt expense.

 

General and administrative expenses decreased by $372,200, or 30.1%, to $864,700 for the year ended December 31, 2019 from $1,236,900 as compared to 2018. The decrease in general and administrative expense was due to lower legal and accounting costs.

 

Research and Development Expenses

 

Research and development expenses consist primarily of employee costs, payments to contract programmers, software subscriptions, travel and entertainment for our engineers, and all rent for our leased engineering facilities.

 

Research and development expenses increased by $14,300, or 0.9% to $1,533,000 for the year ended December 31, 2019 from $1,518,700 as comparted to 2018. The research and development costs overall remained consistent.

 

Other Income

 

Other income for the year ended December 31, 2018 primarily related to the settlement and reversal of an accrual for potential liquidated damages that resulted in other income of $155,700, offset by other expenses. There was no such activity in 2019.

 

Liquidity and Capital Resources

 

As of December 31, 2019, we had cash of $1,541,900 and a working capital of $101,800 as compared to cash of $892,500 and a working capital deficit of $716,200 at December 31, 2018. The increase in cash as of December 31, 2019 was primarily the result of cash provided by operations during the period due to increased profitability. We expect our results from operations and capital resources will be sufficient to fund our operations for at least the next 12 months from the date of the filing of this annual report on Form 10-K.

 

 23 

 

 

The following is a summary of our cash flows from operating, investing and financing activities for the year ended December 31, 2019 and 2018.

 

   For the Year Ended 
   December 31, 2019   December 31, 2018 
Cash flows provided by (used in) operating activities  $649,200   $(107,400)
Cash flows provided by investing activities  $-   $- 
Cash flows provided by financing activities  $200   $(15,500)

 

Net cash flows provided by operating activities for the year ended December 31, 2019 amounted to $649,200, compared to cash flows used in operating activities of $107,400 for the year ended December 31, 2018. During the year ended December 31, 2019, our operating cash flow of $649,200 was primarily the result of our net income for the period of $554,300 including non-cash expenses of $225,100 for contributed services, offset by a decrease in cash resulting from a decrease in accounts payable and accrued expenses of $62,400. During the year ended December 31, 2018, our cash flows used in operations of $107,400 was primarily the result of our net loss of $31,400 offset by non-cash gains related to changes in our deferred rent and warrant liability which did not reoccur in 2019.

 

We had no cash flow activity relating to investing activities for the year ended December 31, 2019 or 2018. Our cash flows provided by financing activities amounted to $200 during the year ended December 31, 2019 due to proceeds from the exercise of warrants. Our cash used in financing activities was $15,500 during 2018 due to payments for the repurchase of warrants.

 

Subsequent to December 31, 2019, we received gross proceeds of $480,191 from the Rights Offering and expect to receive $2.12 million from the closing of the investment pursuant to the Backstop Agreement. We intend to use the proceeds from the Rights Offering and the Backstop Agreement for general corporate purposes, which may include acquisitions (although we do not currently have any plans with respect to any acquisition).

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable for smaller reporting companies.

 

 24 

 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Index to Consolidated Financial Statements

 

  Page
Reports of Independent Registered Public Accounting Firms 25
   
Consolidated Balance Sheets as of December 31, 2019 and 2018 27
   
Consolidated Statements of Operations for the Years Ended December 31, 2019 and 2018 28
   
Consolidated Statements of Shareholders’ Equity (Deficit) for the Years Ended December 31, 2019 and 2018 29
   
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019 and 2018 30
   
Notes to Consolidated Financial Statements 31

 

 25 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Directors of

hopTo Inc. and subsidiaries

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheet of hopTo Inc. and subsidiaries (collectively the “Company”) as of December 31, 2019, the related consolidated statements of operations, shareholders’ equity (deficit) and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

/s/ dbbmckennon  

 

We have served as the Company’s auditor since 2019. 

 

Newport Beach, CA

April 14, 2020

 

 26 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Directors of

hopTo Inc. and subsidiaries

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheet of hopTo Inc. and subsidiaries (the “Company”) as of December 31, 2018, the related consolidated statements of operations, shareholders’ equity (deficit) and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Explanatory Paragraph – Change in Accounting Principle

 

As discussed in Note 2 to the consolidated financial statements, effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, using the modified retrospective method resulting in a change in method of accounting for revenues.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

/s/ Marcum llp  

 

Marcum llp

 

We served as the Company’s auditor from 2018 to 2019. 

 

Chicago, IL

April 1, 2019

 

 27 

 

 

hopTo Inc.

Consolidated Balance Sheets

 

   December 31, 2019   December 31, 2018 
         
Assets          
           
Current assets          
Cash and cash equivalents  $1,541,900   $892,500 
Accounts receivable, net   271,200    210,800 
Prepaid expenses and other current assets   59,000    79,000 
Total current assets   1,872,100    1,182,300 
           
Property and equipment, net   -    400 
Other assets   17,800    17,800 
Total assets  $1,889,900   $1,200,500 
           
Liabilities and Stockholders’ Deficit          
           
Current liabilities          
Accounts payable  $271,900   $318,700 
Accrued expenses   106,000    121,600 
Accrued wages   136,400    145,800 
Deposit liability   -    12,100 
Deferred revenue   1,256,000    1,300,300 
Total current liabilities   1,770,300    1,898,500 
Long-term liabilities          
Deferred revenue   529,500    491,500 
Total liabilities   2,299,800    2,390,000 
           
Commitments and contingencies (Note 8)          
           
Stockholders’ deficit          
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 or 2018   -    - 
Common stock, $0.0001 par value, 195,000,000 shares authorized, 9,834,866 and 9,804,400 shares issued and outstanding as of December 31, 2019 and 2018, respectively   1,000    1,000 
Additional paid-in capital   79,523,500    79,298,200 
Accumulated deficit   (79,934,400)   (80,488,700)
Total stockholders’ deficit   (409,900)   (1,189,500)
Total liabilities and stockholders’ deficit  $1,889,900   $1,200,500 

 

See accompanying notes to consolidated financial statements

 

 28 

 

 

hopTo Inc.

Consolidated Statements of Operations

 

   For the Year Ended 
   December 31, 2019   December 31, 2018 
         
Revenues:          
Software licenses   952,600    812,900 
Software service fees   2,483,600    2,240,300 
Other   93,900    100,200 
Total Revenue   3,530,100    3,153,400 
           
Cost of Revenue:          
Software service costs   52,700    52,100 
Software product costs   97,100    93,700 
Total cost of revenue   149,800    145,800 
           
Gross profit  $3,380,300   $3,007,600 
           
Operating expenses:          
Selling and marketing   442,400    412,300 
General and administrative   864,700    1,236,900 
Research and development   1,533,000    1,518,700 
 Total operating expenses   2,840,100    3,167,900 
           
Income (loss) from operations   540,200    (160,300)
           
Other income (expense):          
Other income (expense)   14,100    129,800 
           
Income (loss) before provision for income taxes   554,300    (30,500)
Provision for income taxes   -    900 
Net income (loss)  $554,300   $(31,400)
           
Net income (loss) per share, basic  $0.06   $(0.00)
Net income (loss) per share, diluted  $0.05   $(0.00)
           
Weighted average number of common shares outstanding          
Basic   9,821,177    10,150,867 
Diluted   10,287,183    10,150,867 

 

See accompanying notes to consolidated financial statements

 

 29 

 

 

hopTo Inc.

Consolidated Statements of Shareholders’ Equity (Deficit)

 

   Common Stock  

Additional

Paid-In

   Accumulated     
   Shares   Amount   Capital   Deficit   Total 
                     
Balance at December 31, 2017   9,804,400   $1,000   $78,539,300   $(81,849,200)  $(3,308,900)
Cumulative effect from change of accounting policies   -    -    -    1,391,900    1,391,900 
Contributed services   -    -    75,000    -    75,000 
Issuance of warrants   -    -    699,400    -    699,400 
Payments for repurchase of warrants   -    -    (15,500)   -    (15,500)
Net loss   -    -    -    (31,400)   (31,400)
Balance at December 31, 2018   9,804,400   $1,000   $79,298,200   $(80,488,700)  $(1,189,500)
Contributed services   -    -    225,100    -    225,100 
Exercise of warrants   30,466    -    300    -    300 
Other rounding             (100)        (100)
Net income   -    -    -    554,300    554,300 
Balance at December 31, 2019   9,834,866   $1,000   $79,523,500   $(79,934,400)  $(409,900)

 

See accompanying notes to consolidated financial statements

 

 30 

 

 

hopTo Inc.

Consolidated Statements of Cash Flows

 

   For the Year Ended 
   December 31, 2019   December 31, 2018 
         
Cash flows from operating activities          
Net income (loss)  $554,300   $(31,400)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation   400    29,700 
Contributed services   225,100    75,000 
Changes in allowance for doubtful accounts   3,700    (4,200)
Loss on disposal of property and equipment   -    700 
Changes in deferred rent   -    (74,100)
Changes to liquidated damage on warrant liability   -    (155,700)
           
Changes in operating assets and liabilities:          
Accounts receivable   (64,100)   220,200 
Prepaid expenses and other current assets   20,000    33,900 
Accounts payable   (46,800)   67,000 
Accrued expenses   (15,600)   13,900 
Accrued wages   (9,400)   (129,900)
Deposit liability   (12,100)   (81,400)
Deferred revenue   (6,300)   (71,100)
           
Net cash provided by (used in) operating activities   649,200    (107,400)
           
Cash flows from financing activities          
Payments for repurchase of warrants   -    (15,500)
Proceeds from exercise of warrants   300    - 
Other rounding   (100)   - 
           
Net cash provided by (used in) financing activities   200    (15,500)
           
Net change in cash and cash equivalents   649,400    (122,900)
Cash and cash equivalents, beginning of the period   892,500    1,015,400 
Cash and cash equivalents, end of the period  $1,541,900   $892,500 
           
Supplemental disclosure of cash flow information:          
Interest paid  $-   $- 
Income taxes paid  $-   $800 
           
Supplemental disclosure of non-cash investing and financing information:          
Reversal of accrual for liquidated damages  $-   $855,100 
Issuance of warrants pursuant to reversal of accrual for liquidated damages  $-   $699,400 

 

See accompanying notes to consolidated financial statements

 

 31 

 

 

hopTo Inc.

Notes to Consolidated Financial Statements

 

1. Organization

 

hopTo Inc., a Delaware corporation, and its subsidiaries (collectively, “we”, “us,” “our” or the “Company”) are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants.

 

The Company sells a family of products under the brand name GO-Global, which is a software application publishing business and is the Company’s sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors, corporate enterprises, governmental and educational institutions, and others, who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments .

 

2. Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

Certain prior year information has been reclassified to conform to current year presentation.

 

Liquidity 

 

The Company has incurred significant net losses since inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800, which includes deferred revenue of $1,256,000. Subsequent to December 31, 2019, we received gross proceeds of $480,191 from a rights offering to our stockholders (the “Rights Offering”) and expect to receive $2.12 million from the consummation of a private placement of common stock pursuant to a related backstop agreement (the “Backstop Agreement”). Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.

 

 32 

 

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, independent software vendors (“ISVs”), value-added resellers (“VARs”) (collectively, “resellers”) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products. 

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.

 

For the year ended December 31, 2018, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses.  For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.

 

 33 

 

 

On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

 

The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).

 

The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:

 

Balance Sheet 

Balance at

December 31, 2017

   Adjustments
due to ASC 606		   Balance at
January 1, 2018		 
             
Current Assets               
Deferred COGS  $—   $20,000   $20,000 
                
Liabilities and Stockholders’ Equity               
Accumulated Deficit, net of tax  $(81,849,200)  $1,391,900   $(80,457,300)
                
Current Liabilities               
Deferred Revenue  $1,845,100   $(609,700)  $1,235,400 
Long Term Liabilities               
Deferred Revenue  $1,409,700   $(802,200)  $607,500 

 

All of the Company’s software licenses are denominated in U.S. dollars.

 

As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.

 

 34 

 

 

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the three or nine months ended December 31, 2019 or 2018.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.

 

For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, “Sales” refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

 

 35 

 

 

   2019   2018 
Customer  % Sales  

% Accounts

Receivable

   % Sales  

% Accounts

Receivable

 
Centric System   7.8%   17.9%   9.5%   3.2%
Elosoft   8.9%   8.1%   10.4%   32.1%
GE   6.5%   0.6%   3.9%   15.4%
KitASP   14.0%   3.0%   6.2%   1.7%
Thermo LabSystems   2.9%   9.7%   4.1%   10.8%
Uniface   14.3%   7.5%   4.2%   5.1%
Total   54.4%   46.8%   38.3%   68.3%

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Comprehensive Income (Loss)

 

FASB ASC 220-10, “Reporting Comprehensive Income,” establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income, as defined, includes all changes in equity (net assets) during the period from non-owner sources. Examples of items to be included in comprehensive income, which are excluded from net income, include foreign currency translation adjustments and unrealized gain/loss of available-for-sale securities. For the years ended December 31, 2019 and 2018, comprehensive income (loss) only included net income (loss) and we did not have components of other comprehensive income (loss).

 

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

 36 

 

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

 

Recently Adopted Accounting Pronouncements

 

Leases

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842),” which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders’ equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.

 

The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred. Rent expense for year ended December 31, 2019 and 2018, amounted to $48,000 and $48,000, respectively.

 

 37 

 

 

3. Property and Equipment

 

Property and equipment as of December 31, 2019 and 2018 consisted of the following:

 

  

December 31,

2019

  

December 31,

2018

 
         
Equipment  $154,300   $154,300 
Furniture and fixtures   1,600    1,600 
           
    155,900    155,900 
           
Less: accumulated depreciation   (155,900)   (155,500)
           
   $-   $400 

 

Depreciation expense for the years ended December 31, 2019 and 2018 was $400 and $29,700, respectively.

 

4. Accrued Expenses

 

Accrued expenses as of December 31, 2019 and 2018 consisted of the following:

 

    2019     2018  
Consulting services   $ 2,000     $ 10,600  
Board of director fees     85,600       85,600  
Legal fees     6,400       -  
Rent     -       8,000  
Royalty fees     -       5,400  
Other     12,000       12,100  
    $ 106,000     $ 121,700  

 

5. Stockholders’ Equity

 

Stock-Based Compensation Plans

 

In November 2012, the Company’s 2012 Equity Incentive Plan (the “12 Plan”) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as “awards”) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company is authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.

 

In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee’s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares would be forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award would be considered outstanding for dividend, voting and other purposes.

 

Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of incentive stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company’s capital stock then the exercise price will be no less than 110% of the fair market value of the Company’s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also not be less than 100% of the fair market value of the Company’s common stock on the date the restricted stock is granted.

 

All options granted under the 12 Plan are immediately exercisable by the optionee; however, there is a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price is immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company’s repurchase, which right lapses as the shares vest. The 12 Plan will terminate no later than November 7, 2022. As of December 31, 2019, 411,593 shares of common stock remained available for issuance under the 12 Plan.

 

 38 

 

 

The following table summarizes the stock option activity for the year ended December 31, 2019 and 2018.

 

      

Weighted-

Average

Exercise

  

Weighted-

Average

Remaining

Contractual

Life

 
   Options   Price   (Years) 
             
Outstanding at December 31, 2017   315,167   $2.46     
Granted   -           
Forfeited/cancelled   (197,492)          
Outstanding at December 31, 2018   117,675   $2.57     
Granted   -           
Forfeited/cancelled   (11,598)          
Exercised   -           
Outstanding at December 31, 2019   106,077   $2.77    1.53 
                
Vested and expected to vest at December 31, 2019   106,077   $2.77    1.53 
                
Exercisable at December 31, 2019   106,077   $2.77    1.53 

 

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2019.

 

    Options Outstanding   Options Exercisable 
            Weighted-       Weighted- 
Range of       Average   Average       Average 
Exercise   Number   Remaining   Exercise   Number   Exercise 
Price   of Shares   Life (Years)   Price   of Shares   Price 
                      
$0.75 - 1.00     27,527    0.56   $0.82    27,527   $0.82 
 1.79 - 4.00     63,684    1.87    3.21    63,684    3.21 
 4.20 - 6.68     14,866    1.90    4.46    14,866    4.46 
      106,077              106,077      

 

Warrants

 

During the year ended December 31, 2018, pursuant to a settlement agreement to issue warrants to purchase 564,556 shares of the Company’s Common stock, we derecognized the accrued liability for potential liquidated damages of $855,100 by crediting additional paid-in Capital for $699,400 and other income for $155,700. Following the issuance, the Company purchased back 52,755 shares from certain warrant holders.

 

During the year ended December 31, 2019, the Company issued 30,466 shares of common stock for the exercise of warrants. As of December 31, 2019, and 2018, the Company had 481,335 and 622,912 warrants outstanding, respectively. The warrants outstanding at December 31, 2019 are all exercisable at $0.01 and have an expiration date of May 20, 2023.

 

 39 

 

 

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2019 and 2018.

 

   Warrants 
     
Outstanding at December 31, 2017   698,119 
Granted   564,556 
Repurchase   (52,755)
Forfeited/cancelled   (587,008)
Outstanding at December 31, 2018   622,912 
Granted   - 
Forfeited/cancelled   (111,111)
Exercised   (30,466)
Outstanding at December 31, 2019   481,335 

 

6. Sales by Geographical Location

 

Revenue by country for the year ended December 31, 2019 and 2018 was as follows.

 

   For the Year Ended 
  

December 31, 2019

  

December 31, 2018

 
Revenue by Country          
United States  $1,133,400   $1,188,500 
Brazil   580,800    652,700 
Japan   410,000    236,600 
Germany   175,800    177,100 
The Netherlands   445,100    144,800 
Other Countries   785,000    753,700 
Total  $3,530,100   $3,153,400 

 

7. Income Taxes

 

The components of the provision (benefit) for income taxes for the years ended December 31, 2019 and 2018 consisted of the following:

 

    2019     2018  
Current                
Federal   $ —     $ —  
State     —       —  
Foreign     —       900  
    $ —     $ 900  
Deferred                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
      —       —  
Total   $ —     $ 900  

 

 40 

 

 

The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2019 and 2018, respectively:

 

    2019     2018  
Federal income tax (benefit) at statutory rate   $ 116,400     $ (6,600)  
State income tax (benefit) at statutory rate     13,900        (900)  
Foreign tax rate differential     —       900  
SBC – NQ cancellations     (2,700 )     (83,900)  
Change in valuation allowance     (284,900 )     (92,800)  
Meals and entertainment (50%)     1,000       700  
Prior year true-up adjustments     103,400       165,300  
Deferred compensation     —       17,800  
Contributed services     52,900       —  
Other items     —       400  
Provision (benefit) for income tax   $ —     $ 900  

 

Deferred income taxes and benefits result from temporary timing differences in the recognition of certain expense and income items for tax and financial reporting purposes. The following table sets forth those differences as of December 31, 2019 and 2018:

 

    2019     2018  
Net operating loss carryforwards   $ 13,702,300     $ 13,870,200  
Tax credit carryforwards     977,500       977,500  
Compensation expense – non-qualified stock options     69,000       166,800  
Deferred revenue and maintenance service contracts     419,800       425,000  
Depreciation, amortization, and capitalized software     —       11,300  
Reserves and other     58,200       52,400  
Total deferred tax assets     15,226,800       15,503,100  
Deferred tax liability – depreciation, amortization and capitalized software     —       —  
Net deferred tax asset     15,226,800       15,503,100  
Valuation allowance     (15,226,800 )     (15,503,100 )
Net deferred tax asset   $ —     $ —  

 

For financial reporting purposes, with the exception of the years ended December 31, 2019, the Company has incurred a loss in each year since inception. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2019 and 2018. The net change in the valuation allowance was decreased by $276,000 and $139,000 for the years ended December 31, 2019 and 2018, respectively.

 

At December 31, 2019, the Company had approximately $62.9 million of federal net operating loss carryforwards and approximately $6.9 million of California state net operating loss carryforwards available to reduce future taxable income. The federal loss carryforwards began to expire in 2019 and the California state loss carry forwards begin to expire in 2028. Under the Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited if the Company incurs a cumulative ownership change of more than 50%, as defined, over a three-year period.

 

At December 31, 2019, the Company had approximately $0.9 million of federal research and development tax credits that began to expire in 2018.

 

 41 

 

 

8. Commitments and Contingencies

 

Leases

 

Our headquarters in Concord, NH is a month-to-month rent basis, requiring a six-month notice from the lessor to terminate. Rent on the corporate headquarters continues at $4,000 per month. Rent expense aggregated approximately $48,000 for both years ended December 31, 2019 and 2018.

 

Contingencies

 

Under its Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws and certain agreements with officers and directors, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer’s or director’s serving in such capacity. Generally, the term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is limited as the Company currently has a directors and officers liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements is minimal and has no liabilities recorded for these agreements as of December 31, 2019.

 

The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, including contractors and customers and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights, and often survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2019.

 

The Company’s software license agreements also generally include a performance guarantee that the Company’s software products will operate substantially as described in the applicable program documentation for a period of 90 days after delivery. The Company also generally warrants that services that the Company performs will be provided in a manner consistent with reasonably applicable industry standards. To date, the Company has not incurred any material costs associated with these warranties and has no liabilities recorded for these agreements as of December 31, 2019.

 

Profit Sharing Plans

 

The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the years ended December 31, 2019 and 2018, the Company contributed a total of $14,100 and $17,400, respectively.

 

9. Related Party Transactions

 

On December 28, 2018, the Company entered into an agreement with an unaffiliated stockholder of the Company to acquire 450,000 shares of the Company’s common stock and warrants to purchase an aggregate of 48,896 shares of the Company’s common stock for an aggregate cash consideration of $149,700. The Company agreed to assign its right to purchase 450,000 shares of common stock under the purchase agreement to a member of the Company’s board of directors and an entity controlled by a member of the Company’s board of directors and an executive officer at the company named Novelty Capital Partners LP.

 

A member of our board of directors controls an entity named Novelty Capital Partners LP that is a significant shareholder in the Company and also serves as the Chief Executive Officer and Interim Chief Financial Officer of the Company. The related party has served in these executive roles providing management services to the Company since September 4, 2018; however, does not receive salary or other forms of cash compensation. Management has estimated the market rate for the services rendered for the years ended December 31, 2019 and 2018 as $225,100 and $75,000, respectively. The services have been recorded in the financial statements as a capital contribution.

 

 42 

 

 

On January 31, 2020, we entered into the Backstop Agreement with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to $2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of the Rights Offering. The Rights Offering expired on March 31, 2020. While upon the closing of the Rights Offering, we anticipated that the Backstop Agreement would close by April 14, 2020, as of the filing of this Annual Report on Form 10-K the Backstop Agreement has not closed and we now expect to consummate the Backstop Agreement transactions by the end of April 2020.

 

At the closing of the Rights Offering, we received gross proceeds of $480,191 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we expect to receive proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock.

 

10. Subsequent Events

 

See Note 9 above regarding the Rights Offering and Backstop Agreement.

 

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

Item 9A. CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Security and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer (Principal Financial Officer), as appropriate, to allow for timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Interim Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2019.

 

Changes in Internal Control Over Financial Reporting

 

There has not been any change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended December 31, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Management’s Report on Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) under the Exchange Act as a process designed by, or under the supervision of, our Chief Executive Officer and Interim Chief Financial Officer and effected by our Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States and includes those policies and procedures that:

 

  ● pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; and

 

 43 

 

 

  ● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, and our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
     
  ● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material impact on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our evaluation of internal control over financial reporting includes using the criteria in Internal Control-Integrated Framework (2013), an integrated framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, for the evaluation of internal control to identify the risks and control objectives related to the evaluation of our control environment.

 

Based on our evaluation under the framework described above, our management has concluded that our internal control over financial reporting was effective as of December 31, 2019.

 

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report.

 

Item 9B. Other Information

 

Not applicable.

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2019.

 

hopTo has adopted a Code of Ethics that applies to all its employees, including its Chief Executive Officer and its Chief Financial Officer. hopTo will provide a copy of its Code of Ethics to any person without charge upon written request to:

 

hopTo, Inc..

6 Loudon Road, Suite 200

Concord, NH 03301

Attn: Chief Executive Officer

 

Item 11. Executive Compensation

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2019.

 

 44 

 

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2019.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2019.

 

Item 14. Principal Accountant Fees and Services.

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2019.

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules

 

(a) Financial Statements

 

Our financial statements as set forth in the Index to Consolidated Financial Statements under Part II, Item 8 of this Annual Report on Form 10-K are hereby incorporated by reference.

 

(b) Exhibits

 

The following exhibits, which are numbered in accordance with Item 601 of Regulation S-K, are filed as part of this Annual Report on Form 10-K or, as noted, incorporated by reference herein:

 

Exhibit

Number

   Exhibit Description
     
3.1   Amended and Restated Certificate of Incorporation of Registrant, as amended (1)
     
3.2   Certificate of Amendment of Amended and Restated Certificate of Incorporation of GraphOn Corporation (19)
     
3.3   Certificate of Amendment of Amended and Restated Certificate of Incorporation of hopTo Inc. (28)
     
3.4   Certificate of Designation of Series A Junior Participating Preferred Stock of hopTo Inc. (31)
     
3.5   Second Amended and Restated Bylaws of Registrant (2)
     
4.1   Form of certificate evidencing shares of common stock of Registrant (3)
     
4.2   Form of Warrant issued on September 1, 2011 (4)
     
4.3   Warrant to Purchase Common Stock, dated October 11, 2011 (5)
     
4.4   Exercise Agreement, dated June 17, 2013 (including Allonge to 2011 warrants) (20)
     
4.5   Form of New Warrant issued on June 17, 2013 (20)

 

 45 

 

 

4.6   Registration Rights Agreement, dated June 17, 2013 (20)
     
4.7   Form of Warrant issued on January 7, 2014 (21)
     
4.8   Registration Rights Agreement, dated January 7, 2014 (21)
     
4.9   Rights Agreement, dated as of February 16, 2018, by and between hopTo Inc. and American Stock Transfer & Trust Company, LLC, as rights agent (31)
     
4.10   Description of the Capital Stock
     
10.1*   Restricted Stock Agreement (1 of 2) with Eldad Eilam dated August 15, 2012 (15)
     
10.2*   Restricted Stock Agreement (2 of 2) with Eldad Eilam dated August 15, 2012 (15)
     
10.3*   Restricted Stock Agreement with Christoph Berlin dated August 15, 2012 (15)
     
10.4*   Restricted Stock Agreement with Robert Dixon dated August 15, 2012 (15)
     
10.5   Separation Agreement, dated April 12, 2012, between Registrant and Robert Dilworth (14)
     
10.6   Release, dated April 12, 2012, between Registrant and Robert Dilworth (14)
     
10.7   1998 Stock Option/Stock Issuance Plan of Registrant (7)
     
10.8   Supplemental Stock Option Agreement, dated as of June 23, 2000 (7)
     
10.9   2005 Equity Incentive Plan (8)
     
10.10   2008 Equity Incentive Plan, as Amended (9)
     
10.11*   Employment Agreement, dated August 21, 2013, by and between Registrant and Eldad Eilam (16)
     
10.12*   Director Severance Plan (11)
     
10.13*   Key Employee Severance Plan (11)
     
10.14   Securities Purchase Agreement, dated September 1, 2011 (4)
     
10.15   Form of Registration Rights Agreement, dated September 1, 2011 (4)
     
10.16(a)*   Engagement Agreement, dated October 11, 2011, by and between Registrant and ipCapital Group, Inc. (5)
     
10.16(b)*   First Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of November 7, 2011 (12)
     
10.16(c)*   Second Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of November 14, 2011 (12)
     
10.16(d)*   Third Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of January 20, 2012 (13)
     
10.17   First Amendment to Office Lease between Registrant and CA-Pruneyard Limited Partnership, dated as of October 7, 2013 (27)

 

 46 

 

 

10.18   Consulting Agreement, dated February 1, 2012, by and between Registrant and Steven Ledger/Tamalpais Partners LLC (22)
     
10.19   Amendment to Consulting Agreement, by and between Registrant and Steven Ledger/Tamalpais Partners, LLC, dated August 1, 2013 (16)
     
10.20   Intellectual Property Brokerage Agreement by and between Registrant and ipCapital Licensing Company I, LLC, dated as of February 4, 2013 (17)
     
10.21*   Consulting Agreement, dated March 29, 2013, by and between Registrant and Gordon Watson (23)
     
10.22*   Consulting Agreement, dated November 18, 2013, by and between Registrant and ipCreate, Inc. (24)
     
10.23   Securities Purchase Agreement, dated January 7, 2014 (21)
     
10.24*   Consulting Agreement, dated March 17, 2014, by and between Registrant and Steven Ledger (25)
     
10.25   Separation Agreement, dated March 12, 2014, by and between Registrant and Christoph Berlin (25)
     
10.26   Employment Letter dated April 30, 2014 and executed May 5, 2014 between Registrant and Jean-Louis Casabonne (26)
     
10.27   Sublease dated August 11, 2015, by and between Registrant and CDNetworks (32)
     
10.28   Securities Purchase Agreement, dated as of July 24, 2015 (29)
     
10.29   Registration Rights Agreement, dated as of July 28, 2015 (29)
     
10.30   Lease Agreement effective October 1, 2015 between the Registrant and Heritage Village Offices (30)
     
10.31   Patent Purchase Agreement dated October 10, 2017 (33)
     
14.1   Code of Ethics (6)
     
21.1   Subsidiaries of Registrant
     
23.1   Consent of dbbMcKennon
     
23.2   Consent of Marcum LLP
     
31   Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
     
32   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished, not filed)
     
101   The following financial information from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2018 and 2017, (ii) Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, (iii) Consolidated Statements of Shareholders’ Equity (Deficit) for the years ended December 31, 2018 and 2017, (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017, (v) Notes to Consolidated Financial Statements (18)

 

*Management or compensatory plan or arrangement

 

  (1) Filed on April 2, 2007 as an exhibit to Registrant’s Annual Report on Form 10-KSB for the year ended December 31, 2006, and incorporated herein by reference. (File number 000-21683)
     
  (2) Filed on March 31, 2010 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009, and incorporated herein by reference. (File number 000-21683)
     
  (3) Filed on September 19, 1996 as an exhibit to the Registrant’s Registration Statement on Form S-1 and incorporated herein by reference. (File No. 333-11165)
     
, (4) Filed on September 8, 2011 as an exhibit to Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (5) Filed on October 13, 2011 as an exhibit to Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (6) Filed on March 30, 2004 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003, and incorporated herein by reference. (File number 000-21683)
     
  (7) Filed on June 23, 2000 as an exhibit to the Registrant’s Registration Statement on Form S-8, and incorporated herein by reference. (File number 333-40174)
     
  (8) Filed on November 25, 2005 as an exhibit to the Registrant’s definitive Proxy Statement for the Registrant’s 2005 Annual Meeting, and incorporated herein by reference. (File number 000-21683)

 

 47 

 

 

  (9) Filed on September 29, 2011 as an exhibit to the Registrant’s Registration Statement on Form S-8 and incorporated herein by reference. (File No. 333-177069)
     
  (10) Reserved.
     
  (11) Filed on November 14, 2011 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, and incorporated herein by reference. (File number 000-21683)
     
  (12) Filed on November 23, 2011 as an exhibit to Amendment No. 1 to the Registrant’s Registration Statement on Form S-1, and incorporated herein by reference. (File number 333-177073)
     
  (13) Filed on February 14, 2012 as an exhibit to the Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (14) Filed on May 21, 2012 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, and incorporated herein by reference. (File number 000-21683)
     
  (15) Filed on November 14, 2012 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly reporting period ended September 30, 2012, and incorporated herein by reference. (File number 000-21683)
     
  (16) Filed on August 27, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated August 21, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (17) Filed on February 19, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, and incorporated herein by reference. (File number 000-21683)
     
  (18) Submitted electronically with the original Form 10-K.
     
  (19) Filed on September 10, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated September 9, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (20) Filed on June 24, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated June 17, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (21) Filed on January 13, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated January 7, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (22) Filed on April 16, 2012 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference. (File number 000-21683)
     
  (23) Filed on April 3, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 29, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (24) Filed on December 12, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated December 11, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (25) Filed on March 18, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 12, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (26) Filed on May 12, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 9, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (27) Filed on March 31, 2014 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (28) Filed on February 1, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, dated January 27, 2016, and incorporated herein by reference. (File number 000-21683)
     
  (29) Filed on July 30, 2015 as an exhibit to the Registrant’s Current Report on Form 8-K, dated July 24, 2015, and incorporated herein by reference. (File number 000-21683)
     
 

(30)

 

Filed on September 10, 2015 as an exhibit to the Registrant’s Registration Statement on Form S-1 and incorporated herein by reference. (File No. 333-206861)

     
  (31) Filed on February 16, 2018 as an exhibit to the Registrant’s Current Report on Form 8-K, dated February 16, 2018 and incorporated herein by reference. (File number 000-21683)
     
  (32) Filed on March 30, 2016 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by reference. (File number 000-21683)
     
  (33) Filed on April 1, 2019 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 and incorporated herein by reference. (File number 000-21683)

 

(c) Financial Statement Schedule

 

Not applicable for smaller reporting companies.

 

ITEM 16. FORM 10-K SUMMARY.

 

None.

 

 48 

 

 

SIGNATURES 

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  hopTo Inc.
     
April 14, 2020 By: /s/ Jonathon R. Skeels
    Jonathon R. Skeels
    Chief Executive Officer, Interim Chief Financial Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ Jonathon R. Skeels   Chief Executive Officer, Interim Chief Financial Officer   April 14, 2020
Jonathon R. Skeels   (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)    
         
/s/ Jean-Louis Casabonne   Director   April 14, 2020
Jean-Louis Casabonne        
         
/s/ Richard S. Chernicoff   Director   April 14, 2020
Richard S. Chernicoff        
         
/s/ Thomas C. Stewart   Director   April 14, 2020
Thomas C. Steward        

 

 49 

 GRAPHIC 2 form10-k_001.jpg begin 644 form10-k_001.jpg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end EX-4.10 3 ex4-10.htm

 

Exhibit 4.10

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

DESCRIPTION OF OUR CAPITAL STOCK

 

The following description of our Capital Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K.

 

Common Stock

 

We are currently authorized to issue up to 195,000,000 shares of our common stock, $0.0001 par value, and 5,000,000 shares of preferred stock, $0.01 par value. As of April 14, 2020 11,572,880 shares of our common stock were issued and outstanding, and held of record by approximately 116 persons, and no shares of preferred stock were issued and outstanding.

 

Holders of shares of our common stock are entitled to such dividends as may be declared from time to time by the board in its discretion, on a ratable basis, out of funds legally available therefrom, and to a pro rata share of all assets available for distribution upon liquidation, dissolution or other winding up of our affairs. All of the outstanding shares of our common stock are fully paid and non-assessable.

 

On January 27, 2016, we filed an amendment of our Amended and Restated Certificate of Incorporation, as amended, to effect a 1-for-15 reverse stock split of our common stock (the “Reverse Stock Split”). The Reverse Stock Split became effective in the stock market upon commencement of trading on January 28, 2016. As a result of the Reverse Stock Split, every 15 shares of our pre-Reverse Stock Split common stock were combined and reclassified into one share of our common stock. No fractional shares were issued in connection with the Reverse Stock Split, and cash paid to stockholders for potential fractional shares was insignificant. The number of shares of common stock subject to outstanding options, restricted stock units, warrants and convertible securities were also reduced by a factor of 15 as of January 27, 2016. All historical share and per share amounts reflected throughout this prospectus have been adjusted to reflect the Reverse Stock Split. The authorized number of shares and the par value per share of our common stock were not affected by the Reverse Stock Split.

 

Warrants

 

We have issued and outstanding warrants to purchase an aggregate 481,335 shares of our common stock at an exercise price of $0.01 per share. The warrants expire on May 21, 2023. The exercise price of the warrants is subject to adjustment upon the occurrence of certain events, such as a split or combination of our common stock or a reorganization or merger to which we are a party. Holders of our outstanding warrants will receive one right in this offering for each of the shares of common stock into which each warrant would otherwise be exercisable as set forth on the face of the warrants held by each holder.

 

Preferred Stock

 

Our certificate of incorporation permits us to issue up to 5,000,000 shares of preferred stock in one or more series and with rights and preferences that may be fixed or designated by our board of directors without any further action by our stockholders. On February 16, 2018, in connection with the adoption of the Rights Agreement, we filed a Certificate of Designation authorizing 500,000 shares of Series A Junior Participating Preferred Stock. We currently have no shares of preferred stock outstanding.

 

 

 

 

Subject to the limitations prescribed in our certificate of incorporation and under Delaware law, our certificate of incorporation authorizes our board of directors, from time to time by resolution and without further stockholder action, to provide for the issuance of shares of preferred stock, in one or more series, and to fix the designation, powers, preferences and other rights of the shares and to fix the qualifications, limitations and restrictions thereof. Although our board of directors has no present intention to issue any additional preferred stock, the issuance of preferred stock could adversely affect the rights of holders of our common stock, including with respect to voting, dividends and liquidation, by issuing shares of preferred stock with certain voting, conversion and/or redemption rights. Such issuance of preferred stock may have the effect of delaying, deferring or preventing a change of control.

 

Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Charter Documents

 

The following is a summary of certain provisions of Delaware law, our certificate of incorporation and our bylaws. This summary does not purport to be complete and is qualified in its entirety by reference to the corporate law of Delaware and our certificate of incorporation and bylaws.

 

Board of Directors; Removal. Pursuant to our certificate of incorporation, the number of directors is fixed by our board of directors. Our directors each serve one-year terms. Vacancies on our board of directors may be filled by a majority of the remaining members of the board of directors, even if less than a quorum, and a director may only be removed from office by stockholders upon the approval of holders of at least 66 2/3% of the outstanding shares entitled to vote at an election of directors.

 

Stockholder Meetings; Bylaws. Our certificate of incorporation provides that any action taken by our stockholders must be effected at an annual or special meeting of stockholders and may not be taken by written consent instead of a meeting. In addition, our certificate of incorporation provides that a special meeting of stockholders may be called only by the board of directors or the holders of at least 50% of the outstanding shares of capital stock. Our bylaws may be amended either by the board of directors or the holders of at least 66 2/3% of the entitled to vote at an election of directors.

 

Rights Agreement. On February 16, 2018, the Company entered into a Rights Agreement with American Stock Transfer & Trust, LLC, as rights agent. In connection with the adoption of the Rights Agreement, each stockholder of the Company as of February 26, 2018 received one right for each outstanding share of common stock, which entitles the stockholder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (the “Preferred Stock”) at an exercise price of $1.00 per one one-thousandth of Preferred Stock. The Rights Agreement, as amended on November 2, 2018, effectively imposes a significant penalty upon any person or group that acquires 4.9% or more of the shares of Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board.

 

Limitation of Liability

 

As permitted by the General Corporation Law of the State of Delaware, our certificate of incorporation provides that our directors shall not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability:

 

  ● for any breach of the director’s duty of loyalty to us or our stockholders;
  ● for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
  ● under section 174 of the Delaware law, relating to unlawful payment of dividends or unlawful stock purchases or redemption of stock; and
  ● for any transaction from which the director derives an improper personal benefit.

 

As a result of this provision, we and our stockholders may be unable to obtain monetary damages from a director for breach of his or her duty of care.

 

 

 

 

Our certificate of incorporation provides for the indemnification of our directors and officers to the fullest extent authorized by, and subject to the conditions set forth in the Delaware law.

 

Delaware Anti-Takeover Law

 

We are subject to Section 203 of the Delaware General Corporation Law. Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

 

  ● prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;
  ● upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
  ● on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the outstanding voting stock which is not owned by the interested stockholder.

 

Section 203 defines a business combination to include:

 

  ● any merger or consolidation involving the corporation and the interested stockholder;
  ● any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;
  ● subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; and
  ● the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation or any entity or person affiliated with or controlling or controlled by the entity or person.

 

 

 

 EX-23.1 4 ex23-1.htm

 

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statements of hopTo, Inc. and Subsidiaries on Forms S-8 (No. 333-177069, 333-156299 and 333-145284) of our report dated April 14, 2020, with respect to our audit of the consolidated financial statements of hopTo Inc. and Subsidiaries as of December 31, 2019 and for the year then ended, appearing in the Annual Report on Form 10-K.

 

/s/ dbbmckennon

 

Newport Beach, CA

April 14, 2020

 

 

 

 

 EX-23.2 5 ex23-2.htm

 

Exhibit 23.2

 

Independent Registered Public Accounting Firm’s Consent

 

We consent to the incorporation by reference in the Registration Statements of hopTo, Inc. and Subsidiaries on Forms S-8 (No. 333-177069, 333-156299 and 333-145284) of our report dated April 1, 2019, (which included an explanatory paragraph about the change in accounting principle), with respect to our audit of the consolidated financial statements of hopTo Inc. and Subsidiaries as of December 31, 2018 and for the year then ended, appearing in the Annual Report on Form 10-K of hopTo Inc. and Subsidiaries for the year ended December 31, 2019.

 

/s/ Marcum llp  
Marcum llp  

 

Chicago, IL

April 14, 2020

 

 

 EX-31 6 ex31.htm

 

Exhibit 31

 

I, Jonathon Skeels, certify that:

 

1. I have reviewed this annual report on Form 10-K of hopTo Inc. (“registrant”);
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or person performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 14, 2020

 

  /s/ Jonathon Skeels
  Chief Executive Officer, Interim Chief Financial Officer

 

   

 

 EX-32 7 ex32.htm

 

Exhibit 32

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of hopTo Inc. (the “Company”) on Form 10-K for the period ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathon Skeels, Chief Executive Officer and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  /s/ Jonathon Skeels
  Jonathon Skeels
  Chief Executive Officer & Interim Chief Financial Officer
  April 14, 2020

 

   

 

 EX-101.INS 8 hpto-20191231.xml XBRL INSTANCE FILE 0001021435 2019-01-01 2019-12-31 0001021435 2019-12-31 0001021435 2018-12-31 0001021435 2018-01-01 2018-12-31 0001021435 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001021435 us-gaap:CommonStockMember 2017-12-31 0001021435 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001021435 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001021435 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001021435 us-gaap:RetainedEarningsMember 2017-12-31 0001021435 2017-12-31 0001021435 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001021435 us-gaap:CommonStockMember 2018-12-31 0001021435 us-gaap:CommonStockMember 2019-12-31 0001021435 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001021435 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001021435 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001021435 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001021435 us-gaap:RetainedEarningsMember 2018-12-31 0001021435 us-gaap:RetainedEarningsMember 2019-12-31 0001021435 us-gaap:EquipmentMember 2019-12-31 0001021435 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001021435 us-gaap:EquipmentMember 2018-12-31 0001021435 us-gaap:FurnitureAndFixturesMember 2018-12-31 0001021435 HPTO:TwoThousandTwelveEquityIncentivePlanMember 2019-12-31 0001021435 us-gaap:RestrictedStockMember HPTO:TwoThousandTwelveEquityIncentivePlanMember srt:MinimumMember 2019-01-01 2019-12-31 0001021435 HPTO:NonQualifiedStockOptionsMember HPTO:TwoThousandTwelveEquityIncentivePlanMember srt:MinimumMember 2019-01-01 2019-12-31 0001021435 HPTO:IncentiveStockOptionsMember HPTO:TwoThousandTwelveEquityIncentivePlanMember srt:MinimumMember HPTO:IfRecipientOwnsGreaterThanTenPercentfVotingPowerMember 2019-01-01 2019-12-31 0001021435 HPTO:IncentiveStockOptionsMember HPTO:TwoThousandTwelveEquityIncentivePlanMember srt:MinimumMember 2019-01-01 2019-12-31 0001021435 HPTO:TwoThousandTwelveEquityIncentivePlanMember 2019-01-01 2019-12-31 0001021435 HPTO:ExercisePriceRange1Member 2019-01-01 2019-12-31 0001021435 HPTO:ExercisePriceRange1Member 2019-12-31 0001021435 HPTO:ExercisePriceRange2Member 2019-01-01 2019-12-31 0001021435 HPTO:ExercisePriceRange2Member 2019-12-31 0001021435 HPTO:ExercisePriceRange3Member 2019-01-01 2019-12-31 0001021435 HPTO:ExercisePriceRange3Member 2019-12-31 0001021435 country:US 2019-01-01 2019-12-31 0001021435 country:JP 2019-01-01 2019-12-31 0001021435 country:BR 2019-01-01 2019-12-31 0001021435 country:NL 2019-01-01 2019-12-31 0001021435 HPTO:OtherCountriesMember 2019-01-01 2019-12-31 0001021435 country:US 2018-01-01 2018-12-31 0001021435 country:JP 2018-01-01 2018-12-31 0001021435 country:BR 2018-01-01 2018-12-31 0001021435 country:NL 2018-01-01 2018-12-31 0001021435 HPTO:OtherCountriesMember 2018-01-01 2018-12-31 0001021435 srt:MinimumMember 2019-01-01 2019-12-31 0001021435 srt:MaximumMember 2019-01-01 2019-12-31 0001021435 2019-01-01 2019-01-02 0001021435 us-gaap:LicenseMember 2019-01-01 2019-12-31 0001021435 us-gaap:LicenseMember 2018-01-01 2018-12-31 0001021435 us-gaap:TechnologyServiceMember 2019-01-01 2019-12-31 0001021435 us-gaap:TechnologyServiceMember 2018-01-01 2018-12-31 0001021435 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-12-31 0001021435 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-12-31 0001021435 us-gaap:ServiceMember 2019-01-01 2019-12-31 0001021435 us-gaap:ServiceMember 2018-01-01 2018-12-31 0001021435 us-gaap:ProductMember 2019-01-01 2019-12-31 0001021435 us-gaap:ProductMember 2018-01-01 2018-12-31 0001021435 HPTO:JanuaryOneTwoThousandAndEighteenMember 2019-12-31 0001021435 HPTO:AdjustmentsDueToASCSixZeroSixMember 2019-12-31 0001021435 us-gaap:DomesticCountryMember us-gaap:InternalRevenueServiceIRSMember 2019-12-31 0001021435 us-gaap:StateAndLocalJurisdictionMember us-gaap:CaliforniaFranchiseTaxBoardMember 2019-12-31 0001021435 us-gaap:DomesticCountryMember us-gaap:InternalRevenueServiceIRSMember 2019-01-01 2019-12-31 0001021435 us-gaap:StateAndLocalJurisdictionMember us-gaap:CaliforniaFranchiseTaxBoardMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:CentricSystemsMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:CentricSystemsMember 2018-01-01 2018-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:ElosoftsMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:ElosoftsMember 2018-01-01 2018-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:GEMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:GEMember 2018-01-01 2018-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:ThermoLabSystemsMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:ThermoLabSystemsMember 2018-01-01 2018-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:CentricSystemsMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:CentricSystemsMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:ElosoftsMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:ElosoftsMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:GEMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:GEMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:ThermoLabSystemsMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:ThermoLabSystemsMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-12-31 0001021435 HPTO:UnaffiliatedStockholderMember 2018-12-27 2018-12-28 0001021435 HPTO:UnaffiliatedStockholderMember 2018-12-28 0001021435 2019-06-30 0001021435 2018-01-02 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:KitASPMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:KitASPMember 2018-01-01 2018-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:UnifaceMember 2019-01-01 2019-12-31 0001021435 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember HPTO:UnifaceMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:KitASPMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:KitASPMember 2018-01-01 2018-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:UnifaceMember 2019-01-01 2019-12-31 0001021435 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember HPTO:UnifaceMember 2018-01-01 2018-12-31 0001021435 HPTO:CreditingAdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001021435 HPTO:CreditingOtherIncomeMember 2018-01-01 2018-12-31 0001021435 us-gaap:WarrantMember 2019-01-01 2019-12-31 0001021435 us-gaap:WarrantMember 2018-01-01 2018-12-31 0001021435 us-gaap:WarrantMember 2017-12-31 0001021435 us-gaap:WarrantMember 2018-12-31 0001021435 us-gaap:WarrantMember 2019-12-31 0001021435 country:DE 2019-01-01 2019-12-31 0001021435 country:DE 2018-01-01 2018-12-31 0001021435 HPTO:NHMember 2019-01-01 2019-12-31 0001021435 us-gaap:SubsequentEventMember HPTO:BackStopAgreementMember HPTO:AccreditedInvestorsMember HPTO:NoveltyCapitalPartnersLPMember 2020-01-31 0001021435 us-gaap:SubsequentEventMember HPTO:BackStopAgreementMember HPTO:AccreditedInvestorsMember HPTO:NoveltyCapitalPartnersLPMember 2020-01-30 2020-01-31 0001021435 us-gaap:SubsequentEventMember HPTO:BackStopAgreementMember HPTO:AccreditedInvestorsMember HPTO:NoveltyCapitalPartnersLPMember srt:MaximumMember 2020-01-30 2020-01-31 0001021435 us-gaap:DomesticCountryMember us-gaap:ResearchMember 2019-12-31 0001021435 us-gaap:DomesticCountryMember us-gaap:ResearchMember 2019-01-01 2019-12-31 0001021435 HPTO:PurchaseAgreementMember HPTO:BoardOfDirectorsAndAnExecutiveOfficerMember 2018-12-27 2018-12-28 0001021435 us-gaap:SubsequentEventMember HPTO:BackStopAgreementMember 2020-01-30 2020-01-31 0001021435 us-gaap:SubsequentEventMember HPTO:IssuanceOfSharesRightsOfferingMember 2020-01-30 2020-01-31 0001021435 2020-04-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure hopTo Inc. 0001021435 10-K 2019-12-31 false --12-31 false Non-accelerated Filer true FY 2019 1541900 892500 59000 79000 1872100 1182300 400 17800 17800 1889900 1200500 271900 318700 136400 145800 12100 1256000 1300300 1845100 1235400 -609700 1770300 1898500 529500 491500 1409700 607500 -802200 2299800 2390000 1000 1000 79523500 79298200 -79934400 -80488700 -81849200 -80457300 1391900 1391900 -409900 -1189500 1000 78539300 -81849200 -3308900 1000 1000 79298200 79523500 -80488700 -79934400 1889900 1200500 0.01 0.01 5000000 5000000 0.0001 0.0001 195000000 195000000 9834866 9804400 9834866 9804400 3530100 3153400 1133400 410000 580800 445100 785000 1188500 236600 652700 144800 753700 952600 812900 2483600 2240300 93900 100200 175800 177100 149800 145800 52700 52100 97100 93700 3380300 3007600 442400 412300 864700 1236900 1533000 1518700 2840100 3167900 540200 -160300 554300 -30500 900 554300 -31400 -31400 554300 0.06 -0.00 0.05 -0.00 9821177 10150867 10287183 10150867 9804400 9804400 9834866 400 29700 225100 75000 3700 -4200 -700 64100 -220200 -20000 -33900 649200 -107400 649400 -122900 1541900 892500 1015400 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. Organization</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">hopTo Inc., a Delaware corporation, and its subsidiaries (collectively, &#8220;we&#8221;, &#8220;us,&#8221; &#8220;our&#8221; or the &#8220;Company&#8221;) are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sells a family of products under the brand name GO-Global, which is a software application publishing business and is the Company&#8217;s sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors, corporate enterprises, governmental and educational institutions, and others, who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments&#160;.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the &#8220;SEC&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior year information has been reclassified to conform to current year presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity</i>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has incurred significant net losses since inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800, which includes deferred revenue of $1,256,000. Subsequent to December 31, 2019, we received gross proceeds of $480,191 from a rights offering to our stockholders (the &#8220;Rights Offering&#8221;) and expect to receive $2.12 million from the consummation of a private placement of common stock pursuant to a related backstop agreement (the &#8220;Backstop Agreement&#8221;). Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company&#8217;s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Revenue Recognition</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company markets and licenses its products indirectly through channel distributors, independent software vendors (&#8220;ISVs&#8221;), value-added resellers (&#8220;VARs&#8221;) (collectively, &#8220;resellers&#8221;) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no rights of return granted to purchasers of the Company&#8217;s software products.&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 606, &#8220;Revenue from Contracts with Customers.&#8221; Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2018, revenue recognition was determined by</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px; text-align: center">&#160;</td> <td style="vertical-align: top; width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">identifying the contract, or contracts, with a customer;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">identifying the performance obligations in each contract;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">determine the transaction price;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">allocating the transaction price to the performance obligations in each contract; and</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td>&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Product Sales</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. &#160;For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers&#8217; accounts have been credited, at their&#160;discretion, for the number of licenses purchased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance revenue was also recognized from service contracts ratably over the related contract period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Balance Sheet</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,&#160;2017</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Adjustments<br /> due to ASC 606</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Balance at <br /> January 1, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Assets</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 43%"><font style="font-size: 10pt">Deferred COGS</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Liabilities and Stockholders&#8217; Equity</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated Deficit, net of tax</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(81,849,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,391,900</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(80,457,300</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,845,100</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(609,700</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,235,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long Term Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,409,700</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(802,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">607,500</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company&#8217;s software licenses are denominated in U.S. dollars.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in one reportable segment. The Company&#8217;s product sales by geographic area are presented in Note 6.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and Cash Equivalents</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Allowance for Doubtful Accounts</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer&#8217;s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Long-Lived Assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the three or nine months ended December 31, 2019 or 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Property and Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Software Development Costs</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the criteria set forth in Financial Accounting Standards Board&#8217;s (FASB) Accounting Standards Codification (ASC) 985-20, <i>&#8220;Costs of Software to be Sold, Leased or Marketed,&#8221;</i> development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration of Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, &#8220;Sales&#8221; refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Customer</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%"><font style="font-size: 10pt">Centric System</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">7.8</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">17.9</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9.5</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3.2</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Elosoft</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.4</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32.1</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">GE</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.5</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.6</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15.4</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">KitASP</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.2</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.7</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Thermo LabSystems</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.7</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.8</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Uniface</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14.3</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7.5</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4.2</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5.1</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">54.4</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46.8</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Income Taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes in accordance with ASC 740, &#8220;Income Taxes,&#8221; using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basic and Diluted Earnings Per Share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 260, &#8220;Earnings Per Share,&#8221; the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Comprehensive Income (Loss)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 220-10, <i>&#8220;Reporting Comprehensive Income,&#8221;</i> establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income, as defined, includes all changes in equity (net assets) during the period from non-owner sources. Examples of items to be included in comprehensive income, which are excluded from net income, include foreign currency translation adjustments and unrealized gain/loss of available-for-sale securities. For the years ended December 31, 2019 and 2018, comprehensive income (loss) only included net income (loss) and we did not have components of other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-Based Compensation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company applies the fair value recognition provisions of FASB ASC 718-10, &#8220;<i>Compensation &#8211; Stock Compensation.</i>&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair Value of Financial Instruments</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Company&#8217;s warrants are determined in accordance with FASB ASC 820, <i>&#8220;Fair Value Measurement,&#8221; </i>which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 24px">&#160;</td> <td style="vertical-align: top; width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.</font></td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recently Adopted Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leases</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, &#8220;Leases (Topic 842),&#8221; which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, &#8220;Leases (Topic 842),&#8221; which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders&#8217; equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred. Rent expense for year ended December 31, 2019 and 2018, amounted to $48,000 and $48,000, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. Property and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment as of December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">Equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">154,300</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">154,300</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Furniture and fixtures</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,600</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,600</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">155,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">155,900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155,900</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155,500</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">400</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the years ended December 31, 2019 and 2018 was $400 and $29,700, respectively.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. Stockholders&#8217; Equity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-Based Compensation Plans</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2012, the Company&#8217;s 2012 Equity Incentive Plan (the &#8220;12 Plan&#8221;) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as &#8220;awards&#8221;) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company is authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee&#8217;s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares would be forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award would be considered outstanding for dividend, voting and other purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company&#8217;s common stock on the date the option is granted. The exercise price of incentive stock options granted is to be no less than 100% of the fair market value of the Company&#8217;s common stock on the date the option is granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company&#8217;s capital stock then the exercise price will be no less than 110% of the fair market value of the Company&#8217;s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also not be less than 100% of the fair market value of the Company&#8217;s common stock on the date the restricted stock is granted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All options granted under the 12 Plan are immediately exercisable by the optionee; however, there is a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price is immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company&#8217;s repurchase, which right lapses as the shares vest. The 12 Plan will terminate no later than November 7, 2022. As of December 31, 2019, 411,593 shares of common stock remained available for issuance under the 12 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the stock option activity for the year ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted-</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise</b></p></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted-</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life</b></p></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(Years)</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">315,167</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">2.46</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(197,492</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Outstanding at December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">117,675</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">2.57</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(11,598</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Vested and expected to vest at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Exercisable at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes information about stock options outstanding and exercisable as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Range of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Life (Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 21%; text-align: right"><font style="font-size: 10pt">0.75 - 1.00 </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">27,527</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.56</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">0.82</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">27,527</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">0.82</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.79 - 4.00 </font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,684</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.87</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.21</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,684</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.20 - 6.68 </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">1.90</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.46</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.46</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Warrants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2018, pursuant to a settlement agreement to issue warrants to purchase 564,556 shares of the Company&#8217;s Common stock, we derecognized the accrued liability for potential liquidated damages of $855,100 by crediting additional paid-in Capital for $699,400 and other income for $155,700. Following the issuance, the Company purchased back 52,755 shares from certain warrant holders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2019, the Company issued 30,466 shares of common stock for the exercise of warrants. As of December 31, 2019, and 2018, the Company had 481,335 and 622,912 warrants outstanding, respectively. The warrants outstanding at December 31, 2019 are all exercisable at $0.01 and have an expiration date of May 20, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summarized changes in the number of warrants outstanding for the year ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Outstanding at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">698,119</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">564,556</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Repurchase</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(52,755</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(587,008</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">622,912</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(111,111</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(30,466</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">481,335</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. Sales by Geographical Location</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue by country for the year ended December 31, 2019 and 2018 was as follows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Year Ended</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Revenue by Country</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 54%"><font style="font-size: 10pt">United States</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,133,400</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,188,500</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Brazil</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">652,700</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Japan</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">410,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">236,600</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Germany</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">175,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">177,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">The Netherlands</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">445,100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">144,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other Countries</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">785,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">753,700</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,530,100</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,153,400</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leases</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our headquarters in Concord, NH is a month-to-month rent basis, requiring a six-month notice from the lessor to terminate. Rent on the corporate headquarters continues at $4,000 per month. Rent expense aggregated approximately $48,000 for both years ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Contingencies</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under its Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws and certain agreements with officers and directors, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer&#8217;s or director&#8217;s serving in such capacity. Generally, the term of the indemnification period is for the officer&#8217;s or director&#8217;s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is limited as the Company currently has a directors and officers liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements is minimal and has no liabilities recorded for these agreements as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, including contractors and customers and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company&#8217;s activities or, in some cases, as a result of the indemnified party&#8217;s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights, and often survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s software license agreements also generally include a performance guarantee that the Company&#8217;s software products will operate substantially as described in the applicable program documentation for a period of 90 days after delivery. The Company also generally warrants that services that the Company performs will be provided in a manner consistent with reasonably applicable industry standards. To date, the Company has not incurred any material costs associated with these warranties and has no liabilities recorded for these agreements as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Profit Sharing Plans</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the years ended December 31, 2019 and 2018, the Company contributed a total of $14,100 and $17,400, respectively.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Related Party Transactions</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 28, 2018, the Company entered into an agreement with an unaffiliated stockholder of the Company to acquire 450,000 shares of the Company&#8217;s common stock and warrants to purchase an aggregate of 48,896 shares of the Company&#8217;s common stock for an aggregate cash consideration of $149,700. The Company agreed to assign its right to purchase 450,000 shares of common stock under the purchase agreement to a member of the Company&#8217;s board of directors and an entity controlled by a member of the Company&#8217;s board of directors and an executive officer at the company named Novelty Capital Partners LP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A member of our board of directors controls an entity named Novelty Capital Partners LP that is a significant shareholder in the Company and also serves as the Chief Executive Officer and Interim Chief Financial Officer of the Company. The related party has served in these executive roles providing management services to the Company since September 4, 2018; however, does not receive salary or other forms of cash compensation. Management has estimated the market rate for the services rendered for the years ended December 31, 2019 and 2018 as $225,100 and $75,000, respectively. The services have been recorded in the financial statements as a capital contribution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 31, 2020, we entered into the Backstop Agreement with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to $2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of the Rights Offering. The Rights Offering expired on March 31, 2020. While upon the closing of the Rights Offering, we anticipated that the Backstop Agreement would close by April 14, 2020, as of the filing of this Annual Report on Form 10-K the Backstop Agreement has not closed and we now expect to consummate the Backstop Agreement transactions by the end of April 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the closing of the Rights Offering, we received gross proceeds of $480,191 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we expect to receive proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the &#8220;SEC&#8221;).</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior year information has been reclassified to conform to current year presentation.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity</i>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has incurred significant net losses since inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800, which includes deferred revenue of $1,256,000. Subsequent to December 31, 2019, we received gross proceeds of $480,191 from a rights offering to our stockholders (the &#8220;Rights Offering&#8221;) and expect to receive $2.12 million from the consummation of a private placement of common stock pursuant to a related backstop agreement (the &#8220;Backstop Agreement&#8221;). Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company&#8217;s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Revenue Recognition</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company markets and licenses its products indirectly through channel distributors, independent software vendors (&#8220;ISVs&#8221;), value-added resellers (&#8220;VARs&#8221;) (collectively, &#8220;resellers&#8221;) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no rights of return granted to purchasers of the Company&#8217;s software products.&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 606, &#8220;Revenue from Contracts with Customers.&#8221; Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2018, revenue recognition was determined by</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px; text-align: center">&#160;</td> <td style="vertical-align: top; width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">identifying the contract, or contracts, with a customer;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">identifying the performance obligations in each contract;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">determine the transaction price;</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">allocating the transaction price to the performance obligations in each contract; and</font></td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top">&#160;</td> <td>&#160;</td></tr> <tr> <td style="text-align: center">&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Product Sales</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. &#160;For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers&#8217; accounts have been credited, at their&#160;discretion, for the number of licenses purchased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance revenue was also recognized from service contracts ratably over the related contract period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Balance Sheet</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,&#160;2017</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Adjustments<br /> due to ASC 606</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Balance at <br /> January 1, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Assets</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 43%"><font style="font-size: 10pt">Deferred COGS</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Liabilities and Stockholders&#8217; Equity</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated Deficit, net of tax</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(81,849,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,391,900</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(80,457,300</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,845,100</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(609,700</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,235,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long Term Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,409,700</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(802,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">607,500</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company&#8217;s software licenses are denominated in U.S. dollars.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in one reportable segment. The Company&#8217;s product sales by geographic area are presented in Note 6.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and Cash Equivalents</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment as of December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">Equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">154,300</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">154,300</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Furniture and fixtures</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,600</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,600</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">155,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">155,900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155,900</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155,500</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">400</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes information about stock options outstanding and exercisable as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Range of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Life (Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 21%; text-align: right"><font style="font-size: 10pt">0.75 - 1.00 </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">27,527</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.56</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">0.82</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">27,527</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">0.82</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.79 - 4.00 </font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,684</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.87</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.21</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,684</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.20 - 6.68 </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">1.90</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.46</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">4.46</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue by country for the year ended December 31, 2019 and 2018 was as follows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Year Ended</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Revenue by Country</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 54%"><font style="font-size: 10pt">United States</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,133,400</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,188,500</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Brazil</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">652,700</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Japan</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">410,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">236,600</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Germany</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">175,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">177,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">The Netherlands</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">445,100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">144,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other Countries</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">785,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">753,700</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,530,100</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,153,400</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 7300 3600 0.078 0.095 0.089 0.104 0.065 0.039 0.029 0.041 0.544 0.383 0.179 0.032 0.081 0.321 0.006 0.154 0.097 0.108 0.468 0.683 0.140 0.062 0.143 0.042 0.030 0.017 0.075 0.051 481335 106077 353231 48000 48000 4000 155900 155900 154300 1600 154300 1600 643797 1.00 1.00 1.10 0.10 The 12 Plan will terminate no later than November 7, 2022. 411593 481335 622912 0.01 106077 117675 315167 27527 63684 14866 11598 197492 106077 2.77 2.57 2.46 2.77 2.77 0.82 3.21 4.46 P0Y P0Y6M21D P1Y10M14D P1Y10M25D P1Y6M10D P0Y P1Y6M10D P1Y6M10D 0.75 1.79 4.20 1.00 4.00 6.68 0.82 3.21 4.46 106077 27527 63684 14866 14100 17400 Yes Yes false 225100 75000 75000 225100 300 30466 564556 11572880 699400 699400 101800 2606838 No No 271200 210800 14100 129800 15500 -155700 -46800 67000 -9400 -129900 -12100 -81400 200 -15500 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of the provision (benefit) for income taxes for the years ended December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt"><u>Current</u></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Federal</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">State</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Foreign</font></td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 16%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 16%; text-align: right"><font style="font-size: 10pt">900</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt"><u>Deferred</u></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Federal</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">State</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Foreign</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt"><b>Total</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2019 and 2018, respectively:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Federal income tax (benefit) at statutory rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">116,400</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">(6,600)</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">State income tax (benefit) at statutory rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#160;(900)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Foreign tax rate differential</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">SBC &#8211; NQ cancellations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,700</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(83,900)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Change in valuation allowance</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(284,900</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(92,800)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Meals and entertainment (50%)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">700</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Prior year true-up adjustments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103,400</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">165,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred compensation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Contributed services</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">52,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other items</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">400</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Provision (benefit) for income tax</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income taxes and benefits result from temporary timing differences in the recognition of certain expense and income items for tax and financial reporting purposes. The following table sets forth those differences as of December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Net operating loss carryforwards</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">13,702,300</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">13,870,200</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Tax credit carryforwards</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">977,500</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">977,500</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Compensation expense &#8211; non-qualified stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">69,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">166,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred revenue and maintenance service contracts</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">419,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">425,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Depreciation, amortization, and capitalized software</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reserves and other</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">58,200</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">52,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Total deferred tax assets</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,226,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,503,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred tax liability &#8211; depreciation, amortization and capitalized software</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net deferred tax asset</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,226,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,503,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Valuation allowance</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,226,800</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,503,100</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Net deferred tax asset</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial reporting purposes, with the exception of the years ended December 31, 2019, the Company has incurred a loss in each year since inception. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2019 and 2018. The net change in the valuation allowance was decreased by $276,000 and $139,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, the Company had approximately $62.9 million of federal net operating loss carryforwards and approximately $6.9 million of California state net operating loss carryforwards available to reduce future taxable income. The federal loss carryforwards began to expire in 2019 and the California state loss carry forwards begin to expire in 2028. Under the Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited if the Company incurs a cumulative ownership change of more than 50%, as defined, over a three-year period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, the Company had approximately $0.9 million of federal research and development tax credits that began to expire in 2018.</p> <p style="margin: 0pt"></p> P3Y P7Y 106000 121600 2023-05-20 276000 139000 62900000 6900000 Expire in 2019 Expire in 2028 Expire in 2018 900 900 116400 -6600 13900 -900 900 -284900 -92800 1000 700 103400 165300 17800 400 13702300 13870200 977500 977500 69000 166800 419800 425000 11300 58200 52400 15226800 15503100 15226800 15503100 15226800 15503100 1291900 48000 48000 4000 48896 450000 450000 149700 800 30466 300 300 -100 -100 -15500 -15500 855100 699400 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Note 9 above regarding the Rights Offering and Backstop Agreement.</p> <p style="margin: 0pt"></p> 855100 699400 155700 52755 564556 -30466 -52755 698119 622912 481335 52900 -2700 -83900 2410000 1600000 The Rights Offering expired on March 31, 2020 Backstop Agreement transactions by the end of April 2020. 21200000 15600 -13900 155900 155500 74100 100 -6300 -71100 106077 -111111 -587008 0.21 0.21 900000 0.50 0.30 480191 7000000 0.50 0.50 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth those differences as of December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Net operating loss carryforwards</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">13,702,300</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">13,870,200</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Tax credit carryforwards</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">977,500</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">977,500</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Compensation expense &#8211; non-qualified stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">69,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">166,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred revenue and maintenance service contracts</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">419,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">425,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Depreciation, amortization, and capitalized software</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reserves and other</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">58,200</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">52,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Total deferred tax assets</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,226,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,503,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred tax liability &#8211; depreciation, amortization and capitalized software</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net deferred tax asset</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,226,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,503,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Valuation allowance</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,226,800</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,503,100</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Net deferred tax asset</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2019 and 2018, respectively:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Federal income tax (benefit) at statutory rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">116,400</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">(6,600)</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">State income tax (benefit) at statutory rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#160;(900)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Foreign tax rate differential</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">SBC &#8211; NQ cancellations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,700</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(83,900)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Change in valuation allowance</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(284,900</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(92,800)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Meals and entertainment (50%)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">700</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Prior year true-up adjustments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103,400</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">165,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred compensation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17,800</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Contributed services</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">52,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other items</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">400</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Provision (benefit) for income tax</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of the provision (benefit) for income taxes for the years ended December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt"><u>Current</u></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Federal</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">State</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Foreign</font></td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 16%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 16%; text-align: right"><font style="font-size: 10pt">900</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt"><u>Deferred</u></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Federal</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">State</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Foreign</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt"><b>Total</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">900</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summarized changes in the number of warrants outstanding for the year ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Outstanding at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">698,119</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">564,556</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Repurchase</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(52,755</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(587,008</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">622,912</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(111,111</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(30,466</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">481,335</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the stock option activity for the year ended December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted-</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise</b></p></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted-</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life</b></p></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(Years)</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">315,167</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">2.46</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(197,492</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Outstanding at December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">117,675</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">2.57</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited/cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(11,598</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Vested and expected to vest at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Exercisable at December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,077</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">2.77</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">1.53</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Customer</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%"><font style="font-size: 10pt">Centric System</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">7.8</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">17.9</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9.5</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3.2</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Elosoft</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.4</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32.1</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">GE</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.5</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.6</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15.4</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">KitASP</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.2</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.7</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Thermo LabSystems</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.7</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.8</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Uniface</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14.3</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7.5</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4.2</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5.1</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">54.4</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46.8</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Allowance for Doubtful Accounts</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer&#8217;s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Long-Lived Assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the three or nine months ended December 31, 2019 or 2018.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Property and Equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Software Development Costs</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the criteria set forth in Financial Accounting Standards Board&#8217;s (FASB) Accounting Standards Codification (ASC) 985-20, <i>&#8220;Costs of Software to be Sold, Leased or Marketed,&#8221;</i> development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration of Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, &#8220;Sales&#8221; refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Customer</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% Sales</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>% Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Receivable</b></p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%"><font style="font-size: 10pt">Centric System</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">7.8</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">17.9</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9.5</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3.2</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Elosoft</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.4</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32.1</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">GE</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.5</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.6</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15.4</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">KitASP</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.2</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.7</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Thermo LabSystems</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.9</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.7</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.1</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.8</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Uniface</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14.3</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7.5</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4.2</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5.1</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">54.4</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46.8</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.3</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Income Taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes in accordance with ASC 740, &#8220;Income Taxes,&#8221; using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basic and Diluted Earnings Per Share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 260, &#8220;Earnings Per Share,&#8221; the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-Based Compensation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company applies the fair value recognition provisions of FASB ASC 718-10, &#8220;<i>Compensation &#8211; Stock Compensation.</i>&#8221;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair Value of Financial Instruments</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Company&#8217;s warrants are determined in accordance with FASB ASC 820, <i>&#8220;Fair Value Measurement,&#8221; </i>which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 24px">&#160;</td> <td style="vertical-align: top; width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.</font></td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td>&#160;</td> <td style="vertical-align: top"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recently Adopted Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leases</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, &#8220;Leases (Topic 842),&#8221; which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, &#8220;Leases (Topic 842),&#8221; which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders&#8217; equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred. Rent expense for year ended December 31, 2019 and 2018, amounted to $48,000 and $48,000, respectively.</p> <p style="margin: 0pt"></p> 1391900 1391900 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Accrued Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued expenses as of December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify"><font style="font-size: 10pt">Consulting services</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">10,600</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Board of director fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,600</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Legal fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,400</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Rent</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Royalty fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Other</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">121,700</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> 231300 20000 20000 2000 10600 85600 85600 8000 5400 12000 12100 6400 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Comprehensive Income (Loss)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 220-10, <i>&#8220;Reporting Comprehensive Income,&#8221;</i> establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income, as defined, includes all changes in equity (net assets) during the period from non-owner sources. Examples of items to be included in comprehensive income, which are excluded from net income, include foreign currency translation adjustments and unrealized gain/loss of available-for-sale securities. For the years ended December 31, 2019 and 2018, comprehensive income (loss) only included net income (loss) and we did not have components of other comprehensive income (loss).</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Balance Sheet</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,&#160;2017</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Adjustments<br /> due to ASC 606</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Balance at <br /> January 1, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Assets</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 43%"><font style="font-size: 10pt">Deferred COGS</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Liabilities and Stockholders&#8217; Equity</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated Deficit, net of tax</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(81,849,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,391,900</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(80,457,300</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Current Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,845,100</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(609,700</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,235,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long Term Liabilities</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Revenue</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,409,700</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(802,200</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">607,500</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued expenses as of December 31, 2019 and 2018 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify"><font style="font-size: 10pt">Consulting services</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">10,600</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Board of director fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,600</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Legal fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,400</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Rent</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Royalty fees</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,400</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Other</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12,100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">106,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">121,700</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> EX-101.SCH 9 hpto-20191231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Shareholders' Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Organization link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Sales by Geographical Location link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Sales by Geographical Location (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Significant Accounting Policies - Schedule of Deferred Revenue and Accumulated Deficit (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Significant Accounting Policies - Schedules of Concentration of Risk, by Risk Factor (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Stockholders' Equity - Schedule of Warrants Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Sales by Geographical Location - Schedule of Revenue by Country (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 hpto-20191231_cal.xml XBRL CALCULATION FILE EX-101.DEF 11 hpto-20191231_def.xml XBRL DEFINITION FILE EX-101.LAB 12 hpto-20191231_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Additional Paid-In Capital [Member] Accumulated Deficit [Member] Property, Plant and Equipment, Type [Axis] Equipment [Member] Furniture and Fixtures [Member] Plan Name [Axis] 2012 Equity Incentive Plan [Member] Award Type [Axis] Restricted Stock [Member] Range [Axis] Minimum [Member] Non Qualified Stock Options [Member] Incentive Stock Options [Member] Scenario [Axis] If Recipient Owns Greater Than Ten Percent Voting Power [Member] Exercise Price Range [Axis] Exercise Price Range 1 [Member] Exercise Price Range 2 [Member] Exercise Price Range 3 [Member] Geographical [Axis] United States [Member] Japan [Member] Brazil [Member] The Netherlands [Member] Other Countries [Member] Maximum [Member] Product and Service [Axis] Software License [Member] Software Service Fees [Member] Other [Member] Software Service Costs [Member] Software Product Costs [Member] January 1, 2018 [Member] Adjustments due to ASC 606 [Member] Income Tax Authority [Axis] Domestic Tax Authority [Member] Income Tax Authority, Name [Axis] Internal Revenue Service (IRS) [Member] State and Local Jurisdiction [Member] California Franchise Tax Board [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Concentration Risk Type [Axis] Customer Concentration Risk [Member] Customer [Axis] Centric Systems [Member] Elosoft [Member] GE [Member] Thermo Lab Systems [Member] Accounts Receivable [Member] Related Party Transaction [Axis] Unaffiliated Stockholder [Member] KitASP [Member] Uniface [Member] Crediting Additional Paid-in-Capital [Member] Crediting Other Income [Member] Warrant [Member] Germany [Member] Concord, NH Headquarters [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Backstop Agreement [Member] Title of Individual [Axis] Accredited Investors [Member] Legal Entity [Axis] Novelty Capital Partners LP [Member] Tax Credit Carryforward [Axis] Research Tax Credit Carryforward [Member] Purchase Agreement [Member] Related Party [Axis] Board of Directors and Executive Officer [Member] Rights Offering [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Shell Company Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash and cash equivalents Accounts receivable, net Prepaid expenses and other current assets Total current assets Property and equipment, net Other assets Total assets Liabilities and Stockholders' Deficit Current liabilities Accounts payable Accrued expenses Accrued wages Deposit liability Deferred revenue Total current liabilities Long-term liabilities Deferred revenue Total liabilities Commitments and contingencies (Note 8) Stockholders' deficit Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 or 2018 Common stock, $0.0001 par value, 195,000,000 shares authorized, 9,834,866 and 9,804,400 shares issued and outstanding as of December 31, 2019 and 2018, respectively Additional paid-in capital Accumulated deficit Total stockholders' deficit Total liabilities and stockholders' deficit Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] Revenues: Total Revenue Cost of Revenue: Total cost of revenue Gross profit Operating expenses: Selling and marketing General and administrative Research and development Total operating expenses Income (loss) from operations Other income (expense): Other income (expense) Income (loss) before provision for income taxes Provision for income taxes Net income (loss) Net income (loss) per share, basic Net income (loss) per share, diluted Weighted average number of common shares outstanding Basic Diluted Beginning balance Beginning balance, shares Cumulative effect from change of accounting policies Contributed services Issuance of warrants Payments for repurchase of warrants Exercise of warrants Exercise of warrants, shares Other rounding Net Income (loss) Ending balance Ending balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation Contributed services Changes in allowance for doubtful accounts Loss on disposal of property and equipment Changes in deferred rent Changes to liquidated damage on warrant liability Changes in operating assets and liabilities: Accounts receivable Prepaid expenses and other current assets Accounts payable Accrued expenses Accrued wages Deposit liability Deferred revenue Net cash provided by (used in) operating activities Cash flows from financing activities Payments for repurchase of warrants Proceeds from exercise of warrants Other rounding Net cash provided by (used in) financing activities Net change in cash and cash equivalents Cash and cash equivalents, beginning of the period Cash and cash equivalents, end of the period Supplemental disclosure of cash flow information: Interest paid Income taxes paid Supplemental disclosure of non-cash investing and financing information: Reversal of accrual for liquidated damages Issuance of warrants pursuant to reversal of accrual for liquidated damages Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization Accounting Policies [Abstract] Significant Accounting Policies Property, Plant and Equipment [Abstract] Property and Equipment Payables and Accruals [Abstract] Accrued Expenses Equity [Abstract] Stockholders' Equity Segment Reporting [Abstract] Sales by Geographical Location Income Tax Disclosure [Abstract] Income Taxes Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Related Party Transactions [Abstract] Related Party Transactions Subsequent Events [Abstract] Subsequent Events Basis of Presentation Use of Estimates Liquidity Revenue Recognition Cash and Cash equivalents Allowance for Doubtful Accounts Long-Lived Assets Property and Equipment Software Development Costs Concentration of Credit Risk Income Taxes Basic and Diluted Earnings Per Share Comprehensive Income (Loss) Stock-Based Compensation Fair Value of Financial Instruments Recently Adopted Accounting Pronouncements Schedule of Deferred Revenue and Accumulated Deficit Schedules of Concentration of Risk, by Risk Factor Schedule of Property and Equipment Schedule of Accrued Expenses Schedule of Share-based Compensation, Stock Options, Activity Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range Schedule of Warrants Outstanding Schedule of Revenue by Country Schedule of Components of Income Tax Expense (Benefit) Schedule of Effective Income Tax Rate Reconciliation Schedule of Deferred Tax Assets and Liabilities Statistical Measurement [Axis] Working capital deficit Proceeds from offering Proceeds from private placement License revenue Cash equivalents Allowance for doubtful accounts Property, plant and equipment, useful life Cash, FDIC insured amount Number of common shares equivalents of outstanding in money warrants Shares of common stock equivalents were excluded from the computation of diluted earnings per share since its effect would be antidilutive Rent expense Current Assets: Deferred COGS Liabilities and Stockholders' Equity: Accumulated Deficit, net of tax Current Liabilities: Deferred Revenue Long Term Liabilities: Deferred Revenue Concentration of Credit Risk Depreciation expense Property and equipment gross Less: accumulated depreciation and amortization Property and equipment net Consulting services Board of director fees Legal fees Rent Royalty fees Other Accrued expenses Note 9 - Stockholders' Equity (Details) [Table] Note 9 - Stockholders' Equity (Details) [Line Items] Share-based compensation arrangement by share-based payment award, number of shares authorized Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent Plan terminate term Share-based compensation arrangement by share-based payment award, number of shares available for grant Number of common stock issued for exercise of warrants Accrued liability for potential liquidated damages Number of warrants purchased back, shares Warrants outstanding Warrants outstanding exercisable price Warrants expiration date Options Outstanding, Beginning Balance Options Outstanding, Granted Options Outstanding, Forfeited/cancelled Options Outstanding, Exercised Options Outstanding, Ending Balance Options Outstanding, Vested and expected to vest at December 31, 2019 Options Exercisable at December 31, 2019 Weighted Average Exercise Price, Outstanding Beginning Balance Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Forfeited or expired Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Outstanding Ending Balance Weighted Average Exercise Price, Vested and expected to vest at December 31, 2019 Weighted Average Exercise Price, Exercisable at December 31, 2019 Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning Balance Weighted Average Remaining Contractual Life (Years) Outstanding, Ending Balance Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2019 Weighted Average Remaining Contractual Life (Years) Exercisable, Ending Balance Share-based Payment Arrangement, Option, Exercise Price Range [Table] Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] Exercise Price Range, Lower Range Limit Exercise Price Range, Upper Range Limit Options Outstanding, Number of shares Options Outstanding, Weighted Average Remaining Contractual Life (Years) Options Outstanding, Weighted Average Exercise Price Options Exercisable, Number of shares Options Exercisable, Weighted Average Exercise Price Number of Shares Subject to Warrants, Outstanding, beginning balance Number of Shares Subject to Warrants Outstanding, Granted Number of Shares Subject to Warrants Outstanding, Repurchase Number of Shares Subject to Warrants Outstanding, Exercised Number of Shares Subject to Warrants Outstanding, Forfeited/cancelled Number of Shares Subject to Warrants, Outstanding, ending balance Revenue by country Note 10 - Income Taxes (Details) [Table] Note 10 - Income Taxes (Details) [Line Items] Federal income tax rate Valuation allowance, deferred tax asset, increase (decrease), amount Operating loss carryforwards Operating loss expiration date Percentage of cumulative ownership Tax credit carryforward, amount Federal State Foreign Current income tax expense Federal State Foreign Deferred income tax expense Provision (benefit) for income tax Federal income tax (benefit) at statutory rate State income tax (benefit) at statutory rate Foreign tax rate differential SBC - NQ cancellations Change in valuation allowance Meals and entertainment (50%) Prior year true-up adjustments Deferred compensation Contributed services Other items Meals and entertainment, percent Net operating loss carryforwards Tax credit carryforwards Compensation expense - non-qualified stock options Deferred revenue and maintenance service contracts Depreciation, amortization, and capitalized software Reserves and other Total deferred tax assets Deferred tax liability - depreciation, amortization and capitalized software Net deferred tax asset Valuation allowance Net deferred tax asset Rent expense Profit sharing plans Stock issued during period, shares Aggregate warrants to purchase, shares Stock issued during period, value Shares issued purchase price, per share Number of shares issued in private placement Offering agreements expiration, description Gross proceeds from issuance of private placement Number of restricted shares of common stock Additional paid in capital contributed services. Contributed services. Sales by Geographical Location [Text Block] Liquidity [Policy Text Block] Revenues [Member] Customer One [Member] Customer Two [Member] Customer Three [Member] January 1, 2019 [Member] Working capital deficit. Number of common shares equivalents of outstanding in money warrants. Note 9 Stockholders Equity Details Table. Note 9 Stockholders Equity Details Line Items. Two Thousand Twelve Equity Incentive Plan [Member] Non Qualified Stock Options [Member] Incentive Stock Options [Member] If Recipient Owns Greater Than Ten Percentf Voting Power [Member] Plan terminate term. Stock Option Plans [Member] Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term, ending balance. Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term, vested and expected to vest. Represents the first in a series of exercise price ranges. Represents the second in a series of exercise price ranges. Represents the third in a series of exercise price ranges. Seagate Technology [Member]. Profit sharing plans value. Chief Executive Officer and Interim Chief Financial Officer [Member] One Customer [Member] Customer Four [Member] Customer Five [Member] Number of common stock issued for exercise of warrants. Changes to liquidated damage on warrant liability. License Revenue [Member] January 1, 2018 [Member] Global Intangible Low-taxed Income [Member] Foreign-derived Intangible Income [Member] Adjustments due to ASC 606 [Member] Cost of Revenue [Member] Leasehold Improvement [Member] Lease liability [Member]. Seagate Technology [Member] Seagate Technology [Member]. Seagate Technology [Member]. Seagate Technology [Member]. Seagate Technology [Member]. Offer to Exercise [Member] Exercise Price Range 4 [Member] Exercise Price Range 5 [Member] Exercise Price Range 6 [Member] Exercise Price Range 7 [Member] Exercise Price Range 8 [Member] Two Thousnd Eight Stock Option Plan [Member] Represents information pertaining to the Company's 2005 equity incentive plan. Represents information pertaining to the Company's "Supplemental Stock Option Agreement." Note 10 Income Taxes Details Table. Note 10 Income Taxes Details Line Items. Federal [Member] Operating Loss Expiration Date. Effective income tax rate reconciliation deferred compensation. Depreciation, amortization, and capitalized software. Centric Systems [Member] Elosofts [Member] GE [Member] Thermo Lab Systems [Member] Unaffiliated Stockholder [Member] Liabilities and Shareholders' Equity (Deficit) Payments for repurchase of warrants. Reversal of accrual for liquidated damages. Issuance of warrants pursuant to reversal of accrual for liquidated damages. Payments to other financing activities. KitASPMember Uniface [Member] Accrued liability for potential liquidated damages. Crediting Additional Paid-in-Capital [Member] Crediting Other Income [Member] Number of warrants purchased back, shares. Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Repurchase. Contributed services on income tax rate reconcilation. Concord, NH Headquaters [Member] Backstop Agreement [Member] Accredited Investors [Member] Novelty Capital Partners LP [Member] Offering agreements expiration, description. Rights Offering [Member] Changes in deferred rent. Percentage of cumulative ownership. Purchase Agreement [Member] Board of Directors and Executive Officer [Member] Cumulative effect from change of accounting policies. License revenue. Schedule of Revenue [Table Text Block] Carrying value as of the balance sheet date of obligations incurred through that date and payable for consulting services. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Royalty fees. Accrued legal fees, current. Assets, Current Assets [Default Label] Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Shares, Outstanding Exercise Price Range 5 [Member] Gain (Loss) on Disposition of Property Plant Equipment ChangesInDeferredRent Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accrued Salaries Increase (Decrease) in Other Deposits Increase (Decrease) in Contract with Customer, Liability Net Cash Provided by (Used in) Operating Activities Payments for Repurchase of Warrants PaymentsToOtherFinancingActivities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Property, Plant and Equipment, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Concentration Risk, Percentage Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Current Income Tax Expense (Benefit) Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Deferred Foreign Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) IncomeTaxReconciliationOtherContributedServices Deferred Tax Assets, Gross Deferred Tax Liabilities, Deferred Expense Deferred Tax Assets, Net of Valuation Allowance Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net Operating Leases, Rent Expense, Net EX-101.PRE 13 hpto-20191231_pre.xml XBRL PRESENTATION FILE XML 14 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

 

The components of the provision (benefit) for income taxes for the years ended December 31, 2019 and 2018 consisted of the following:

 

    2019     2018  
Current                
Federal   $ —     $ —  
State     —       —  
Foreign     —       900  
    $ —     $ 900  
Deferred                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
      —       —  
Total   $ —     $ 900  

  

The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2019 and 2018, respectively:

 

    2019     2018  
Federal income tax (benefit) at statutory rate   $ 116,400     $ (6,600)  
State income tax (benefit) at statutory rate     13,900        (900)  
Foreign tax rate differential     —       900  
SBC – NQ cancellations     (2,700 )     (83,900)  
Change in valuation allowance     (284,900 )     (92,800)  
Meals and entertainment (50%)     1,000       700  
Prior year true-up adjustments     103,400       165,300  
Deferred compensation     —       17,800  
Contributed services     52,900       —  
Other items     —       400  
Provision (benefit) for income tax   $ —     $ 900  

 

Deferred income taxes and benefits result from temporary timing differences in the recognition of certain expense and income items for tax and financial reporting purposes. The following table sets forth those differences as of December 31, 2019 and 2018:

 

    2019     2018  
Net operating loss carryforwards   $ 13,702,300     $ 13,870,200  
Tax credit carryforwards     977,500       977,500  
Compensation expense – non-qualified stock options     69,000       166,800  
Deferred revenue and maintenance service contracts     419,800       425,000  
Depreciation, amortization, and capitalized software     —       11,300  
Reserves and other     58,200       52,400  
Total deferred tax assets     15,226,800       15,503,100  
Deferred tax liability – depreciation, amortization and capitalized software     —       —  
Net deferred tax asset     15,226,800       15,503,100  
Valuation allowance     (15,226,800 )     (15,503,100 )
Net deferred tax asset   $ —     $ —  

 

For financial reporting purposes, with the exception of the years ended December 31, 2019, the Company has incurred a loss in each year since inception. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2019 and 2018. The net change in the valuation allowance was decreased by $276,000 and $139,000 for the years ended December 31, 2019 and 2018, respectively.

 

At December 31, 2019, the Company had approximately $62.9 million of federal net operating loss carryforwards and approximately $6.9 million of California state net operating loss carryforwards available to reduce future taxable income. The federal loss carryforwards began to expire in 2019 and the California state loss carry forwards begin to expire in 2028. Under the Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited if the Company incurs a cumulative ownership change of more than 50%, as defined, over a three-year period.

 

At December 31, 2019, the Company had approximately $0.9 million of federal research and development tax credits that began to expire in 2018.
XML 15 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

Certain prior year information has been reclassified to conform to current year presentation.
Liquidity

Liquidity 

 

The Company has incurred significant net losses since inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800, which includes deferred revenue of $1,256,000. Subsequent to December 31, 2019, we received gross proceeds of $480,191 from a rights offering to our stockholders (the “Rights Offering”) and expect to receive $2.12 million from the consummation of a private placement of common stock pursuant to a related backstop agreement (the “Backstop Agreement”). Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.
Revenue Recognition

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, independent software vendors (“ISVs”), value-added resellers (“VARs”) (collectively, “resellers”) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products. 

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.

 

For the year ended December 31, 2018, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses.  For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.

  

On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

 

The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).

 

The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:

 

Balance Sheet  

Balance at

December 31, 2017

     Adjustments
due to ASC 606		     Balance at
January 1, 2018		  
                   
Current Assets                        
Deferred COGS   $ —     $ 20,000     $ 20,000  
                         
Liabilities and Stockholders’ Equity                        
Accumulated Deficit, net of tax   $ (81,849,200 )   $ 1,391,900     $ (80,457,300 )
                         
Current Liabilities                        
Deferred Revenue   $ 1,845,100     $ (609,700 )   $ 1,235,400  
Long Term Liabilities                        
Deferred Revenue   $ 1,409,700     $ (802,200 )   $ 607,500  

 

All of the Company’s software licenses are denominated in U.S. dollars.

 

As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.
Cash and Cash equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.
Long-Lived Assets

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the three or nine months ended December 31, 2019 or 2018.
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years.
Software Development Costs

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.
Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.

 

For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, “Sales” refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

  

    2019     2018  
Customer   % Sales    

% Accounts

Receivable

     % Sales    

% Accounts

Receivable

  
Centric System     7.8 %     17.9 %     9.5 %     3.2 %
Elosoft     8.9 %     8.1 %     10.4 %     32.1 %
GE     6.5 %     0.6 %     3.9 %     15.4 %
KitASP     14.0 %     3.0 %     6.2 %     1.7 %
Thermo LabSystems     2.9 %     9.7 %     4.1 %     10.8 %
Uniface     14.3 %     7.5 %     4.2 %     5.1 %
Total     54.4 %     46.8 %     38.3 %     68.3 %
Income Taxes

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

 

FASB ASC 220-10, “Reporting Comprehensive Income,” establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income, as defined, includes all changes in equity (net assets) during the period from non-owner sources. Examples of items to be included in comprehensive income, which are excluded from net income, include foreign currency translation adjustments and unrealized gain/loss of available-for-sale securities. For the years ended December 31, 2019 and 2018, comprehensive income (loss) only included net income (loss) and we did not have components of other comprehensive income (loss).
Stock-Based Compensation

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

Leases

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842),” which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders’ equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.

 

The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred. Rent expense for year ended December 31, 2019 and 2018, amounted to $48,000 and $48,000, respectively.
XML 16 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Sales by Geographical Location - Schedule of Revenue by Country (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue by country $ 3,530,100 $ 3,153,400
United States [Member]    
Revenue by country 1,133,400 1,188,500
Brazil [Member]    
Revenue by country 580,800 652,700
Japan [Member]    
Revenue by country 410,000 236,600
Germany [Member]    
Revenue by country 175,800 177,100
The Netherlands [Member]    
Revenue by country 445,100 144,800
Other Countries [Member]    
Revenue by country $ 785,000 $ 753,700
XML 17 R30.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Note 9 - Stockholders' Equity (Details) [Line Items]    
Number of common stock issued for exercise of warrants 30,466 564,556
Accrued liability for potential liquidated damages   $ 855,100
Number of warrants purchased back, shares   52,755
Warrants outstanding 481,335 622,912
Warrants outstanding exercisable price $ 0.01  
Warrants expiration date May 20, 2023  
Crediting Additional Paid-in-Capital [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Accrued liability for potential liquidated damages   $ 699,400
Crediting Other Income [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Accrued liability for potential liquidated damages   $ 155,700
2012 Equity Incentive Plan [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Share-based compensation arrangement by share-based payment award, number of shares authorized 643,797  
Plan terminate term The 12 Plan will terminate no later than November 7, 2022.  
Share-based compensation arrangement by share-based payment award, number of shares available for grant 411,593  
2012 Equity Incentive Plan [Member] | Non Qualified Stock Options [Member] | Minimum [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent 100.00%  
2012 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | Minimum [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent 10.00%  
2012 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | Minimum [Member] | If Recipient Owns Greater Than Ten Percent Voting Power [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent 110.00%  
2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member]    
Note 9 - Stockholders' Equity (Details) [Line Items]    
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent 100.00%  
XML 18 R38.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (Parenthetical)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Meals and entertainment, percent 50.00% 50.00%
XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

Certain prior year information has been reclassified to conform to current year presentation.

 

Liquidity 

 

The Company has incurred significant net losses since inception. As of December 31, 2019, we had an accumulated deficit of $79,934,400 and a working capital of $101,800, which includes deferred revenue of $1,256,000. Subsequent to December 31, 2019, we received gross proceeds of $480,191 from a rights offering to our stockholders (the “Rights Offering”) and expect to receive $2.12 million from the consummation of a private placement of common stock pursuant to a related backstop agreement (the “Backstop Agreement”). Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, independent software vendors (“ISVs”), value-added resellers (“VARs”) (collectively, “resellers”) and directly to hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products. 

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

Effective January 1, 2018, ASC 606, Revenue from Contracts with Customers, changed the recognition of revenue standards for reporting periods beginning after December 31, 2017.

 

For the year ended December 31, 2018, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses.  For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, which is intended to clarify two aspects of ASC 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients, which contains certain practical expedients in response to identified implementation issues. The Company elected to adopt ASC 606 under the Modified Retrospective approach. Under the Modified Retrospective approach, only contracts with customers for which there were remaining unsatisfied performance obligations (open contracts) at the beginning of initial year of adoption must be restated to apply retrospectively the guidance under ASC 606. Any resulting impact for such contracts prior to the beginning of the initial year of adoption are made as an adjustment to opening accumulated deficit for such year.

  

On January 1, 2018, the Company adopted ASC 606 using the Modified Retrospective method. This method required retrospective application of the new accounting standard to those contracts which were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

 

The change to the current revenue policy is the timing of revenue recognition for software licenses purchased by stocking resellers. Under the guidance ASC 605, the Company recognized revenue upon the delivery of licenses to end users when they were purchased from the stocking reseller. Under the guidance ASC 606, license revenue is recognized upon crediting of the licenses to the stocking resellers account for draw down at their discretion after placement of the stocking order by the stocking reseller. During the year ended December 31, 2018, this change in revenue policy resulted in lower license revenue of $231,300 and which had the same impact on gross profit, income (loss) from operations and net income (loss).

 

The Company recorded $1,391,900 to opening accumulated deficit as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to reversal of deferred license revenue associated with stocking orders placed in prior periods which had not been sold through to end users prior to January 1, 2018.

 

The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:

 

Balance Sheet  

Balance at

December 31, 2017

     Adjustments
due to ASC 606		     Balance at
January 1, 2018		  
                   
Current Assets                        
Deferred COGS   $ —     $ 20,000     $ 20,000  
                         
Liabilities and Stockholders’ Equity                        
Accumulated Deficit, net of tax   $ (81,849,200 )   $ 1,391,900     $ (80,457,300 )
                         
Current Liabilities                        
Deferred Revenue   $ 1,845,100     $ (609,700 )   $ 1,235,400  
Long Term Liabilities                        
Deferred Revenue   $ 1,409,700     $ (802,200 )   $ 607,500  

 

All of the Company’s software licenses are denominated in U.S. dollars.

 

As a result of the adoption of ASU NO. 2014-09, our 2018 revenues were subject to greater variability.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2019 or 2018.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2019 and 2018, the allowance for doubtful accounts totaled $7,300 and $3,600, respectively.

  

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the three or nine months ended December 31, 2019 or 2018.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2019 or 2018. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.

 

For the years ended December 31, 2019 and 2018, we currently consider the following to be our most significant customers and partners. For the purposes of this table, “Sales” refers to the dollar value of orders received from these customers and partners in the period indicated. These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

  

    2019     2018  
Customer   % Sales    

% Accounts

Receivable

     % Sales    

% Accounts

Receivable

  
Centric System     7.8 %     17.9 %     9.5 %     3.2 %
Elosoft     8.9 %     8.1 %     10.4 %     32.1 %
GE     6.5 %     0.6 %     3.9 %     15.4 %
KitASP     14.0 %     3.0 %     6.2 %     1.7 %
Thermo LabSystems     2.9 %     9.7 %     4.1 %     10.8 %
Uniface     14.3 %     7.5 %     4.2 %     5.1 %
Total     54.4 %     46.8 %     38.3 %     68.3 %

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2019, representing 481,335 outstanding in-the-money warrants, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2019 and 2018, the Company had total common stock equivalents of 106,077 and 353,231 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Comprehensive Income (Loss)

 

FASB ASC 220-10, “Reporting Comprehensive Income,” establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income, as defined, includes all changes in equity (net assets) during the period from non-owner sources. Examples of items to be included in comprehensive income, which are excluded from net income, include foreign currency translation adjustments and unrealized gain/loss of available-for-sale securities. For the years ended December 31, 2019 and 2018, comprehensive income (loss) only included net income (loss) and we did not have components of other comprehensive income (loss).

 

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

 

Recently Adopted Accounting Pronouncements

 

Leases

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet as well as other qualitative and quantitative disclosures. ASU 2016-02 is to be applied using a modified retrospective method and was effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842),” which provides an optional transition method allowing entities to recognize a cumulative-effect adjustment to the opening balance of stockholders’ equity in the period of adoption, with no restatement of comparative prior periods required. The Company adopted the standard using this optional transition method. The Company also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under the new guidance.

 

The Company assessed the impact that the new lease recognition standard had on its consolidated financial statements. As of the adoption date of January 1, 2019, the Company had only one lease, which was for its office space it leases under a month-to-month arrangement for a monthly amount of $4,000, which can be cancelled at any time by either party with a six-month advance notice. As management has elected a policy to exclude leases with an initial term of 12 months of less from the balance sheet presentation required under Topic 842, the office lease has been excluded from balance sheet presentation as it has an original term of 12 months or less. The rent associated with the lease continues to be expensed as incurred. Rent expense for year ended December 31, 2019 and 2018, amounted to $48,000 and $48,000, respectively.
XML 21 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues:    
Total Revenue $ 3,530,100 $ 3,153,400
Cost of Revenue:    
Total cost of revenue 149,800 145,800
Gross profit 3,380,300 3,007,600
Operating expenses:    
Selling and marketing 442,400 412,300
General and administrative 864,700 1,236,900
Research and development 1,533,000 1,518,700
Total operating expenses 2,840,100 3,167,900
Income (loss) from operations 540,200 (160,300)
Other income (expense):    
Other income (expense) 14,100 129,800
Income (loss) before provision for income taxes 554,300 (30,500)
Provision for income taxes 900
Net income (loss) $ 554,300 $ (31,400)
Net income (loss) per share, basic $ 0.06 $ (0.00)
Net income (loss) per share, diluted $ 0.05 $ (0.00)
Weighted average number of common shares outstanding    
Basic 9,821,177 10,150,867
Diluted 10,287,183 10,150,867
Software License [Member]    
Revenues:    
Total Revenue $ 952,600 $ 812,900
Software Service Fees [Member]    
Revenues:    
Total Revenue 2,483,600 2,240,300
Other [Member]    
Revenues:    
Total Revenue 93,900 100,200
Software Service Costs [Member]    
Cost of Revenue:    
Total cost of revenue 52,700 52,100
Software Product Costs [Member]    
Cost of Revenue:    
Total cost of revenue $ 97,100 $ 93,700
XML 22 R40.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Rent expense $ 48,000 $ 48,000
Profit sharing plans 14,100 $ 17,400
Concord, NH Headquarters [Member]    
Rent expense $ 4,000  
XML 23 R29.htm IDEA: XBRL DOCUMENT v3.20.1
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Consulting services $ 2,000 $ 10,600
Board of director fees 85,600 85,600
Legal fees 6,400
Rent 8,000
Royalty fees 5,400
Other 12,000 12,100
Accrued expenses $ 106,000 $ 121,600
XML 24 R21.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes the stock option activity for the year ended December 31, 2019 and 2018.

 

         

Weighted-

Average

Exercise

    

Weighted-

Average

Remaining

Contractual

Life

  
    Options     Price     (Years)  
                   
Outstanding at December 31, 2017     315,167     $ 2.46          
Granted     -                  
Forfeited/cancelled     (197,492 )                
Outstanding at December 31, 2018     117,675     $ 2.57          
Granted     -                  
Forfeited/cancelled     (11,598 )                
Exercised     -                  
Outstanding at December 31, 2019     106,077     $ 2.77       1.53  
                         
Vested and expected to vest at December 31, 2019     106,077     $ 2.77       1.53  
                         
Exercisable at December 31, 2019     106,077     $ 2.77       1.53  
Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2019.

 

      Options Outstanding     Options Exercisable  
                  Weighted-           Weighted-  
Range of           Average     Average           Average  
Exercise     Number     Remaining     Exercise     Number     Exercise  
Price     of Shares     Life (Years)     Price     of Shares     Price  
                                 
$ 0.75 - 1.00       27,527       0.56     $ 0.82       27,527     $ 0.82  
  1.79 - 4.00       63,684       1.87       3.21       63,684       3.21  
  4.20 - 6.68       14,866       1.90       4.46       14,866       4.46  
          106,077                       106,077          
Schedule of Warrants Outstanding

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2019 and 2018.

 

    Warrants  
       
Outstanding at December 31, 2017     698,119  
Granted     564,556  
Repurchase     (52,755 )
Forfeited/cancelled     (587,008 )
Outstanding at December 31, 2018     622,912  
Granted     -  
Forfeited/cancelled     (111,111 )
Exercised     (30,466 )
Outstanding at December 31, 2019     481,335  
XML 25 R25.htm IDEA: XBRL DOCUMENT v3.20.1
Significant Accounting Policies - Schedule of Deferred Revenue and Accumulated Deficit (Details) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Jan. 02, 2018
Dec. 31, 2017
Current Assets: Deferred COGS      
Liabilities and Stockholders' Equity: Accumulated Deficit, net of tax $ (79,934,400) $ (80,488,700) $ 1,391,900 (81,849,200)
Current Liabilities: Deferred Revenue 1,256,000 1,300,300   1,845,100
Long Term Liabilities: Deferred Revenue 529,500 $ 491,500   $ 1,409,700
Adjustments due to ASC 606 [Member]        
Current Assets: Deferred COGS 20,000      
Liabilities and Stockholders' Equity: Accumulated Deficit, net of tax 1,391,900      
Current Liabilities: Deferred Revenue (609,700)      
Long Term Liabilities: Deferred Revenue (802,200)      
January 1, 2018 [Member]        
Current Assets: Deferred COGS 20,000      
Liabilities and Stockholders' Equity: Accumulated Deficit, net of tax (80,457,300)      
Current Liabilities: Deferred Revenue 1,235,400      
Long Term Liabilities: Deferred Revenue $ 607,500      
XML 26 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions (Details Narrative) - USD ($)
 12 Months Ended
Jan. 31, 2020
Dec. 28, 2018
Dec. 31, 2019
Dec. 31, 2018
Contributed services     $ 225,100 $ 75,000
Purchase Agreement [Member] | Board of Directors and Executive Officer [Member]        
Stock issued during period, shares   450,000    
Backstop Agreement [Member] | Subsequent Event [Member]        
Offering agreements expiration, description Backstop Agreement transactions by the end of April 2020.      
Gross proceeds from issuance of private placement $ 21,200,000      
Number of restricted shares of common stock $ 7,000,000      
Backstop Agreement [Member] | Subsequent Event [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member]        
Shares issued purchase price, per share $ 0.30      
Offering agreements expiration, description The Rights Offering expired on March 31, 2020      
Backstop Agreement [Member] | Subsequent Event [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member] | Maximum [Member]        
Number of shares issued in private placement 2,410,000      
Rights Offering [Member] | Subsequent Event [Member]        
Number of shares issued in private placement 1,600,000      
Proceeds from offering $ 480,191      
Unaffiliated Stockholder [Member]        
Stock issued during period, shares   450,000    
Aggregate warrants to purchase, shares   48,896    
Stock issued during period, value   $ 149,700    
XML 28 R20.htm IDEA: XBRL DOCUMENT v3.20.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses

Accrued expenses as of December 31, 2019 and 2018 consisted of the following:

 

    2019     2018  
Consulting services   $ 2,000     $ 10,600  
Board of director fees     85,600       85,600  
Legal fees     6,400       -  
Rent     -       8,000  
Royalty fees     -       5,400  
Other     12,000       12,100  
    $ 106,000     $ 121,700  
XML 29 R24.htm IDEA: XBRL DOCUMENT v3.20.1
Significant Accounting Policies (Details Narrative) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 02, 2019
Dec. 31, 2019
Dec. 31, 2018
Jan. 02, 2018
Dec. 31, 2017
Accumulated deficit     $ (79,934,400) $ (80,488,700) $ 1,391,900 $ (81,849,200)
Working capital deficit     101,800      
Deferred revenue     1,256,000 1,300,300   $ 1,845,100
License revenue       231,300    
Cash equivalents        
Allowance for doubtful accounts     7,300 $ 3,600    
Cash, FDIC insured amount     $ 1,291,900      
Number of common shares equivalents of outstanding in money warrants     481,335    
Shares of common stock equivalents were excluded from the computation of diluted earnings per share since its effect would be antidilutive     106,077 353,231    
Rent expense   $ 4,000 $ 48,000 $ 48,000    
Minimum [Member]            
Property, plant and equipment, useful life     3 years      
Maximum [Member]            
Property, plant and equipment, useful life     7 years      
Subsequent Event [Member] | Rights Offering [Member]            
Proceeds from offering $ 480,191          
Subsequent Event [Member] | Backstop Agreement [Member]            
Proceeds from private placement $ 21,200,000          
EXCEL 30 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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
  •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end XML 31 R28.htm IDEA: XBRL DOCUMENT v3.20.1
    Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
    Dec. 31, 2019
    Dec. 31, 2018
    Property and equipment gross $ 155,900 $ 155,900
    Less: accumulated depreciation and amortization (155,900) (155,500)
    Property and equipment net 400
    Equipment [Member]    
    Property and equipment gross 154,300 154,300
    Furniture and Fixtures [Member]    
    Property and equipment gross $ 1,600 $ 1,600
    ZIP 32 0001493152-20-006399-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-20-006399-xbrl.zip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�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Ø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

    ?N 578C,S& *Z M%I.VC1F+Q5XTIPLVT3\QOF<^+CE!(^/:^0JH ,OW!P 1 " 0 !H<'1O+3(P,3DQ M,C,Q+GAM;%!+ 0(4 Q0 ( $>+CE!P4&W<-1 '^@ 1 M " 7&J !H<'1O+3(P,3DQ,C,Q+GAS9%!+ 0(4 Q0 ( $>+CE!F_W,] MJQ$ )WA 5 " =6Z !H<'1O+3(P,3DQ,C,Q7V-A;"YX M;6Q02P$"% ,4 " !'BXY0N"-/3MTA 8! ( %0 @ &S MS :'!T;RTR,#$Y,3(S,5]D968N>&UL4$L! A0#% @ 1XN.4'5GFE)U M50 Y<8$ !4 ( !P^X &AP=&\M,C Q.3$R,S%?;&%B+GAM M;%!+ 0(4 Q0 ( $>+CE [&,PQ9#0 *-< P 5 " 6M$ M 0!H<'1O+3(P,3DQ,C,Q7W!R92YX;6Q02P4& 8 !@"* 0 GD! end XML 33 R12.htm IDEA: XBRL DOCUMENT v3.20.1
    Sales by Geographical Location
    		 12 Months Ended
    Dec. 31, 2019
    Segment Reporting [Abstract]  
    Sales by Geographical Location

    6. Sales by Geographical Location

     

    Revenue by country for the year ended December 31, 2019 and 2018 was as follows.

     

        For the Year Ended  
        December 31, 2019     December 31, 2018  
    Revenue by Country                
    United States   $ 1,133,400     $ 1,188,500  
    Brazil     580,800       652,700  
    Japan     410,000       236,600  
    Germany     175,800       177,100  
    The Netherlands     445,100       144,800  
    Other Countries     785,000       753,700  
    Total   $ 3,530,100     $ 3,153,400  
    XML 34 R16.htm IDEA: XBRL DOCUMENT v3.20.1
    Subsequent Events
    		 12 Months Ended
    Dec. 31, 2019
    Subsequent Events [Abstract]  
    Subsequent Events

    10. Subsequent Events

     

    See Note 9 above regarding the Rights Offering and Backstop Agreement.
    XML 35 R39.htm IDEA: XBRL DOCUMENT v3.20.1
    Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
    Dec. 31, 2019
    Dec. 31, 2018
    Income Tax Disclosure [Abstract]    
    Net operating loss carryforwards $ 13,702,300 $ 13,870,200
    Tax credit carryforwards 977,500 977,500
    Compensation expense - non-qualified stock options 69,000 166,800
    Deferred revenue and maintenance service contracts 419,800 425,000
    Depreciation, amortization, and capitalized software 11,300
    Reserves and other 58,200 52,400
    Total deferred tax assets 15,226,800 15,503,100
    Deferred tax liability - depreciation, amortization and capitalized software
    Net deferred tax asset 15,226,800 15,503,100
    Valuation allowance (15,226,800) (15,503,100)
    Net deferred tax asset
    XML 36 R35.htm IDEA: XBRL DOCUMENT v3.20.1
    Income Taxes (Details Narrative) - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Note 10 - Income Taxes (Details) [Line Items]    
    Federal income tax rate 21.00% 21.00%
    Valuation allowance, deferred tax asset, increase (decrease), amount $ 276,000 $ 139,000
    Percentage of cumulative ownership 50.00%  
    Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]    
    Note 10 - Income Taxes (Details) [Line Items]    
    Operating loss expiration date Expire in 2018  
    Tax credit carryforward, amount $ 900,000  
    Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]    
    Note 10 - Income Taxes (Details) [Line Items]    
    Operating loss carryforwards $ 62,900,000  
    Operating loss expiration date Expire in 2019  
    State and Local Jurisdiction [Member] | California Franchise Tax Board [Member]    
    Note 10 - Income Taxes (Details) [Line Items]    
    Operating loss carryforwards $ 6,900,000  
    Operating loss expiration date Expire in 2028  
    XML 37 R31.htm IDEA: XBRL DOCUMENT v3.20.1
    Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Equity [Abstract]    
    Options Outstanding, Beginning Balance 117,675 315,167
    Options Outstanding, Granted
    Options Outstanding, Forfeited/cancelled (11,598) (197,492)
    Options Outstanding, Exercised
    Options Outstanding, Ending Balance 106,077 117,675
    Options Outstanding, Vested and expected to vest at December 31, 2019 106,077  
    Options Exercisable at December 31, 2019 106,077  
    Weighted Average Exercise Price, Outstanding Beginning Balance $ 2.57 $ 2.46
    Weighted Average Exercise Price, Granted
    Weighted Average Exercise Price, Forfeited or expired
    Weighted Average Exercise Price, Exercised
    Weighted Average Exercise Price, Outstanding Ending Balance 2.77 $ 2.57
    Weighted Average Exercise Price, Vested and expected to vest at December 31, 2019 2.77  
    Weighted Average Exercise Price, Exercisable at December 31, 2019 $ 2.77  
    Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning Balance 0 years  
    Weighted Average Remaining Contractual Life (Years) Outstanding, Ending Balance 1 year 6 months 10 days 0 years
    Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2019 1 year 6 months 10 days  
    Weighted Average Remaining Contractual Life (Years) Exercisable, Ending Balance 1 year 6 months 10 days  
    XML 38 R1.htm IDEA: XBRL DOCUMENT v3.20.1
    Document and Entity Information - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Apr. 14, 2020
    Jun. 30, 2019
    Document And Entity Information      
    Entity Registrant Name hopTo Inc.    
    Entity Central Index Key 0001021435    
    Document Type 10-K    
    Document Period End Date Dec. 31, 2019    
    Amendment Flag false    
    Current Fiscal Year End Date --12-31    
    Entity Well-known Seasoned Issuer No    
    Entity Voluntary Filers No    
    Entity Current Reporting Status Yes    
    Entity Interactive Data Current Yes    
    Entity Filer Category Non-accelerated Filer    
    Entity Small Business Flag true    
    Entity Emerging Growth Company false    
    Entity Shell Company false    
    Entity Public Float     $ 2,606,838
    Entity Common Stock, Shares Outstanding   11,572,880  
    Document Fiscal Period Focus FY    
    Document Fiscal Year Focus 2019    
    XML 39 R5.htm IDEA: XBRL DOCUMENT v3.20.1
    Consolidated Statements of Shareholders' Equity (Deficit) - USD ($)
    Common Stock [Member]
    Additional Paid-In Capital [Member]
    Accumulated Deficit [Member]
    Total
    Beginning balance at Dec. 31, 2017 $ 1,000 $ 78,539,300 $ (81,849,200) $ (3,308,900)
    Beginning balance, shares at Dec. 31, 2017 9,804,400      
    Cumulative effect from change of accounting policies 1,391,900 1,391,900
    Contributed services 75,000 75,000
    Issuance of warrants 699,400 699,400
    Payments for repurchase of warrants (15,500) (15,500)
    Net Income (loss) (31,400) (31,400)
    Ending balance at Dec. 31, 2018 $ 1,000 79,298,200 (80,488,700) (1,189,500)
    Ending balance, shares at Dec. 31, 2018 9,804,400      
    Contributed services 225,100 225,100
    Exercise of warrants 300 300
    Exercise of warrants, shares 30,466      
    Other rounding (100) (100)
    Net Income (loss) 554,300 554,300
    Ending balance at Dec. 31, 2019 $ 1,000 $ 79,523,500 $ (79,934,400) $ (409,900)
    Ending balance, shares at Dec. 31, 2019 9,834,866      
    XML 40 R9.htm IDEA: XBRL DOCUMENT v3.20.1
    Property and Equipment
    		 12 Months Ended
    Dec. 31, 2019
    Property, Plant and Equipment [Abstract]  
    Property and Equipment

    3. Property and Equipment

     

    Property and equipment as of December 31, 2019 and 2018 consisted of the following:

     

       

    December 31,

    2019

    		    

    December 31,

    2018

    		  
                 
    Equipment   $ 154,300     $ 154,300  
    Furniture and fixtures     1,600       1,600  
                     
          155,900       155,900  
                     
    Less: accumulated depreciation     (155,900 )     (155,500 )
                     
        $ -     $ 400  

     

    Depreciation expense for the years ended December 31, 2019 and 2018 was $400 and $29,700, respectively.
    XML 41 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 116 314 1 false 54 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://hopto.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://hopto.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://hopto.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations Sheet http://hopto.com/role/StatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Shareholders' Equity (Deficit) Sheet http://hopto.com/role/StatementsOfShareholdersEquityDeficit Consolidated Statements of Shareholders' Equity (Deficit) Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Cash Flows Sheet http://hopto.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - Organization Sheet http://hopto.com/role/Organization Organization Notes 7 false false R8.htm 00000008 - Disclosure - Significant Accounting Policies Sheet http://hopto.com/role/SignificantAccountingPolicies Significant Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Property and Equipment Sheet http://hopto.com/role/PropertyAndEquipment Property and Equipment Notes 9 false false R10.htm 00000010 - Disclosure - Accrued Expenses Sheet http://hopto.com/role/AccruedExpenses Accrued Expenses Notes 10 false false R11.htm 00000011 - Disclosure - Stockholders' Equity Sheet http://hopto.com/role/StockholdersEquity Stockholders' Equity Notes 11 false false R12.htm 00000012 - Disclosure - Sales by Geographical Location Sheet http://hopto.com/role/SalesByGeographicalLocation Sales by Geographical Location Notes 12 false false R13.htm 00000013 - Disclosure - Income Taxes Sheet http://hopto.com/role/IncomeTaxes Income Taxes Notes 13 false false R14.htm 00000014 - Disclosure - Commitments and Contingencies Sheet http://hopto.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 14 false false R15.htm 00000015 - Disclosure - Related Party Transactions Sheet http://hopto.com/role/RelatedPartyTransactions Related Party Transactions Notes 15 false false R16.htm 00000016 - Disclosure - Subsequent Events Sheet http://hopto.com/role/SubsequentEvents Subsequent Events Notes 16 false false R17.htm 00000017 - Disclosure - Significant Accounting Policies (Policies) Sheet http://hopto.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://hopto.com/role/SignificantAccountingPolicies 17 false false R18.htm 00000018 - Disclosure - Significant Accounting Policies (Tables) Sheet http://hopto.com/role/SignificantAccountingPoliciesTables Significant Accounting Policies (Tables) Tables http://hopto.com/role/SignificantAccountingPolicies 18 false false R19.htm 00000019 - Disclosure - Property and Equipment (Tables) Sheet http://hopto.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://hopto.com/role/PropertyAndEquipment 19 false false R20.htm 00000020 - Disclosure - Accrued Expenses (Tables) Sheet http://hopto.com/role/AccruedExpensesTables Accrued Expenses (Tables) Tables http://hopto.com/role/AccruedExpenses 20 false false R21.htm 00000021 - Disclosure - Stockholders' Equity (Tables) Sheet http://hopto.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://hopto.com/role/StockholdersEquity 21 false false R22.htm 00000022 - Disclosure - Sales by Geographical Location (Tables) Sheet http://hopto.com/role/SalesByGeographicalLocationTables Sales by Geographical Location (Tables) Tables http://hopto.com/role/SalesByGeographicalLocation 22 false false R23.htm 00000023 - Disclosure - Income Taxes (Tables) Sheet http://hopto.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://hopto.com/role/IncomeTaxes 23 false false R24.htm 00000024 - Disclosure - Significant Accounting Policies (Details Narrative) Sheet http://hopto.com/role/SignificantAccountingPoliciesDetailsNarrative Significant Accounting Policies (Details Narrative) Details http://hopto.com/role/SignificantAccountingPoliciesTables 24 false false R25.htm 00000025 - Disclosure - Significant Accounting Policies - Schedule of Deferred Revenue and Accumulated Deficit (Details) Sheet http://hopto.com/role/SignificantAccountingPolicies-ScheduleOfDeferredRevenueAndAccumulatedDeficitDetails Significant Accounting Policies - Schedule of Deferred Revenue and Accumulated Deficit (Details) Details 25 false false R26.htm 00000026 - Disclosure - Significant Accounting Policies - Schedules of Concentration of Risk, by Risk Factor (Details) Sheet http://hopto.com/role/SignificantAccountingPolicies-SchedulesOfConcentrationOfRiskByRiskFactorDetails Significant Accounting Policies - Schedules of Concentration of Risk, by Risk Factor (Details) Details 26 false false R27.htm 00000027 - Disclosure - Property and Equipment (Details Narrative) Sheet http://hopto.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://hopto.com/role/PropertyAndEquipmentTables 27 false false R28.htm 00000028 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) Sheet http://hopto.com/role/PropertyAndEquipment-ScheduleOfPropertyAndEquipmentDetails Property and Equipment - Schedule of Property and Equipment (Details) Details 28 false false R29.htm 00000029 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) Sheet http://hopto.com/role/AccruedExpenses-ScheduleOfAccruedExpensesDetails Accrued Expenses - Schedule of Accrued Expenses (Details) Details 29 false false R30.htm 00000030 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://hopto.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://hopto.com/role/StockholdersEquityTables 30 false false R31.htm 00000031 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) Sheet http://hopto.com/role/StockholdersEquity-ScheduleOfShare-basedCompensationStockOptionsActivityDetails Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) Details 31 false false R32.htm 00000032 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details) Sheet http://hopto.com/role/StockholdersEquity-ScheduleOfShare-basedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeDetails Stockholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details) Details 32 false false R33.htm 00000033 - Disclosure - Stockholders' Equity - Schedule of Warrants Outstanding (Details) Sheet http://hopto.com/role/StockholdersEquity-ScheduleOfWarrantsOutstandingDetails Stockholders' Equity - Schedule of Warrants Outstanding (Details) Details 33 false false R34.htm 00000034 - Disclosure - Sales by Geographical Location - Schedule of Revenue by Country (Details) Sheet http://hopto.com/role/SalesByGeographicalLocation-ScheduleOfRevenueByCountryDetails Sales by Geographical Location - Schedule of Revenue by Country (Details) Details 34 false false R35.htm 00000035 - Disclosure - Income Taxes (Details Narrative) Sheet http://hopto.com/role/IncomeTaxesDetailsNarrative Income Taxes (Details Narrative) Details http://hopto.com/role/IncomeTaxesTables 35 false false R36.htm 00000036 - Disclosure - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) Sheet http://hopto.com/role/IncomeTaxes-ScheduleOfComponentsOfIncomeTaxExpenseBenefitDetails Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) Details 36 false false R37.htm 00000037 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) Sheet http://hopto.com/role/IncomeTaxes-ScheduleOfEffectiveIncomeTaxRateReconciliationDetails Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) Details 37 false false R38.htm 00000038 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (Parenthetical) Sheet http://hopto.com/role/IncomeTaxes-ScheduleOfEffectiveIncomeTaxRateReconciliationDetailsParenthetical Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (Parenthetical) Details 38 false false R39.htm 00000039 - Disclosure - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) Sheet http://hopto.com/role/IncomeTaxes-ScheduleOfDeferredTaxAssetsAndLiabilitiesDetails Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) Details 39 false false R40.htm 00000040 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://hopto.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://hopto.com/role/CommitmentsAndContingencies 40 false false R41.htm 00000041 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://hopto.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://hopto.com/role/RelatedPartyTransactions 41 false false All Reports Book All Reports hpto-20191231.xml hpto-20191231.xsd hpto-20191231_cal.xml hpto-20191231_def.xml hpto-20191231_lab.xml hpto-20191231_pre.xml http://fasb.org/us-gaap/2019-01-31 http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://xbrl.sec.gov/country/2017-01-31 true true XML 42 R22.htm IDEA: XBRL DOCUMENT v3.20.1
    Sales by Geographical Location (Tables)
    		 12 Months Ended
    Dec. 31, 2019
    Segment Reporting [Abstract]  
    Schedule of Revenue by Country

    Revenue by country for the year ended December 31, 2019 and 2018 was as follows.

     

        For the Year Ended  
        December 31, 2019     December 31, 2018  
    Revenue by Country                
    United States   $ 1,133,400     $ 1,188,500  
    Brazil     580,800       652,700  
    Japan     410,000       236,600  
    Germany     175,800       177,100  
    The Netherlands     445,100       144,800  
    Other Countries     785,000       753,700  
    Total   $ 3,530,100     $ 3,153,400  
    XML 43 R26.htm IDEA: XBRL DOCUMENT v3.20.1
    Significant Accounting Policies - Schedules of Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk [Member]
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Sales Revenue, Net [Member]    
    Concentration of Credit Risk 54.40% 38.30%
    Sales Revenue, Net [Member] | Centric Systems [Member]    
    Concentration of Credit Risk 7.80% 9.50%
    Sales Revenue, Net [Member] | Elosoft [Member]    
    Concentration of Credit Risk 8.90% 10.40%
    Sales Revenue, Net [Member] | GE [Member]    
    Concentration of Credit Risk 6.50% 3.90%
    Sales Revenue, Net [Member] | KitASP [Member]    
    Concentration of Credit Risk 14.00% 6.20%
    Sales Revenue, Net [Member] | Thermo Lab Systems [Member]    
    Concentration of Credit Risk 2.90% 4.10%
    Sales Revenue, Net [Member] | Uniface [Member]    
    Concentration of Credit Risk 14.30% 4.20%
    Accounts Receivable [Member]    
    Concentration of Credit Risk 46.80% 68.30%
    Accounts Receivable [Member] | Centric Systems [Member]    
    Concentration of Credit Risk 17.90% 3.20%
    Accounts Receivable [Member] | Elosoft [Member]    
    Concentration of Credit Risk 8.10% 32.10%
    Accounts Receivable [Member] | GE [Member]    
    Concentration of Credit Risk 0.60% 15.40%
    Accounts Receivable [Member] | KitASP [Member]    
    Concentration of Credit Risk 3.00% 1.70%
    Accounts Receivable [Member] | Thermo Lab Systems [Member]    
    Concentration of Credit Risk 9.70% 10.80%
    Accounts Receivable [Member] | Uniface [Member]    
    Concentration of Credit Risk 7.50% 5.10%
    XML 44 R37.htm IDEA: XBRL DOCUMENT v3.20.1
    Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Income Tax Disclosure [Abstract]    
    Federal income tax (benefit) at statutory rate $ 116,400 $ (6,600)
    State income tax (benefit) at statutory rate 13,900 (900)
    Foreign tax rate differential 900
    SBC - NQ cancellations (2,700) (83,900)
    Change in valuation allowance (284,900) (92,800)
    Meals and entertainment (50%) 1,000 700
    Prior year true-up adjustments 103,400 165,300
    Deferred compensation 17,800
    Contributed services 52,900
    Other items 400
    Provision (benefit) for income tax $ 900
    XML 45 R33.htm IDEA: XBRL DOCUMENT v3.20.1
    Stockholders' Equity - Schedule of Warrants Outstanding (Details) - Warrant [Member] - shares
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Number of Shares Subject to Warrants, Outstanding, beginning balance 622,912 698,119
    Number of Shares Subject to Warrants Outstanding, Granted 564,556
    Number of Shares Subject to Warrants Outstanding, Repurchase (52,755)
    Number of Shares Subject to Warrants Outstanding, Exercised (30,466)
    Number of Shares Subject to Warrants Outstanding, Forfeited/cancelled (111,111) (587,008)
    Number of Shares Subject to Warrants, Outstanding, ending balance 481,335 622,912
    XML 46 R18.htm IDEA: XBRL DOCUMENT v3.20.1
    Significant Accounting Policies (Tables)
    		 12 Months Ended
    Dec. 31, 2019
    Accounting Policies [Abstract]  
    Schedule of Deferred Revenue and Accumulated Deficit

    The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 under current assets, deferred revenue and accumulated deficit for the adoption ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows:

     

    Balance Sheet  

    Balance at

    December 31, 2017

    		     Adjustments
    due to ASC 606    		     Balance at
    January 1, 2018    		  
                       
    Current Assets                        
    Deferred COGS   $ —     $ 20,000     $ 20,000  
                             
    Liabilities and Stockholders’ Equity                        
    Accumulated Deficit, net of tax   $ (81,849,200 )   $ 1,391,900     $ (80,457,300 )
                             
    Current Liabilities                        
    Deferred Revenue   $ 1,845,100     $ (609,700 )   $ 1,235,400  
    Long Term Liabilities                        
    Deferred Revenue   $ 1,409,700     $ (802,200 )   $ 607,500  
    Schedules of Concentration of Risk, by Risk Factor

    These Sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

      

        2019     2018  
    Customer   % Sales    

    % Accounts

    Receivable

    		     % Sales    

    % Accounts

    Receivable

    		  
    Centric System     7.8 %     17.9 %     9.5 %     3.2 %
    Elosoft     8.9 %     8.1 %     10.4 %     32.1 %
    GE     6.5 %     0.6 %     3.9 %     15.4 %
    KitASP     14.0 %     3.0 %     6.2 %     1.7 %
    Thermo LabSystems     2.9 %     9.7 %     4.1 %     10.8 %
    Uniface     14.3 %     7.5 %     4.2 %     5.1 %
    Total     54.4 %     46.8 %     38.3 %     68.3 %
    XML 47 R10.htm IDEA: XBRL DOCUMENT v3.20.1
    Accrued Expenses
    		 12 Months Ended
    Dec. 31, 2019
    Payables and Accruals [Abstract]  
    Accrued Expenses

    4. Accrued Expenses

     

    Accrued expenses as of December 31, 2019 and 2018 consisted of the following:

     

        2019     2018  
    Consulting services   $ 2,000     $ 10,600  
    Board of director fees     85,600       85,600  
    Legal fees     6,400       -  
    Rent     -       8,000  
    Royalty fees     -       5,400  
    Other     12,000       12,100  
        $ 106,000     $ 121,700  
    XML 48 R14.htm IDEA: XBRL DOCUMENT v3.20.1
    Commitments and Contingencies
    		 12 Months Ended
    Dec. 31, 2019
    Commitments and Contingencies Disclosure [Abstract]  
    Commitments and Contingencies

    8. Commitments and Contingencies

     

    Leases

     

    Our headquarters in Concord, NH is a month-to-month rent basis, requiring a six-month notice from the lessor to terminate. Rent on the corporate headquarters continues at $4,000 per month. Rent expense aggregated approximately $48,000 for both years ended December 31, 2019 and 2018.

     

    Contingencies

     

    Under its Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws and certain agreements with officers and directors, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer’s or director’s serving in such capacity. Generally, the term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is limited as the Company currently has a directors and officers liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements is minimal and has no liabilities recorded for these agreements as of December 31, 2019.

     

    The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, including contractors and customers and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights, and often survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2019.

     

    The Company’s software license agreements also generally include a performance guarantee that the Company’s software products will operate substantially as described in the applicable program documentation for a period of 90 days after delivery. The Company also generally warrants that services that the Company performs will be provided in a manner consistent with reasonably applicable industry standards. To date, the Company has not incurred any material costs associated with these warranties and has no liabilities recorded for these agreements as of December 31, 2019.

     

    Profit Sharing Plans

     

    The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the years ended December 31, 2019 and 2018, the Company contributed a total of $14,100 and $17,400, respectively.
    XML 49 R3.htm IDEA: XBRL DOCUMENT v3.20.1
    Consolidated Balance Sheets (Parenthetical) - $ / shares
    Dec. 31, 2019
    Dec. 31, 2018
    Statement of Financial Position [Abstract]    
    Preferred stock, par value $ 0.01 $ 0.01
    Preferred stock, shares authorized 5,000,000 5,000,000
    Preferred stock, shares issued
    Preferred stock, shares outstanding
    Common stock, par value $ 0.0001 $ 0.0001
    Common stock, shares authorized 195,000,000 195,000,000
    Common stock, shares issued 9,834,866 9,804,400
    Common stock, shares outstanding 9,834,866 9,804,400
    XML 50 R7.htm IDEA: XBRL DOCUMENT v3.20.1
    Organization
    		 12 Months Ended
    Dec. 31, 2019
    Organization, Consolidation and Presentation of Financial Statements [Abstract]  
    Organization

    1. Organization

     

    hopTo Inc., a Delaware corporation, and its subsidiaries (collectively, “we”, “us,” “our” or the “Company”) are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants.

     

    The Company sells a family of products under the brand name GO-Global, which is a software application publishing business and is the Company’s sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors, corporate enterprises, governmental and educational institutions, and others, who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments .
    XML 51 R36.htm IDEA: XBRL DOCUMENT v3.20.1
    Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Income Tax Disclosure [Abstract]    
    Federal
    State
    Foreign 900
    Current income tax expense 900
    Federal
    State
    Foreign
    Deferred income tax expense
    Provision (benefit) for income tax $ 900
    XML 52 R32.htm IDEA: XBRL DOCUMENT v3.20.1
    Stockholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details) - $ / shares
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Dec. 31, 2017
    Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
    Options Outstanding, Number of shares 106,077 117,675 315,167
    Options Outstanding, Weighted Average Remaining Contractual Life (Years) 0 years    
    Options Exercisable, Number of shares 106,077    
    Options Exercisable, Weighted Average Exercise Price $ 2.77    
    Exercise Price Range 1 [Member]      
    Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
    Exercise Price Range, Lower Range Limit 0.75    
    Exercise Price Range, Upper Range Limit $ 1.00    
    Options Outstanding, Number of shares 27,527    
    Options Outstanding, Weighted Average Remaining Contractual Life (Years) 6 months 21 days    
    Options Outstanding, Weighted Average Exercise Price $ 0.82    
    Options Exercisable, Number of shares 27,527    
    Options Exercisable, Weighted Average Exercise Price $ 0.82    
    Exercise Price Range 2 [Member]      
    Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
    Exercise Price Range, Lower Range Limit 1.79    
    Exercise Price Range, Upper Range Limit $ 4.00    
    Options Outstanding, Number of shares 63,684    
    Options Outstanding, Weighted Average Remaining Contractual Life (Years) 1 year 10 months 14 days    
    Options Outstanding, Weighted Average Exercise Price $ 3.21    
    Options Exercisable, Number of shares 63,684    
    Options Exercisable, Weighted Average Exercise Price $ 3.21    
    Exercise Price Range 3 [Member]      
    Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
    Exercise Price Range, Lower Range Limit 4.20    
    Exercise Price Range, Upper Range Limit $ 6.68    
    Options Outstanding, Number of shares 14,866    
    Options Outstanding, Weighted Average Remaining Contractual Life (Years) 1 year 10 months 25 days    
    Options Outstanding, Weighted Average Exercise Price $ 4.46    
    Options Exercisable, Number of shares 14,866    
    Options Exercisable, Weighted Average Exercise Price $ 4.46    
    XML 53 R11.htm IDEA: XBRL DOCUMENT v3.20.1
    Stockholders' Equity
    		 12 Months Ended
    Dec. 31, 2019
    Equity [Abstract]  
    Stockholders' Equity

    5. Stockholders’ Equity

     

    Stock-Based Compensation Plans

     

    In November 2012, the Company’s 2012 Equity Incentive Plan (the “12 Plan”) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as “awards”) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company is authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.

     

    In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee’s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares would be forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award would be considered outstanding for dividend, voting and other purposes.

     

    Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of incentive stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company’s capital stock then the exercise price will be no less than 110% of the fair market value of the Company’s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also not be less than 100% of the fair market value of the Company’s common stock on the date the restricted stock is granted.

     

    All options granted under the 12 Plan are immediately exercisable by the optionee; however, there is a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price is immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company’s repurchase, which right lapses as the shares vest. The 12 Plan will terminate no later than November 7, 2022. As of December 31, 2019, 411,593 shares of common stock remained available for issuance under the 12 Plan.

     

    The following table summarizes the stock option activity for the year ended December 31, 2019 and 2018.

     

             

    Weighted-

    Average

    Exercise

    		    

    Weighted-

    Average

    Remaining

    Contractual

    Life

    		  
        Options     Price     (Years)  
                       
    Outstanding at December 31, 2017     315,167     $ 2.46          
    Granted     -                  
    Forfeited/cancelled     (197,492 )                
    Outstanding at December 31, 2018     117,675     $ 2.57          
    Granted     -                  
    Forfeited/cancelled     (11,598 )                
    Exercised     -                  
    Outstanding at December 31, 2019     106,077     $ 2.77       1.53  
                             
    Vested and expected to vest at December 31, 2019     106,077     $ 2.77       1.53  
                             
    Exercisable at December 31, 2019     106,077     $ 2.77       1.53  

     

    The following table summarizes information about stock options outstanding and exercisable as of December 31, 2019.

     

          Options Outstanding     Options Exercisable  
                      Weighted-           Weighted-  
    Range of           Average     Average           Average  
    Exercise     Number     Remaining     Exercise     Number     Exercise  
    Price     of Shares     Life (Years)     Price     of Shares     Price  
                                     
    $ 0.75 - 1.00       27,527       0.56     $ 0.82       27,527     $ 0.82  
      1.79 - 4.00       63,684       1.87       3.21       63,684       3.21  
      4.20 - 6.68       14,866       1.90       4.46       14,866       4.46  
              106,077                       106,077          

     

    Warrants

     

    During the year ended December 31, 2018, pursuant to a settlement agreement to issue warrants to purchase 564,556 shares of the Company’s Common stock, we derecognized the accrued liability for potential liquidated damages of $855,100 by crediting additional paid-in Capital for $699,400 and other income for $155,700. Following the issuance, the Company purchased back 52,755 shares from certain warrant holders.

     

    During the year ended December 31, 2019, the Company issued 30,466 shares of common stock for the exercise of warrants. As of December 31, 2019, and 2018, the Company had 481,335 and 622,912 warrants outstanding, respectively. The warrants outstanding at December 31, 2019 are all exercisable at $0.01 and have an expiration date of May 20, 2023.

      

    The following summarized changes in the number of warrants outstanding for the year ended December 31, 2019 and 2018.

     

        Warrants  
           
    Outstanding at December 31, 2017     698,119  
    Granted     564,556  
    Repurchase     (52,755 )
    Forfeited/cancelled     (587,008 )
    Outstanding at December 31, 2018     622,912  
    Granted     -  
    Forfeited/cancelled     (111,111 )
    Exercised     (30,466 )
    Outstanding at December 31, 2019     481,335  
    XML 54 R15.htm IDEA: XBRL DOCUMENT v3.20.1
    Related Party Transactions
    		 12 Months Ended
    Dec. 31, 2019
    Related Party Transactions [Abstract]  
    Related Party Transactions

    9. Related Party Transactions

     

    On December 28, 2018, the Company entered into an agreement with an unaffiliated stockholder of the Company to acquire 450,000 shares of the Company’s common stock and warrants to purchase an aggregate of 48,896 shares of the Company’s common stock for an aggregate cash consideration of $149,700. The Company agreed to assign its right to purchase 450,000 shares of common stock under the purchase agreement to a member of the Company’s board of directors and an entity controlled by a member of the Company’s board of directors and an executive officer at the company named Novelty Capital Partners LP.

     

    A member of our board of directors controls an entity named Novelty Capital Partners LP that is a significant shareholder in the Company and also serves as the Chief Executive Officer and Interim Chief Financial Officer of the Company. The related party has served in these executive roles providing management services to the Company since September 4, 2018; however, does not receive salary or other forms of cash compensation. Management has estimated the market rate for the services rendered for the years ended December 31, 2019 and 2018 as $225,100 and $75,000, respectively. The services have been recorded in the financial statements as a capital contribution.

     

    On January 31, 2020, we entered into the Backstop Agreement with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to $2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of the Rights Offering. The Rights Offering expired on March 31, 2020. While upon the closing of the Rights Offering, we anticipated that the Backstop Agreement would close by April 14, 2020, as of the filing of this Annual Report on Form 10-K the Backstop Agreement has not closed and we now expect to consummate the Backstop Agreement transactions by the end of April 2020.

     

    At the closing of the Rights Offering, we received gross proceeds of $480,191 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we expect to receive proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock.
    XML 55 R19.htm IDEA: XBRL DOCUMENT v3.20.1
    Property and Equipment (Tables)
    		 12 Months Ended
    Dec. 31, 2019
    Property, Plant and Equipment [Abstract]  
    Schedule of Property and Equipment

    Property and equipment as of December 31, 2019 and 2018 consisted of the following:

     

       

    December 31,

    2019

    		    

    December 31,

    2018

    		  
                 
    Equipment   $ 154,300     $ 154,300  
    Furniture and fixtures     1,600       1,600  
                     
          155,900       155,900  
                     
    Less: accumulated depreciation     (155,900 )     (155,500 )
                     
        $ -     $ 400  
    XML 56 R2.htm IDEA: XBRL DOCUMENT v3.20.1
    Consolidated Balance Sheets - USD ($)
    Dec. 31, 2019
    Dec. 31, 2018
    Current assets    
    Cash and cash equivalents $ 1,541,900 $ 892,500
    Accounts receivable, net 271,200 210,800
    Prepaid expenses and other current assets 59,000 79,000
    Total current assets 1,872,100 1,182,300
    Property and equipment, net 400
    Other assets 17,800 17,800
    Total assets 1,889,900 1,200,500
    Current liabilities    
    Accounts payable 271,900 318,700
    Accrued expenses 106,000 121,600
    Accrued wages 136,400 145,800
    Deposit liability 12,100
    Deferred revenue 1,256,000 1,300,300
    Total current liabilities 1,770,300 1,898,500
    Long-term liabilities    
    Deferred revenue 529,500 491,500
    Total liabilities 2,299,800 2,390,000
    Commitments and contingencies (Note 8)
    Stockholders' deficit    
    Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 or 2018
    Common stock, $0.0001 par value, 195,000,000 shares authorized, 9,834,866 and 9,804,400 shares issued and outstanding as of December 31, 2019 and 2018, respectively 1,000 1,000
    Additional paid-in capital 79,523,500 79,298,200
    Accumulated deficit (79,934,400) (80,488,700)
    Total stockholders' deficit (409,900) (1,189,500)
    Total liabilities and stockholders' deficit $ 1,889,900 $ 1,200,500
    XML 57 R6.htm IDEA: XBRL DOCUMENT v3.20.1
    Consolidated Statements of Cash Flows - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Cash flows from operating activities    
    Net income (loss) $ 554,300 $ (31,400)
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
    Depreciation 400 29,700
    Contributed services 225,100 75,000
    Changes in allowance for doubtful accounts 3,700 (4,200)
    Loss on disposal of property and equipment 700
    Changes in deferred rent (74,100)
    Changes to liquidated damage on warrant liability (155,700)
    Changes in operating assets and liabilities:    
    Accounts receivable (64,100) 220,200
    Prepaid expenses and other current assets 20,000 33,900
    Accounts payable (46,800) 67,000
    Accrued expenses (15,600) 13,900
    Accrued wages (9,400) (129,900)
    Deposit liability (12,100) (81,400)
    Deferred revenue (6,300) (71,100)
    Net cash provided by (used in) operating activities 649,200 (107,400)
    Cash flows from financing activities    
    Payments for repurchase of warrants (15,500)
    Proceeds from exercise of warrants 300
    Other rounding (100)
    Net cash provided by (used in) financing activities 200 (15,500)
    Net change in cash and cash equivalents 649,400 (122,900)
    Cash and cash equivalents, beginning of the period 892,500 1,015,400
    Cash and cash equivalents, end of the period 1,541,900 892,500
    Supplemental disclosure of cash flow information:    
    Interest paid
    Income taxes paid 800
    Supplemental disclosure of non-cash investing and financing information:    
    Reversal of accrual for liquidated damages 855,100
    Issuance of warrants pursuant to reversal of accrual for liquidated damages $ 699,400
    XML 58 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 59 R23.htm IDEA: XBRL DOCUMENT v3.20.1
    Income Taxes (Tables)
    		 12 Months Ended
    Dec. 31, 2019
    Income Tax Disclosure [Abstract]  
    Schedule of Components of Income Tax Expense (Benefit)

    The components of the provision (benefit) for income taxes for the years ended December 31, 2019 and 2018 consisted of the following:

     

        2019     2018  
    Current                
    Federal   $ —     $ —  
    State     —       —  
    Foreign     —       900  
        $ —     $ 900  
    Deferred                
    Federal   $ —     $ —  
    State     —       —  
    Foreign     —       —  
          —       —  
    Total   $ —     $ 900  
    Schedule of Effective Income Tax Rate Reconciliation

    The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2019 and 2018, respectively:

     

        2019     2018  
    Federal income tax (benefit) at statutory rate   $ 116,400     $ (6,600)  
    State income tax (benefit) at statutory rate     13,900        (900)  
    Foreign tax rate differential     —       900  
    SBC – NQ cancellations     (2,700 )     (83,900)  
    Change in valuation allowance     (284,900 )     (92,800)  
    Meals and entertainment (50%)     1,000       700  
    Prior year true-up adjustments     103,400       165,300  
    Deferred compensation     —       17,800  
    Contributed services     52,900       —  
    Other items     —       400  
    Provision (benefit) for income tax   $ —     $ 900  
    Schedule of Deferred Tax Assets and Liabilities

    The following table sets forth those differences as of December 31, 2019 and 2018:

     

        2019     2018  
    Net operating loss carryforwards   $ 13,702,300     $ 13,870,200  
    Tax credit carryforwards     977,500       977,500  
    Compensation expense – non-qualified stock options     69,000       166,800  
    Deferred revenue and maintenance service contracts     419,800       425,000  
    Depreciation, amortization, and capitalized software     —       11,300  
    Reserves and other     58,200       52,400  
    Total deferred tax assets     15,226,800       15,503,100  
    Deferred tax liability – depreciation, amortization and capitalized software     —       —  
    Net deferred tax asset     15,226,800       15,503,100  
    Valuation allowance     (15,226,800 )     (15,503,100 )
    Net deferred tax asset   $ —     $ —  
    XML 60 R27.htm IDEA: XBRL DOCUMENT v3.20.1
    Property and Equipment (Details Narrative) - USD ($)
    		 12 Months Ended
    Dec. 31, 2019
    Dec. 31, 2018
    Property, Plant and Equipment [Abstract]    
    Depreciation expense $ 400 $ 29,700