hopTo Inc. Announces First Quarter 2015 Highlights and Results
CAMPBELL, Calif., May 15, 2015 /PRNewswire/ -- hopTo Inc. (OTCQB: HPTO), developer and provider of the most comprehensive mobile productivity platform, today announced its financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights:
- Revenue of $1.47 million, an increase of approximately 10% year over year
- Formed new strategic partnerships including Entisys Solutions
- Launched hopTo Work 2.1 with Mobile App eXperience feature set and delivered hopTo Work for Android
- Hosted two HopTo Work webinars with over 150 participants
- Released upgrade for GO-Global for Windows
"We are pleased with the momentum that is taking place with the demand for hopTo Work, our mobile productivity platform for small and medium sized businesses and enterprise users," stated Eldad Eilam, President and CEO of hopTo Inc. "In this first quarter of 2015, we started to gain traction with both new resellers and our long-time existing relationships with our loyal GO-Global channel partners and this momentum has continued to build in the second quarter," said Eilam.
"Feedback from our customers, prospective customers and the customers of our channel partners is extremely positive and we are beginning to see acceptance in many large international markets as well as the U.S. They all benefit from the additional functionality and security of the hopTo Work platform with the new MAX feature set that we launched in the first quarter of this year and now includes availability on iPhone and Android devices."
"Additionally, our sales team continues to work around-the-clock with our GO-Global channel partners. This has not only resulted in sales for hopTo Work, but also has increased sales for our GO-Global product. This bodes well for the future of our multi-product revenue stream and supports our distribution and sales strategy to work both with existing sales relationships while building a new customer base in the ramp-up period for hopTo Work."
"We are off to a great start in the second quarter, with several big partner announcements already, including becoming verified as a Citrix Ready program participant," concluded Mr. Eilam.
First Quarter 2015 Results of Operations
Total revenue for the first quarter 2015 of $1.47 million represents an increase of nearly 10% over $1.34 million for the same period in the prior year. This revenue is nearly all from the Company's GO-Global products and services.
Gross profit for the first quarter of 2015 amounted to $1.36 million, as compared to $1.21 million for the same period in 2014.
Selling, general and administrative expenses for the first quarter of 2015 were $1.41 million and R&D expenses were $1.16 million, compared to $ 1.66 and $1.35 for the same period in 2014. The Company continued to deliver on cost controlling measures and better cash management, with total operating expenses for the first quarter of $2.57 million, compared to $3.01 million for the same period in 2014.
Total operating loss for the first quarter of 2015 was $1.21 million, which is a year over year improvement of 33% from the $1.80 million operating loss that we reported for the same period in 2014.
hopTo reported a net loss for the quarter ended March 31, 2015 of $1.26 million, or $0.01 per basic and diluted share, compared to $673 thousand or $0.01 per basic and diluted share for the same period in 2014.
As of March 31, 2015 the Company had cash of $1.97 million and accounts receivable of $454 thousand.
Conference Call
hopTo Inc. will host an investor conference call to discuss its financial results today, Friday, May 15, 2015 at 4:30 p.m. ET/1:30 p.m. PT.
Investors in the U.S. interested in participating in the call should dial 1-877-407-0784 and reference passcode 13609098. Those calling from outside the U.S. should dial 1-201-689-8560 and reference passcode 13609098. A telephone replay will be available approximately three hours after the call until May 29, 2015 by dialing 1-877-870-5176 from the U.S. or 1-858-384-5517 from international locations, with passcode 13609098.
A simultaneous live webcast will be available on the Investor Relations section of the Company's website at hopto.com and on the Company's Investor Relations mobile app, powered by IRapp™. The webcast will be archived on the Company's website for one year.
About hopTo:
Founded in its current form in 2012, hopTo Inc. is an innovator of a unique mobile productivity workspace platform. The hopTo mobile solution delivers an unparalleled user experience without compromising enterprise security. hopTo brings a new standard of mobile productivity by enabling individuals to Search, Access, Create, Edit and Share content from their mobile devices, efficiently and effectively, by leveraging any combination of on-premise or cloud stored content, documents and data as well as enterprise applications. The company is based in Campbell, CA.
For more information on hopTo, please visit: www.hopTo.com, https://www.linkedin.com/company/hopto or download the hopTo IRapp from the hopTo investor page.
FORWARD LOOKING STATEMENTS
This press release contains statements that are forward looking as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These statements include statements regarding future growth and the expected impact of our products on the marketplace. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ significantly from those described in the forward looking statements. Factors that may cause such a difference include the following: the success of our new products depends on a number of factors including market and customer acceptance; our ability to manage the risks associated with new product introduction and developing and marketing new versions of the product; and other factors, including those set forth under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014 and in other documents we have filed with the SEC.
Investors / Media:
Julie Silber
KCSA Strategic Communications
[email protected]
310.766.9760
| Condensed Consolidated Statements of Operations |
||||
| Three Months Ended March 31, |
||||
| 2015 |
2014 |
|||
| (Unaudited) |
(Unaudited) |
|||
| Revenue |
$ 1,471,100 |
$ 1,340,200 |
||
| Costs of revenue |
104,500 |
134,800 |
||
| Gross profit |
1,366,600 |
1,205,400 |
||
| Operating expenses |
||||
| Selling and marketing |
500,100 |
650,500 |
||
| General and administrative |
907,800 |
1,011,600 |
||
| Research and development |
1,164,900 |
1,348,000 |
||
| Total operating expenses |
2,572,800 |
3,010,100 |
||
| Loss from operations |
(1,206,200) |
(1,804,700) |
||
| Other income (expense) - change in fair value of warrants liability |
(55,100) |
1,133,700 |
||
| Other expense, net |
(600) |
(200) |
||
| Loss before provision for income tax |
(1,261,900) |
(671,200) |
||
| Provision for income tax |
1,100 |
1,300 |
||
| Net loss |
(1,263,000) |
(672,500) |
||
| Basic and diluted loss per share |
$ (0.01) |
$ (0.01) |
||
| Average weighted common shares outstanding - basic and diluted |
112,803,553 |
110,283,363 |
||
| Condensed Consolidated Balance Sheets |
||||
| March 31, |
December 31, |
|||
| 2015 |
2014 |
|||
| (Unaudited) |
(Unaudited) |
|||
| Assets |
||||
| Cash |
$ 1,971,800 |
$ 1,557,100 |
||
| Accounts receivable, net |
454,000 |
2,211,300 |
||
| Prepaid expenses |
103,500 |
98,100 |
||
| Total current assets |
2,529,300 |
3,866,500 |
||
| Capitalized software, net |
354,700 |
408,700 |
||
| Property and equipment, net |
335,100 |
362,500 |
||
| Other assets |
139,900 |
139,700 |
||
| Total assets |
$ 3,359,000 |
$ 4,777,400 |
||
| Liabilities and stockholders' deficit |
||||
| Accounts payable and accrued liabilities |
$ 962,600 |
$ 986,500 |
||
| Deferred revenue |
2,505,400 |
2,859,300 |
||
| Deferred rent |
47,900 |
44,500 |
||
| Capital lease |
7,800 |
7,700 |
||
| Total current liabilities |
3,523,700 |
3,898,000 |
||
| Warrants liability |
294,700 |
647,300 |
||
| Deferred revenue |
1,612,900 |
1,652,600 |
||
| Deferred rent |
144,600 |
158,200 |
||
| Capital lease |
13,200 |
15,200 |
||
| Stockholders' deficit |
(2,230,100) |
(1,593,900) |
||
| Total liabilities and stockholders' deficit |
$ 3,359,000 |
$ 4,777,400 |
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SOURCE hopTo Inc.
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