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hopTo Inc. Announces Fiscal 2013 Highlights and Results

hopTo Prosumer Adds 350,000 Users in First Four MonthsCompany Expects to Launch SMB and Enterprise Editions in 2014 (March 31, 2014)

CAMPBELL, Calif., March 31, 2014 /PRNewswire/ --hopToInc. (OTCQB/OTCBB: HPTO), developer of the most comprehensive mobile productivity platform, announced today its financial results for the year ended December 31, 2013.

hopTo Boosts Mobile Productivity on the iPad.

Recent Highlights

  • Launched hopTo Prosumer version in November 2013
  • hopTo Prosumer has over 350,000 unique users and adding ~3,000 daily
  • Featured in articles on CNET, VentureBeat, Engadget and PC World
  • On September 10, 2013 the company changed its name to hopTo
  • 5 patents applications have been allowed

Results for Year Ended December 31, 2013:


hopTo Inc. Announces Fiscal 2013 Highlights and Results

"2013 was a pivotal year for the company as we continued to make progress on our unique mobile productivity platform. In 2013, the company renamed itself hopTo to better represent this new direction and reflect our plans for future innovations and expansions in the Mobile Productivity market," said Eldad Eilam, hopTo's President and Chief Executive Officer.

"Our hopTo product is transitioning from a pre-revenue stage to cash flow positive stage as we launch the new offering for the SMB and Enterprise space, hopTo Work," continued Mr. Eilam. "We recognized $5.9 million in revenues in 2013 from our legacy asset, Go-Global, an application access solution taking advantage of cross-platform remote access and Web-enabled access to users' existing software applications.As we roll out the hopTo Work new SMB and Enterprise offering, we expect to see growth in our revenues from the hopTo product line in the latter part of 2014."

"We launched the hopTo Prosumer edition in November 2013 to test the market and begin to build our customer base. Our app has over 350,000 new users and, with the positive feedback from Prosumer users, we see a great potential in the SMB and Enterprise space. As more and more people are finding the need to work and be productive on-the-go, we expect to tap into a $53 billion productivity market through our future offering of hopTo Work. We expect these advancements with our productivity platform and continued focus on the enterprise business will continue to push hopTo Inc. to sustainable, profitable, long-term growth."

hopTo Inc. reported a net loss for the year ended December 31, 2013 of $3.7 million, or $.04 per share and the company's total revenue for 2013 was $5.9 million. Selling, general and administrative expenses were $5.5 million and R&D expenses were $5.0 million. R&D expenses increased by $1.2 million from 2012 as the company is developing new productivity platforms to tap into the mobile productivity business market.

Conference Call

hopTo will host a conference call at 4:30 p.m. EDT on Monday, March 31st, to discuss its year ended December 31, 2013. To participate, please dial(855) 273-1827 and enter the conference call code: 15772743. The conference call will also be accessible live on the Investor Relations section of the hopTo website athopto.com/investors.

A replay of the conference call will be available online athopto.combeginning at 6:30p.m. EDT on Monday, March 31st and continuing until Monday, June 30, 2014. A podcast of the conference call will also be available online athopto.combeginning approximately 24 hours after the call.

About hopTo:
Founded in its current form in 2012, hopTo Inc. is an innovator of a unique mobile productivity workspace application. hopTo delivers a mobile experience that changes the way you work and live empowering you to fully embrace a mobile lifestyle without any compromises or boundaries. Search, Access, Aggregate, Create, Edit and Share your content from your mobile device, efficiently and effectively, by leveraging the power of your own "personal cloud." The company is based in Campbell, CA.

For more information on hopTo, please visit:hopTo.comorfacebook.com/hopTo.

FORWARD LOOKING STATEMENTS:
This press release contains statements that are forward looking as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These statements include statements regarding future growth and the expected impact of our products on the marketplace. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ significantly from those described in the forward looking statements. Factors that may cause such a difference include the following: the success of our new products depends on a number of factors including market acceptance and our ability to manage the risks associated with new product introduction and developing and marketing new versions of the product; and other factors, including those set forth under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, and in other documents we have filed with the SEC.

Investors:
Julie Silber
jsilber@kcsa.com
310.766.9760

Media:
Troy Mickle
press@hopto.com
408.688.2674 x5086

Anne Donohoe
adonohoe@kcsa.com
732.620.0033


hopTo Inc.





Consolidated Balance Sheets







As of December 31,

Assets


2013


2012

Cash


$2,430,700


$3,960,600

Accounts receivable, net


811,700


865,900

Prepaid expense and other current assets


43,100


150,200

Total current assets


3,285,500


4,976,700

Property and equipment, net


302,100


358,900

Capitalized software, net


619,400


223,100

Other assets


139,900


46,900

Total assets


$4,346,900


$5,605,600






Liabilities and stockholders' deficit





Accounts payable


$244,600


$159,600

Accrued expenses


37,400


14,200

Accrued wages


562,100


565,300

Severance Liability


62,900


209,500

Deferred rent


31,200


26,700

Deferred revenue


2,772,900


2,921,600

Total current liabilities


3,711,100


3,896,900

Warrants liability


979,800


7,390,100

Severance liability


-


52,900

Deferred revenue


476,200


570,400

Deferred rent


84,600


127,500

Total liabilities


5,251,700


12,037,800

Preferred stock


-


-

Common stock


9,800


8,300

Additional paid-in capital


71,697,300


62,425,400

Accumulated deficit


(72,611,900)


(68,865,900)

Stockholders' deficit


(904,800)


(6,432,200)

Total liabilities and stockholders' deficit


$4,346,900


$5,605,600






Consolidated Statements of Operations and Net Loss












Year Ended December 31,



2013


2012

Revenue


$5,889,000


$6,541,300

Cost of revenue


508,600


601,500

Gross profit


5,380,400


5,939,800

Operating expenses





Selling and marketing


2,441,400


2,403,400

General and administrative


3,083,200


3,759,000

Research and development


4,999,900


3,870,900

Total operating expenses


10,524,500


10,033,300

Loss from operations


(5,144,100)


(4,093,500)

Change in fair value of warrant liability


1,406,000


(3,616,600)

Interest & other income


1,900


5,300

Interest & other expense


(2,000)


-

Loss from continuing operations before provision from income taxes


(3,738,200)


(7,704,800)

Provision for income taxes


7,800


3,500

Net loss from continuing operations


(3,746,000)


(7,708,300)

Loss from discontinued operations


-


(468,400)

Net loss


$(3,746,000)


$(8,176,700)

Loss per share





Continuing operations - basic and diluted


$(0.04)


$(0.09)

Discontinued operations - basic and diluted


$-


$(0.01)

Loss per share - basic and diluted


$(0.04)


$(0.10)

Weighted average shares outstanding - basic and diluted


90,409,625


82,153,360

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SOURCE hopTo Inc.

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