News Column

hopTo Inc. Reports First Quarter Highlights and Results

May 16, 2014

hopTo Inc., developer of a mobile productivity platform, announced its financial results for the first quarter ended March 31.

In a release on May 13, the company noted earnings details:

Recent Highlights

-Significant progress towards launch of hopTo Work

-Established partnership with Egnyte

-Hired CFO, Jean-Louis Casabonne

-Hired an Investor Relations Firm, KCSA

Results for First Quarter Ended March 31:

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

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

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

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

"We recognized $1.34 million in revenues in the first quarter of 2014 from our legacy asset, Go-Global, an application access solution taking advantage of cross-platform remote access and Web- enabled access to users' existing software applications. This was a year over year decrease of 17 percent. This decrease was expected as the company continued to shift its focus to hopTo and remains consistent with management's expectations," said Eilam.

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

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