Business
hopTo Inc. Announces First Quarter 2018 Financial Results
hopTo Inc. Announces First Quarter 2018 Financial Results.
About this update from Hopto Inc.
[{"type":"text","content":"\nConcord, NH., May 21, 2018 (GLOBE NEWSWIRE) -- hopTo Inc. (OTCQB: HPTO), developer and provider of application publishing and mobile productivity software today announced its financial results for the three month period ended March 31, 2018.\n First Quarter 2018 Financial Update: ● Net Revenue of $822 thousand ● Net Loss of $(44) thousand ● Basic and diluted loss per share of $(0.00)    First Quarter 2018 Operational Summary and Business Update “During the first quarter of 2018 our GO-Global business has continued to generate positive cash flow and remains the cornerstone of hopTo’s ongoing business. We are proceeding with some key investments into the product and our marketing efforts for 2018 consistent with our resources and in response to market feedback and identified opportunities. We are working on a major new release which we expect to launch in the second quarter,” stated J.L. Casabonne, Interim President and CEO and CFO of hopTo Inc. “A key change in our financial reporting during in 2018 is our adoption of the new accounting standard, ASC 606, Revenue From Contracts With Customers which will have the effect of reducing some of our license revenue on a go-forward basis due to the fact that previously deferred license revenue will not be recognized in the future. This change is explained in detail in our Form 10-Q for the period ended March 31, 2018 which was filed with the SEC today. This change will only affect a portion of our license revenue and has no impact on cash flow which is derived from our GO-Global orders.” “Also effective today May 21, 2018, consistent with our prior disclosure in our Annual Report on Form 10-K for the 2017 fiscal year, we have completed a definitive agreement with affected shareholders to settle potential liquidated damages resulting from the delays in filing registration statements for shares of our common stock and shares of our common stock underlying warrants for certain private placements that we closed in 2013 and 2015. The settlement is on the same terms previously disclosed in our prior SEC filings. ” First Quarter 2018 Results of Operations Total revenue for the first quarter 2018 of $822 thousand represents a decrease of 16.3% from $983 thousand for the same period in the prior year. This revenue i...