Business
hopTo Inc. Announces Second Quarter 2018 Business Update and Results
hopTo Inc. Announces Second Quarter 2018 Business Update and Results.
About this update from Hopto Inc.
[{"type":"text","content":"\nConcord, NH, Aug. 14, 2018 (GLOBE NEWSWIRE) -- hopTo Inc. (OTCQB: HPTO), developer and provider of application publishing and mobile productivity software, today announced its financial results for the second quarter ended June 30, 2018. \n Second Quarter 2018 Financial Update: Revenue of $866 thousandNet Income of $165 thousandBasic and diluted income per share of $0.02 Second Quarter 2018 Operational Summary and Business Update “In the second quarter of 2018, hopTo has maintained operation of the GO-Global business providing continued value to our customers with the introduction of our new version to a number of our partners and customers in preparation for the full general availability release of GO-Global 6.0 in September, ” stated Jean-Louis Casabonne, interim CEO of hopTo Inc. “Additionally, during the second quarter of 2018, the hopTo board of directors completed an extensive process of reviewing strategic alternatives for hopTo and the GO-Global business.  These options included possible asset sales, new board and management recommendations, and fundraising possibilities to fund new initiatives.  After careful analysis and consideration, the board has decided to propose a slate of new directors which, if approved by stockholders, will result in new executive leadership.  This new board is intended to take hopTo in a new direction that we believe will deliver positive results for our shareholders while leveraging the continuing operation of GO-Global.  The new board will, if approved by stockholders, assume their duties after the completion of voting in our upcoming annual meeting on August 23, 2018.  The proxy was mailed on or about August 8, 2018 and can be viewed at www.hopto.com under the heading “Proxy Materials.”  The outgoing board of directors and executive management recommends that stockholders vote for all of the nominated directors and proposals.” Results for the First Six Months Ended June 30, 2018 Total revenue for the six months of Fiscal Year 2018 was $1.7 million, a decrease of approximately 11.5% from $1.9 million for the same period in 2017. This revenue is entirely from the Company’s GO-Global products and services. For the first half of 2018, the Company reported net income of $121 thousand, compared with the $166 thou...