UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 16, 2019
hopTo Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 0-21683 | 13-3899021 | ||
|
(State
or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS
Employer
Identification No.) |
| 6 Loudon Road, Suite 200, Concord NH | 03301 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (800) 472-7466
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
| [ ] | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). |
| [ ] | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 2.02. Results of Operations and Financial Condition.
On May 16, 2019, the registrant published a letter to stockholders in connection with the filing of the registrant’s Form 10-Q for the quarter ended March 31, 2019. A copy of the quarterly letter is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
The information contained in this report on Form 8-K, including the Exhibit, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by hopTo Inc. under the Securities Act of 1933, as amended.
Item 9.01 Exhibits and Financial Statements.
| Exhibit No. | Description | |
| 99.1 | Letter to stockholders, dated May 16, 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, as of May 16, 2019.
| hopTo Inc. | ||
| By: | /s/ Jonathon R. Skeels | |
| Name: | Jonathon R. Skeels | |
| Title: | Chief Executive Officer | |
May 16, 2019
Dear Fellow hopTo Stockholders:
hopTo’s operating results for the first quarter and ending March 31, 2019 were filed yesterday in our Form 10-Q with the Securities and Exchange Commission (“SEC”). I encourage investors to read our Form 10-Q in connection with our Form 10-K, including the Risk Factors, on the SEC website at www.sec.gov or when it becomes available at www.hopto.com as information contained in this shareholder letter is not a substititue for full SEC disclosure.
During the first quarter of 2019, we continued to make progress on our efforts to enable hopTo to pursue future growth opportunities. These efforts in the quarter have focused on:
| ● | aligning the cost structure of hopTo with that of its current operations, | |
| ● | reinvigorating the GraphOn business, which at this point, is our sole operating business | |
| ● | rebranding initiatives since the hopTo-branded product was ceased in 2016, | |
| ● | reviving efforts to sell or dispose of the remaining portfolio of 49 patents |
While it is still too early to know the ultimate success of our efforts, we believe some of our changes are beginning to take hold as demonstrated in our financial results for the first quarter 2019. A summary of financial results is as follows:
| ● | Total revenue of $1,053,800 compared to $822,300 in the prior year period with the increase primarily being driven by a certain partner that purchased a large order in the period | |
| ● | Total operating expenses of $786,500 compared to $835,300 in the prior year period, which includes $56,300 of non-cash expense in the current period related to management services I contributed to the company | |
| ● | Net income of $251,900 compared to a net loss of ($43,600) in the prior year period | |
| ● | Cash and cash equivalents was $1,002,700 as of March 31, 2019 as compared to $756,300 at September 30, 2018 when the new board members and I assumed our positions at the company |
Along with the operational changes we are making, we are also working toward implementing a new strategy and capital plan to create shareholder value. We will keep you updated through shareholder letters and other updates as warranted.
In closing, I want to thank you for your support and I look forward to updating you on future progress.
| /s/ Jonathon R. Skeels | |
| Jonathon R. Skeels | |
| Chief Executive Officer |