hopTo (HPTO) 8-K Results of Operations and Financial Condition

hopTo Inc.
Condensed Consolidated Balance Sheets
		March 31,		December 31,
		2014		2013
		(Unaudited)		(Unaudited)
Assets
Cash	$	4,288,000	$	2,430,700
Accounts receivable, net		617,300		811,700
Other current assets		120,100		43,100
Total current assets		5,025,400		3,285,500
Property and equipment, net		375,900		302,100
Capitalized software, net		551,400		619,400
Other assets		139,900		139,900
Total assets	$	6,092,600	$	4,346,900
Liabilities and stockholders' equity (deficit)
Accounts payable and accrued liabilities	$	797,600	$	844,100
Deferred revenue - current		2,544,200		2,772,900
Deferred rent		34,000		31,200
Severance liability		16,700		62,900
Total current liabilities		3,392,500		3,711,100
Warrants liability		1,152,300		979,800
Deferred revenue - long term		447,700		476,200
Deferred rent		190,100		84,600
Stockholders' equity (deficit)		910,000		(904,800)
Total liabilities and stockholders' equity (deficit)	$	6,092,600	$	4,346,900

Condensed Consolidated Statements of Operations and Comprehensive Loss

		Three Months Ended March 31,
		2014		2013
		(Unaudited)		(Unaudited)
Revenue	$	1,340,200	$	1,617,000
Cost of revenue		194,600		111,800
Gross profit		1,145,600		1,505,200
Selling and marketing		650,500		499,000
General and administrative		993,900		746,000
Research and development		1,305,900		713,200
Total operating expenses		2,950,300		1,958,200
Loss from operations		(1,804,700)		(453,000)
Change in fair value of warrant liability		1,133,700		(3,448,700)
Other expense, net		(200)		(100)
Loss before income taxes		(671,200)		(3,901,800)
Income taxes		1,300		1,100
Net loss		(672,500)		(3,902,900)
Other comprehensive income (loss)		-		-
Comprehensive loss	$	(672,500)	$	(3,902,900)
Loss per common share - basic and diluted	$	(0.01)	$	(0.05)
Weighted average shares outstanding - basic and diluted		110,283,363		83,139,078