0001493152-21-007517.txt : 20210331 0001493152-21-007517.hdr.sgml : 20210331 20210331171042 ACCESSION NUMBER: 0001493152-21-007517 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210331 DATE AS OF CHANGE: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: hopTo Inc. CENTRAL INDEX KEY: 0001021435 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133899021 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21683 FILM NUMBER: 21794512 BUSINESS ADDRESS: STREET 1: 1901 S. BASCOM AVENUE STREET 2: SUITE 660 CITY: CAMPBELL STATE: CA ZIP: 95008 BUSINESS PHONE: 8004727466 MAIL ADDRESS: STREET 1: 1901 S. BASCOM AVENUE STREET 2: SUITE 660 CITY: CAMPBELL STATE: CA ZIP: 95008 FORMER COMPANY: FORMER CONFORMED NAME: GRAPHON CORP/DE DATE OF NAME CHANGE: 19990727 FORMER COMPANY: FORMER CONFORMED NAME: UNITY FIRST ACQUISITION CORP DATE OF NAME CHANGE: 19960823 10-K 1 form10-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2020

 

Commission File Number: 0-21683

 

 

hopTo Inc.

(Exact name of Registrant as specified in its charter)

 

Delaware   13-3899021

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

6 Loudon Road, Suite 200

Concord, New Hampshire 03301

(Address of principal executive offices)

 

(800) 472-7466

(408) 688-2674

(Registrant’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Exchange Act: None

 

Securities registered pursuant to Section 12(g) of the Exchange Act: (1) Common Stock, $0.0001 par value; and (2) Preferred Stock Purchase Rights

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes [  ] No [X]

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and such files).

Yes [X] No [  ]

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

[  ] Large accelerated filer [  ] Accelerated filer [X] Non-Accelerated filer [X] Smaller reporting company

[  ] Emerging growth company

 

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. [  ]

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

 

As of June 30, 2020, the aggregate market value of the Registrant’s common stock held by non-affiliates was $2,111,134.

 

As of March 31, 2021, there were outstanding 18,850,675 shares of the Registrant’s common stock.

 

 

 

 
 

 

hopTo Inc.

 

ANNUAL REPORT ON FORM 10-K

 

TABLE OF CONTENTS

 

        Page
    PART I    
Item 1.   Business   3
Item 1A.   Risk Factors   6
Item 1B.   Unresolved Staff Comments   14
Item 2.   Properties   14
Item 3.   Legal Proceedings   14
Item 4.   Mine Safety Disclosures   14
    PART II    
Item 5.   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   14
Item 6.   Selected Financial Data   15
Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations   15
Item 7A.   Quantitative and Qualitative Disclosures About Market Risk   22
Item 8.   Financial Statements and Supplementary Data   23
Item 9.   Changes in and Disagreements With Accountants on Accounting and Financial Disclosure   38
Item 9A.   Controls and Procedures   38
Item 9B.   Other Information   39
    PART III    
Item 10.   Directors, Executive Officers and Corporate Governance   39
Item 11.   Executive Compensation   39
Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   40
Item 13.   Certain Relationships and Related Transactions, and Director Independence   40
Item 14.   Principal Accounting Fees and Services   40
    PART IV    
Item 15.   Exhibits, Financial Statement Schedules   40
Item 16.   Form 10-K Summary   44

 

Forward-Looking Information

 

This report includes, in addition to historical information, “forward-looking statements”. All statements other than statements of historical fact we make in this report are forward-looking statements. In particular, the statements regarding industry prospects and our future results of operations or financial position are forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ significantly from those described in the forward looking statements. Factors that may cause such a difference include, but are not limited to, those discussed in Item 1A. “Risk Factors,” as well as those discussed elsewhere in this report. Statements included in this report are based upon information known to us as of the date that this report is filed with the Securities and Exchange Commission (the “SEC”), and we assume no obligation to update or alter our forward-looking statements made in this report, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

 

2
 

 

PART I

 

ITEM 1. BUSINESS

 

Introduction

 

hopTo, Inc., through its wholly owned subsidiary GraphOn Corporation (collectively, “we”, “us,” “our” or the “Company”), is a developer of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants. Our application publishing software solutions are sold under the brand name GO-Global, which is our sole revenue source. GO-Global is an application access solution for use by independent software vendors (“ISVs”), corporate enterprises, governmental and educational institutions, and others who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.

 

For detailed historical information on the hopTo products and technologies, please refer to our previously filed Annual Report on form 10-K which are available at www.sec.gov. Such filings are being noted for historical information only; unless expressly noted, they are not incorporated herein by reference.

 

Corporate Background

 

We are a Delaware corporation, founded in May 1996. Our headquarters are located at 6 Loudon Road, Suite 200, Concord, NH 03301, and our phone number is 408-688-2674. We also have remote employees located in various states, as well as internationally in the United Kingdom. Our corporate Internet Website is http://www.hopTo.com. The information on our Website is not part of this Annual Report on Form 10-K.

 

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to such reports filed with or furnished to the SEC under sections 13(a) or 15(d) of the Securities Exchange Act of 1934 are made available free of charge on our corporate Internet Website investor webpage at www.hopto.com (click on “SEC Reporting” link) as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. We may suspend our obligation to make such reports in the future.

 

3
 

 

The GO-Global Software Products

 

Our GO-Global product offerings, which currently are our only revenue source, can be categorized into product families as follows:

 

  ● GO-Global for Windows: Allows access to Windows-based applications from remote locations and a variety of connections, including the Internet connections. The Windows applications run on a central computer server along with GO-Global Windows Host software. This allows the applications to be accessed remotely via GO-Global Client software, or a Web browser, over many types of data connections, regardless of the bandwidth or operating system. Web-enabling is achieved without modifying the underlying application’s code or requiring costly add-ons.
     
  ● GO-Global for UNIX: Allows access to UNIX and Linux-based applications from remote locations and a variety of connections, including the Internet and connections. The UNIX/Linux applications run on a central computer server along with the GO-Global for UNIX Host software. This allows the applications to be accessed and run remotely via GO-Global Client software or a Web browser without having to modify the application’s code or requiring costly add-ons.
     
  ● GO-Global Client: We offer a range of GO-Global Client software that allows remote application access from a wide variety of local, remote and mobile platforms, including Windows, Linux, UNIX, Apple OS X and iOS, and Google Android. We plan to continue to develop GO-Global Client software for new portable and mobile devices.

 

Target Markets

 

The target market for our GO-Global products includes small to medium-sized companies, departments within large corporations, governmental and educational institutions and independent software vendors (ISVs). Our software enables these targeted organizations to move their existing applications to the public cloud and provide SaaS, or move them to a secure, private cloud environment. By using our software, organizations can give their remote users, partners and customers access to their native applications. Our software is designed to allow these organizations and enterprises to tailor the configuration of the end-user device for a particular purpose, rather than following a “one PC fits all” high-cost ownership model. We believe our opportunities are as follows:

 

  ● ISVs. By Web-enabling their applications through use of our products, we believe that our ISV customers can accelerate their time to market without the risks and delays associated with rewriting applications or using other third-party software, thereby opening up additional revenue opportunities and securing greater satisfaction and loyalty from their customers.
     
    Our technology integrates with their existing software applications without sacrificing the full-featured look and feel of such applications, thereby providing ISVs with out-of-the-box Web-enabled applications with their own branding for licensed, volume distribution to their enterprise customers.
     
  ● Enterprises Employing Windows and Unix/Linux. Enterprises ranging from small to medium-sized companies to departments in large companies use GO-Global software to allow users to access applications from remote locations and from different client devices. We believe that our software products reduce the cost and complexity of connecting PCs to various applications.

 

4
 

 

Sales and Marketing

 

Our GO-Global products are primarily sold through resellers both domestically and internationally. The resellers consist of OEMs, system integrators, value-added resellers and distributors. The reseller channel acts as a sales force for our GO-Global products by creating awareness and also providing integration and support services for our current and potential customers. We support our existing reseller channel and seek to grow our reseller partners through direct marketing activities that include digital marketing, promotional materials, direct response and maintaining an active Web presence for marketing and sale purposes.

 

For the year ended December 31, 2020, we had one reseller that represented more than 14.5% of sales and one reseller that represented 44.7% of accounts receivable. For the year ended December 31, 2019, we had two resellers that represented 14.0% and 14.3% of sales, respectively and one reseller that represented 17.9% of accounts receivable. For the purposes of this description, “sales” refers to the dollar value of orders received from these customers and partners in the period indicated. The sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

 

Operations

 

We perform all purchasing, order processing and shipping of products and accounting functions related to our operations. We generally ship products and fulfill orders electronically so we do not maintain any prepackaged inventory. Additionally, we have relatively little backlog at any given time; thus, we do not consider backlog a significant indicator of future performance.

 

5
 

 

Competition

 

The software markets in which we participate are highly competitive. Competitive factors in our market space include price, product quality, functionality, product differentiation and the breadth and variety of product offerings and product features. We believe that our products offer certain advantages over our competitors, particularly in product performance and market positioning.

 

GO-Global competes with developers of conventional server-based software for the individual PC, as well as with other companies in the cloud computing software market and the application virtualization software market. We believe our principal competitors in the cloud computing software market include Citrix Systems, Inc., OpenText Communications, Ltd. and Microsoft Corporation. Citrix is an established leading vendor of virtualization software, OpenText is an established market leader for remote access to UNIX applications and Microsoft is an established leading vendor of Windows operating systems and services for servers.

 

Employees

 

As of March 31, 2021, we had a full-time equivalent of 12.5 total employees, including 2 in marketing, sales and support, 8.5 in research and development (which is inclusive of employees who may also perform customer service related activities), 2 in administration and finance. We believe our relationship with our employees is good. None of our employees are covered by a collective bargaining agreement.

 

Recent Developments

 

Item 1A. Risk Factors

 

The risks and uncertainties described below could materially and adversely affect our business, financial condition and results of operations and could cause actual results to differ materially from our expectations. The risk factors described below include the considerable risks associated with the current economic environment and the related potential adverse effects on our financial condition and results of operations. You should read these risk factors in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and our Consolidated Financial Statements and related notes in Item 8. There also may be other factors that we cannot anticipate or that are not described in this report generally because we do not currently perceive them to be material. Those factors could cause results to differ materially from our expectations.

 

Risks Related to Our Business

 

We have a history of operating and net losses.

 

We have experienced significant operating and net losses since we began operations. After years of losses, we had net income for 2019 of $554,300 and 2020 of $693,700; however, such improvement in our financial performance could reverse if our GO-Global business, our only source of revenue, declines or if we are unable to maintain control over our expenses.

 

6
 

 

The coronavirus pandemic could adversely affect our results of operations.

 

The recent coronavirus pandemic throughout the United States and the world has resulted in the United States and other countries halting or sharply curtailing the movement of people, goods and services. All of this has caused extended shutdowns of businesses and the prolonged economic impact remains uncertain. At this point, we believe the conditions will have a material adverse effect on our business but given the rapidly changing developments we cannot accurately predict what effects these conditions will have on our business, which will depend on, among other factors, the ultimate geographic spread of the virus, the duration of the outbreak and travel restrictions and business closures imposed by the United States and various other governments.

 

Our revenue is typically generated from a limited number of resellers.

 

A material portion of our revenue, all of which is currently derived from our GO-Global products, during any reporting period is typically generated from a limited number of resellers in certain countries or geographic regions, all of which are unrelated third parties. We are seeking to expand the number of resellers of our GO-Global products to grow our revenues and diversify our revenue geographically. However, our inability to expand the number of resellers and/or a reduction in the orders from our current resellers could materially adversely impact our revenues.

 

If we are unable to develop new products and enhancements to our existing products, our business, results of operations, financial condition, and cash flows could be materially adversely impacted.

 

The market for our products and services is characterized by:

 

  ● frequent new product and service introductions and enhancements;
     
  ● rapid technological change;
     
  ● evolving industry standards;
     
  ● fluctuations in customer demand; and
     
  ● changes in customer requirements.

 

Our future success depends on our ability to continually enhance our current products and develop and introduce new features and capabilities that our customers choose to buy. If we are unable to satisfy our customers’ demands and remain competitive with other products that could satisfy their needs by introducing new features, capabilities and enhancements, our business, results of operations, financial condition, and cash flows could be materially adversely impacted. Our future success could be hindered by, among other factors:

 

  ● the amount of cash we have available to fund investment in new products and enhancements;
     
  ● the reduced level of research and development resources that we have available in the Company to perform the work necessary to develop new features and capabilities
     
  ● delays in our introduction of new features, capabilities and/or enhancements of existing products;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic;
     
     
  ● delays in market acceptance of new products and/or enhancements of existing products; and
     
  ● a competitor’s announcement of new products and/or product enhancements or technologies that could replace or shorten the life cycle of our existing products.

 

7
 

 

For example, sales of our GO-Global software could be affected by the announcement from Microsoft of an intended release, and the subsequent actual release, of a new Windows-based operating system, or an upgrade to a previously released Windows-based operating system version. These new or upgraded systems may contain similar features to our products or they could contain architectural changes that would temporarily prevent our products from functioning properly within a Windows-based operating system environment.

 

We are subject to various liquidity risks.

 

We have incurred significant net losses since our inception. As of December 31, 2020, we had an accumulated deficit of $79,240,700 and a working capital of $3,281,600. Our ability to continue to generate net profits and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks, some of which are described in this Annual Report on Form 10-K. As a small company, we have limited ability to deploy new revenue increasing opportunities, and limited flexibility to respond to unforeseen adverse developments, such as customer losses, adverse market developments or unanticipated expenses. Although our current operating plan does not call for the raising of new capital, if we need to raise new capital, our ability to do so is extremely limited given our small market capitalization and the limited volume in the trading of our common stock.

 

If we do need to issue new equity, such issuances may be at a significant discount to market prices, would dilute existing stockholders and may give the purchasers of new capital stock additional rights, preferences and privileges relative to existing stockholders. There can be no assurance that additional capital necessary for any execution of our operations will be available on a timely basis, on reasonable terms or at all.

 

Challenges to develop new business may reverse the improvements in our finances.

 

Our management believes that any significant improvement in our cash flow must result from increases in revenues from existing sources and from new revenue sources. Our ability to develop new revenues depends on many factors not in our control, or only partially in its control, including available capital resources which affect the extent of our marketing activities and our research and development activities, all of which are limited by our small size and revenue base. We cannot assure you that the resources that we can devote to marketing and to research and development will be sufficient to increase its revenues to levels that will enable us to maintain positive operating cash flow in the future.

 

Sales of products within our GO-Global product families are likely to be our only source of revenue during 2021.

 

Sales of products within our GO-Global product families, and related enhancements, were our only source of revenue during 2020 and will continue to be our only source of revenue during 2021. The success, if any, of our new GO-Global releases may depend on a number of factors, including market acceptance of the new GO-Global releases and our ability to manage the risks associated with introducing such releases. Declines in demand for our GO-Global products could occur as a result of, among other factors:

 

  ● lack of success with our strategic partners;
     
  ● new competitive product releases and updates to existing competitive products;
     
  ● decreasing or stagnant information technology spending levels;
     
  ● price competition;
     
  ● technological changes;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic; or
     
  ● general economic conditions in the markets in which we operate.

 

8
 

 

If our customers do not continue to purchase GO-Global products as a result of these or other factors, our revenue would decrease and our results of operations, financial condition, and cash flows would be adversely affected.

 

Our operating results in one or more future periods are likely to fluctuate significantly and may fail to meet or exceed the expectations of investors.

 

Our operating results are likely to fluctuate significantly in the future on a quarterly and annual basis due to a number of factors, many of which are outside our control. Factors that could cause our operating results and therefore our revenues to fluctuate include the following, among other factors:

 

  ● variations in the size of orders by our customers;
     
  ● increased competition;
     
  ● disruptions in our operations or customer relations due to the coronavirus pandemic; and
     
  ● the proportion of overall revenues derived from different sales channels such as distributors, original equipment manufacturers (“OEMs”) and others.

 

In addition, our royalty and license revenues are impacted by fluctuations in OEM licensing activity from quarter to quarter, which may involve one-time orders from non-recurring customers, or customers who order infrequently. Our expense levels are based, in part, on expected future orders and sales; therefore, if orders and sales levels are below expectations, our operating results are likely to be materially adversely affected. Additionally, because significant portions of our expenses are fixed, a reduction in sales levels may disproportionately affect our net financial results. Also, we may reduce prices and/or increase spending in response to competition or to pursue new market opportunities. Because of these factors, our operating results in one or more future periods may fail to meet or exceed the expectations of investors. In that event, the trading price of our common stock would likely be adversely affected.

 

We will encounter challenges in recruiting, hiring and retaining new personnel and/or replacements for any members of key management or other personnel who depart.

 

Our success and business strategy is dependent in large part on our ability to attract and retain key management and other personnel in certain areas of our business. If any of these employees were to leave, we would need to attract and retain replacements for them. We have lost employees, including at the officer level and in our new products engineering group, in the past. Without a successful replacement, the loss of the services of one or more key members of our management group and other key personnel could have a material adverse effect on our business.

 

We do not have long-term employment agreements with any of our key personnel and any officer or other employee can terminate their relationship with us at any time. We may also need to add key personnel in the future in order to successfully implement our business strategies. The market for such qualified personnel is highly competitive and it includes other potential employers whose financial resources for such qualified personnel are more substantial than ours. Consequently, we could find it difficult to attract, assimilate or retain such qualified personnel in sufficient numbers to successfully implement our business strategies.

 

We have sought to match our expenses structure with business opportunities, but this creates risks. We rely on the considerable expertise of our Board of Directors and the moderate use of professional advisors. This arrangement limits our ability to respond to challenges and develop opportunities. Should we revise our approach to management by hiring additional resources, this too, can create risks to the cost savings we have achieved, if any anticipated business opportunities are not realized.

 

9
 

 

Our failure to adequately protect our proprietary rights may adversely affect us.

 

Our commercial success is dependent, in large part, upon our ability to protect our proprietary rights. We rely on a combination of patent, copyright and trademark laws, as well as trade secrets, confidentiality provisions and other contractual provisions to protect our proprietary rights. These measures afford only limited protection. We cannot assure you that measures we have taken or may take in the future will be adequate to protect us from misappropriation or infringement of our intellectual property. Despite our efforts to protect proprietary rights, it may be possible for unauthorized third parties to copy aspects of our products or obtain and use information that we regard as proprietary. In addition, the laws of some foreign countries do not protect our intellectual property or other proprietary rights as fully as do the laws of the United States. Furthermore, we cannot assure you that the existence of any proprietary rights will prevent the development of competitive products. The infringement upon, or loss of, any proprietary rights, or the development of competitive products despite such proprietary rights, could have a material adverse effect on our business.

 

Our business significantly benefits from strategic relationships and there can be no assurance that such relationships will continue in the future.

 

Our business and strategy rely to a significant extent on our strategic relationships with other companies. There is no assurance that we will be able to maintain or further develop any of these relationships or to replace them in the event any of these relationships are terminated. In addition, any failure to renew or extend any license between any third party and us may adversely affect our business.

 

We rely on indirect distribution channels for our products and may not be able to retain existing reseller relationships or develop new reseller relationships.

 

Our GO-Global products are primarily sold through several distribution channels. An integral part of our strategy is to strengthen our relationships with resellers such as OEMs, systems integrators, value-added resellers s, distributors and other vendors to encourage these parties to recommend or distribute our products and to add resellers both domestically and internationally. We currently invest, and intend to continue to invest, significant resources to expand our sales and marketing capabilities. We cannot assure you that we will be able to attract and/or retain resellers to market our products effectively. Our inability to attract resellers and the loss of any current reseller relationships could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Additionally, we cannot assure you that resellers will devote enough resources to provide effective sales and marketing support to our products.

 

The markets in which we participate are highly competitive and have more established competitors.

 

The markets we participate in with GO-Global are intensely competitive, rapidly evolving and subject to continuous technological changes. We expect competition to increase in each of these markets as other companies introduce additional competitive products. In order to compete effectively, we must continually develop and market new and enhanced products and market those products at competitive prices. As markets for our products continue to develop, additional companies, including companies in the computer hardware, software and networking industries with significant market presence, may enter the markets in which we compete and further intensify competition. A number of our current and potential competitors have longer operating histories, greater name recognition and significantly greater financial, sales, technical, marketing and other resources than we do. We cannot give any assurance that our competitors will not develop and market competitive products that will offer superior price or performance features, or that new competitors will not enter our markets and offer such products. We believe that we will need to invest significant financial resources in research and development to remain competitive in the future in each of the markets in which we compete. Such financial resources may not be available to us at the time or times that we need them, or upon terms acceptable to us, or at all. We cannot assure you that we will be able to establish and maintain a significant market position in the face of our competition and our failure to do so would adversely affect our business.

 

10
 

 

Risks Related to Our Common Stock

 

Our stock is thinly traded and its price has been historically volatile.

 

Our stock is thinly traded. As such, holders of our stock are subject to a high risk of illiquidity, e.g., you may not be able to sell as many shares at the price you would like, or you may not be able to purchase as many shares at the price you would like, due to the low average daily trading volume of our stock. Additionally, the market price of our stock has historically been volatile; it has fluctuated significantly to date. The trading price of our stock is likely to continue to be highly volatile and subject to wide fluctuations. Your investment in our stock could lose some or all of its value.

 

Future sales of our common stock could adversely affect its price and our future capital-raising activities, and could involve the issuance of additional equity securities, which would dilute current stockholder investments in our common stock and could result in lowering the trading price of our common stock.

 

We may sell securities in the public or private equity markets if and when conditions are favorable. Sales of substantial amounts of common stock, or the perception that such sales could occur, could adversely affect the prevailing market price of our common stock and our ability to raise capital. We may issue additional common stock in future financing transactions or as incentive compensation for our management team and other key personnel, consultants and advisors. Issuing any equity securities would be dilutive to the equity interests represented by our then-outstanding shares of common stock. The market price for our common stock could decrease as the market takes into account the dilutive effect of any of these issuances. Furthermore, we may enter into financing transactions and issue securities with rights and preferences senior to the rights and preferences of our common stock, and we may issue securities at prices that represent a substantial discount to the market price of our common stock. A negative reaction by investors and securities analysts to any discounted sale of our equity securities could result in a decline in the trading price of our common stock.

 

We may make acquisitions, which could require significant management attention, disrupt our business, dilute our stockholders, and seriously harm our business.

 

As part of our business strategy, we intend to make acquisitions in the future (although we do not currently have any probable acquisitions). Our ability to acquire and successfully integrate larger or more complex companies, products, and technologies is unproven. In the future, we may not be able to find other suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all. In addition, if we fail to successfully close transactions or integrate new teams, or integrate the products and technologies associated with these acquisitions into our company, our business could be seriously harmed. Any integration process may require significant time and resources, and we may not be able to manage the process successfully. We may not successfully evaluate or use the acquired products, technology, and personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. We may also incur unanticipated liabilities that we assume as a result of acquiring companies. We may have to pay cash, incur debt, or issue equity securities to pay for any acquisition, any of which could seriously harm our business. Selling equity to finance any such acquisitions would also dilute our stockholders. Incurring debt would increase our fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations.

 

In addition, on average, it is difficult to finalize the purchase price allocation and accounting. Therefore, it is possible that our valuation of an acquisition may change and result in unanticipated write-offs or charges, impairment of our goodwill, or a material change to the fair value of the assets and liabilities associated with a particular acquisition, any of which could seriously harm our business.

 

We are not likely to have the capital to acquire large businesses. Therefore, the businesses we acquire may require significant investment in corporate infrastructure, repositioning, incremental sales, marketing or product development.

 

Our acquisition strategy may not succeed if we are unable to remain attractive to target companies or expeditiously close transactions.

 

We have a significant number of outstanding warrants and options, and future sales of these shares could adversely affect the market price of our common stock.

 

As of December 31, 2020, we had outstanding warrants for an aggregate of 248,216 shares of common stock, at a weighted average exercise price of $0.01 per share. As of December 31, 2020, we had outstanding options exercisable for an aggregate of 93,076 shares of our common stock at a weighted average exercise price of $3.03 per share. The holders may sell these shares exercisable under warrants or options in the public markets from time to time. In addition, if our stock price rises, more outstanding warrants and options will be “in-the-money” and the holders may exercise their warrants and options and sell a large number of shares. This could cause the market price of our common stock to decline.

 

11
 

 

Our common stock is quoted on the FINRA OTC Bulletin Board, which may have an unfavorable impact on our stock price and liquidity.

 

Our common stock is currently quoted under the symbol “HPTO” on the OTC Bulletin Board market (“OTCBB”) operated by FINRA (Financial Industry Regulatory Authority) and on the OTC Markets Group QB tier (“OTCQB”). Neither the OTCBB nor the OTCQB is a “national securities exchange,” and in general, each is a significantly more limited market than the markets operated by the New York Stock Exchange and NASDAQ. The quotation of our shares on the OTCBB and the OTCQB could result in a less liquid market being available for existing and potential stockholders to trade shares of our common stock, which could depress the trading price of our common stock and have a long-term adverse impact on our ability to raise capital in the future. Because of the limited trading market for our common stock, and because of the significant price volatility, investors may not be able to sell their shares of common stock when they want to do so. We may not support any continued trading market for our shares.

 

Our stock may lose access to a viable trading market.

 

Given the increasing cost and resource demands of being a public company, we may decide to “go dark,” or discontinue our obligation to make periodic filings with the SEC, by deregistering our securities, for a period of time until our assets and stockholder base are sufficient to warrant public trading again. During such time, there would be a substantial decrease in disclosure by us of our operations and prospects, and a substantial decrease in the liquidity in our common stock even though stockholders may still continue to trade our common stock in the OTC market or “pink sheets.” The market’s interpretation of a company’s motivation for “going dark” varies from cost savings, to negative changes in the firm’s prospects, to serving insider interests, which may affect the overall price and liquidity of a company’s securities.

 

We have never paid dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future.

 

We have never declared or paid dividends on our common stock, nor do we anticipate paying any cash dividends for the foreseeable future. We currently intend to retain future earnings, if any, to finance the operations and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent upon the earnings, financial condition, operating results, capital requirements and other factors as deemed necessary by our Board of Directors.

 

FINRA’s sales practice requirements may also limit a stockholder’s ability to buy and sell our stock.

 

FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA’s requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

 

12
 

 

Provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and our Rights Agreement may prevent or discourage third parties or our stockholders from attempting to replace our management or influencing significant decisions.

 

Provisions in our Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws may have the effect of delaying or preventing a change in control of our company or our management, even if doing so would be beneficial to our stockholders. These provisions include, but are not limited to, authorizing our board of directors to issue preferred stock without stockholder approval and limiting the persons who may call special meetings of stockholders and providing that stockholders cannot take action by written consent in lieu of a meeting. In addition, our Rights Agreement, entered into by us and American Stock Transfer & Trust Company, LLC (as rights agent) on February 16, 2018, as amended on November 2, 2018 and February 16, 2021 (collectively, the “Rights Agreement”), works by imposing a significant penalty upon any person or group (including a group of persons that are acting in concert with each other) that acquires five percent (5%) or more of our common stock without the approval of our board of directors. As a result, the overall effect of the Rights Agreement and the issuance of the rights thereunder may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving that is not approved by our board of directors. The Rights Agreement is not intended to interfere with any merger, tender or exchange offer or other business combination approved by our board of directors. Nor does the Rights Agreement prevent the Board from considering any offer that it considers to be in the best interest of its stockholders. The Rights Agreement expired at or prior to the earlier of (i) February 16, 2031 or (ii) the redemption or exchange of the rights thereunder, as provided for in the Rights Agreement. Together, these charter and contractual arrangements could make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our common stock.

 

Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.

 

Our certificate of incorporation, bylaws and Delaware law contain provisions that could have the effect of rendering more difficult or discouraging an acquisition deemed undesirable by our board of directors. Our corporate governance documents include provisions:

 

  ● authorizing blank check preferred stock, which could be issued with voting, liquidation, dividend and other rights superior to our common stock;
     
  ● limiting the liability of, and providing indemnification to, our directors and officers;
     
  ● limiting the ability of our stockholders to call and bring business before special meetings and to take action by written consent in lieu of a meeting;
     
  ● requiring advance notice of stockholder proposals for business to be conducted at meetings of our stockholders and for nominations of candidates for election to our board of directors;
     
  ● controlling the procedures for the conduct and scheduling of board of directors and stockholder meetings;
     
  ● providing our board of directors with the express power to postpone previously scheduled annual meetings and to cancel previously scheduled special meetings;
     
  ● limiting the determination of the number of directors on our board of directors and the filling of vacancies or newly created seats on the board to our board of directors then in office; and
     
  ● requiring a supermajority of two-thirds of stockholders to amend certain provisions of our certificate of incorporation or to amend our bylaws.

 

These provisions, alone or together, could delay hostile takeovers and changes in control of our company or changes in our management.

 

As a Delaware corporation, we are also subject to provisions of Delaware law, including Section 203 of the Delaware General Corporation Law, which prevents some stockholders holding more than 15% of our outstanding common stock from engaging in certain business combinations without approval of the holders of substantially all of our outstanding common stock. Any provision of our amended and restated certificate of incorporation or bylaws or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and could also affect the price that some investors are willing to pay for our common stock.

 

13
 

 

Item 1B. Unresolved Staff Comments

 

None.

 

Item 2. Properties

 

Our corporate headquarters currently occupies approximately 2,527 square feet of office space in Concord, New Hampshire, under a month-to-month lease arrangement for a monthly payment of $4,000 per month, which can be cancelled at any time by either party with a six-month advance notice.

 

We have certain employees who work remotely in various states. We believe our current facilities will be adequate to accommodate our needs for the foreseeable future.

 

Item 3. Legal Proceedings

 

From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations.

 

Item 4. Mine safety disclosures

 

Not applicable.

 

PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Market Information

 

Since March 27, 2003 our common stock has been quoted on the Over-the-Counter Bulletin Board under the symbol “HPTO.”

 

On March 31, 2021 there were approximately 47 holders of record of our common stock.

 

Dividends

 

We have never declared or paid dividends on our common stock, nor do we anticipate paying any cash dividends for the foreseeable future. We currently intend to retain future earnings, if any, to finance the operations and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent upon the earnings, financial condition, operating results, capital requirements and other factors as deemed necessary by the Board of Directors.

 

14
 

 

Item 6. Selected Financial Data

 

Not applicable for smaller reporting companies.

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Introduction

 

We are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants. Our application publishing software solutions are sold under the brand name GO-Global, which is our sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors (“ISVs”), corporate enterprises, governmental and educational institutions, and others who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.

 

The following discussion should be read in conjunction with the consolidated financial statements and related notes provided in Item 8 “Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.

 

Critical Accounting Policies

 

Basis of Presentation and Use of Estimates

 

The consolidated financial statements include the accounts of hopTo Inc. and its subsidiaries (collectively, “we”, “us”, “our”, or “Company”); significant intercompany accounts and transactions are eliminated upon consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include: the amount of stock-based compensation expense; the allowance for doubtful accounts; the estimated lives of property of equipment, valuation and amortization of intangible assets (including capitalized software); depreciation of long-lived assets; valuation of warrants; post-employment benefits; and accruals for liabilities, deferred rent, and taxes. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

15
 

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, independent software vendors (“ISVs”), value-added resellers, hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products.

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

 

For the years ended December 31, 2020 and 2019, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

 

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue is also recognized from service contracts ratably over the related contract period.

 

16
 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2020 or 2019.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5,900 and $7,300, respectively.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2020 or 2019. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

17
 

 

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the year ended December 31, 2020 or 2019.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions. As of December 31, 2020, the Company had approximately $4,125,300 of cash with financial institutions in excess of FDIC insurance limits. As of December 31, 2019, the Company had approximately $1,291,900 of cash with financial institutions in excess of FDIC insurance limits.

 

For the year ended December 31, 2020, we had one reseller that represented more than 14.5% of sales and one reseller that represented 44.7% of accounts receivable. For the year ended December 31, 2019, we had two resellers that represented 14.0% and 14.3% of sales, respectively and one reseller that represented 17.9% of accounts receivable. For the purposes of this description, “sales” refers to the dollar value of orders received from these customers and partners in the period indicated. The sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees.

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2020 and 2019, representing 248,216 and 481,335 outstanding in-the-money warrants respectively, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2020 and 2019, the Company had total common stock equivalents of 93,076 and 106,077 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

18
 

 

Results of Operations for the Year Ended December 31, 2020 and 2019

 

The following is a comparison of the results of our operations for the years ended December 31, 2020 and 2019.

 

  For the Year Ended 
   December 31, 2020   December 31, 2019 
         
Revenues:          
Software licenses   853,300    952,600 
Software service fees   2,474,500    2,483,600 
Other   316,200    93,900 
Total Revenue   3,644,000    3,530,100 
           
Cost of Revenue:          
Software service costs   52,700    52,700 
Software product costs   102,300    97,100 
Total cost of revenue   155,000    149,800 
           
Gross profit  $3,489,000   $3,380,300 
           
Operating expenses:          
Selling and marketing   509,300    442,400 
General and administrative   900,500    864,700 
Research and development   1,430,100    1,533,000 
Total operating expenses   2,839,900    2,840,100 
           
Income from operations   649,100    540,200 
           
Other income:          
Other income   44,600    14,100 
           
Income before provision for income taxes   693,700    554,300 
Provision for income taxes   -    - 
Net income  $693,700   $554,300 
           
Net income per share, basic  $0.05   $0.06 
Net income per share, diluted  $0.05   $0.05 
           
Weighted average number of common shares outstanding          
Basic   13,874,699    9,821,177 
Diluted   14,117,850    10,287,183 

 

See accompanying notes to consolidated financial statements

 

19
 

 

Revenues

 

Our software revenue is entirely related to our GO-Global product line, and historically has been primarily derived from product licensing fees and service fees from maintenance contracts. The majority of this revenue has been earned, and continues to be earned, from a limited number of significant customers, most of whom are resellers. some of our resellers purchase software licenses that they hold in inventory until they are resold to the ultimate end user (a “stocking reseller”).

 

When a software license is sold directly to an end user by us, or by one of our resellers who does not stock licenses into inventory, revenue is recognized immediately upon shipment, assuming all other criteria for revenue recognition are met. Consequently, if any significant end user customer substantially changes its order level, or fails to order during the reporting period, whether the order is placed directly with us or through one of our non-stocking resellers, our software licenses revenue could be materially impacted.

 

The following is a summary of our revenues by category for the year ended December 31, 2020 and 2019.

 

   For the Year Ended         
   December 31,   December 31,         
   2020   2019   $ Change   % Change 
Revenue                
Software Licenses                    
Windows  $732,100   $906,300   $(174,200)   -19.2%
UNIX/Linux   121,200    46,300    74,900    161.8%
Total   853,300    952,600    (99,300)   -10.4%
                     
Software Service Fees                    
Windows   2,255,200    2,192,100    63,100    2.9%
UNIX/Linux   219,300    291,500    (72,200)   -24.8%
Total   2,474,500    2,483,600    (9,100)   -0.4%
                     
Other   316,200    93,900    222,300    236.7%
   $3,644,000   $3,530,100   $113,900    3.2%

 

Software Licenses

 

Windows software licenses revenue decreased by $174,200 or 19.2% to $732,100 during the year ended December 31, 2020, from $906,300 as compared to 2019. The decrease was due to a temporary reduction in perpetual license pricing in 2020 during the COVID pandemic and a certain partner that purchased a large order of Windows licenses from the Company during the three months ended March 31, 2019 and the three months ended September 30,2019 that did not recur during same periods of 2020.

 

Software licenses revenue from our UNIX/Linux products increased by $74,900 or 161.8% to $121,200 during the year ended December 31, 2020 from $46,300 as compared to 2019. The increase was primarily due to higher revenue from higher stocking and standard order licenses.

 

Software Service Fees

 

Service fees attributable to our Windows product service increased by $63,100 or 2.9% to $2,255,200 during the year ended December 31, 2020, from $2,192,100 as compared to 2019. The increase was primarily due higher subscription revenue offset by the timing of revenue recognition for maintenance support fees.

 

Service fees revenue attributable to our UNIX products decreased by $72,200 or 24.8% to $219,300 during the year ended December 31, 2020, from $291,500 as compared to 2019. The decrease was primarily due to the expiration of certain long-term maintenance contracts.

 

Other

 

Other revenue consists of private labeling fees, professional services, and non-recurring revenues. Other revenue increased by $222,300 or 236.7% to $316,200 for the year ended December 31, 2020, from $93,900 compared to 2019. The primary increase was related to revenue recognized from a one-time, non-recurring a license agreement with an existing customer for the use of our license, and some commission fee paid to a reseller for subscription license sale.

 

20
 

 

Cost of Revenues

 

Cost of revenue is comprised primarily of software service costs, which represent the costs of customer service. Also included in cost of revenue are software product costs, which are primarily comprised of the amortization of capitalized software development costs and costs associated with licenses to third party software included in our product offerings, and the required import tax withholdings from Brazil resellers. We incur no significant shipping or packaging costs as virtually all of our deliveries are made via electronic means over the Internet.

 

Cost of revenue for the year ended December 31, 2020 increased by $5,200, or 3.5%, to $155,000 as compared to $149,800 for 2019. Cost of revenue represented 4.3% and 4.2% of total revenue for the year ended December 31, 2020 and 2019, respectively. The primarily increase was due to increase import tax withholdings associated with higher revenue from Brazil resellers for the period ended December 31, 2020.

 

Selling and Marketing Expenses

 

Selling and marketing expenses primarily consisted of employee, outside services and travel and entertainment expenses.

 

Selling and marketing expenses increased by $66,900, or 15.1%, to $509,300 for the year ended December 31, 2020 from $442,400 as compared to 2019. Selling and marketing expenses represented approximately 14.0% and 12.5% of total revenue for the year ended December 31, 2020 and 2019, respectively. The increase in selling and marketing expenses was due to an increase in marketing spend offset by lower employee benefit costs.

 

General and Administrative Expenses

 

General and administrative expenses primarily consist of employee costs, depreciation and amortization, legal, accounting, other professional services, rent, travel and entertainment and insurance. Certain costs associated with being a publicly held corporation are also included in general and administrative expenses, as well as bad debt expense.

 

General and administrative expenses increased by $35,800, or 4.1%, to $900,500 for the year ended December 31, 2020 from $864,700 as compared to 2019. The increase in general and administrative expense was due in part to fees paid to the board of directors for their service offset by a reduction in accounting fees and employee benefit costs compared to 2019 levels due to changes in service providers and improved cost controls.

 

Research and Development Expenses

 

Research and development expenses consist primarily of employee costs, payments to contract programmers, software subscriptions, travel and entertainment for our engineers, and all rent for our leased engineering facilities.

 

Research and development expenses decreased by $102,900, or 6.7% to $1,430,100 for the year ended December 31, 2020 from $1,533,000 as comparted to 2019. The decrease in research and development expense was primarily due to a decrease in employee benefit costs and consulting fees for outsourced software development.

 

Other Income

 

Other income increased by $30,500 for the year ended December 31, 2020, compared to same period in 2019 was primarily related to penalty fees from a one-time, non-recurring a license agreement with an existing customer for the use of our license.

 

Liquidity and Capital Resources

 

As of December 31, 2020, we had cash of $4,375,300 and a working capital of $3,281,600 as compared to cash of $1,541,900 and a working capital deficit of $101,800 at December 31, 2019. The increase in cash as of December 31, 2020 was primarily the result of cash provided by the rights offering and operations during the period due to increased profitability. We expect our results from operations and capital resources will be sufficient to fund our operations for at least the next 12 months from the date of the filing of this annual report on Form 10-K.

 

21
 

 

The following is a summary of our cash flows from operating, investing and financing activities for the year ended December 31, 2020 and 2019.

 

   For the Year Ended 
   December 31,   December 31, 
   2020   2019 
Cash flows provided by operating activities  $352,800   $649,200 
Cash flows provided by investing activities  $-   $- 
Cash flows provided by financing activities  $2,480,600   $200 

 

During the year ended December 31, 2020, our operating cash flow of $352,800 was primarily the result of our net income for the period of $693,700 including non-cash expenses of $112,400 for contributed services, offset by a decrease in cash resulting from a decrease in accounts payable and accrued expenses. During the year ended December 31, 2019, our cash flows used in operations of $649,200 was primarily the result of our net income of $554,300, including non-cash expenses of $225,100 for contributed services, offset by decrease in accounts payable and accrued expenses.

 

We had no cash flow activity relating to investing activities for the year ended December 31, 2020 or 2019.

 

In 2020, we received net proceeds of $2,480,600 from the Rights Offering and Backstop Agreement. We intend to use the proceeds from the Rights Offering and the Backstop Agreement for general corporate purposes, which may include acquisitions (although we do not currently have any plans with respect to any acquisition).

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable for smaller reporting companies.

 

22
 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Index to Consolidated Financial Statements

 

  Page
Reports of Independent Registered Public Accounting Firms 24
   
Consolidated Balance Sheets as of December 31, 2020 and 2019 25
   
Consolidated Statements of Operations for the Years Ended December 31, 2020 and 2019 26
   
Consolidated Statements of Shareholders’ Equity (Deficit) for the Years Ended December 31, 2020 and 2019 27
   
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019 28
   
Notes to Consolidated Financial Statements 29

 

23
 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Directors and

Stockholders of hopTo, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of hopTo, Inc. and subsidiaries (collectively the “Company”) as of December 31, 2020 and 2019, and the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows for each of the years then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2020 and 2019, and the results of their operations and their cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matter

 

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 

Revenue Recognition - Deferral Period of Maintenance Contracts

 

Critical Audit Matter Description

 

As described in Note 2 to the consolidated financial statements, revenue is recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to for those goods or services. In addition, the Company markets and licenses its products indirectly through resellers, as well as directly to end-customers. In providing maintenance contracts, the Company must make estimates as to the commencement and end dates for certain new and renewal periods for various reasons, including bulk activations and renewals from resellers who obtain and renew maintenance contracts on behalf of many end-users with varying renewal dates, and renewal periods that may lapse and later be renewed. Maintenance revenue is recognized ratably over the contract period, which is generally between one and five years.

 

How the Critical Audit Matter Was Addressed in the Audit

 

Our audit procedures related to this critical audit matter included the following, among others:

 

We obtained an understanding, and evaluated the design and implementation, of key controls that address the risk of material misstatements relating to the timing and amounts of revenue recognition for maintenance contracts described above.

 

We obtained a sample of contracts with customers that included maintenance elements for both new and existing customers. We read the contract and the related terms and price, and the specified maintenance element. We agreed the price and term of the maintenance element to proper inclusion within the Company’s deferred revenue schedule management utilizes to control and record deferred revenue and relieve earned revenue. We then recalculated amounts recorded as revenue and deferred revenue based on the maintenance contract term and agreed the schedule to the Company’s general ledger.

 

/s/ dbbmckennon

 

We have served as the Company’s auditor since 2019.

Newport Beach, California

March 31, 2021

 

24
 

 

hopTo Inc.

Consolidated Balance Sheets

 

   December 31,   December 31, 
   2020   2019 
         
Assets          
           
Current assets          
Cash and cash equivalents  $4,375,300   $1,541,900 
Accounts receivable, net   417,300    271,200 
Prepaid expenses and other current assets   48,500    59,000 
Total current assets   4,841,100    1,872,100 
           
Property and equipment, net   -    - 
Other assets   17,800    17,800 
Total assets  $4,858,900   $1,889,900 
           
Liabilities and Stockholders’ Deficit          
           
Current liabilities          
Accounts payable  $251,000   $271,900 
Accrued expenses   82,000    106,000 
Accrued wages   141,600    136,400 
Deferred revenue   1,084,900    1,256,000 
Total current liabilities   1,559,500    1,770,300 
Long-term liabilities          
Deferred revenue   383,000    529,500 
Total liabilities   1,942,500    2,299,800 
           
Commitments and contingencies          
           
Stockholders’ equity (deficit)          
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2020 or 2019   -    - 
Common stock, $0.0001 par value, 195,000,000 shares authorized, 18,850,675 and 9,834,866 shares issued and outstanding as of December 31, 2020 and 2019, respectively   1,900    1,000 
Additional paid-in capital   82,155,200    79,523,500 
Accumulated deficit   (79,240,700)   (79,934,400)
Total stockholders’ equity (deficit)   2,916,400    (409,900)
Total liabilities and stockholders’ equity (deficit)  $4,858,900   $1,889,900 

 

See accompanying notes to consolidated financial statements

 

25
 

 

hopTo Inc.

Consolidated Statements of Operations

 

   For the Year Ended 
   December 31,   December 31, 
   2020   2019 
         
Revenues:          
Software licenses   853,300    952,600 
Software service fees   2,474,500    2,483,600 
Other   316,200    93,900 
Total Revenue   3,644,000    3,530,100 
           
Cost of Revenue:          
Software service costs   52,700    52,700 
Software product costs   102,300    97,100 
Total cost of revenue   155,000    149,800 
           
Gross profit  $3,489,000   $3,380,300 
           
Operating expenses:          
Selling and marketing   509,300    442,400 
General and administrative   900,500    864,700 
Research and development   1,430,100    1,533,000 
Total operating expenses   2,839,900    2,840,100 
           
Income from operations   649,100    540,200 
           
Other income:          
Other income   44,600    14,100 
           
Income before provision for income taxes   693,700    554,300 
Provision for income taxes   -    - 
Net income  $693,700   $554,300 
           
Net income per share, basic  $0.05   $0.06 
Net income per share, diluted  $0.05   $0.05 
           
Weighted average number of common shares outstanding          
Basic   13,874,699    9,821,177 
Diluted   14,117,850    10,287,183 

 

See accompanying notes to consolidated financial statements

 

26
 

 

hopTo Inc.

Consolidated Statements of Shareholders’ Equity (Deficit)

 

   Common Stock   Additional
Paid-In		   Accumulated     
   Shares   Amount   Capital   Deficit   Total 
                     
Balance at December 31, 2018    9,804,400   $1,000   $79,298,200   $(80,488,700)  $(1,189,500)
Contributed services   -    -    225,100    -    225,100 
Cashless xercise of warrants   30,466    -    300    -    300 
Other rounding    -    -    (100)   -    (100)
Net loss   -    -    -    554,300    554,300 
Balance at December 31, 2019    9,834,866   $1,000   $79,523,500   $(79,934,400)  $(409,900)
Contributed services   -    -    112,400    -    112,400 
Cashless exercise of warrants   229,141    -    -    -    - 
Shares issued for accrued liabilities   120,000    -    39,600    -    39,600 
Proceeds from rights offering    8,666,668    900    2,599,100    -    2,600,000 
Issuance cost for rights offering    -    -    (119,400)   -    (119,400)
Net income   -    -    -    693,700    693,700 
Balance at December 31, 2020    18,850,675   $1,900   $82,155,200   $(79,240,700)  $2,916,400 

 

See accompanying notes to consolidated financial statements

 

27
 

 

hopTo Inc.

Consolidated Statements of Cash Flows

 

   For the Year Ended 
   December 31,   December 31, 
   2020   2019 
         
Cash flows from operating activities          
Net income  $693,700   $554,300 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   -    400 
Contributed services   112,400    225,100 
Changes in allowance for doubtful accounts   (1,400)   3,700 
           
Changes in operating assets and liabilities:          
Accounts receivable   (144,700)   (64,100)
Prepaid expenses and other current assets   10,500    20,000 
Accounts payable   (20,900)   (46,800)
Accrued expenses   15,600    (15,600)
Accrued wages   5,200    (9,400)
Deposit liability   -    (12,100)
Deferred revenue   (317,600)   (6,300)
           
Net cash provided by operating activities   352,800    649,200 
           
Cash flows from financing activities          
Proceeds from rights offering   2,600,000    - 
Issuance cost for rights offering   (119,400)   - 
Proceeds from exercise of warrants   -    300 
Other rounding   -    (100)
           
Net cash provided by financing activities   2,480,600    200 
           
Net change in cash   2,833,400    649,400 
Cash, beginning of the year   1,541,900    892,500 
Cash, end of the year  $4,375,300   $1,541,900 

 

See accompanying notes to consolidated financial statements

 

28
 

 

hopTo Inc.

Notes to Consolidated Financial Statements

 

1. Organization

 

hopTo Inc., a Delaware corporation, through its wholly-owned subsidiary GraphOn Corporation (collectively, “we”, “us,” “our” or the “Company”) are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants.

 

The Company sells a family of products under the brand name GO-Global, which is a software application publishing business and is the Company’s sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors, corporate enterprises, governmental and educational institutions, and others, who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.

 

2. Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include the allowance for doubtful accounts and contributed services. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

Liquidity

 

The Company has incurred significant net losses since inception. As of December 31, 2020, we had working capital of $3,281,600, which includes deferred revenue of $1,084,900. Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.

 

29
 

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, value-added resellers, independent software vendors (“ISVs”), hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products.

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

 

For the years ended December 31, 2020 and 2019, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

 

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2020 or 2019.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5,900 and $7,300, respectively.

 

30
 

 

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the years ended December 31, 2020 or 2019.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years. All of our existing property and equipment are fully depreciated.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2020 or 2019. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2020, the Company had approximately $4,125,300 of cash with financial institutions in excess of FDIC insurance limits.

 

For the year ended December 31, 2020, we had one reseller that represented more than 14.5% of sales and one reseller that represented 44.7% of accounts receivable. For the year ended December 31, 2019, we had two resellers that represented 14.0% and 14.3% of sales, respectively and one reseller that represented 17.9% of accounts receivable. For the purposes of this description, “sales” refers to the dollar value of orders received from these customers and partners in the period indicated. The sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees. The loss of one of these resellers would not have a material impact as the Company could take over the end customer relationship.

 

31
 

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2020 and 2019, representing 248,216 and 481,335 outstanding in-the-money warrants respectively, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2020 and 2019, the Company had total common stock equivalents of 93,076 and 106,077 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

 

We do not have level 2 and 3 liabilities or assets.

 

32
 

 

3. Accrued Expenses

 

Accrued expenses as of December 31, 2020 and 2019 consisted of the following:

 

   2020   2019 
Consulting services  $6,200   $2,000 
Board of director fees   46,000    85,600 
Legal fees   3,100    6,400 
Reimbursements   20,300    - 
Other   6,400    12,000 
   $82,000   $106,000 

 

4. Stockholders’ Equity

 

Stock-Based Compensation Plans

 

In November 2012, the Company’s 2012 Equity Incentive Plan (the “12 Plan”) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as “awards”) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company is authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.

 

In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee’s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares would be forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award would be considered outstanding for dividend, voting and other purposes.

 

Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of incentive stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company’s capital stock then the exercise price will be no less than 110% of the fair market value of the Company’s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also not be less than 100% of the fair market value of the Company’s common stock on the date the restricted stock is granted.

 

All options granted under the 12 Plan are immediately exercisable by the optionee; however, there is a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price is immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company’s repurchase, which right lapses as the shares vest. The 12 Plan will terminate no later than November 7, 2022. As of December 31, 2020, 411,593 shares of common stock remained available for issuance under the 12 Plan.

 

33
 

 

The following table summarizes the stock option activity for the year ended December 31, 2020 and 2019.

 

           Weighted- 
           Average 
       Weighted-   Remaining 
       Average   Contractual 
       Exercise   Life 
   Options   Price   (Years) 
             
Outstanding at December 31, 2018   117,675   $2.57    2.28 
Granted   -           
Forfeited/cancelled   (11,598)          
Outstanding at December 31, 2019   106,077   $2.77    1.53 
Granted   -           
Forfeited/cancelled   (13,001)          
Exercised   -           
Outstanding at December 31, 2020   93,076   $3.03    0.74 
                
Vested and expected to vest  at December 31, 2020   93,076   $3.03    0.74 
                
Exercisable at December 31, 2020   93,076   $3.03    0.74 

 

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2020.

 

    Options Outstanding   Options Exercisable 
            Weighted-       Weighted- 
Range of       Average   Average       Average 
Exercise   Number   Remaining   Exercise   Number   Exercise 
Price   of Shares   Life (Years)   Price   of Shares   Price 
                      
$0.75 - 1.00     14,526    0.03   $0.75    14,526   $0.75 
 1.79 - 4.00     63,684    0.87    3.21    63,684    3.21 
 4.20 - 6.68     14,866    0.89    4.46    14,866    4.46 
      93,076              93,076      

 

Warrants

 

During the year ended December 31, 2020, the Company issued 233,119 shares of common stock for the exercise of 233,119 warrants. During the year ended December 31, 2019, the Company issued 30,466 shares of common stock for the exercise of 30,466 warrants. As of December 31, 2020, and 2019, the Company had 248,216 and 481,335 warrants outstanding, respectively. The warrants outstanding at December 31, 2020 are all exercisable at $0.01 and have an expiration date of May 20, 2023.

 

Rights Offering

 

See Note 8.

 

34
 

 

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2020 and 2019.

 

   Warrants 
     
Outstanding at December 31, 2018   622,912 
Granted   - 
Forfeited/cancelled   (111,111)
Exercised   (30,466)
Outstanding at December 31, 2019   481,335 
Exercised   (233,119)
Outstanding at December 31, 2020   248,216 

 

5. Sales by Geographical Location

 

Revenue by country for the year ended December 31, 2020 and 2019 was as follows.

 

   For the Year Ended 
   December 31, 2020   December 31, 2019 
Revenue by Country        
United States  $1,276,700   $1,133,400 
Brazil   1,117,300    580,800 
Japan   338,300    410,000 
The Netherlands   307,700    445,100 
Other Countries   604,000    960,800 
Total  $3,644,000   $3,530,100 

 

6. Income Taxes

 

The components of the provision (benefit) for income taxes for the years ended December 31, 2020 and 2019 consisted of the following:

 

    2020    2019 
Current          
Federal  $—   $— 
State   —    — 
Foreign   —    — 
   $—   $— 
Deferred          
Federal  $—   $— 
State   —    — 
Foreign   —    — 
    —    — 
Total  $—   $— 

 

35
 

 

The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2020 and 2019, respectively:

 

   2020   2019 
Federal income tax (benefit) at statutory rate  $145,700   $116,400 
State income tax (benefit) at statutory rate   16,400    13,900 
SBC – NQ cancellations   (2,700)   (2,700)
Change in valuation allowance   (2,763,100)   (284,900)
Meals and entertainment (50%)   200    1,000 
Adjustments and NOL expirations   2,603,500    103,400 
Contributed services   —    52,900 
Other items   —    — 
Provision (benefit) for income tax  $—   $— 

 

Deferred income taxes and benefits result from temporary timing differences in the recognition of certain expense and income items for tax and financial reporting purposes. The following table sets forth those differences as of December 31, 2020 and 2019:

 

   2020   2019 
Net operating loss carryforwards  $11,031,900   $13,702,300 
Tax credit carryforwards   977,500    977,500 
Compensation expense – non-qualified stock options   65,800    69,000 
Deferred revenue and maintenance service contracts   343,100    419,800 
Depreciation, amortization, and capitalized software   —    — 
Reserves and other   53,300    58,200 
Total deferred tax assets   12,471,600    15,226,800 
Deferred tax liability – depreciation, amortization and capitalized software   —    — 
Net deferred tax asset   12,471,600    15,226,800 
Valuation allowance   (12,471,600)   (15,226,800)
Net deferred tax asset  $—   $— 

 

For financial reporting purposes, with the exception of the years ended December 31, 2020 and 2019, the Company has incurred a loss in each year since inception. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2020 and 2019. The net change in the valuation allowance was decreased by $2,755,000 and $276,000 for the years ended December 31, 2020 and 2019, respectively.

 

At December 31, 2020, the Company had approximately $50.3 million of federal net operating loss carryforwards and approximately $6.8 million of California state net operating loss carryforwards available to reduce future taxable income. The federal loss carryforwards began to expire in 2021 and the California state loss carry forwards begin to expire in 2028. Under the Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited if the Company incurs a cumulative ownership change of more than 50%, as defined, over a three-year period.

 

At December 31, 2020, the Company had approximately $1.0 million of federal research and development tax credits that began to expire in 2018.

 

36
 

 

7. Commitments and Contingencies

 

Leases

 

Our headquarters in Concord, NH is a month-to-month rent basis, requiring a six-month notice from the lessor to terminate. Rent on the corporate headquarters continues at $4,000 per month. Rent expense aggregated approximately $48,000 for both years ended December 31, 2020 and 2019.

 

Contingencies

 

Under its Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws and certain agreements with officers and directors, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer’s or director’s serving in such capacity. Generally, the term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is limited as the Company currently has a directors and officers liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements is minimal and has no liabilities recorded for these agreements as of December 31, 2020.

 

The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, including contractors and customers and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights, and often survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2020.

 

The Company’s software license agreements also generally include a performance guarantee that the Company’s software products will operate substantially as described in the applicable program documentation for a period of 90 days after delivery. The Company also generally warrants that services that the Company performs will be provided in a manner consistent with reasonably applicable industry standards. To date, the Company has not incurred any material costs associated with these warranties and has no liabilities recorded for these agreements as of December 31, 2020.

 

Profit Sharing Plans

 

The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the years ended December 31, 2020 and 2019, the Company contributed a total of $16,000 and $14,100, respectively.

 

8. Related Party Transactions

 

On September 30, 2020, the Company entered into an executive employment agreement with Jonathon R. Skeels, the Company’s Chief Executive Officer and Interim Chief Financial Officer, effective as of July 1, 2020.

 

Pursuant to the Agreement, Mr. Skeels is entitled to receive a base salary of $200,000 per year and other compensation to be determined from time to time by the Company in its sole discretion. The Agreement also entitles Mr. Skeels to participate in the Company’s employee benefit plans and be reimbursed for expenses incurred in connection with his service to the Company. If Mr. Skeels’ employment is terminated without cause (as defined in the Agreement) the Company will, against the receipt of a mutual release, pay Mr. Skeels an amount equal to 12 months of his annual base salary and pay the premiums for continuation of Mr. Skeels and his family’s health insurance for up to 12 months following his termination.

 

Mr. Skeels has served as the Company’s Chief Executive Officer and Interim Chief Financial Officer since September 2018, however, previously did not receive a salary or other forms of compensation. During the years ended December 31, 2020 and 2019, the Company recorded an expense and contributed capital of approximately $112,400, and $225,100, respectively for contributed services based on the estimated market rate for these services.

 

Mr. Skeels controls an entity named Novelty Capital Partners LP that is a significant shareholder in the Company. On January 31, 2020, we entered into the Backstop Agreement (the “Backstop Agreement”) with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to 2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of our subscription rights offering to all of our stockholders (the “Rights Offering”). The Rights Offering expired on March 31, 2020, and we consummated the Backstop Agreement transactions on August 13, 2020.

 

At closing of the Rights Offering, we received net proceeds of $480,200 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we received gross proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock.

 

37
 

 

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

Item 9A. CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Security and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer (Principal Financial Officer), as appropriate, to allow for timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Interim Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2020.

 

Changes in Internal Control Over Financial Reporting

 

There has not been any change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended December 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Management’s Report on Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) under the Exchange Act as a process designed by, or under the supervision of, our Chief Executive Officer and Interim Chief Financial Officer and effected by our Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States and includes those policies and procedures that:

 

  ● pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; and

 

38
 

 

  ● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, and our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
     
  ● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material impact on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our evaluation of internal control over financial reporting includes using the criteria in Internal Control-Integrated Framework (2013), an integrated framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, for the evaluation of internal control to identify the risks and control objectives related to the evaluation of our control environment.

 

Based on our evaluation under the framework described above, our management has concluded that our internal control over financial reporting was effective as of December 31, 2020.

 

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report.

 

Item 9B. Other Information

 

Not applicable.

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020.

 

hopTo has adopted a Code of Ethics that applies to all its employees, including its Chief Executive Officer and its Chief Financial Officer. hopTo will provide a copy of its Code of Ethics to any person without charge upon written request to:

 

hopTo, Inc..

6 Loudon Road, Suite 200

Concord, NH 03301

Attn: Chief Executive Officer

 

Item 11. Executive Compensation

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020.

 

39
 

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020.

 

Item 14. Principal Accountant Fees and Services.

 

The information required by this item is incorporated by reference to hopTo’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020.

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules

 

(a) Financial Statements

 

Our financial statements as set forth in the Index to Consolidated Financial Statements under Part II, Item 8 of this Annual Report on Form 10-K are hereby incorporated by reference.

 

(b) Exhibits

 

The following exhibits, which are numbered in accordance with Item 601 of Regulation S-K, are filed as part of this Annual Report on Form 10-K or, as noted, incorporated by reference herein:

 

Exhibit

Number

   Exhibit Description
     
3.1   Amended and Restated Certificate of Incorporation of Registrant, as amended (1)
     
3.2   Certificate of Amendment of Amended and Restated Certificate of Incorporation of GraphOn Corporation (19)
     
3.3   Certificate of Amendment of Amended and Restated Certificate of Incorporation of hopTo Inc. (28)
     
3.4   Certificate of Designation of Series A Junior Participating Preferred Stock of hopTo Inc. (31)
     
3.5   Second Amended and Restated Bylaws of Registrant (2)
     
4.1   Form of certificate evidencing shares of common stock of Registrant (3)
     
4.2   Form of Warrant issued on September 1, 2011 (4)
     
4.3   Warrant to Purchase Common Stock, dated October 11, 2011 (5)
     
4.4   Exercise Agreement, dated June 17, 2013 (including Allonge to 2011 warrants) (20)
     
4.5   Form of New Warrant issued on June 17, 2013 (20)

 

40
 

 

4.6   Registration Rights Agreement, dated June 17, 2013 (20)
     
4.7   Form of Warrant issued on January 7, 2014 (21)
     
4.8   Registration Rights Agreement, dated January 7, 2014 (21)
     
4.9   Rights Agreement, dated as of February 16, 2018, by and between hopTo Inc. and American Stock Transfer & Trust Company, LLC, as rights agent (31)
     
4.10   Description of the Capital Stock
     
10.1*   Restricted Stock Agreement (1 of 2) with Eldad Eilam dated August 15, 2012 (15)
     
10.2*   Restricted Stock Agreement (2 of 2) with Eldad Eilam dated August 15, 2012 (15)
     
10.3*   Restricted Stock Agreement with Christoph Berlin dated August 15, 2012 (15)
     
10.4*   Restricted Stock Agreement with Robert Dixon dated August 15, 2012 (15)
     
10.5   Separation Agreement, dated April 12, 2012, between Registrant and Robert Dilworth (14)
     
10.6   Release, dated April 12, 2012, between Registrant and Robert Dilworth (14)
     
10.7   1998 Stock Option/Stock Issuance Plan of Registrant (7)
     
10.8   Supplemental Stock Option Agreement, dated as of June 23, 2000 (7)
     
10.9   2005 Equity Incentive Plan (8)
     
10.10   2008 Equity Incentive Plan, as Amended (9)
     
10.11*   Employment Agreement, dated August 21, 2013, by and between Registrant and Eldad Eilam (16)
     
10.12*   Director Severance Plan (11)
     
10.13*   Key Employee Severance Plan (11)
     
10.14   Securities Purchase Agreement, dated September 1, 2011 (4)
     
10.15   Form of Registration Rights Agreement, dated September 1, 2011 (4)
     
10.16(a)*   Engagement Agreement, dated October 11, 2011, by and between Registrant and ipCapital Group, Inc. (5)
     
10.16(b)*   First Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of November 7, 2011 (12)
     
10.16(c)*   Second Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of November 14, 2011 (12)
     
10.16(d)*   Third Addendum to the Engagement Agreement by and between Registrant and ipCapital Group, Inc., dated as of January 20, 2012 (13)
     
10.17   First Amendment to Office Lease between Registrant and CA-Pruneyard Limited Partnership, dated as of October 7, 2013 (27)

 

41
 

 

10.18   Consulting Agreement, dated February 1, 2012, by and between Registrant and Steven Ledger/Tamalpais Partners LLC (22)
     
10.19   Amendment to Consulting Agreement, by and between Registrant and Steven Ledger/Tamalpais Partners, LLC, dated August 1, 2013 (16)
     
10.20   Intellectual Property Brokerage Agreement by and between Registrant and ipCapital Licensing Company I, LLC, dated as of February 4, 2013 (17)
     
10.21*   Consulting Agreement, dated March 29, 2013, by and between Registrant and Gordon Watson (23)
     
10.22*   Consulting Agreement, dated November 18, 2013, by and between Registrant and ipCreate, Inc. (24)
     
10.23   Securities Purchase Agreement, dated January 7, 2014 (21)
     
10.24*   Consulting Agreement, dated March 17, 2014, by and between Registrant and Steven Ledger (25)
     
10.25   Separation Agreement, dated March 12, 2014, by and between Registrant and Christoph Berlin (25)
     
10.26   Employment Letter dated April 30, 2014 and executed May 5, 2014 between Registrant and Jean-Louis Casabonne (26)
     
10.27   Sublease dated August 11, 2015, by and between Registrant and CDNetworks (32)
     
10.28   Securities Purchase Agreement, dated as of July 24, 2015 (29)
     
10.29   Registration Rights Agreement, dated as of July 28, 2015 (29)
     
10.30   Lease Agreement effective October 1, 2015 between the Registrant and Heritage Village Offices (30)
     
10.31   Patent Purchase Agreement dated October 10, 2017 (33)
     
14.1   Code of Ethics (6)
     
21.1   Subsidiaries of Registrant
     
31   Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
     
32   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished, not filed)
     
101   The following financial information from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2018 and 2017, (ii) Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, (iii) Consolidated Statements of Shareholders’ Equity (Deficit) for the years ended December 31, 2018 and 2017, (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017, (v) Notes to Consolidated Financial Statements (18)

 

*Management or compensatory plan or arrangement

 

  (1) Filed on April 2, 2007 as an exhibit to Registrant’s Annual Report on Form 10-KSB for the year ended December 31, 2006, and incorporated herein by reference. (File number 000-21683)
     
  (2) Filed on March 31, 2010 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009, and incorporated herein by reference. (File number 000-21683)
     
  (3) Filed on September 19, 1996 as an exhibit to the Registrant’s Registration Statement on Form S-1 and incorporated herein by reference. (File No. 333-11165)
     
, (4) Filed on September 8, 2011 as an exhibit to Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (5) Filed on October 13, 2011 as an exhibit to Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (6) Filed on March 30, 2004 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003, and incorporated herein by reference. (File number 000-21683)
     
  (7) Filed on June 23, 2000 as an exhibit to the Registrant’s Registration Statement on Form S-8, and incorporated herein by reference. (File number 333-40174)
     
  (8) Filed on November 25, 2005 as an exhibit to the Registrant’s definitive Proxy Statement for the Registrant’s 2005 Annual Meeting, and incorporated herein by reference. (File number 000-21683)

 

42
 

 

  (9) Filed on September 29, 2011 as an exhibit to the Registrant’s Registration Statement on Form S-8 and incorporated herein by reference. (File No. 333-177069)
     
  (10) Reserved.
     
  (11) Filed on November 14, 2011 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, and incorporated herein by reference. (File number 000-21683)
     
  (12) Filed on November 23, 2011 as an exhibit to Amendment No. 1 to the Registrant’s Registration Statement on Form S-1, and incorporated herein by reference. (File number 333-177073)
     
  (13) Filed on February 14, 2012 as an exhibit to the Registrant’s Current Report on Form 8-K and incorporated herein by reference. (File number 000-21683)
     
  (14) Filed on May 21, 2012 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, and incorporated herein by reference. (File number 000-21683)
     
  (15) Filed on November 14, 2012 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly reporting period ended September 30, 2012, and incorporated herein by reference. (File number 000-21683)
     
  (16) Filed on August 27, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated August 21, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (17) Filed on February 19, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, and incorporated herein by reference. (File number 000-21683)
     
  (18) Submitted electronically with the original Form 10-K.
     
  (19) Filed on September 10, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated September 9, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (20) Filed on June 24, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated June 17, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (21) Filed on January 13, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated January 7, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (22) Filed on April 16, 2012 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference. (File number 000-21683)
     
  (23) Filed on April 3, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 29, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (24) Filed on December 12, 2013 as an exhibit to the Registrant’s Current Report on Form 8-K, dated December 11, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (25) Filed on March 18, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 12, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (26) Filed on May 12, 2014 as an exhibit to the Registrant’s Current Report on Form 8-K, dated March 9, 2014, and incorporated herein by reference. (File number 000-21683)
     
  (27) Filed on March 31, 2014 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. (File number 000-21683)
     
  (28) Filed on February 1, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, dated January 27, 2016, and incorporated herein by reference. (File number 000-21683)
     
  (29) Filed on July 30, 2015 as an exhibit to the Registrant’s Current Report on Form 8-K, dated July 24, 2015, and incorporated herein by reference. (File number 000-21683)
     
 

(30)

 Filed on September 10, 2015 as an exhibit to the Registrant’s Registration Statement on Form S-1 and incorporated herein by reference. (File No. 333-206861)
     
  (31) Filed on February 16, 2018 as an exhibit to the Registrant’s Current Report on Form 8-K, dated February 16, 2018 and incorporated herein by reference. (File number 000-21683)
     
  (32) Filed on March 30, 2016 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by reference. (File number 000-21683)
     
  (33) Filed on April 1, 2019 as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 and incorporated herein by reference. (File number 000-21683)

 

(c) Financial Statement Schedule

 

Not applicable for smaller reporting companies.

 

ITEM 16. FORM 10-K SUMMARY.

 

None.

 

43
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  hopTo Inc.
     
March 31, 2021 By: /s/ Jonathon R. Skeels
    Jonathon R. Skeels
    Chief Executive Officer, Interim Chief Financial Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ Jonathon R. Skeels   Chief Executive Officer, Interim Chief Financial Officer   March 31, 2021
Jonathon R. Skeels   (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)    
         
/s/ Jean-Louis Casabonne   Director   March 31, 2021
Jean-Louis Casabonne        
         
/s/ Richard S. Chernicoff   Director   March 31, 2021
Richard S. Chernicoff        
         
/s/ Thomas C. Stewart   Director   March 31, 2021
Thomas C. Steward        

 

44

 EX-4.10 2 ex4-10.htm

 

Exhibit 4.10

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

DESCRIPTION OF OUR CAPITAL STOCK

 

The following description of our Capital Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K.

 

Common Stock

 

We are currently authorized to issue up to 195,000,000 shares of our common stock, $0.0001 par value, and 5,000,000 shares of preferred stock, $0.01 par value. As of March 31, 2021 18,850,675 shares of our common stock were issued and outstanding, and held of record by approximately 46 persons, and no shares of preferred stock were issued and outstanding.

 

Holders of shares of our common stock are entitled to such dividends as may be declared from time to time by the board in its discretion, on a ratable basis, out of funds legally available therefrom, and to a pro rata share of all assets available for distribution upon liquidation, dissolution or other winding up of our affairs. All of the outstanding shares of our common stock are fully paid and non-assessable.

 

On January 27, 2016, we filed an amendment of our Amended and Restated Certificate of Incorporation, as amended, to effect a 1-for-15 reverse stock split of our common stock (the “Reverse Stock Split”). The Reverse Stock Split became effective in the stock market upon commencement of trading on January 28, 2016. As a result of the Reverse Stock Split, every 15 shares of our pre-Reverse Stock Split common stock were combined and reclassified into one share of our common stock. No fractional shares were issued in connection with the Reverse Stock Split, and cash paid to stockholders for potential fractional shares was insignificant. The number of shares of common stock subject to outstanding options, restricted stock units, warrants and convertible securities were also reduced by a factor of 15 as of January 27, 2016. All historical share and per share amounts reflected throughout this prospectus have been adjusted to reflect the Reverse Stock Split. The authorized number of shares and the par value per share of our common stock were not affected by the Reverse Stock Split.

 

Warrants

 

We have issued and outstanding warrants to purchase an aggregate 248,216 of our common stock at an exercise price of $0.01 per share. The warrants expire on May 21, 2023. The exercise price of the warrants is subject to adjustment upon the occurrence of certain events, such as a split or combination of our common stock or a reorganization or merger to which we are a party. Holders of our outstanding warrants will receive one right in this offering for each of the shares of common stock into which each warrant would otherwise be exercisable as set forth on the face of the warrants held by each holder.

 

Preferred Stock

 

Our certificate of incorporation permits us to issue up to 5,000,000 shares of preferred stock in one or more series and with rights and preferences that may be fixed or designated by our board of directors without any further action by our stockholders. On February 16, 2018, in connection with the adoption of the Rights Agreement, we filed a Certificate of Designation authorizing 500,000 shares of Series A Junior Participating Preferred Stock. We currently have no shares of preferred stock outstanding.

 

 
 

 

Subject to the limitations prescribed in our certificate of incorporation and under Delaware law, our certificate of incorporation authorizes our board of directors, from time to time by resolution and without further stockholder action, to provide for the issuance of shares of preferred stock, in one or more series, and to fix the designation, powers, preferences and other rights of the shares and to fix the qualifications, limitations and restrictions thereof. Although our board of directors has no present intention to issue any additional preferred stock, the issuance of preferred stock could adversely affect the rights of holders of our common stock, including with respect to voting, dividends and liquidation, by issuing shares of preferred stock with certain voting, conversion and/or redemption rights. Such issuance of preferred stock may have the effect of delaying, deferring or preventing a change of control.

 

Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Charter Documents

 

The following is a summary of certain provisions of Delaware law, our certificate of incorporation and our bylaws. This summary does not purport to be complete and is qualified in its entirety by reference to the corporate law of Delaware and our certificate of incorporation and bylaws.

 

Board of Directors; Removal. Pursuant to our certificate of incorporation, the number of directors is fixed by our board of directors. Our directors each serve one-year terms. Vacancies on our board of directors may be filled by a majority of the remaining members of the board of directors, even if less than a quorum, and a director may only be removed from office by stockholders upon the approval of holders of at least 66 2/3% of the outstanding shares entitled to vote at an election of directors.

 

Stockholder Meetings; Bylaws. Our certificate of incorporation provides that any action taken by our stockholders must be effected at an annual or special meeting of stockholders and may not be taken by written consent instead of a meeting. In addition, our certificate of incorporation provides that a special meeting of stockholders may be called only by the board of directors or the holders of at least 50% of the outstanding shares of capital stock. Our bylaws may be amended either by the board of directors or the holders of at least 66 2/3% of the entitled to vote at an election of directors.

 

Rights Agreement. On February 16, 2018, the Company entered into a Rights Agreement with American Stock Transfer & Trust, LLC, as rights agent. In connection with the adoption of the Rights Agreement, each stockholder of the Company as of February 26, 2018 received one right for each outstanding share of common stock, which entitles the stockholder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (the “Preferred Stock”) at an exercise price of $1.00 per one one-thousandth of Preferred Stock. The Rights Agreement, as amended on November 2, 2018, effectively imposes a significant penalty upon any person or group that acquires 4.9% or more of the shares of Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board.

 

Limitation of Liability

 

As permitted by the General Corporation Law of the State of Delaware, our certificate of incorporation provides that our directors shall not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability:

 

  ● for any breach of the director’s duty of loyalty to us or our stockholders;
  ● for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
  ● under section 174 of the Delaware law, relating to unlawful payment of dividends or unlawful stock purchases or redemption of stock; and
  ● for any transaction from which the director derives an improper personal benefit.

 

As a result of this provision, we and our stockholders may be unable to obtain monetary damages from a director for breach of his or her duty of care.

 

 
 

 

Our certificate of incorporation provides for the indemnification of our directors and officers to the fullest extent authorized by, and subject to the conditions set forth in the Delaware law.

 

Delaware Anti-Takeover Law

 

We are subject to Section 203 of the Delaware General Corporation Law. Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

 

  ● prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;
  ● upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
  ● on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the outstanding voting stock which is not owned by the interested stockholder.

 

Section 203 defines a business combination to include:

 

  ● any merger or consolidation involving the corporation and the interested stockholder;
  ● any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;
  ● subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; and
  ● the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation or any entity or person affiliated with or controlling or controlled by the entity or person.

 

 
 EX-21.1 3 ex21-1.htm

 

Exhibit 21.1 Subsidiaries of Registrant

 

Subsidiary Name   State or Country of
Incorporation or Jurisdiction		   Name Under Which Business is
Conducted
GraphOn Corporation   Delaware   GraphOn Corporation
GraphOn NES Sub LLC   Delaware   GraphOn Corporation
GraphOn Research Labs Limited   Israel   GraphOn Research Labs Limited

 

   
 

 

 EX-31 4 ex31.htm

 

Exhibit 31

 

I, Jonathon Skeels, certify that:

 

1. I have reviewed this annual report on Form 10-K of hopTo Inc. (“registrant”);
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or person performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 31, 2021

 

  /s/ Jonathon Skeels
  Chief Executive Officer, Interim Chief Financial Officer

 

 
 EX-32 5 ex32.htm

 

Exhibit 32

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of hopTo Inc. (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathon Skeels, Chief Executive Officer and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  /s/ Jonathon Skeels
  Jonathon Skeels
  Chief Executive Officer & Interim Chief Financial Officer
  March 31, 2021

 

 

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Expense (Benefit) Schedule of Effective Income Tax Rate Reconciliation Schedule of Deferred Tax Assets and Liabilities Statistical Measurement [Axis] Working capital Cash equivalents Allowance for doubtful accounts Property, plant and equipment, useful life Cash, FDIC insured amount Concentration of credit risk percentage Number of common shares equivalents of outstanding in money warrants Shares of common stock equivalents excluded from computation of diluted earnings per share Consulting services Board of director fees Legal fees Reimbursements Other Accrued expenses Share-based compensation arrangement by share-based payment award, number of shares authorized Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent Plan terminate term Share-based compensation arrangement by share-based payment award, number of shares available for grant Shares issued purchase price, per share Number of shares issued in private placement Debt instrument maturity date Proceeds from offering Number of restricted shares of common stock, value Number of restricted shares of common stock Number of common stock issued for exercise of warrants Warrants outstanding Warrants outstanding exercisable price Warrants expiration date Options Outstanding, Beginning Balance Options Outstanding, Granted Options Outstanding, Forfeited/cancelled Options Outstanding, Exercised Options Outstanding, Ending Balance Options Outstanding, Vested and expected to vest at June 30, 2020 Options Exercisable at December 31, 2020 Weighted Average Exercise Price, Outstanding Beginning Balance Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Forfeited/cancelled Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Outstanding Ending Balance Weighted Average Exercise Price, Vested and expected to vest at December 31, 2020 Weighted Average Exercise Price, Exercisable at December 31, 2020 Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning Balance Weighted Average Remaining Contractual Life (Years) Outstanding, Ending Balance Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2020 Weighted Average Remaining Contractual Life (Years) Exercisable at December 31, 2020 Share-based Payment Arrangement, Option, Exercise Price Range [Table] Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] Exercise Price Range, Lower Range Limit Exercise Price Range, Upper Range Limit Options Outstanding, Number of shares Options Outstanding, Weighted Average Remaining Life (Years) Options Outstanding, Weighted Average Exercise Price Options Exercisable, Number of shares Options Exercisable, Weighted Average Exercise Price Warrants Outstanding, beginning balance Warrants Outstanding, Granted Warrants Outstanding, Forfeited/cancelled Warrants Outstanding, Exercised Warrants Outstanding, ending balance Revenue by country Note 10 - Income Taxes (Details) [Table] Note 10 - Income Taxes (Details) [Line Items] Federal income tax rate Valuation allowance, deferred tax asset, increase (decrease), amount Operating loss carryforwards Operating loss expiration date Percentage of cumulative ownership Tax credit carryforward, amount Federal State Foreign Current income tax expense Federal State Foreign Deferred income tax expense Provision (benefit) for income tax Federal income tax (benefit) at statutory rate State income tax (benefit) at statutory rate SBC - NQ cancellations Change in valuation allowance Meals and entertainment (50%) Adjustments and NOL expirations Contributed services Other items Meals and entertainment, percent Net operating loss carryforwards Tax credit carryforwards Compensation expense - non-qualified stock options Deferred revenue and maintenance service contracts Depreciation, amortization, and capitalized software Reserves and other Total deferred tax assets Deferred tax liability - depreciation, amortization and capitalized software Net deferred tax asset Valuation allowance Net deferred tax asset Rent expense Profit sharing plans Subsequent Event Type [Axis] Base salary Accredited Investors [Member] Additional paid in capital contributed services. Backstop Agreement [Member] Contributed services. Represents the first in a series of exercise price ranges. Represents the second in a series of exercise price ranges. Represents the third in a series of exercise price ranges. If Recipient Owns Greater Than Ten Percentf Voting Power [Member] Incentive Stock Options [Member] Rights Offering [Member] Non Qualified Stock Options [Member] Novelty Capital Partners LP [Member] Seagate Technology [Member]. Sales by Geographical Location [Text Block] Two Thousand Twelve Equity Incentive Plan [Member] Proceeds from rights offering. Proceeds from rights offering, shares. Issuance cost for righs offering. Rights Offering [Member] Jonathon R. Skeels. Payments to other financing activities. Liquidity [Policy Text Block] Increase (decrease) deposit liability. Cashless xercise of warrants. Cashless xercise of warrants, shares. Reseller One [Member] Reseller Two [Member] Working capital. Number of common shares equivalents of outstanding in money warrants. Carrying value as of the balance sheet date of obligations incurred through that date and payable for consulting services. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Accrued legal fees, current. Reimbursements. Plan terminate term. Number of common stock issued for exercise of warrants. Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term, ending balance. Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term, vested and expected to vest. Note 10 Income Taxes Details Table. Note 10 Income Taxes Details Line Items. Operating Loss Expiration Date. Percentage of cumulative ownership. Contributed services on income tax rate reconcilation. Depreciation, amortization, and capitalized software. Concord, NH Headquaters [Member] Profit sharing plans value. RightsOfferingMember Assets, Current Assets [Default Label] Liabilities, Current Contract with Customer, Liability, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Shares, Outstanding Exercise Price Range 5 [Member] Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Accrued Salaries Increase (Decrease) in Contract with Customer, Liability Net Cash Provided by (Used in) Operating Activities Payments of Stock Issuance Costs PaymentsToOtherFinancingActivities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Income Tax, Policy [Policy Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Current Income Tax Expense (Benefit) Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Deferred Foreign Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) IncomeTaxReconciliationOtherContributedServices Deferred Tax Assets, Gross Deferred Tax Liabilities, Deferred Expense Deferred Tax Assets, Net of Valuation Allowance Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net EX-101.PRE 12 hpto-20201231_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2020
Mar. 31, 2021
Jun. 30, 2020
Cover [Abstract]      
Entity Registrant Name hopTo Inc.    
Entity Central Index Key 0001021435    
Document Type 10-K    
Document Period End Date Dec. 31, 2020    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business Flag true    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 2,111,134
Entity Common Stock, Shares Outstanding   18,850,675  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2020    
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 4,375,300 $ 1,541,900
Accounts receivable, net 417,300 271,200
Prepaid expenses and other current assets 48,500 59,000
Total current assets 4,841,100 1,872,100
Property and equipment, net
Other assets 17,800 17,800
Total assets 4,858,900 1,889,900
Current liabilities    
Accounts payable 251,000 271,900
Accrued expenses 82,000 106,000
Accrued wages 141,600 136,400
Deferred revenue 1,084,900 1,256,000
Total current liabilities 1,559,500 1,770,300
Long-term liabilites    
Deferred revenue 383,000 529,500
Total liabilities 1,942,500 2,299,800
Commitments and contingencies
Stockholders' equity (deficit)    
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2020 or 2019
Common stock, $0.0001 par value, 195,000,000 shares authorized, 18,850,675 and 9,834,866 shares issued and outstanding as of December 31, 2020 and 2019, respectively 1,900 1,000
Additional paid-in capital 82,155,200 79,523,500
Accumulated deficit (79,240,700) (79,934,400)
Total stockholders' equity (deficit) 2,916,400 (409,900)
Total liabilities and stockholders' equity (deficit) $ 4,858,900 $ 1,889,900
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 195,000,000 195,000,000
Common stock, shares issued 18,850,675 9,834,866
Common stock, shares outstanding 18,850,675 9,834,866
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenues:    
Total Revenue $ 3,644,000 $ 3,530,100
Cost of Revenue:    
Total cost of revenue 155,000 149,800
Gross profit 3,489,000 3,380,300
Operating expenses:    
Selling and marketing 509,300 442,400
General and administrative 900,500 864,700
Research and development 1,430,100 1,533,000
Total operating expenses 2,839,900 2,840,100
Income from operations 649,100 540,200
Other income:    
Other income 44,600 14,100
Income before provision for income taxes 693,700 554,300
Provision for income taxes
Net income $ 693,700 $ 554,300
Net income per share, basic $ 0.05 $ 0.06
Net income per share, diluted $ 0.05 $ 0.05
Weighted average number of common shares outstanding    
Basic 13,874,699 9,821,177
Diluted 14,117,850 10,287,183
Software License [Member]    
Revenues:    
Total Revenue $ 853,300 $ 952,600
Software Service Fees [Member]    
Revenues:    
Total Revenue 2,474,500 2,483,600
Other [Member]    
Revenues:    
Total Revenue 316,200 93,900
Software Service Costs [Member]    
Cost of Revenue:    
Total cost of revenue 52,700 52,700
Software Product Costs [Member]    
Cost of Revenue:    
Total cost of revenue $ 102,300 $ 97,100
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Total
Beginning balance at Dec. 31, 2018 $ 1,000 $ 79,298,200 $ (80,488,700) $ (1,189,500)
Beginning balance, shares at Dec. 31, 2018 9,804,400      
Contributed services   225,100 225,100
Cashless exercise of warrants 300 300
Cashless exercise of warrants, shares 30,466      
Other rounding (100) (100)
Shares issued for accrued liabilities
Shares issued for accrued liabilities, shares
Proceeds from rights offering
Proceeds from rights offering, shares
Issuance cost for rights offering
Net Income (loss) 554,300 554,300
Ending balance at Dec. 31, 2019 $ 1,000 79,523,500 (79,934,400) (409,900)
Ending balance, shares at Dec. 31, 2019 9,834,866      
Contributed services   112,400 112,400
Cashless exercise of warrants
Cashless exercise of warrants, shares 229,141      
Other rounding
Shares issued for accrued liabilities 39,600
Shares issued for accrued liabilities, shares 120,000      
Proceeds from rights offering $ 900 2,599,100   2,600,000
Proceeds from rights offering, shares 8,666,668      
Issuance cost for rights offering (119,400) (119,400)
Net Income (loss) 693,700 693,700
Ending balance at Dec. 31, 2020 $ 1,900 $ 82,155,200 $ (79,240,700) $ 2,916,400
Ending balance, shares at Dec. 31, 2020 18,850,675      
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 693,700 $ 554,300
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 400
Contributed services 112,400 225,100
Changes in allowance for doubtful accounts (1,400) 3,700
Changes in operating assets and liabilities:    
Accounts receivable (144,700) (64,100)
Prepaid expenses and other current assets 10,500 20,000
Accounts payable (20,900) (46,800)
Accrued expenses 15,600 (15,600)
Accrued wages 5,200 (9,400)
Deposit liability (12,100)
Deferred revenue (317,600) (6,300)
Net cash provided by operating activities 352,800 649,200
Cash flows from financing activities    
Proceeds from rights offering 2,600,000
Issuance cost for rights offering (119,400)
Proceeds from exercise of warrants 300
Other rounding (100)
Net cash provided by financing activities 2,480,600 200
Net change in cash 2,833,400 649,400
Cash, beginning of the year 1,541,900 892,500
Cash, end of the year $ 4,375,300 $ 1,541,900
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Organization
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

1. Organization

 

hopTo Inc., a Delaware corporation, through its wholly-owned subsidiary GraphOn Corporation (collectively, “we”, “us,” “our” or the “Company”) are developers of application publishing software which includes application virtualization software and cloud computing software for multiple computer operating systems including Windows, UNIX and several Linux-based variants.

 

The Company sells a family of products under the brand name GO-Global, which is a software application publishing business and is the Company’s sole revenue source at this time. GO-Global is an application access solution for use and/or resale by independent software vendors, corporate enterprises, governmental and educational institutions, and others, who wish to take advantage of cross-platform remote access and Web-enabled access to their existing software applications, as well as those who are deploying secure, private cloud environments.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include the allowance for doubtful accounts and contributed services. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.

 

Liquidity

 

The Company has incurred significant net losses since inception. As of December 31, 2020, we had working capital of $3,281,600, which includes deferred revenue of $1,084,900. Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.

 

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, value-added resellers, independent software vendors (“ISVs”), hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products.

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

 

For the years ended December 31, 2020 and 2019, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

 

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2020 or 2019.

 

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5,900 and $7,300, respectively.

 

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the years ended December 31, 2020 or 2019.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years. All of our existing property and equipment are fully depreciated.

 

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2020 or 2019. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.

 

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2020, the Company had approximately $4,125,300 of cash with financial institutions in excess of FDIC insurance limits.

 

For the year ended December 31, 2020, we had one reseller that represented more than 14.5% of sales and one reseller that represented 44.7% of accounts receivable. For the year ended December 31, 2019, we had two resellers that represented 14.0% and 14.3% of sales, respectively and one reseller that represented 17.9% of accounts receivable. For the purposes of this description, “sales” refers to the dollar value of orders received from these customers and partners in the period indicated. The sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees. The loss of one of these resellers would not have a material impact as the Company could take over the end customer relationship.

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2020 and 2019, representing 248,216 and 481,335 outstanding in-the-money warrants respectively, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2020 and 2019, the Company had total common stock equivalents of 93,076 and 106,077 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.

 

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

 

We do not have level 2 and 3 liabilities or assets.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Accrued Expenses

3. Accrued Expenses

 

Accrued expenses as of December 31, 2020 and 2019 consisted of the following:

 

    2020     2019  
Consulting services   $ 6,200     $ 2,000  
Board of director fees     46,000       85,600  
Legal fees     3,100       6,400  
Reimbursements     20,300       -  
Other     6,400       12,000  
    $ 82,000     $ 106,000  
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' Equity

4. Stockholders’ Equity

 

Stock-Based Compensation Plans

 

In November 2012, the Company’s 2012 Equity Incentive Plan (the “12 Plan”) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as “awards”) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company is authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.

 

In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee’s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares would be forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award would be considered outstanding for dividend, voting and other purposes.

 

Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of incentive stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company’s capital stock then the exercise price will be no less than 110% of the fair market value of the Company’s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also not be less than 100% of the fair market value of the Company’s common stock on the date the restricted stock is granted.

 

All options granted under the 12 Plan are immediately exercisable by the optionee; however, there is a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price is immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company’s repurchase, which right lapses as the shares vest. The 12 Plan will terminate no later than November 7, 2022. As of December 31, 2020, 411,593 shares of common stock remained available for issuance under the 12 Plan.

 

The following table summarizes the stock option activity for the year ended December 31, 2020 and 2019.

 

                Weighted-  
                Average  
          Weighted-     Remaining  
          Average     Contractual  
          Exercise     Life  
    Options     Price     (Years)  
                   
Outstanding at December 31, 2018     117,675     $ 2.57       2.28  
Granted     -                  
Forfeited/cancelled     (11,598 )                
Outstanding at December 31, 2019     106,077     $ 2.77       1.53  
Granted     -                  
Forfeited/cancelled     (13,001 )                
Exercised     -                  
Outstanding at December 31, 2020     93,076     $ 3.03       0.74  
                         
Vested and expected to vest  at December 31, 2020     93,076     $ 3.03       0.74  
                         
Exercisable at December 31, 2020     93,076     $ 3.03       0.74  

 

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2020.

 

      Options Outstanding     Options Exercisable  
                  Weighted-           Weighted-  
Range of           Average     Average           Average  
Exercise     Number     Remaining     Exercise     Number     Exercise  
Price     of Shares     Life (Years)     Price     of Shares     Price  
                                 
$ 0.75 - 1.00       14,526       0.03     $ 0.75       14,526     $ 0.75  
  1.79 - 4.00       63,684       0.87       3.21       63,684       3.21  
  4.20 - 6.68       14,866       0.89       4.46       14,866       4.46  
          93,076                       93,076          

 

Warrants

 

During the year ended December 31, 2020, the Company issued 233,119 shares of common stock for the exercise of 233,119 warrants. During the year ended December 31, 2019, the Company issued 30,466 shares of common stock for the exercise of 30,466 warrants. As of December 31, 2020, and 2019, the Company had 248,216 and 481,335 warrants outstanding, respectively. The warrants outstanding at December 31, 2020 are all exercisable at $0.01 and have an expiration date of May 20, 2023.

 

Rights Offering

 

See Note 8.

 

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2020 and 2019.

 

    Warrants  
       
Outstanding at December 31, 2018     622,912  
Granted     -  
Forfeited/cancelled     (111,111 )
Exercised     (30,466 )
Outstanding at December 31, 2019     481,335  
Exercised     (233,119 )
Outstanding at December 31, 2020     248,216  
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Sales by Geographical Location
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Sales by Geographical Location

5. Sales by Geographical Location

 

Revenue by country for the year ended December 31, 2020 and 2019 was as follows.

 

    For the Year Ended  
    December 31, 2020     December 31, 2019  
Revenue by Country            
United States   $ 1,276,700     $ 1,133,400  
Brazil     1,117,300       580,800  
Japan     338,300       410,000  
The Netherlands     307,700       445,100  
Other Countries     604,000       960,800  
Total   $ 3,644,000     $ 3,530,100  
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

6. Income Taxes

 

The components of the provision (benefit) for income taxes for the years ended December 31, 2020 and 2019 consisted of the following:

 

      2020       2019  
Current                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
    $ —     $ —  
Deferred                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
      —       —  
Total   $ —     $ —  

 

The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2020 and 2019, respectively:

 

    2020     2019  
Federal income tax (benefit) at statutory rate   $ 145,700     $ 116,400  
State income tax (benefit) at statutory rate     16,400       13,900  
SBC – NQ cancellations     (2,700 )     (2,700 )
Change in valuation allowance     (2,763,100 )     (284,900 )
Meals and entertainment (50%)     200       1,000  
Adjustments and NOL expirations     2,603,500       103,400  
Contributed services     —       52,900  
Other items     —       —  
Provision (benefit) for income tax   $ —     $ —  

 

Deferred income taxes and benefits result from temporary timing differences in the recognition of certain expense and income items for tax and financial reporting purposes. The following table sets forth those differences as of December 31, 2020 and 2019:

 

    2020     2019  
Net operating loss carryforwards   $ 11,031,900     $ 13,702,300  
Tax credit carryforwards     977,500       977,500  
Compensation expense – non-qualified stock options     65,800       69,000  
Deferred revenue and maintenance service contracts     343,100       419,800  
Depreciation, amortization, and capitalized software     —       —  
Reserves and other     53,300       58,200  
Total deferred tax assets     12,471,600       15,226,800  
Deferred tax liability – depreciation, amortization and capitalized software     —       —  
Net deferred tax asset     12,471,600       15,226,800  
Valuation allowance     (12,471,600 )     (15,226,800 )
Net deferred tax asset   $ —     $ —  

 

For financial reporting purposes, with the exception of the years ended December 31, 2020 and 2019, the Company has incurred a loss in each year since inception. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2020 and 2019. The net change in the valuation allowance was decreased by $2,755,000 and $276,000 for the years ended December 31, 2020 and 2019, respectively.

 

At December 31, 2020, the Company had approximately $50.3 million of federal net operating loss carryforwards and approximately $6.8 million of California state net operating loss carryforwards available to reduce future taxable income. The federal loss carryforwards began to expire in 2021 and the California state loss carry forwards begin to expire in 2028. Under the Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited if the Company incurs a cumulative ownership change of more than 50%, as defined, over a three-year period.

 

At December 31, 2020, the Company had approximately $1.0 million of federal research and development tax credits that began to expire in 2018.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

7. Commitments and Contingencies

 

Leases

 

Our headquarters in Concord, NH is a month-to-month rent basis, requiring a six-month notice from the lessor to terminate. Rent on the corporate headquarters continues at $4,000 per month. Rent expense aggregated approximately $48,000 for both years ended December 31, 2020 and 2019.

 

Contingencies

 

Under its Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws and certain agreements with officers and directors, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer’s or director’s serving in such capacity. Generally, the term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is limited as the Company currently has a directors and officers liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements is minimal and has no liabilities recorded for these agreements as of December 31, 2020.

 

The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, including contractors and customers and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights, and often survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2020.

 

The Company’s software license agreements also generally include a performance guarantee that the Company’s software products will operate substantially as described in the applicable program documentation for a period of 90 days after delivery. The Company also generally warrants that services that the Company performs will be provided in a manner consistent with reasonably applicable industry standards. To date, the Company has not incurred any material costs associated with these warranties and has no liabilities recorded for these agreements as of December 31, 2020.

 

Profit Sharing Plans

 

The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the years ended December 31, 2020 and 2019, the Company contributed a total of $16,000 and $14,100, respectively.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

8. Related Party Transactions

 

On September 30, 2020, the Company entered into an executive employment agreement with Jonathon R. Skeels, the Company’s Chief Executive Officer and Interim Chief Financial Officer, effective as of July 1, 2020.

 

Pursuant to the Agreement, Mr. Skeels is entitled to receive a base salary of $200,000 per year and other compensation to be determined from time to time by the Company in its sole discretion. The Agreement also entitles Mr. Skeels to participate in the Company’s employee benefit plans and be reimbursed for expenses incurred in connection with his service to the Company. If Mr. Skeels’ employment is terminated without cause (as defined in the Agreement) the Company will, against the receipt of a mutual release, pay Mr. Skeels an amount equal to 12 months of his annual base salary and pay the premiums for continuation of Mr. Skeels and his family’s health insurance for up to 12 months following his termination.

 

Mr. Skeels has served as the Company’s Chief Executive Officer and Interim Chief Financial Officer since September 2018, however, previously did not receive a salary or other forms of compensation. During the years ended December 31, 2020 and 2019, the Company recorded an expense and contributed capital of approximately $112,400, and $225,100, respectively for contributed services based on the estimated market rate for these services.

 

Mr. Skeels controls an entity named Novelty Capital Partners LP that is a significant shareholder in the Company. On January 31, 2020, we entered into the Backstop Agreement (the “Backstop Agreement”) with a consortium of accredited investors, including all of our directors and led by Novelty Capital Partners LP, pursuant to which such investors agreed to purchase in a private placement, at $0.30 per share, up to 2.41 million of shares of our common stock. The consummation of the investment pursuant to the Backstop Agreement was conditioned on the closing of our subscription rights offering to all of our stockholders (the “Rights Offering”). The Rights Offering expired on March 31, 2020, and we consummated the Backstop Agreement transactions on August 13, 2020.

 

At closing of the Rights Offering, we received net proceeds of $480,200 in exchange for 1.6 million shares of common stock. Pursuant to the Backstop Agreement, we received gross proceeds of $2.12 million in exchange for the issuance of 7.0 million restricted shares of common stock.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The consolidated financial statements include the accounts of hopTo Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated upon consolidation. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”).
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future. These estimates include the allowance for doubtful accounts and contributed services. While the Company believes that such estimates are fair, actual results could differ materially from those estimates.
Liquidity

Liquidity

 

The Company has incurred significant net losses since inception. As of December 31, 2020, we had working capital of $3,281,600, which includes deferred revenue of $1,084,900. Our ability to continue to generate net income and positive cash flows from operations is dependent on our ability to continue to generate revenue from our legacy GO-Global business, which in turn is subject to a variety of risks. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying financial statements. Management is focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all.
Revenue Recognition

Revenue Recognition

 

The Company markets and licenses its products indirectly through channel distributors, value-added resellers, independent software vendors (“ISVs”), hosting service providers, corporate enterprises, governmental and educational institutions and others. Our product licenses are perpetual. We also separately sell intellectual property licenses, maintenance contracts, which are comprised of license updates and customer service access, as well as other products and services.

 

There are no rights of return granted to purchasers of the Company’s software products.

 

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” Revenues under ASC 606 are recognized when the promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

 

For the years ended December 31, 2020 and 2019, revenue recognition was determined by

 

  ● identifying the contract, or contracts, with a customer;
     
  ● identifying the performance obligations in each contract;
     
  ● determine the transaction price;
     
  ● allocating the transaction price to the performance obligations in each contract; and
     
  ● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services

 

When control of the promised products and services are transferred to our customers, we recognize revenue in the amount that reflects the consideration we expect to receive in exchange for these products and services.

 

Product Sales

 

All of our licenses are delivered to the customer electronically. The Company sends the license key to the customer to download the related software from Company portal. We recognize revenue upon delivery of these licenses. For stocking resellers who purchase licenses through inventory stocking orders with the intent to resell to an end-user, revenue is recognized when the resellers’ accounts have been credited, at their discretion, for the number of licenses purchased.

 

Maintenance revenue was also recognized from service contracts ratably over the related contract period.

 

The Company operates in one reportable segment. The Company’s product sales by geographic area are presented in Note 6.
Cash and Cash equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of December 31, 2020 or 2019.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

 

We maintain an allowance for doubtful accounts that reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on assessments of the collectability of specific customer accounts and the general aging and size of the accounts receivable. We regularly review the adequacy of our allowance for doubtful accounts by considering such factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. We specifically reserve for those accounts deemed uncollectible. We also establish, and adjust, a general allowance for doubtful accounts based on our review of the aging and size of our accounts receivable. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5,900 and $7,300, respectively.
Long-Lived Assets

Long-Lived Assets

 

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, whenever we have committed to a plan to dispose of the assets or, at a minimum, annually. Typically, for long-lived assets to be held and used, measurement of an impairment loss is based on the fair value of such assets, with fair value being determined based on appraisals, current market value, comparable sales value, and discounted future cash flows, among other variables, as appropriate. Assets to be held and used (which assets are affected by an impairment loss) are depreciated or amortized at their new carrying amount over their remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization. No such impairment charge was recorded during the years ended December 31, 2020 or 2019.
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to seven years. All of our existing property and equipment are fully depreciated.
Software Development Costs

Software Development Costs

 

Under the criteria set forth in Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 985-20, “Costs of Software to be Sold, Leased or Marketed,” development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility, in the form of a working model, has been established, at which time such costs are capitalized until the product is available for general release to customers. The Company did not capitalize any software development costs during 2020 or 2019. The Company makes ongoing evaluations of the recoverability of its capitalized software projects by comparing the net amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, the Company writes off the amount by which the unamortized software development costs exceed net realizable value.
Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high quality financial institutions and, by policy, limits the amount of credit exposure to any one financial institution. As of December 31, 2020, the Company had approximately $4,125,300 of cash with financial institutions in excess of FDIC insurance limits.

 

For the year ended December 31, 2020, we had one reseller that represented more than 14.5% of sales and one reseller that represented 44.7% of accounts receivable. For the year ended December 31, 2019, we had two resellers that represented 14.0% and 14.3% of sales, respectively and one reseller that represented 17.9% of accounts receivable. For the purposes of this description, “sales” refers to the dollar value of orders received from these customers and partners in the period indicated. The sales values do not necessarily equal recognized revenue for these periods due to our revenue recognition policies which require deferral of revenue associated with prepaid software service fees. The loss of one of these resellers would not have a material impact as the Company could take over the end customer relationship.
Income Taxes

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, “Earnings Per Share,” the basic income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average common shares outstanding during the period. Diluted income (loss) per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. Dilutive common share equivalents as of December 31, 2020 and 2019, representing 248,216 and 481,335 outstanding in-the-money warrants respectively, were included in the computation of diluted net income (loss) per share using the Treasury Stock Method. During the year ended December 31, 2020 and 2019, the Company had total common stock equivalents of 93,076 and 106,077 shares, respectively, which excluded from the computation of net income per share because they are anti-dilutive.
Stock-Based Compensation

Stock-Based Compensation

 

The Company applies the fair value recognition provisions of FASB ASC 718-10, “Compensation – Stock Compensation.”
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due to the nature of the accounts and their short-term maturities.

 

The fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:

 

  ● Level 1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities.
     
  ● Level 2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
     
  ● Level 3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

 

We do not have level 2 and 3 liabilities or assets.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses

Accrued expenses as of December 31, 2020 and 2019 consisted of the following:

 

    2020     2019  
Consulting services   $ 6,200     $ 2,000  
Board of director fees     46,000       85,600  
Legal fees     3,100       6,400  
Reimbursements     20,300       -  
Other     6,400       12,000  
    $ 82,000     $ 106,000  
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes the stock option activity for the year ended December 31, 2020 and 2019.

 

                Weighted-  
                Average  
          Weighted-     Remaining  
          Average     Contractual  
          Exercise     Life  
    Options     Price     (Years)  
                   
Outstanding at December 31, 2018     117,675     $ 2.57       2.28  
Granted     -                  
Forfeited/cancelled     (11,598 )                
Outstanding at December 31, 2019     106,077     $ 2.77       1.53  
Granted     -                  
Forfeited/cancelled     (13,001 )                
Exercised     -                  
Outstanding at December 31, 2020     93,076     $ 3.03       0.74  
                         
Vested and expected to vest  at December 31, 2020     93,076     $ 3.03       0.74  
                         
Exercisable at December 31, 2020     93,076     $ 3.03       0.74  
Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2020.

 

      Options Outstanding     Options Exercisable  
                  Weighted-           Weighted-  
Range of           Average     Average           Average  
Exercise     Number     Remaining     Exercise     Number     Exercise  
Price     of Shares     Life (Years)     Price     of Shares     Price  
                                 
$ 0.75 - 1.00       14,526       0.03     $ 0.75       14,526     $ 0.75  
  1.79 - 4.00       63,684       0.87       3.21       63,684       3.21  
  4.20 - 6.68       14,866       0.89       4.46       14,866       4.46  
          93,076                       93,076          
Schedule of Warrants Outstanding

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2020 and 2019.

 

    Warrants  
       
Outstanding at December 31, 2018     622,912  
Granted     -  
Forfeited/cancelled     (111,111 )
Exercised     (30,466 )
Outstanding at December 31, 2019     481,335  
Exercised     (233,119 )
Outstanding at December 31, 2020     248,216  
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Sales by Geographical Location (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of Revenue by Country

Revenue by country for the year ended December 31, 2020 and 2019 was as follows.

 

    For the Year Ended  
    December 31, 2020     December 31, 2019  
Revenue by Country            
United States   $ 1,276,700     $ 1,133,400  
Brazil     1,117,300       580,800  
Japan     338,300       410,000  
The Netherlands     307,700       445,100  
Other Countries     604,000       960,800  
Total   $ 3,644,000     $ 3,530,100  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes for the years ended December 31, 2020 and 2019 consisted of the following:

 

      2020       2019  
Current                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
    $ —     $ —  
Deferred                
Federal   $ —     $ —  
State     —       —  
Foreign     —       —  
      —       —  
Total   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the differences between income tax expense and the amount computed applying the federal income tax rate of 21% for the years ended December 31, 2020 and 2019, respectively:

 

    2020     2019  
Federal income tax (benefit) at statutory rate   $ 145,700     $ 116,400  
State income tax (benefit) at statutory rate     16,400       13,900  
SBC – NQ cancellations     (2,700 )     (2,700 )
Change in valuation allowance     (2,763,100 )     (284,900 )
Meals and entertainment (50%)     200       1,000  
Adjustments and NOL expirations     2,603,500       103,400  
Contributed services     —       52,900  
Other items     —       —  
Provision (benefit) for income tax   $ —     $ —  
Schedule of Deferred Tax Assets and Liabilities

The following table sets forth those differences as of December 31, 2020 and 2019:

 

    2020     2019  
Net operating loss carryforwards   $ 11,031,900     $ 13,702,300  
Tax credit carryforwards     977,500       977,500  
Compensation expense – non-qualified stock options     65,800       69,000  
Deferred revenue and maintenance service contracts     343,100       419,800  
Depreciation, amortization, and capitalized software     —       —  
Reserves and other     53,300       58,200  
Total deferred tax assets     12,471,600       15,226,800  
Deferred tax liability – depreciation, amortization and capitalized software     —       —  
Net deferred tax asset     12,471,600       15,226,800  
Valuation allowance     (12,471,600 )     (15,226,800 )
Net deferred tax asset   $ —     $ —  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Significant Accounting Policies (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Working capital $ 3,281,600  
Deferred revenue 1,084,900 $ 1,256,000
Cash equivalents
Allowance for doubtful accounts 5,900 $ 7,300
Cash, FDIC insured amount $ 4,125,300  
Number of common shares equivalents of outstanding in money warrants 248,216 481,335
Shares of common stock equivalents excluded from computation of diluted earnings per share 93,076 106,077
Sales [Member] | Reseller One [Member]    
Concentration of credit risk percentage   14.00%
Sales [Member] | Reseller Two [Member]    
Concentration of credit risk percentage   14.30%
Accounts Receivable [Member] | Reseller One [Member]    
Concentration of credit risk percentage 44.70% 17.90%
Minimum [Member]    
Property, plant and equipment, useful life 3 years  
Minimum [Member] | Sales [Member] | Reseller One [Member]    
Concentration of credit risk percentage 14.50%  
Maximum [Member]    
Property, plant and equipment, useful life 7 years  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Payables and Accruals [Abstract]    
Consulting services $ 6,200 $ 2,000
Board of director fees 46,000 85,600
Legal fees 3,100 6,400
Reimbursements 20,300
Other 6,400 12,000
Accrued expenses $ 82,000 $ 106,000
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity (Details Narrative) - USD ($)
 12 Months Ended
Jan. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Proceeds from offering   $ 2,600,000
Number of common stock issued for exercise of warrants   233,119 30,466
Warrants outstanding   248,216 481,335
Warrants outstanding exercisable price   $ 0.01  
Warrants expiration date   May 20, 2023  
Backstop Agreement [Member]      
Number of restricted shares of common stock, value   $ 2,120,000  
Number of restricted shares of common stock   7,000,000  
Backstop Agreement [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member]      
Shares issued purchase price, per share $ 0.30    
Backstop Agreement [Member] | Rights Offering [Member] | Novelty Capital Partners LP [Member]      
Debt instrument maturity date Mar. 31, 2020    
Rights Offering [Member]      
Number of shares issued in private placement   1,600,000  
Proceeds from offering   $ 480,200  
Maximum [Member] | Backstop Agreement [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member]      
Number of shares issued in private placement 2,410,000    
2012 Equity Incentive Plan [Member]      
Share-based compensation arrangement by share-based payment award, number of shares authorized   643,797  
Plan terminate term   The 12 Plan will terminate no later than November 7, 2022.  
Share-based compensation arrangement by share-based payment award, number of shares available for grant   411,593  
2012 Equity Incentive Plan [Member] | Non Qualified Stock Options [Member] | Minimum [Member]      
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent   100.00%  
2012 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | Minimum [Member]      
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent   10.00%  
2012 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | Minimum [Member] | If Recipient Owns Greater Than Ten Percent Voting Power [Member]      
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent   110.00%  
2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member]      
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent   100.00%  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Equity [Abstract]    
Options Outstanding, Beginning Balance 106,077 117,675
Options Outstanding, Granted
Options Outstanding, Forfeited/cancelled (13,001) (11,598)
Options Outstanding, Exercised
Options Outstanding, Ending Balance 93,076 106,077
Options Outstanding, Vested and expected to vest at June 30, 2020 93,076  
Options Exercisable at December 31, 2020 93,076  
Weighted Average Exercise Price, Outstanding Beginning Balance $ 2.77 $ 2.57
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Forfeited/cancelled
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Outstanding Ending Balance 3.03 $ 2.77
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2020 3.03  
Weighted Average Exercise Price, Exercisable at December 31, 2020 $ 3.03  
Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning Balance 1 year 6 months 10 days 2 years 3 months 11 days
Weighted Average Remaining Contractual Life (Years) Outstanding, Ending Balance 8 months 26 days 1 year 6 months 10 days
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2020 8 months 26 days  
Weighted Average Remaining Contractual Life (Years) Exercisable at December 31, 2020 8 months 26 days  
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details)
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding, Number of shares | shares 93,076
Options Exercisable, Number of shares | shares 93,076
Exercise Price Range 1 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price Range, Lower Range Limit $ 0.75
Exercise Price Range, Upper Range Limit $ 1.00
Options Outstanding, Number of shares | shares 14,526
Options Outstanding, Weighted Average Remaining Life (Years) 11 days
Options Outstanding, Weighted Average Exercise Price $ 0.75
Options Exercisable, Number of shares | shares 14,526
Options Exercisable, Weighted Average Exercise Price $ 0.75
Exercise Price Range 2 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price Range, Lower Range Limit 1.79
Exercise Price Range, Upper Range Limit $ 4.00
Options Outstanding, Number of shares | shares 63,684
Options Outstanding, Weighted Average Remaining Life (Years) 10 months 14 days
Options Outstanding, Weighted Average Exercise Price $ 3.21
Options Exercisable, Number of shares | shares 63,684
Options Exercisable, Weighted Average Exercise Price $ 3.21
Exercise Price Range 3 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price Range, Lower Range Limit 4.20
Exercise Price Range, Upper Range Limit $ 6.68
Options Outstanding, Number of shares | shares 14,866
Options Outstanding, Weighted Average Remaining Life (Years) 10 months 21 days
Options Outstanding, Weighted Average Exercise Price $ 4.46
Options Exercisable, Number of shares | shares 14,866
Options Exercisable, Weighted Average Exercise Price $ 4.46
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity - Schedule of Warrants Outstanding (Details) - Warrant [Member] - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Warrants Outstanding, beginning balance 481,335 622,912
Warrants Outstanding, Granted
Warrants Outstanding, Forfeited/cancelled (111,111)
Warrants Outstanding, Exercised (233,119) (30,466)
Warrants Outstanding, ending balance 248,216 481,335
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Sales by Geographical Location - Schedule of Revenue by Country (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenue by country $ 3,644,000 $ 3,530,100
United States [Member]    
Revenue by country 1,276,700 1,133,400
Brazil [Member]    
Revenue by country 1,117,300 580,800
Japan [Member]    
Revenue by country 338,300 410,000
The Netherlands [Member]    
Revenue by country 307,700 445,100
Other Countries [Member]    
Revenue by country $ 604,000 $ 960,800
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Note 10 - Income Taxes (Details) [Line Items]    
Federal income tax rate 21.00% 21.00%
Valuation allowance, deferred tax asset, increase (decrease), amount $ 2,755,000 $ 276,000
Percentage of cumulative ownership 50.00%  
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]    
Note 10 - Income Taxes (Details) [Line Items]    
Operating loss expiration date Expire in 2018  
Tax credit carryforward, amount $ 1,000,000  
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]    
Note 10 - Income Taxes (Details) [Line Items]    
Operating loss carryforwards $ 50,300,000  
Operating loss expiration date Expire in 2021  
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member]    
Note 10 - Income Taxes (Details) [Line Items]    
Operating loss carryforwards $ 6,800,000  
Operating loss expiration date Expire in 2028  
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Federal
State
Foreign
Current income tax expense
Federal
State  
Foreign
Deferred income tax expense
Provision (benefit) for income tax
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Federal income tax (benefit) at statutory rate $ 145,700 $ 116,400
State income tax (benefit) at statutory rate 16,400 13,900
SBC - NQ cancellations (2,700) (2,700)
Change in valuation allowance (2,763,100) (284,900)
Meals and entertainment (50%) 200 1,000
Adjustments and NOL expirations 2,603,500 103,400
Contributed services 52,900
Other items
Provision (benefit) for income tax
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (Parenthetical)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Meals and entertainment, percent 50.00% 50.00%
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Net operating loss carryforwards $ 11,031,900 $ 13,702,300
Tax credit carryforwards 977,500 977,500
Compensation expense - non-qualified stock options 65,800 69,000
Deferred revenue and maintenance service contracts 343,100 419,800
Depreciation, amortization, and capitalized software
Reserves and other 53,300 58,200
Total deferred tax assets 12,471,600 15,226,800
Deferred tax liability - depreciation, amortization and capitalized software
Net deferred tax asset 12,471,600 15,226,800
Valuation allowance (12,471,600) (15,226,800)
Net deferred tax asset
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Rent expense $ 48,000 $ 48,000
Profit sharing plans 16,000 $ 14,100
Concord, NH Headquarters [Member]    
Rent expense $ 4,000  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Related Party Transactions (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2020
Jan. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Contributed services     $ 112,400 $ 225,100
Proceeds from offering     2,600,000
Jonathon R. Skeels [Member]        
Base salary $ 200,000      
Backstop Agreement [Member]        
Number of restricted shares of common stock, value     $ 2,120,000  
Number of restricted shares of common stock     7,000,000  
Backstop Agreement [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member]        
Shares issued purchase price, per share   $ 0.30    
Backstop Agreement [Member] | Accredited Investors [Member] | Novelty Capital Partners LP [Member] | Maximum [Member]        
Number of shares issued in private placement   2,410,000    
Backstop Agreement [Member] | Rights Offering [Member] | Novelty Capital Partners LP [Member]        
Debt instrument maturity date   Mar. 31, 2020    
Rights Offering [Member]        
Number of shares issued in private placement     1,600,000  
Proceeds from offering     $ 480,200  
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