hopTo Inc. (HPTO) saw its loss narrow to $1.85 million, or $0.19 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.39 million, or $0.52 a share.
Revenue during the year dropped 19.67 percent to $4 million from $4.98 million in the previous year. Gross margin for the year expanded 817 basis points over the previous year to 95.94 percent. Operating margin for the year stood at negative 47.05 percent as compared to a negative 91.89 percent for the previous year.
Operating loss for the year was $1.88 million, compared with an operating loss of $4.58 million in the previous year.
"Our efforts to extract value from the intellectual property and software that we have built continued throughout Q4 of 2016 and continue today. In the second half of 2016 we retained the services of Aqua Licensing LLC to assist with the possible sale of our patent portfolio and that process is still ongoing," stated Eldad Eilam, president and chief executive officer of hopTo Inc.
Working capital remains negative
Working capital of hopTo Inc. was negative $2.40 million on Dec. 31, 2016 compared with negative $1.16 million on Dec. 31, 2015. Current ratio was at 0.28 as on Dec. 31, 2016, down from 0.67 on Dec. 31, 2015.
Days sales outstanding went up to 37 days for the year compared with 33 days for the same period last year.
Debt comes down significantly
hopTo Inc. has recorded a decline in total debt over the last one year. It stood at $0.01 million as on Dec. 31, 2016, down 55.26 percent or $0.01 million from $0.02 million on Dec. 31, 2015. Total debt was 0.57 percent of total assets as on Dec. 31, 2016, compared with 0.56 percent on Dec. 31, 2015.
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