hopTo Inc (GOJO) saw its loss narrow to $0.46 million, or $0.05 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.21 million, or $0.14 a share. Revenue during the quarter dropped 20.40 percent to $0.90 million from $1.13 million in the previous year period. Gross margin for the quarter expanded 872 basis points over the previous year period to 99.08 percent.
Operating loss for the quarter was $0.52 million, compared with an operating loss of $1.21 million in the previous year period.
“As we have previously communicated to our shareholders in our August 15, 2016 earnings call and our Form 10-Q filed with the Securities and Exchange Commission ("SEC”) as well as our other SEC filings, throughout the first half of 2016 we did not succeed in monetizing our hopTo Work product despite our best efforts with the limited resources available to us,”stated Eldad Eilam, President and Chief executive Officer of hopTo Inc.
Working capital remains negative
Working capital of hopTo Inc was negative $2.44 million on Sep. 30, 2016 compared with negative $0.28 million on Sep. 30, 2015. Current ratio was at 0.20 as on Sep. 30, 2016, down from 0.92 on Sep. 30, 2015. Days sales outstanding went down to 32 days for the quarter compared with 38 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 Sep. 30, 2016, down 47.67 percent or $0.01 million from $0.02 million on Sep. 30, 2015. Total debt was 1.02 percent of total assets as on Sep. 30, 2016, compared with 0.43 percent on Sep. 30, 2015.
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