Neogenic Nightmare Chapter 12: Ravages of Time - S2-E10
Revealing mistake: The shot of the Lizard whipping his tail at Silvermane and destroying a wall is recycled footage from the Lizard and Spider-Man's battle in the sewer from the first episode in the series.
Answer: In the comics, Hobgoblin's true identity was kept a mystery for a long time intentionally and while many fans deduced it was Kingsley, and creator Roger Stern was leaning that way, Stern left the series in 1984. In 1987 Hobgoblin's identity was revealed to be Ned Leeds and then Macendale became Hobgoblin. It wasn't until 1997 that Sterns wrote the mini-series "Hobgoblin Lives" and retconned Kingsley as the original Hobgoblin.
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