10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001104659-19-064148`
Period End Date	20190930
Filing Date	20191114
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	rsss-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 40 Cash Flow Statement 48 Stockholders Equity 22

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.59M	USD	Point-in-time
Accounts receivable, net of allowance of $100,110 and $100,175, respectively	`AccountsReceivableNetCurrent`	$4.38M	USD	Point-in-time
Accounts receivable, net of allowance of $100,110 and $100,175, respectively	`AccountsReceivableNetCurrent`	$4.49M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$323.59K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$259.88K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$100.11K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	-	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$100.17K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$69.70K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.17M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$796.20K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.29M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$789.79K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $796,199 and $789,788, respectively	`PropertyPlantAndEquipmentNet`	$36.83K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $796,199 and $789,788, respectively	`PropertyPlantAndEquipmentNet`	$28.84K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.38K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.41K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Right of use asset, net of accumulated amortization of $300,290 and $270,777, respectively	`OtherAssetsNoncurrent`	$192.25K	USD	Point-in-time
Right of use asset, net of accumulated amortization of $300,290 and $270,777, respectively	`OtherAssetsNoncurrent`	$162.73K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$10.50M	USD	Point-in-time
Total assets	`Assets`	$10.41M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	24.44M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.86M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.89M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	24.38M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	24.38M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	24.44M	shares	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.42M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.31M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$129.19K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$131.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.30M	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$45.55K	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$79.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.48M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 24,441,505 and 24,375,948 shares issued and outstanding, respectively	`CommonStockValue`	$24.38K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 24,441,505 and 24,375,948 shares issued and outstanding, respectively	`CommonStockValue`	$24.44K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-113.15K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-109.58K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.02M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.50M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.41M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.60M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.95M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.00M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.95M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.44M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.12K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.56K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.18M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.44M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-126.70K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-233.87K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$25.55K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$23.48K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$23.48K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$25.55K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-210.39K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-101.15K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.22K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.49K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-107.65K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-219.61K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$41.72K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$26.19K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.57K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.37K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-182.26K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-85.03K	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.10M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.64M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$41.72K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$26.19K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.56K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.12K	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	$29.51K	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	$28.34K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$39.65K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$58.20K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$84.47K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$76.26K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-200.01K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-116.36K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-89.90K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-105.84K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$69.70K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$162.07K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$23.83K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-320.40K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$108.59K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-30.22K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-31.35K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-29.05K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-300.12K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$309.73K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$71.88K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$75.20K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.20K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-71.88K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.11K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.83K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$234.74K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-381.15K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.35M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.53M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.35M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.53M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.91M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$6.49K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.22K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.02M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.03M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$58.20K	USD	1 Quarter
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$39.65K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$76.26K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$84.47K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$71.88K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$75.20K	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	40,000.00	shares	1 Quarter
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.57K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.37K	USD	1 Quarter
Balance	`StockholdersEquity`	$3.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.02M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.03M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.