10-K Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001104659-20-108295`
Period End Date	20200630
Filing Date	20200924
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	rsss-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 38 Cash Flow Statement 52 Stockholders Equity 32

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.31M	USD	Point-in-time
Accounts receivable, net of allowance of $88,485 and $100,175, respectively	`AccountsReceivableNetCurrent`	$4.49M	USD	Point-in-time
Accounts receivable, net of allowance of $88,485 and $100,175, respectively	`AccountsReceivableNetCurrent`	$4.45M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$241.75K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$323.59K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.48K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	-	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$720.37K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$100.17K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.72M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$805.00K	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
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $804,999 and $789,788, respectively	`PropertyPlantAndEquipmentNet`	$11.28K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $804,999 and $789,788, respectively	`PropertyPlantAndEquipmentNet`	$36.83K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$6.16K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.41K	USD	Point-in-time
Right of use asset, net of accumulated amortization of $390,691 and $270,777, respectively	`OtherAssetsNoncurrent`	$192.25K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Right of use asset, net of accumulated amortization of $390,691 and $270,777, respectively	`OtherAssetsNoncurrent`	$72.33K	USD	Point-in-time
Total assets	`Assets`	$10.41M	USD	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
Total assets	`Assets`	$14.81M	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`	26.03M	shares	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`	26.03M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.35M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.86M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$3.52M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.31M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$79.33K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$129.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.95M	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$79.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.38M	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; 26,032,263 and 24,375,948 shares issued and outstanding, respectively	`CommonStockValue`	$26.03K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 26,032,263 and 24,375,948 shares issued and outstanding, respectively	`CommonStockValue`	$24.38K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-109.58K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-125.04K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.41M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.81M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.06M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$28.79M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$21.42M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$20.45M	USD	Annual
Gross profit	`GrossProfit`	$9.64M	USD	Annual
Gross profit	`GrossProfit`	$8.34M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.56M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.47M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$23.65K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$38.82K	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.60M	USD	Annual
Total operating expenses	`OperatingExpenses`	$10.49M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-851.89K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.25M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$107.31K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$80.04K	USD	Annual
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.15M	USD	Annual
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-771.85K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.84K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$27.04K	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.17M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-779.69K	USD	Annual
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$117.44K	USD	Annual
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$214.74K	USD	Annual
Net loss	`NetIncomeLoss`	$-662.24K	USD	Annual
Net loss	`NetIncomeLoss`	$-959.96K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.45K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-14.88K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-974.84K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-677.70K	USD	Annual
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	Annual
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	Annual
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$0.01	USD	Annual
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	Annual
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	Annual
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.82M	shares	Annual
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.76M	shares	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-662.24K	USD	Annual
Net loss	`NetIncomeLoss`	$-959.96K	USD	Annual
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$117.44K	USD	Annual
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$214.74K	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.17M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-779.69K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.82K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$23.65K	USD	Annual
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	$115.08K	USD	Annual
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	$119.91K	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$523.98K	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$610.63K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$340.96K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$303.19K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$241.92K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-43.91K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-218.03K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-199.29K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$720.37K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-93.34K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-8.09K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.49M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$175.95K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.21M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$644.46K	USD	Annual
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-129.19K	USD	Annual
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-119.79K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.42M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$576.45K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.83K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.83K	USD	Annual
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$321.60K	USD	Annual
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$200.02K	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.88M	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$100.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.02K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.55M	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-13.40K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-15.69K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$444.91K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.96M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.35M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	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`	$4.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$27.04K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$7.84K	USD	Annual

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.03M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$523.98K	USD	Annual
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$610.63K	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$303.19K	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$340.96K	USD	Annual
Repurchase and retirement of common stock	`StockRepurchasedDuringPeriodValue`	$200.02K	USD	Annual
Repurchase and retirement of common stock	`StockRepurchasedDuringPeriodValue`	$321.60K	USD	Annual
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	42,500.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	34,200.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	20,500.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	19,800.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	25,150.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	88,250.00	shares	Annual
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	17,750.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	28,750.00	shares	Point-in-time
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	116,200.00	shares	Annual
Repurchase and retirement of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	15,800.00	shares	Point-in-time
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$100.00K	USD	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	263,755.00	shares	Annual
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	396,500.00	shares	Annual
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.88M	USD	Annual
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-662.24K	USD	Annual
Net loss	`NetIncomeLoss`	$-959.96K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.45K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-14.88K	USD	Annual
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	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.