10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-124369`
Period End Date	20200930
Filing Date	20201112
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	rsss-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 46 Cash Flow Statement 50 Stockholders Equity 21

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.19M	USD	Point-in-time
Accounts receivable, net of allowance of $88,102 and $88,485, respectively	`AccountsReceivableNetCurrent`	$4.46M	USD	Point-in-time
Accounts receivable, net of allowance of $88,102 and $88,485, 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`	$240.38K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.10K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$1.04M	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$720.37K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.48K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$805.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.93M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$810.35K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $810,349 and $804,999, respectively	`PropertyPlantAndEquipmentNet`	$11.28K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $810,349 and $804,999, respectively	`PropertyPlantAndEquipmentNet`	$12.09K	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$6.18K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$6.16K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Right of use asset, net of accumulated amortization of $421,469 and $390,691, respectively	`OtherAssetsNoncurrent`	$72.33K	USD	Point-in-time
Right of use asset, net of accumulated amortization of $421,469 and $390,691, respectively	`OtherAssetsNoncurrent`	$41.55K	USD	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
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$15.99M	USD	Point-in-time
Total assets	`Assets`	$14.81M	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`	26.19M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.38M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.35M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	26.03M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	26.19M	shares	Point-in-time
Deferred revenue	`DeferredRevenue`	$3.52M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$3.56M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	26.03M	shares	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$79.33K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$45.55K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.98M	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; 26,190,713 and 26,032,263 shares issued and outstanding, respectively	`CommonStockValue`	$26.03K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 26,190,713 and 26,032,263 shares issued and outstanding, respectively	`CommonStockValue`	$26.19K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.13M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.16M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-123.87K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-125.04K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.02M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$15.99M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.81M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.75M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.60M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.30M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.32M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.44M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.56K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.72K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.44M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$16.91K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-126.70K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$25.55K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$235.00	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.15K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-101.15K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.49K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.50K	USD	1 Quarter
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-107.65K	USD	1 Quarter
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$14.64K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	-	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$26.19K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.57K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.17K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-85.03K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$15.81K	USD	1 Quarter
Income (loss) per share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	-	USD	1 Quarter
Income (loss) per share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	-	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	24.10M	shares	1 Quarter
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	25.90M	shares	1 Quarter
Income (loss) per share from continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	-	USD	1 Quarter
Income (loss) per share from continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	-	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.10M	shares	1 Quarter
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.51M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	-	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`	$3.72K	USD	1 Quarter
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	$29.51K	USD	1 Quarter
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	$30.78K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$77.63K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$58.20K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$93.16K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$84.47K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.83K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-116.36K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-89.90K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-1.37K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$322.19K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$69.70K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.03M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$23.83K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$108.59K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$31.07K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-31.35K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-33.78K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$923.47K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$309.73K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.10K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$71.88K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$58.40K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-71.88K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-44.30K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.11K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$903.00	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$875.78K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$234.74K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.19M	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`	$5.35M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.19M	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`	$5.35M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$6.49K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$2.50K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.02M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.03M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$77.63K	USD	1 Quarter
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$58.20K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$84.47K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$93.16K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$58.40K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$71.88K	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.10K	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	141,250.00	shares	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-81.46K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.57K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.17K	USD	1 Quarter
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.02M	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.