10-K Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001144204-14-058374`
Period End Date	20140630
Filing Date	20140929
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	rsss-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 42 Cash Flow Statement 68 Stockholders Equity 18

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Trade receivables, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$321.70K	USD	Point-in-time
Trade receivables, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$211.74K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.51M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.09M	USD	Point-in-time
Intangible Assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$308.25K	USD	Point-in-time
Intangible Assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$430.70K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.08M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Trade receivables, net of allowance of $321,698 and $211,743, respectively	`AccountsReceivableNetCurrent`	$4.97M	USD	Point-in-time
Trade receivables, net of allowance of $321,698 and $211,743, respectively	`AccountsReceivableNetCurrent`	$4.74M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Due from factor	`OtherReceivablesNetCurrent`	$116.76K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Due from factor	`OtherReceivablesNetCurrent`	$165.97K	USD	Point-in-time
Inventory	`InventoryNet`	$171.68K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17,844.00	shares	Point-in-time
Inventory	`InventoryNet`	$192.25K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.60M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.97M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.97M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$327.53K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.60M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$317.26K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$552.69K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$351.85K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.68M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $1,511,229 and $1,094,953, respectively	`PropertyPlantAndEquipmentNet`	$831.23K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $1,511,229 and $1,094,953, respectively	`PropertyPlantAndEquipmentNet`	$527.37K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $430,704 and $308,245, respectively	`FiniteLivedIntangibleAssetsNet`	$55.23K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $430,704 and $308,245, respectively	`FiniteLivedIntangibleAssetsNet`	$123.48K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$286.07K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$463.46K	USD	Point-in-time
Total assets	`Assets`	$8.92M	USD	Point-in-time
Total assets	`Assets`	$9.04M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.71M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.53M	USD	Point-in-time
Capital lease obligations, current	`CapitalLeaseObligationsCurrent`	$324.80K	USD	Point-in-time
Capital lease obligations, current	`CapitalLeaseObligationsCurrent`	$221.46K	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$55.29K	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$11.60K	USD	Point-in-time
Due to factor	`DueToFactorCurrent`	$246.22K	USD	Point-in-time
Due to factor	`DueToFactorCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$53.22K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$158.36K	USD	Point-in-time
Other liability	`OtherLiabilitiesCurrent`	$143.30K	USD	Point-in-time
Other liability	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.11M	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	$11.06K	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	-	USD	Point-in-time
Capital lease obligations, long term	`CapitalLeaseObligationsNoncurrent`	$493.05K	USD	Point-in-time
Capital lease obligations, long term	`CapitalLeaseObligationsNoncurrent`	$113.42K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.61M	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; 17,600,242 and 16,970,465 shares issued and outstanding, respectively	`CommonStockValue`	$17.60K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 17,600,242 and 16,970,465 shares issued and outstanding, respectively	`CommonStockValue`	$16.97K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$15.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.99M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$76.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$16.10K	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$314.18K	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$-434.56K	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$-418.93K	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$8.92M	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$9.04M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$36.55M	USD	Annual
Revenue	`SalesRevenueNet`	$45.50M	USD	Annual
Cost of revenue	`CostOfGoodsSold`	$35.95M	USD	Annual
Cost of revenue	`CostOfGoodsSold`	$28.20M	USD	Annual
Gross profit	`GrossProfit`	$9.55M	USD	Annual
Gross profit	`GrossProfit`	$8.35M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.84M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.62M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$590.92K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$507.68K	USD	Annual
Loss on facility sublease	`LossOnFacilitySublease`	$233.01K	USD	Annual
Loss on facility sublease	`LossOnFacilitySublease`	-	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$476.90K	USD	Annual
Total operating expenses	`OperatingExpenses`	$10.13M	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.19M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-1.78M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$363.69K	USD	Annual
Interest expense	`InterestExpense`	$89.41K	USD	Annual
Interest expense	`InterestExpense`	$55.92K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-84.02K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-15.56K	USD	Annual
Total other expense	`OtherExpenses`	$71.48K	USD	Annual
Total other expense	`OtherExpenses`	$173.43K	USD	Annual
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.85M	USD	Annual
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$190.25K	USD	Annual
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$16.10K	USD	Annual
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$-1.67K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.87M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$191.92K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-59.91K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$15.35K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$207.27K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-1.93M	USD	Annual
Basic	`EarningsPerShareBasic`	$0.01	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.11	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.01	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.12M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.23M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.23M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.26M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.87M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$191.92K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$507.68K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$617.90K	USD	Annual
Fair value of vested stock options	`StockOptionPlanExpense`	$323.78K	USD	Annual
Fair value of vested stock options	`StockOptionPlanExpense`	$247.38K	USD	Annual
Fair value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-62.79K	USD	Annual
Fair value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-107.83K	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$476.90K	USD	Annual
Loss on facility sublease	`LossOnFacilitySublease`	$233.01K	USD	Annual
Loss on facility sublease	`LossOnFacilitySublease`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-225.04K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.13M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$20.56K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-191.96K	USD	Annual
Due from factor	`IncreaseDecreaseInOtherReceivables`	$-31.07K	USD	Annual
Due from factor	`IncreaseDecreaseInOtherReceivables`	$-49.21K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$152.31K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-10.27K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-63.49K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$200.84K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$41.87K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$177.39K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.18M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.26M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.69K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$105.14K	USD	Annual
Other liability	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	Annual
Other liability	`IncreaseDecreaseInOtherCurrentLiabilities`	$143.30K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$310.70K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-95.84K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$190.27K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$101.03K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$54.21K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$21.53K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$573.57K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$143.30K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-101.18K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$451.02K	USD	Annual
Advances (payments) to factor	`PaymentsToFactor`	$10.41K	USD	Annual
Advances (payments) to factor	`PaymentsToFactor`	$246.22K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$54.75K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$40.55K	USD	Annual
Payment of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$276.29K	USD	Annual
Payment of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$738.78K	USD	Annual
Advances (payments) under line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	Annual
Advances (payments) under line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-1.00M	USD	Annual
Issuance of shares upon exercise of warrants for cash	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Issuance of shares upon exercise of warrants for cash	`ProceedsFromIssuanceOrSaleOfEquity`	$838.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$260.74K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.79M	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-16.44K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-94.30K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$375.96K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.45M	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.15M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$16.10K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$-1.67K	USD	Annual
Cash paid for interest	`InterestPaid`	$89.41K	USD	Annual
Cash paid for interest	`InterestPaid`	$55.92K	USD	Annual
Acquisition of customer list through the issuance of common shares	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	$154.91K	USD	Annual
Acquisition of customer list through the issuance of common shares	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	-	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$314.18K	USD	Point-in-time
Balance	`StockholdersEquity`	$-434.56K	USD	Point-in-time
Balance	`StockholdersEquity`	$-418.93K	USD	Point-in-time
Fair value of vested stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$323.78K	USD	Annual
Fair value of vested stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$247.38K	USD	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Fair value of common stock issued for customer list	`StockIssuedDuringPeriodValueCustomers`	$154.91K	USD	Annual
Common stock retired	`StockRepurchasedAndRetiredDuringPeriodValue`	-	USD	Annual
Fair value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-62.79K	USD	Annual
Fair value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-107.83K	USD	Annual
Common stock issued upon exercise of warrants	`SharesIssuedDuringPeriodExerciseOfWarrants`	$838.00K	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$-1.87M	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$191.92K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-59.91K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$15.35K	USD	Annual
Balance	`StockholdersEquity`	$314.18K	USD	Point-in-time
Balance	`StockholdersEquity`	$-434.56K	USD	Point-in-time
Balance	`StockholdersEquity`	$-418.93K	USD	Point-in-time

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