10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001144204-15-065960`
Period End Date	20150930
Filing Date	20151116
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	rsss-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 54 Cash Flow Statement 66 Stockholders Equity 12

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$56.84K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$69.73K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$585.41K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$599.63K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Accounts receivable, net of allowance of $56,835 and $69,731, respectively	`AccountsReceivableNetCurrent`	$4.96M	USD	Point-in-time
Accounts receivable, net of allowance of $56,835 and $69,731, respectively	`AccountsReceivableNetCurrent`	$4.89M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$52.38K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$70.19K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$372.58K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$518.63K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.00M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.69M	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`	18.24M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	18.39M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $599,633 and $585,410, respectively	`PropertyPlantAndEquipmentNet`	$68.10K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $599,633 and $585,410, respectively	`PropertyPlantAndEquipmentNet`	$83.24K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$9.38K	USD	Point-in-time
Common Stock, Value, Outstanding	`CommonStockValueOutstanding`	$18.39M	USD	Point-in-time
Common Stock, Value, Outstanding	`CommonStockValueOutstanding`	$18.24M	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$9.47K	USD	Point-in-time
Total assets	`Assets`	$6.78M	USD	Point-in-time
Total assets	`Assets`	$7.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.86M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.61M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$164.67K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$75.31K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.02M	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; 18,392,277 and 18,242,125 shares issued and outstanding, respectively	`CommonStockValue`	$18.39K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 18,392,277 and 18,242,125 shares issued and outstanding, respectively	`CommonStockValue`	$18.24K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.26M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-27.64K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-29.35K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.06M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.09M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$7.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$6.78M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$7.55M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$8.03M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$6.47M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$6.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.55M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.70M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$14.74K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$72.09K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.72M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.50M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-165.35K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.40K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.99K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$2.77K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$298.00	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-2.90K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-2.22K	USD	1 Quarter
Loss from continuing operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.50K	USD	1 Quarter
Loss from continuing operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-167.58K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.24K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.44K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-178.82K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-6.94K	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax`	$395.34K	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax`	-	USD	1 Quarter
Gain from deconsolidation of former French subsidiary	`DeconsolidationGainOrLossAmount`	-	USD	1 Quarter
Gain from deconsolidation of former French subsidiary	`DeconsolidationGainOrLossAmount`	$1.55M	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$1.15M	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.70K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.36K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.14M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-177.12K	USD	1 Quarter
Loss per share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	-	USD	1 Quarter
Loss per share from continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.01	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.07	USD	1 Quarter
Income per share from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	17.41M	shares	1 Quarter
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	17.56M	shares	1 Quarter
Loss per share from continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.01	USD	1 Quarter
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`	$0.07	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.41M	shares	1 Quarter
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.56M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax`	$395.34K	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax`	-	USD	1 Quarter
Gain from deconsolidation of former French subsidiary	`DeconsolidationGainOrLossAmount`	-	USD	1 Quarter
Gain from deconsolidation of former French subsidiary	`DeconsolidationGainOrLossAmount`	$1.55M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.74K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$72.09K	USD	1 Quarter
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-56.57K	USD	1 Quarter
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-61.35K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$46.37K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$87.17K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$74.69K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$178.78K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-15.29K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-17.81K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$146.04K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$46.84K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-52.00	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-95.00	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-237.30K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$244.33K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$89.36K	USD	1 Quarter
Other liability	`IncreaseDecreaseInOtherCurrentLiabilities`	$187.91K	USD	1 Quarter
Other liability	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
Net cash provided by (used in) operating activities from continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-86.81K	USD	1 Quarter
Net cash provided by (used in) operating activities from continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$110.52K	USD	1 Quarter
Net cash used in operating activities of discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	-	USD	1 Quarter
Net cash used in operating activities of discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-34.50K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$110.52K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-121.31K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.73K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$8.49K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Net cash used in investing activities from continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-18.22K	USD	1 Quarter
Net cash used in investing activities from continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Advance under line of credit	`ProceedsFromLinesOfCredit`	$500.00K	USD	1 Quarter
Advance under line of credit	`ProceedsFromLinesOfCredit`	$500.00K	USD	1 Quarter
Payment under line of credit	`RepaymentsOfLinesOfCredit`	$500.00K	USD	1 Quarter
Payment under line of credit	`RepaymentsOfLinesOfCredit`	$500.00K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$1.76K	USD	1 Quarter
Net cash used in financing activities from continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.76K	USD	1 Quarter
Net cash used in financing activities from continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	1 Quarter
Net cash used in financing activities of discontinued operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	$-67.52K	USD	1 Quarter
Net cash used in financing activities of discontinued operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-67.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.76K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-142.21K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.10K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$110.87K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-349.25K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.88M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.88M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$11.24K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$5.44K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$3.20K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$4.99K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.09M	USD	Point-in-time
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-56.57K	USD	1 Quarter
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-61.35K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$87.17K	USD	1 Quarter
Common stock repurchase and retirement	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.76K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.70K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.36K	USD	1 Quarter
Balance	`StockholdersEquity`	$1.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.09M	USD	Point-in-time

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