10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-16-133589`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	rsss-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 34 Cash Flow Statement 52 Stockholders Equity 11

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$47.63K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$52.08K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$642.05K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$654.18K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$564.48K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.57M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$546.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Accounts receivable, net of allowance of $47,635 and $52,084, respectively	`AccountsReceivableNetCurrent`	$5.76M	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
Accounts receivable, net of allowance of $47,635 and $52,084, respectively	`AccountsReceivableNetCurrent`	$4.58M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$164.61K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$150.92K	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
Prepaid royalties	`PrepaidRoyalties`	$418.06K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$173.66K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$11.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.18M	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
Property and equipment, net of accumulated depreciation of $654,177 and $642,051, respectively	`PropertyPlantAndEquipmentNet`	$82.21K	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
Property and equipment, net of accumulated depreciation of $654,177 and $642,051, respectively	`PropertyPlantAndEquipmentNet`	$78.87K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $564,480 and $546,679, respectively	`FiniteLivedIntangibleAssetsNet`	$104.85K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	23.81M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	23.89M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $564,480 and $546,679, respectively	`FiniteLivedIntangibleAssetsNet`	$92.26K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	23.81M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$7.54K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	23.89M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$7.59K	USD	Point-in-time
Total assets	`Assets`	$11.89M	USD	Point-in-time
Total assets	`Assets`	$12.37M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.69M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.32M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$871.37K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$639.83K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.19M	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; 23,887,723 and 23,809,593 shares issued and outstanding, respectively	`CommonStockValue`	$23.89K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 23,887,723 and 23,809,593 shares issued and outstanding, respectively	`CommonStockValue`	$23.81K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.72M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.58M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-43.22K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-46.50K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.04M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.89M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$8.03M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$7.66M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$6.13M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$6.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.53M	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`	$1.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$30.47K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$14.74K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.93M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.72M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-398.77K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-165.35K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.77K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$4.71K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-2.22K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$1.71K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-167.58K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-397.06K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.61K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.24K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.70K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.28K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-413.95K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-177.12K	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.13M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.56M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.47K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.74K	USD	1 Quarter
Fair value of vested stock options	`StockOptionPlanExpense`	$14.86K	USD	1 Quarter
Fair value of vested stock options	`StockOptionPlanExpense`	$56.57K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$87.17K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$87.73K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$74.69K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.18M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-13.69K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-17.81K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$244.40K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$146.04K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-50.00	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-95.00	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$244.33K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-374.29K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$89.36K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$231.53K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$110.52K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$533.69K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.10K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$5.21K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-15.31K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Advance under line of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Advance under line of credit	`ProceedsFromLinesOfCredit`	$500.00K	USD	1 Quarter
Payment under line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Payment under line of credit	`RepaymentsOfLinesOfCredit`	$500.00K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$1.76K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$26.53K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.76K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-26.53K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.10K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.51K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$489.34K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$110.87K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.57M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.57M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.35M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$13.61K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$11.24K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$4.99K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$3.00K	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.04M	USD	Point-in-time
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.86K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$87.73K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$26.53K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-178.82K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.70K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.28K	USD	1 Quarter
Balance	`StockholdersEquity`	$5.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.04M	USD	Point-in-time

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