10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-059055`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	rsss-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 46 Cash Flow Statement 56 Stockholders Equity 13

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Accounts receivable, net of allowance of $119,546 and $119,536, respectively	`AccountsReceivableNetCurrent`	$4.31M	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$119.54K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$119.55K	USD	Point-in-time
Accounts receivable, net of allowance of $119,546 and $119,536, respectively	`AccountsReceivableNetCurrent`	$5.47M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$699.42K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$715.22K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$196.82K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$218.89K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$566.28K	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$648.21K	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$623.71K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$657.43K	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
Total current assets	`AssetsCurrent`	$9.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.00M	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
Property and equipment, net of accumulated depreciation of $715,221 and $699,421, respectively	`PropertyPlantAndEquipmentNet`	$85.74K	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
Property and equipment, net of accumulated depreciation of $715,221 and $699,421, respectively	`PropertyPlantAndEquipmentNet`	$92.51K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets, net of accumulated amortization of $648,212 and $623,714, respectively	`FiniteLivedIntangibleAssetsNet`	$41.87K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $648,212 and $623,714, respectively	`FiniteLivedIntangibleAssetsNet`	$31.62K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.47K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.46K	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
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Right of use asset, net of accumulated amortization of $72,353 and $45,105, respectively	`OtherAssetsNoncurrent`	$417.92K	USD	Point-in-time
Right of use asset, net of accumulated amortization of $72,353 and $45,105, respectively	`OtherAssetsNoncurrent`	$390.67K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	24.13M	shares	Point-in-time
Total assets	`Assets`	$10.26M	USD	Point-in-time
Total assets	`Assets`	$12.56M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	23.88M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	24.13M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	23.88M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.44M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.68M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$1.34M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$1.36M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$110.89K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$113.06K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.89M	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$328.30K	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$299.25K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.22M	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; 24,134,992 and 23,883,145 shares issued and outstanding, respectively	`CommonStockValue`	$23.88K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 24,134,992 and 23,883,145 shares issued and outstanding, respectively	`CommonStockValue`	$24.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.27M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-18.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-70.73K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-79.68K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.81M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.26M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$12.56M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`SalesRevenueServicesNet`	$6.75M	USD	1 Quarter
Total revenue	`SalesRevenueServicesNet`	$6.18M	USD	1 Quarter
Total cost of revenue	`CostOfServices`	$4.74M	USD	1 Quarter
Total cost of revenue	`CostOfServices`	$5.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.90M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$40.57K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$30.47K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.93M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-828.16K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-494.66K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$12.80K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$4.71K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$1.71K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$9.80K	USD	1 Quarter
Loss from continuing operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-492.95K	USD	1 Quarter
Loss from continuing operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-818.36K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.75K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.61K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-506.56K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-830.11K	USD	1 Quarter
Income from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss`	$95.89K	USD	1 Quarter
Income from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss`	-	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$57.15K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	-	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$95.89K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$57.15K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.95K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.28K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-413.95K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-781.92K	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Income per share from discontinued operations, basic and diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.38M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.13M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$57.15K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$40.57K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.47K	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	-	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	$27.25K	USD	1 Quarter
Fair value of vested stock options	`ProceedsFromStockOptionsExercised`	$14.86K	USD	1 Quarter
Fair value of vested stock options	`ProceedsFromStockOptionsExercised`	$176.98K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$103.03K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$87.73K	USD	1 Quarter
Modification cost of stock options	`StockOptionPlanExpense`	-	USD	1 Quarter
Modification cost of stock options	`StockOptionPlanExpense`	$6.23K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.18M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.16M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-35.08K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-13.69K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$244.40K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$91.15K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-50.00	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.77M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-374.29K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$231.53K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$21.48K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-26.87K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.15M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$533.69K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.40K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.10K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$14.25K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$5.21K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.65K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.31K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$39.67K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$26.53K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.53K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.67K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.51K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-8.38K	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`	$-1.23M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.54M	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`	$5.77M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.54M	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`	$5.77M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$13.61K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$11.75K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$4.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.81M	USD	Point-in-time
Fair value of vested stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$176.98K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$103.03K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$39.67K	USD	1 Quarter
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	34,800.00	shares	1 Quarter
Modification cost of stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.23K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-410.67K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.95K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.28K	USD	1 Quarter
Balance	`StockholdersEquity`	$4.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.81M	USD	Point-in-time

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