10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-059937`
Period End Date	20180930
Filing Date	20181114
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	rsss-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 42 Cash Flow Statement 55 Stockholders Equity 16

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.53M	USD	Point-in-time
Accounts receivable, net of allowance of $105,683 and $115,040, respectively	`AccountsReceivableNetCurrent`	$4.05M	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$115.04K	USD	Point-in-time
Accounts receivable, net of allowance of $105,683 and $115,040, respectively	`AccountsReceivableNetCurrent`	$4.25M	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$105.68K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$749.92K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$762.93K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$326.89K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$262.76K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$93.34K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$255.40K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.58M	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
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
Property and equipment, net of accumulated depreciation of $762,933 and $749,923, respectively	`PropertyPlantAndEquipmentNet`	$49.33K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $762,933 and $749,923, respectively	`PropertyPlantAndEquipmentNet`	$59.04K	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
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.43K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$14.37K	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
Right of use asset, net of accumulated amortization of $184,035 and $155,698, respectively	`OtherAssetsNoncurrent`	$307.32K	USD	Point-in-time
Right of use asset, net of accumulated amortization of $184,035 and $155,698, respectively	`OtherAssetsNoncurrent`	$278.99K	USD	Point-in-time
Total assets	`Assets`	$9.44M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	24.16M	shares	Point-in-time
Total assets	`Assets`	$9.96M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	24.02M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	24.02M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	24.16M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.69M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.37M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$1.67M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$1.64M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$119.79K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$122.09K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.47M	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$208.51K	USD	Point-in-time
Lease liability, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$177.17K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.68M	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; 24,155,676 and 24,016,999 shares issued and outstanding, respectively	`CommonStockValue`	$24.02K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 24,155,676 and 24,016,999 shares issued and outstanding, respectively	`CommonStockValue`	$24.16K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.95M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.73M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-94.71K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-99.08K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.14M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.96M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`Revenues`	$6.95M	USD	1 Quarter
Total revenue	`Revenues`	$6.75M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.00M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.17M	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`	$11.12K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.18M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-828.16K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-233.87K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	-	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$12.80K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$23.48K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$9.80K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$23.48K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-818.36K	USD	1 Quarter
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-210.39K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.22K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.75K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-830.11K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-219.61K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$41.72K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$57.15K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.95K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.37K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-182.26K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-781.92K	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Loss per share from continuing operations, basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	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`	$-0.01	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`	23.64M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$41.72K	USD	1 Quarter
Gain from sale of discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$57.15K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$40.57K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.12K	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	$27.25K	USD	1 Quarter
Amortization of lease right	`AmortizationOfLeasedAsset`	$28.34K	USD	1 Quarter
Fair value of vested stock options	`ProceedsFromStockOptionsExercised`	$39.65K	USD	1 Quarter
Fair value of vested stock options	`ProceedsFromStockOptionsExercised`	$176.98K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$76.26K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$103.03K	USD	1 Quarter
Modification cost of stock options	`StockOptionPlanExpense`	$6.23K	USD	1 Quarter
Modification cost of stock options	`StockOptionPlanExpense`	-	USD	1 Quarter
Modification cost of stock options	`StockOptionPlanExpense`	$1.48M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.16M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-200.01K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-105.84K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-35.08K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$162.07K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$91.15K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-320.40K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.77M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$21.48K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-30.22K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-29.05K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-26.87K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-300.12K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.15M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.40K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$14.25K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.65K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$75.20K	USD	1 Quarter
Common stock repurchase and retirement	`PaymentsForRepurchaseOfCommonStock`	$39.67K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.67K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.20K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-8.38K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.83K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.23M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-381.15K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.91M	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`	$4.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.53M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.91M	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`	$4.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.53M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$9.22K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$11.75K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.14M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$39.65K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$76.26K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$49.78K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$75.20K	USD	1 Quarter
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	33,800.00	shares	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	15,000.00	shares	1 Quarter
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-772.97K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-177.89K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.95K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.37K	USD	1 Quarter
Balance	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.14M	USD	Point-in-time

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