10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-015657`
Period End Date	20210930
Filing Date	20211112
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	rsss-20210930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 34 Cash Flow Statement 48 Stockholders Equity 21

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$47.70K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.49K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$825.05K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$824.12K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.87M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.00M	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
Accounts receivable, net of allowance of $47,695 and $51,495, respectively	`AccountsReceivableNetCurrent`	$4.70M	USD	Point-in-time
Accounts receivable, net of allowance of $47,695 and $51,495, respectively	`AccountsReceivableNetCurrent`	$4.72M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$270.25K	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`	$207.81K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$265.16K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$904.92K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.90M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.05M	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`	26.59M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	26.50M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $825,050 and $824,123, respectively	`PropertyPlantAndEquipmentNet`	$20.75K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $825,050 and $824,123, respectively	`PropertyPlantAndEquipmentNet`	$21.19K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$906.00	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	26.50M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$876.00	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	26.59M	shares	Point-in-time
Total assets	`Assets`	$16.07M	USD	Point-in-time
Total assets	`Assets`	$16.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.46M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.69M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$4.44M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$4.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.49M	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; 26,594,119 and 26,498,215 shares issued and outstanding, respectively	`CommonStockValue`	$26.59K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 26,594,119 and 26,498,215 shares issued and outstanding, respectively	`CommonStockValue`	$26.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$27.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-122.55K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.58K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.07M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.75M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.74M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.30M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.66M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.72K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.90K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.43M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-366.51K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$16.91K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$276.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$235.00	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-366.23K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.15K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.50K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.77K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.17K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.98K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$15.81K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-374.98K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.90M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.28M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.51M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.90K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.72K	USD	1 Quarter
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	-	USD	1 Quarter
Amortization of lease right	`FinanceLeaseRightOfUseAssetAmortization`	$30.78K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$77.63K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$72.00K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$93.16K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$99.11K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.83K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-14.77K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-1.37K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-62.44K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$322.19K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-639.76K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.03M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-225.46K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-365.76K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$31.07K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-33.78K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-72.25K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$923.47K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.30K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.64K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.64K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.10K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$54.48K	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$58.40K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-54.48K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-44.30K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$903.00	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.63K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-133.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$875.78K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.19M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.87M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.00M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$2.50K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$5.77K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$72.00K	USD	1 Quarter
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$77.63K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$93.16K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$99.11K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$58.40K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$54.48K	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.10K	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	5,834.00	shares	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$14.64K	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.17K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.98K	USD	1 Quarter
Balance	`StockholdersEquity`	$5.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time

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