10-K Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001558370-22-014600`
Period End Date	20220630
Filing Date	20220923
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	rsss-20220630x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 26 Cash Flow Statement 52 Stockholders Equity 32

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.49K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$94.14K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$841.00K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$824.12K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.00M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.60M	USD	Point-in-time
Accounts receivable, net of allowance of $94,144 and $51,495, respectively	`AccountsReceivableNetCurrent`	$4.72M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, net of allowance of $94,144 and $51,495, respectively	`AccountsReceivableNetCurrent`	$5.25M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$270.25K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$276.03K	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 royalties	`PrepaidRoyalties`	$846.65K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$904.92K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.98M	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
Total current assets	`AssetsCurrent`	$16.90M	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 $840,996 and $824,123, respectively	`PropertyPlantAndEquipmentNet`	$47.98K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	26.50M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	27.08M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $840,996 and $824,123, respectively	`PropertyPlantAndEquipmentNet`	$20.75K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	27.08M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$893.00	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	26.50M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$906.00	USD	Point-in-time
Total assets	`Assets`	$16.92M	USD	Point-in-time
Total assets	`Assets`	$17.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.69M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.60M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$4.80M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$5.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.14M	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; 27,000,844 and 26,498,215 shares issued and outstanding, respectively	`CommonStockValue`	$27.08K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,000,844 and 26,498,215 shares issued and outstanding, respectively	`CommonStockValue`	$26.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.94K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.58K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.86M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.03M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.93M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.76M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$21.47M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$20.91M	USD	Annual
Gross profit	`GrossProfit`	$10.29M	USD	Annual
Gross profit	`GrossProfit`	$12.02M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.56M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.63M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$11.52K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$17.65K	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.65M	USD	Annual
Total operating expenses	`OperatingExpenses`	$10.57M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-283.03K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.63M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$1.15K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$7.15K	USD	Annual
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.62M	USD	Annual
Loss from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-281.88K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.20K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.62K	USD	Annual
Net loss	`NetIncomeLoss`	$-285.09K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.63M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.36K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.46K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.63M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-279.63K	USD	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-285.09K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.63M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.52K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.65K	USD	Annual
Amortization of lease right	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$72.33K	USD	Annual
Amortization of lease right	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$631.34K	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$470.62K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$557.50K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$376.34K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$534.09K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$268.19K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$5.77K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$28.50K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-58.27K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$184.55K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-5.36K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-83.16K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$337.34K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.28M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$734.17K	USD	Annual
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	Annual
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-79.33K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-417.20K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.87M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.85K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.29K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.85K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.29K	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$97.69K	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$88.85K	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$237.50K	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$59.50K	USD	Annual
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$93.92K	USD	Annual
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$178.01K	USD	Annual
Repurchase of stock options and warrants	`PaymentsForRepurchaseOfStockOptionsAndWarrants`	-	USD	Annual
Repurchase of stock options and warrants	`PaymentsForRepurchaseOfStockOptionsAndWarrants`	$-308.31K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-159.97K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$63.27K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.20K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-2.94K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.69M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-401.16K	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.60M	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`	$10.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.00M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$3.20K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$7.62K	USD	Annual

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$631.34K	USD	Annual
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$470.62K	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$376.34K	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$557.50K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$178.01K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$93.92K	USD	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	40,221.00	shares	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	6,086.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	31,167.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	5,951.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	25,500.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	78,467.00	shares	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	21,365.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	11,050.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	6,819.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	10,750.00	shares	Point-in-time
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$97.69K	USD	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$88.85K	USD	Annual
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	357,079.00	shares	Annual
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	274,520.00	shares	Annual
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$237.50K	USD	Annual
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$59.50K	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$-285.09K	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$-1.63M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.36K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.46K	USD	Annual
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.86M	USD	Point-in-time

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