10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-017737`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	rsss-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 34 Cash Flow Statement 47 Stockholders Equity 20

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$94.14K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$71.12K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$846.89K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$841.00K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.39M	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 $71,122 and $94,144, respectively	`AccountsReceivableNetCurrent`	$5.25M	USD	Point-in-time
Accounts receivable, net of allowance of $71,122 and $94,144, respectively	`AccountsReceivableNetCurrent`	$5.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$205.12K	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`	$276.03K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$136.01K	USD	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
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`	$15.90M	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 $846,894 and $840,996, respectively	`PropertyPlantAndEquipmentNet`	$47.98K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	27.08M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $846,894 and $840,996, respectively	`PropertyPlantAndEquipmentNet`	$45.85K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	27.33M	shares	Point-in-time
Nonrefundable deposit for asset acquisition	`AssetAcquisitionNonrefundableDeposit`	$297.45K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	27.08M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	27.33M	shares	Point-in-time
Nonrefundable deposit for asset acquisition	`AssetAcquisitionNonrefundableDeposit`	-	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$894.00	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$893.00	USD	Point-in-time
Total assets	`Assets`	$17.03M	USD	Point-in-time
Total assets	`Assets`	$16.24M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.60M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.57M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$5.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$5.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.92M	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; 27,330,878 and 27,075,648 shares issued and outstanding, respectively	`CommonStockValue`	$27.08K	USD	Point-in-time
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,330,878 and 27,075,648 shares issued and outstanding, respectively	`CommonStockValue`	$27.33K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-127.12K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.94K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.03M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.74M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.68M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.34M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$5.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.66M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.81K	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`	$3.17M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$179.63K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-366.51K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$276.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$39.07K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$218.70K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-366.23K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.77K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.13K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.18K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.98K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$209.39K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-374.98K	USD	1 Quarter
Net income (loss) per share, basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per share, basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.28M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.72M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.78M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.90K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.81K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$72.00K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$40.71K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$99.11K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$134.66K	USD	1 Quarter
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$68.27K	USD	1 Quarter
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-81.76K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-14.77K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-62.44K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-70.91K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-710.64K	USD	1 Quarter
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-639.76K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-225.46K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.04M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-181.38K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-365.76K	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`	$108.88K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.68K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.64K	USD	1 Quarter
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	-	USD	1 Quarter
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	300,000.00	EUR	1 Quarter
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	$297.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-301.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.64K	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$18.06K	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$54.48K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-54.48K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.06K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-2.63K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-5.17K	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`	$-215.49K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.39M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.39M	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 and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.87M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$5.77K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$4.13K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.17M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$40.71K	USD	1 Quarter
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$72.00K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$99.11K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$134.66K	USD	1 Quarter
Fair value of vested unrestricted common stock	`StockIssuedDuringPeriodValueIssuedForServices`	$68.27K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$18.06K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$54.48K	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	22,500.00	shares	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-372.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.18K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.98K	USD	1 Quarter
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.17M	USD	Point-in-time

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