10-K Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001558370-23-015811`
Period End Date	20230630
Filing Date	20230915
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	rsss-20230630x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 34 Cash Flow Statement 56 Stockholders Equity 34

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$94.14K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$85.02K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$881.91K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$841.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.55M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$723.04K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$747.36K	USD	Point-in-time
Accounts receivable, net of allowance of $85,015 and $94,144, respectively	`AccountsReceivableNetCurrent`	$6.15M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $85,015 and $94,144, respectively	`AccountsReceivableNetCurrent`	$5.25M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$276.03K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$400.34K	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
Prepaid royalties	`PrepaidRoyalties`	$1.20M	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$846.65K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.98M	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
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
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $881,908 and $840,996, respectively	`PropertyPlantAndEquipmentNet`	$70.19K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $881,908 and $840,996, respectively	`PropertyPlantAndEquipmentNet`	$47.98K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	29.49M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $747,355 and $723,036, respectively	`FiniteLivedIntangibleAssetsNet`	-	USD	Point-in-time
Intangible assets, net of accumulated amortization of $747,355 and $723,036, respectively	`FiniteLivedIntangibleAssetsNet`	$462.07K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	27.08M	shares	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$893.00	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$1.05K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	27.08M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	29.49M	shares	Point-in-time
Total assets	`Assets`	$21.83M	USD	Point-in-time
Total assets	`Assets`	$17.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.60M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$5.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$6.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.50M	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; 29,487,508 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; 29,487,508 and 27,075,648 shares issued and outstanding, respectively	`CommonStockValue`	$29.49K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$29.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.52M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-118.22K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.94K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.88M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.83M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$37.70M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.93M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$23.00M	USD	Annual
Total cost of revenue	`CostOfGoodsAndServicesSold`	$20.91M	USD	Annual
Gross profit	`GrossProfit`	$14.70M	USD	Annual
Gross profit	`GrossProfit`	$12.02M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.41M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.63M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$52.65K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$17.65K	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.46M	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.65M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-1.63M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$238.61K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$7.15K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$338.62K	USD	Annual
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$577.23K	USD	Annual
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.62M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.62K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.60K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.63M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$571.62K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.36K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.72K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-1.63M	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$575.34K	USD	Annual
Net income (loss) per share, basic	`EarningsPerShareBasic`	$-0.06	USD	Annual
Net income (loss) per share, basic	`EarningsPerShareBasic`	$0.02	USD	Annual
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$-0.06	USD	Annual
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$0.02	USD	Annual
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.86M	shares	Annual
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.42M	shares	Annual
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.42M	shares	Annual
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.14M	shares	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.63M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$571.62K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.65K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$52.65K	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$470.62K	USD	Annual
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$375.19K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$557.50K	USD	Annual
Fair value of vested restricted common stock	`RestrictedStockExpense`	$1.42M	USD	Annual
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$68.27K	USD	Annual
Modification cost of stock options	`ModificationCostOfStockOptions`	-	USD	Annual
Modification cost of stock options	`ModificationCostOfStockOptions`	$56.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$901.52K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$534.09K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$124.31K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$5.77K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$356.03K	USD	Annual
Prepaid royalties	`IncreaseDecreaseInPrepaidRoyalties`	$-58.27K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.34M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-83.16K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$734.17K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$886.20K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.38M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-417.20K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.29K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$47.21K	USD	Annual
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	-	USD	Annual
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	$297.45K	USD	Annual
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	300,000.00	EUR	Point-in-time
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	$297.45K	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.29K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-344.66K	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$97.69K	USD	Annual
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$57.50K	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$59.50K	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$93.92K	USD	Annual
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$104.25K	USD	Annual
Payment of contingent acquisition consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	Annual
Payment of contingent acquisition consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$50.51K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-97.26K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$63.27K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-2.94K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$229.00	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-401.16K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.94M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.60M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.55M	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`	$10.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.00M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$7.62K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$5.60K	USD	Annual
Contingent consideration accrual on asset acquisition	`ContingentConsiderationAccrualOnAssetAcquisition`	$138.43K	USD	Annual
Contingent consideration accrual on asset acquisition	`ContingentConsiderationAccrualOnAssetAcquisition`	-	USD	Annual

Stockholders Equity 34 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$375.19K	USD	Annual
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$470.62K	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$1.42M	USD	Annual
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$557.50K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$93.92K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$104.25K	USD	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	5,951.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	51,841.00	shares	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	9,659.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	13,256.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	16,141.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	40,221.00	shares	Annual
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	21,365.00	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`	6,086.00	shares	Point-in-time
Repurchase of common stock (in shares)	`StockRepurchasedDuringPeriodShares`	12,785.00	shares	Point-in-time
Forfeited restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	Annual
Fair value of vested unrestricted common stock	`StockIssuedDuringPeriodValueIssuedForServices`	$68.27K	USD	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$57.50K	USD	Annual
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$97.69K	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`	307,298.00	shares	Annual
Common stock issued upon exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$59.50K	USD	Annual
Modification cost of stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$56.00K	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$-1.63M	USD	Annual
Net income (loss) for the period	`NetIncomeLoss`	$571.62K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.36K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.72K	USD	Annual
Balance	`StockholdersEquity`	$5.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time

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