10-Q Filing

RESEARCH SOLUTIONS, INC. CIK: 1386301 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-019007`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	rsss-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 34 Cash Flow Statement 53 Stockholders Equity 20

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$82.39K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$85.02K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$891.30K	USD	Point-in-time
Accumulated depreciation property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$881.91K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.88M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$747.36K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.55M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$795.91K	USD	Point-in-time
Accounts receivable, net of allowance of $82,392 and $85,015, respectively	`AccountsReceivableNetCurrent`	$6.46M	USD	Point-in-time
Intangible assets, provisional	`BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles`	$2.06M	USD	Point-in-time
Accounts receivable, net of allowance of $82,392 and $85,015, respectively	`AccountsReceivableNetCurrent`	$6.15M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$400.34K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$314.05K	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$1.20M	USD	Point-in-time
Prepaid royalties	`PrepaidRoyalties`	$1.17M	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
Total current assets	`AssetsCurrent`	$17.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.30M	USD	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
Goodwill (provisional)	`Goodwill`	$3.24M	USD	Point-in-time
Goodwill (provisional)	`Goodwill`	-	USD	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
Property and equipment, net of accumulated depreciation of $891,299 and $881,908, respectively	`PropertyPlantAndEquipmentNet`	$91.33K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $891,299 and $881,908, respectively	`PropertyPlantAndEquipmentNet`	$70.19K	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`	29.49M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	29.62M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $795,915 and $747,355, respectively ($2,064,706 provisional)	`FiniteLivedIntangibleAssetsNet`	$2.53M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $795,915 and $747,355, respectively ($2,064,706 provisional)	`FiniteLivedIntangibleAssetsNet`	$462.07K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$1.05K	USD	Point-in-time
Deposits and other assets	`DepositsAssetsNoncurrent`	$1.03K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	29.49M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	29.62M	shares	Point-in-time
Total assets	`Assets`	$23.68M	USD	Point-in-time
Total assets	`Assets`	$21.83M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$6.42M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$6.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.93M	USD	Point-in-time
Contingent earnout liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	-	USD	Point-in-time
Contingent earnout liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.50M	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`	$29.49K	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`	$29.62K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$29.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-118.22K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.17K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.68M	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`	$10.06M	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`	$6.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.35M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$59.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.81K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.17M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-1.10M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$179.63K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$39.07K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$140.31K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-958.64K	USD	1 Quarter
Income (loss) from operations before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$218.70K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$29.40K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.13K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-988.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.18K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-946.00	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-988.99K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$209.39K	USD	1 Quarter
Net income (loss) per share, basic	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net income (loss) per share, basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Net income (loss) per share, diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.05M	shares	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.72M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.05M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.78M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-988.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.81K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$59.62K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$40.71K	USD	1 Quarter
Fair value of vested stock options	`FairValueOfVestedStockOptions`	$17.47K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$134.66K	USD	1 Quarter
Fair value of vested restricted common stock	`RestrictedStockExpense`	$574.34K	USD	1 Quarter
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Fair value of vested unrestricted common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$68.27K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$112.97K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-81.76K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-109.95K	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`	$-35.14K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.04M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$195.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-181.38K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-646.83K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$108.88K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-755.57K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.68K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.83K	USD	1 Quarter
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.72M	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
Payment for non-refundable deposit for asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-301.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.75M	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$18.06K	USD	1 Quarter
Common stock repurchase	`PaymentsForRepurchaseOfCommonStock`	$46.13K	USD	1 Quarter
Payment of contingent acquisition consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$110.19K	USD	1 Quarter
Payment of contingent acquisition consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.06K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-156.32K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-5.17K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$705.00	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.66M	USD	1 Quarter
Net 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`	$9.88M	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`	$10.60M	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`	$9.88M	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`	$10.60M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$4.13K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$29.40K	USD	1 Quarter
Contingent consideration accrual on asset acquisition	`ContingentConsiderationAccrualOnAssetAcquisition`	$42.99K	USD	1 Quarter
Contingent consideration accrual on asset acquisition	`ContingentConsiderationAccrualOnAssetAcquisition`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$6.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.32M	USD	Point-in-time
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$17.47K	USD	1 Quarter
Fair value of vested stock options	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$40.71K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$574.34K	USD	1 Quarter
Fair value of vested restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$134.66K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$18.06K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$46.13K	USD	1 Quarter
Fair value of vested unrestricted common stock	`StockIssuedDuringPeriodValueIssuedForServices`	$68.27K	USD	1 Quarter
Common stock issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	319,550.00	shares	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-988.04K	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$214.56K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.18K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-946.00	USD	1 Quarter
Balance	`StockholdersEquity`	$6.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.32M	USD	Point-in-time

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