Research Solutions, Inc. Files 2024 10-K

TL;DR

RSCH 10-K filed: $32.3M assets, $29.5M liabilities for FY24. All clear.

AI Summary

Research Solutions, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting total assets of $32.3 million and total liabilities of $29.5 million. The company, formerly known as Derycz Scientific Inc., is incorporated in Nevada and operates in the business services sector. Its principal executive offices are located in Henderson, Nevada.

Why It Matters

This filing provides a comprehensive overview of Research Solutions, Inc.'s financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative disclosures.

Key Numbers

• $32.3M — Total Assets (As of June 30, 2024)
• $29.5M — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• Research Solutions, Inc. (company) — Filer of the 10-K
• Derycz Scientific Inc. (company) — Former name of Research Solutions, Inc.
• June 30, 2024 (date) — Fiscal year end
• $32.3 million (dollar_amount) — Total assets
• $29.5 million (dollar_amount) — Total liabilities
• Nevada (state) — State of incorporation and business address
• Henderson (city) — Location of business address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value RSSS The Nasdaq Stock Mar
• $2.60 — 8,813,766 based on the closing price of $2.60 per share as reported on the Nasdaq as

Filing Documents

• rsss-20240630x10k.htm (10-K) — 2910KB
• rsss-20240630xex21.htm (EX-21) — 5KB
• rsss-20240630xex23.htm (EX-23) — 3KB
• rsss-20240630xex31d1.htm (EX-31.1) — 15KB
• rsss-20240630xex31d2.htm (EX-31.2) — 15KB
• rsss-20240630xex32d1.htm (EX-32.1) — 6KB
• rsss-20240630xex32d2.htm (EX-32.2) — 6KB
• rsss-20240630xex97d1.htm (EX-97.1) — 77KB
• rsss-20240630x10k001.jpg (GRAPHIC) — 21KB
• rsss-20240630x10k003.jpg (GRAPHIC) — 26KB
• rsss-20240630x10k006.jpg (GRAPHIC) — 19KB
• 0001558370-24-012920.txt ( ) — 10181KB
• rsss-20240630.xsd (EX-101.SCH) — 50KB
• rsss-20240630_cal.xml (EX-101.CAL) — 51KB
• rsss-20240630_def.xml (EX-101.DEF) — 272KB
• rsss-20240630_lab.xml (EX-101.LAB) — 438KB
• rsss-20240630_pre.xml (EX-101.PRE) — 398KB
• rsss-20240630x10k_htm.xml (XML) — 1807KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accounting Fees and Services 75 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 80 2 Table of Contents Cautionary Notice Regarding Forward-Looking Statements Unless otherwise indicated, (i) the terms "Research Solutions," "we," "us" and "our" refer to Research Solutions, Inc., a Nevada corporation, and our five wholly-owned subsidiaries: Reprints Desk, Inc., ("Reprints Desk") a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., ("ResoluteAI"), a Delaware corporation, Scite, LLC, ("Scite"), a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., ("Reprints Desk Latin America"), an entity organized under the laws of Mexico and RESSOL LA, S. DE R.L. DE C.V., ("ResSol LA") an entity organized under the laws of Mexico, and (ii) the term "common stock" refers to the common stock, par value $0.001 per share, of Research Solutions. The financial information included herein is presented in United States dollars ("US Dollars"), the functional currency of our company. Although the majority of our revenue and costs are in US Dollars, the costs of Reprints Desk Latin America and ResSol LA are in Mexican Pesos. The Research Solutions logo, Article Galaxy and other trademarks or service marks of Research Solutions, Inc. appearing in this annual report on Form 10-K are the property of Research Solutions, Inc. This annual report on Form 10-K also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks and trade names appearing herein are the property of their respective holders. All statements included or incorporated by reference in this Annual Report on Form 10-K, other than statements or

Business

Item 1. Business Company Overview Research Solutions was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with five wholly owned subsidiaries as of June 30, 2024: Reprints Desk, Inc., a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico. We provide software and related services to help research intensive organizations save time and money. We offer various software platforms ("Platform" or "Platforms") that are typically sold to corporate, academic, government and individual researchers as cloud-based software-as-a-service ("SaaS") via auto-renewing license agreements. Corporate, academic, and government customers typically sign up under annual agreements. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly. Our Platforms also facilitate the sale of published scientific, technical, and medical ("STM") content sold as individual articles ("Transactions") either stand alone or via one or more of the research Platform solutions we provide. When one or more of the Platform solutions are used to purchase Transactions, customers pay for those transactions through monthly billing or via credit card for individual researchers. Our Platforms enable life science and other research-intensive organizations to accelerate their research and development activities through our advanced discovery tools (i.e. search), tools to access and buy STM articles required to support their research (i.e. acquire), as well as tools that manage that content across the enterprise and on an individual basis (i.e. manage). The Platforms typically deliver an ROI to the customer by reducing the amount of time

View Full Filing

View this 10-K filing on SEC EDGAR