Research Solutions Enters Loan Agreement

TL;DR

RSOL just took out a loan, new debt on the books.

AI Summary

On April 15, 2024, Research Solutions, Inc. entered into a Material Definitive Agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the company. The filing does not specify the lender or the principal amount of the loan.

Why It Matters

This filing indicates Research Solutions, Inc. has taken on new debt, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: medium — Taking on new debt can increase financial risk for a company, depending on the terms and the company's ability to repay.

Key Players & Entities

• Research Solutions, Inc. (company) — Registrant
• April 15, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value RSSS The Nasdaq Capital Mar
• $500,000 — Note ") with PNC, which provides for a $500,000 secured revolving line of credit that m

Filing Documents

• tm2411927d1_8k.htm (8-K) — 32KB
• tm2411927d1_ex10-1.htm (EX-10.1) — 110KB
• tm2411927d1_ex10-2.htm (EX-10.2) — 68KB
• tm2411927d1_ex10-3.htm (EX-10.3) — 58KB
• tm2411927d1_ex10-4.htm (EX-10.4) — 64KB
• tm2411927d1_ex10-1img001.jpg (GRAPHIC) — 2KB
• tm2411927d1_ex10-2img001.jpg (GRAPHIC) — 3KB
• tm2411927d1_ex10-3img001.jpg (GRAPHIC) — 2KB
• tm2411927d1_ex10-4img001.jpg (GRAPHIC) — 2KB
• 0001104659-24-048029.txt ( ) — 594KB
• rsss-20240415.xsd (EX-101.SCH) — 3KB
• rsss-20240415_lab.xml (EX-101.LAB) — 33KB
• rsss-20240415_pre.xml (EX-101.PRE) — 22KB
• tm2411927d1_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Entry into a Loan Agreement On April 15, 2024, Research Solutions, Inc. (the " Company ") and Reprints Desk, Inc., a wholly owned subsidiary of the Company (collectively and individually, the " Borrower ") entered into a Loan Agreement (the " PNC Loan Agreement ") with PNC Bank, National Association (" PNC "), as lender. Pursuant to the PNC Loan Agreement, PNC may make one or more loans (the " Loans ") to the Borrower secured by the collateral, guarantees and other documents as set forth in the loan documents. The Loans shall be evidenced by a promissory note or notes of the Borrower setting forth the interest rate, repayment and other provisions of the respective loan and conditioned upon certain events including, but not limited to, (i) the absence of an event of default, (ii) receipt of certain documents, including loan documents, and (iii) receipt of certain fees, expenses and increased costs. The PNC Loan Agreement also contains customary representations and warranties and affirmative and negative covenants including, among others, limitations on the ability of the Borrower to, among other things, grant liens and encumbrances, incur debt, effect certain mergers or transfer of assets, and make acquisitions. At present, the Loans are not required to fund the Company's operations. The Company intends to draw on Loan proceeds as needed for future strategic initiatives and/or working capital and general corporate purposes. Entry into Additional Loan Documentation In connection with and subject to the PNC Loan Agreement, on April 15, 2024 (1) each Borrower entered into a Security Agreement with PNC, which provides that all of the Borrowers' loans, advances, debts, liabilities obligations and obligations to PNC, or any other direct or indirect subsidiaries of PNC, will be secured by substantially all of such Borrower's assets as collateral and (2) the Borrowers entered into a Revolving Line of Credit Note (

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 10.1* Loan Agreement among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. 10.2* Revolving Line of Credit Note among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. 10.3* Security Agreement between Reprints Desk, Inc. and PNC Bank, National Association, dated as of April 15, 2024. 10.4* Security Agreement between Research Solutions, Inc. and PNC Bank, National Association, dated as of April 15, 2024. 104 Cover Page Interactive Data File (embedded as Inline XBRL document). * Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RESEARCH SOLUTIONS, INC. Date: April 17, 2024 By: /s/ William Nurthen William Nurthen Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR