Company Reports 35% Increase in Platform ARR to $7.9M and 180 Net New Platform Deployments for Fiscal Year 2022
HENDERSON, Nev., Sept. 22, 2022 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, reported financial results for its fiscal fourth quarter and full year ended June 30, 2022.
Fiscal Fourth Quarter 2022 Summary
- Total revenue increased 4% to $8.6 million
- Platform revenue up 32% to $1.9 million; Annual recurring revenue ("ARR") up 35% to $7.9 million
- Gross profit up 20% to prior-year quarter. Total gross margin improved approximately 500 basis points to 38.3%. The fourth quarter marks the first in the Company's history where Platform gross profit exceed gross profit from Transactions.
- Net loss of ($438,000) or two cents per share, compared to nil on a per-share basis in the prior-year quarter. Adjusted EBITDA was ($121,000), compared to $134,000 same period a year ago. The result was inclusive of $275,000 in severance related charges in the period which are also discussed below.
- Platform incremental ARR generated in the quarter was a record high of $573,000. There were 53 net new platform deployments in the quarter, compared to 41 in the prior year.
Full-Year Fiscal 2022 Summary
- Total revenue increased 4% to $32.9 million
- Platform revenue of $6.8 million, a 32% increase, with a 33% increase in total deployments to 733
- Total gross margin increased 410 basis points to 36.5%
- Loss of $1.6 million, or ($0.06) per share, compared to ($285,000) or ($0.01) per share in the prior year. Adjusted EBITDA was ($374,000) compared to $700,000 in the previous year.
- Platform incremental ARR generated in the fiscal year exceeded $2.0 million and there were 180 net new deployments
"Our fourth quarter and fiscal 2022 results reflect the continued momentum across our organization, particularly with the strategic focus on our Platforms segment, which added a net new 53 deployments in the fourth quarter and 180 for the year," said Roy W. Olivier, President and CEO of Research Solutions. "The ongoing additions of new product features, add-ons, and partnerships continues to enhance the value proposition of our Article Galaxy platform, allowing customers to work more efficiently while recognizing meaningful cost savings. We anticipate that our continued focus on product development and the repositioning of our sales force should result in a return to positive cash flow and Adjusted EBITDA in fiscal 2023."
Fiscal Fourth Quarter 2022 Results
Total revenue increased 4% to $8.6 million, compared to $8.2 million in the same year-ago quarter.
Platform subscription revenue increased 32% to $1.9 million compared to approximately $1.4 million in the year-ago quarter. The increase was primarily due to an increase in the total number of paid Platform deployments, including 53 added in the quarter. The quarter ended with annual recurring revenue of $7.9 million, up 8% sequentially and 35% year-over-year (see the company's definition of annual recurring revenue below).
Transaction revenue was $6.7 million, compared to $6.8 million in the fourth quarter of fiscal 2021. Transaction customers count for the quarter was 1,213, compared to 1,132 customers in the prior year quarter (see the company's definition of active customer accounts and transactions below).
Total gross margin improved approximately 500 basis points from the prior-year quarter to 38.3%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platform business.
Total operating expenses were $3.7 million, compared to $2.8 million in the fourth quarter of 2021. The increase was primarily due to higher technology and product development costs and approximately $275,000 in severance charges related to the Company's repositioning strategy for fiscal 2023.
Net loss in the fourth quarter was ($438,000), or two cents per share, compared to a net loss of ($89,000), or nil per share, in the prior-year quarter. Adjusted EBITDA was ($121,000), compared to $134,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).
Cash and cash equivalents were relatively flat in the quarter and ended at $10.6 million.
Full-Year Fiscal 2022 Results
Total revenue increased 4% to $32.9 million, compared to $31.8 million in fiscal 2021.
Platform subscription revenue was $6.8 million, a 32% increase over the prior year. The increase was primarily due an increase in the total number of paid Platform deployments and upselling current platform customers.
Transaction revenue was $26.1 million, a 2% decrease compared to the previous year. The decrease is primarily due to a lower paid transaction count due to the savings our customers experience through their ongoing use of the Platform.
Total gross margin improved 410 basis points over the prior year to 36.5%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platform business.
Total operating expenses were $13.6 million compared to $10.5 million in the prior year. The increase was primarily due to higher technology and product development costs as well as higher general and administrative expenses, including approximately $450,000 in cash severance costs and $150,000 in accelerated stock compensation for the full fiscal year.
Net loss for fiscal year 2022 was $1.6 million, or ($0.06) per share. Net loss in fiscal 2021 was ($207,000), or ($0.01) per share. Adjusted EBITDA for fiscal 2022 was a negative $374,000, compared to a positive $700,000 in the prior year (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).
Cash and cash equivalents on June 30, 2022, amounted to $10.6 million compared to $11.0 million as of June 30, 2021. There were no outstanding borrowings under the company's $2.5 million revolving line of credit and the company had no long-term liabilities or other debt.
Conference Call
Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period.
Date: Thursday, September 22, 2022
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-631-891-4304
Conference ID: 10020199
The conference call will be broadcast live and available for replay until October 22, 2022, by dialing 1-412-317-6671 and using the replay ID 10020199, and via the investor relations section of the company's website at http://researchsolutions.investorroom.com/.
Fiscal Fourth Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter
|
|
|
Quarter Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Revenue:
|
|
|
|
|
|
|
Platforms
|
$ 1,886,845
|
$ 1,429,160
|
$ 457,685
|
32.0 %
|
|
|
Transactions
|
$ 6,675,164
|
$ 6,788,494
|
(113,330)
|
-1.7 %
|
|
Total Revenue
|
8,562,009
|
8,217,654
|
344,355
|
4.2 %
|
|
|
|
|
|
|
|
Gross Profit:
|
|
|
|
|
|
|
Platforms
|
1,646,631
|
1,171,840
|
474,791
|
40.5 %
|
|
|
Transactions
|
1,636,511
|
1,570,376
|
66,135
|
4.2 %
|
|
Total Gross Profit
|
3,283,142
|
2,742,216
|
540,926
|
19.7 %
|
|
|
|
|
|
|
|
Gross profit as a % of revenue:
|
|
|
|
|
|
|
Platforms
|
87.3 %
|
82.0 %
|
5.3 %
|
|
|
|
Transactions
|
24.5 %
|
23.1 %
|
1.4 %
|
|
|
Total Gross Profit
|
38.3 %
|
33.4 %
|
5.0 %
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
Sales and marketing
|
691,368
|
521,220
|
170,148
|
32.6 %
|
|
|
Technology and product development
|
1,049,430
|
732,371
|
317,059
|
43.3 %
|
|
|
General and administrative
|
1,663,671
|
1,354,244
|
309,427
|
22.8 %
|
|
|
Depreciation and amortization
|
5,507
|
2,694
|
2,813
|
104.4 %
|
|
|
Stock-based compensation
|
225,501
|
221,589
|
3,912
|
1.8 %
|
|
|
Foreign currency translation loss
|
91,279
|
(890)
|
92,169
|
NM
|
|
Total Operating Expenses
|
3,726,756
|
2,831,228
|
895,528
|
31.6 %
|
|
Income (loss) from operations
|
(443,614)
|
(89,012)
|
(354,602)
|
NM
|
|
|
|
|
|
|
|
Other Income (Expenses):
|
|
|
|
|
|
|
Other income (expense)
|
6,377
|
263
|
6,114
|
2324.7 %
|
|
|
Provision for income taxes
|
(1,030)
|
(127)
|
(903)
|
NM
|
|
|
Gain on sale of disc'd operations
|
-
|
-
|
-
|
|
|
Total Other Income (Expenses):
|
5,347
|
136
|
5,211
|
3831.6 %
|
|
Net income (loss)
|
$ (438,267)
|
$ (88,876)
|
(349,391)
|
NM
|
|
Adjusted EBITDA
|
$ (121,327)
|
$ 134,381
|
$ (255,708)
|
NM
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Platforms:
|
|
|
|
|
|
|
ARR (Annual recurring revenue):
|
|
|
|
|
|
|
Beginning of Period
|
$ 7,348,847
|
$ 5,554,595
|
$ 1,794,252
|
32.3 %
|
|
|
Incremental ARR
|
573,341
|
325,584
|
247,757
|
76.1 %
|
|
|
End of Period
|
$ 7,922,188
|
$ 5,880,179
|
$ 2,042,009
|
34.7 %
|
|
|
|
|
|
|
|
|
Deployments:
|
|
|
|
|
|
|
Beginning of Period
|
680
|
512
|
168
|
32.8 %
|
|
|
Incremental Deployments
|
53
|
41
|
12
|
29.3 %
|
|
|
End of Period
|
733
|
553
|
180
|
32.5 %
|
|
|
|
|
|
|
|
|
ASP (Average sales price):
|
|
|
|
|
|
|
Beginning of Period
|
$ 10,807
|
$ 10,849
|
$ (42)
|
-0.4 %
|
|
|
End of Period
|
$ 10,808
|
$ 10,633
|
$ 175
|
1.6 %
|
|
|
|
|
|
|
|
Transaction Customers:
|
|
|
|
|
|
|
Corporate customers
|
920
|
845
|
75
|
8.9 %
|
|
|
Academic customers
|
293
|
287
|
6
|
2.1 %
|
|
|
Total customers
|
1,213
|
1,132
|
81
|
7.2 %
|
Fiscal Full Year Financial and Operational Summary Tables vs. Prior-Year
|
|
|
Fiscal Year Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Revenue:
|
|
|
|
|
|
|
Platforms
|
$ 6,787,772
|
$ 5,135,565
|
$ 1,652,207
|
32.2 %
|
|
|
Transactions
|
$ 26,146,380
|
$ 26,620,780
|
(474,400)
|
-1.8 %
|
|
Total Revenue
|
32,934,152
|
31,756,345
|
1,177,807
|
3.7 %
|
|
|
|
|
|
|
|
Gross Profit:
|
|
|
|
|
|
|
Platforms
|
5,851,183
|
4,223,595
|
1,627,588
|
38.5 %
|
|
|
Transactions
|
6,168,491
|
6,062,419
|
106,072
|
1.7 %
|
|
Total Gross Profit
|
12,019,674
|
10,286,014
|
1,733,660
|
16.9 %
|
|
|
|
|
|
|
|
Gross profit as a % of revenue:
|
|
|
|
|
|
|
Platforms
|
86.2 %
|
82.2 %
|
4.0 %
|
|
|
|
Transactions
|
23.6 %
|
22.8 %
|
0.8 %
|
|
|
Total Gross Profit
|
36.5 %
|
32.4 %
|
4.1 %
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
Sales and marketing
|
2,276,172
|
2,073,878
|
202,294
|
9.8 %
|
|
|
Technology and product development
|
3,711,085
|
2,644,274
|
1,066,811
|
40.3 %
|
|
|
General and administrative
|
6,406,400
|
4,867,659
|
1,538,741
|
31.6 %
|
|
|
Depreciation and amortization
|
17,651
|
11,522
|
6,129
|
53.2 %
|
|
|
Stock-based compensation
|
1,096,384
|
1,007,673
|
88,711
|
8.8 %
|
|
|
Foreign currency translation loss
|
143,898
|
(35,960)
|
179,858
|
NM
|
|
Total Operating Expenses
|
13,651,590
|
10,569,046
|
3,082,544
|
29.2 %
|
|
Income (loss) from operations
|
(1,631,916)
|
(283,032)
|
(1,348,884)
|
NM
|
|
|
|
|
|
|
|
Other Income (Expenses):
|
|
|
|
|
|
|
Other income (expense)
|
7,154
|
1,147
|
6,007
|
523.7 %
|
|
|
Provision for income taxes
|
(7,622)
|
(3,204)
|
(4,418)
|
NM
|
|
|
Gain on sale of disc'd operations
|
-
|
-
|
-
|
|
|
Total Other Income (Expenses):
|
(468)
|
(2,057)
|
1,589
|
NM
|
|
Net income (loss)
|
$ (1,632,384)
|
$ (285,089)
|
(1,347,295)
|
NM
|
|
Adjusted EBITDA
|
$ (373,983)
|
$ 700,203
|
$ (1,074,186)
|
NM
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Platforms:
|
|
|
|
|
|
|
ARR (Annual recurring revenue):
|
|
|
|
|
|
|
Beginning of Period
|
$ 5,880,179
|
$ 4,446,088
|
$ 1,434,091
|
32.3 %
|
|
|
Incremental ARR
|
2,042,009
|
1,434,091
|
607,918
|
42.4 %
|
|
|
End of Period
|
$ 7,922,188
|
$ 5,880,179
|
$ 2,042,009
|
34.7 %
|
|
|
|
|
|
|
|
|
Deployments:
|
|
|
|
|
|
|
Beginning of Period
|
553
|
401
|
152
|
37.9 %
|
|
|
Incremental Deployments
|
180
|
152
|
28
|
18.4 %
|
|
|
End of Period
|
733
|
553
|
180
|
32.5 %
|
|
|
|
|
|
|
|
|
ASP (Average sales price):
|
|
|
|
|
|
|
Beginning of Period
|
$ 10,633
|
$ 11,088
|
$ (454)
|
-4.1 %
|
|
|
End of Period
|
$ 10,808
|
$ 10,633
|
$ 175
|
1.6 %
|
|
|
|
|
|
|
|
Transaction Customers:
|
|
|
|
|
|
|
Corporate customers
|
886
|
825
|
61
|
7.4 %
|
|
|
Academic customers
|
299
|
285
|
14
|
4.8 %
|
|
|
Total customers
|
1,185
|
1,110
|
75
|
6.7 %
|
|
|
|
|
|
|
|
Active Customer Accounts, Transactions and Annual Recurring Revenue
The company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.
A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.
The company defines annual recurring revenue as the value of contracted Platform subscription recurring revenue normalized to a one-year period.
Use of Non-GAAP Measure – Adjusted EBITDA
Research Solutions' management evaluates and makes operating decisions using various financial metrics. In addition to the company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company's operating results.
The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense), foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):
|
|
|
Quarter Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Net Income (loss)
|
$ (438,267)
|
$ (88,876)
|
$ (349,391)
|
NM
|
|
Add (deduct):
|
|
|
|
|
|
|
Other income (expense)
|
(6,377)
|
(263)
|
(6,114)
|
-2324.7 %
|
|
|
Foreign currency translation loss
|
91,279
|
(890)
|
92,169
|
NM
|
|
|
Provision for income taxes
|
1,030
|
127
|
903
|
711.0 %
|
|
|
Depreciation and amortization
|
5,507
|
2,694
|
2,813
|
104.4 %
|
|
|
Stock-based compensation
|
225,501
|
221,589
|
3,912
|
1.8 %
|
|
|
Gain on sale of disc. ops.
|
-
|
-
|
-
|
|
|
Adjusted EBITDA
|
$ (121,327)
|
$ 134,381
|
$ (255,708)
|
-190.3 %
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended June 30,
|
|
|
|
2022
|
2021
|
Change
|
% Change
|
|
Net Income (loss)
|
$ (1,632,384)
|
$ (285,089)
|
$ (1,347,295)
|
NM
|
|
Add (deduct):
|
|
|
-
|
|
|
|
Other income (expense)
|
(7,154)
|
(1,147)
|
(6,007)
|
-523.7 %
|
|
|
Foreign currency translation loss
|
143,898
|
(35,960)
|
179,858
|
NM
|
|
|
Provision for income taxes
|
7,622
|
3,204
|
4,418
|
137.9 %
|
|
|
Depreciation and amortization
|
17,651
|
11,522
|
6,129
|
53.2 %
|
|
|
Stock-based compensation
|
1,096,384
|
1,007,673
|
88,711
|
8.8 %
|
|
|
Gain on sale of disc. ops.
|
-
|
-
|
-
|
|
|
Adjusted EBITDA
|
$ (373,983)
|
$ 700,203
|
$ (1,074,186)
|
NM
|
|
|
|
|
|
|
|
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company's SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com and www.reprintsdesk.com
Important Cautions Regarding Forward-Looking Statements
Certain statements in this press release may contain "forward-looking statements" regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects", "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company's most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding additional customers, potential acquisitions and the Company's prospects for growth, profitability, and cash flow. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.
|
Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
10,603,175
|
|
$
|
11,004,337
|
|
Accounts receivable, net of allowance of $94,144 and $51,495, respectively
|
|
|
5,251,545
|
|
|
4,717,453
|
|
Prepaid expenses and other current assets
|
|
|
276,026
|
|
|
270,252
|
|
Prepaid royalties
|
|
|
846,652
|
|
|
904,921
|
|
Total current assets
|
|
|
16,977,398
|
|
|
16,896,963
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation of $840,996 and $824,123, respectively
|
|
|
47,985
|
|
|
20,755
|
|
Deposits and other assets
|
|
|
893
|
|
|
906
|
|
Total assets
|
|
$
|
17,026,276
|
|
$
|
16,918,624
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
6,604,032
|
|
$
|
6,687,188
|
|
Deferred revenue
|
|
|
5,538,526
|
|
|
4,804,351
|
|
Total current liabilities
|
|
|
12,142,558
|
|
|
11,491,539
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding
|
|
|
—
|
|
|
—
|
|
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,075,648 and 26,498,215 shares issued and outstanding, respectively
|
|
|
27,076
|
|
|
26,498
|
|
Additional paid-in capital
|
|
|
28,072,855
|
|
|
26,982,052
|
|
Accumulated deficit
|
|
|
(23,094,272)
|
|
|
(21,461,888)
|
|
Accumulated other comprehensive loss
|
|
|
(121,941)
|
|
|
(119,577)
|
|
Total stockholders' equity
|
|
|
4,883,718
|
|
|
5,427,085
|
|
Total liabilities and stockholders' equity
|
|
$
|
17,026,276
|
|
$
|
16,918,624
|
|
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Platforms
|
|
$
|
6,787,772
|
|
$
|
5,135,565
|
|
Transactions
|
|
|
26,146,380
|
|
|
26,620,780
|
|
Total revenue
|
|
|
32,934,152
|
|
|
31,756,345
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
Platforms
|
|
|
936,589
|
|
|
911,970
|
|
Transactions
|
|
|
19,977,889
|
|
|
20,558,361
|
|
Total cost of revenue
|
|
|
20,914,478
|
|
|
21,470,331
|
|
Gross profit
|
|
|
12,019,674
|
|
|
10,286,014
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
13,633,939
|
|
|
10,557,524
|
|
Depreciation and amortization
|
|
|
17,651
|
|
|
11,522
|
|
Total operating expenses
|
|
|
13,651,590
|
|
|
10,569,046
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(1,631,916)
|
|
|
(283,032)
|
|
|
|
|
|
|
|
|
Other income
|
|
|
7,154
|
|
|
1,147
|
|
|
|
|
|
|
|
|
Loss from operations before provision for income taxes
|
|
|
(1,624,762)
|
|
|
(281,885)
|
|
Provision for income taxes
|
|
|
(7,622)
|
|
|
(3,204)
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(1,632,384)
|
|
|
(285,089)
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(2,364)
|
|
|
5,461
|
|
Comprehensive loss
|
|
$
|
(1,634,748)
|
|
$
|
(279,628)
|
|
|
|
|
|
|
|
|
Loss per common share:
|
|
|
|
|
|
|
|
Loss per share, basic and diluted
|
|
$
|
(0.06)
|
|
$
|
(0.01)
|
|
Weighted average common shares outstanding, basic and diluted
|
|
|
26,422,295
|
|
|
26,008,368
|
|
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,632,384)
|
|
$
|
(285,089)
|
|
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
17,651
|
|
|
11,522
|
|
Amortization of lease right
|
|
|
—
|
|
|
72,331
|
|
Fair value of vested stock options
|
|
|
470,615
|
|
|
631,335
|
|
Fair value of vested restricted common stock
|
|
|
557,496
|
|
|
376,338
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(534,092)
|
|
|
(268,193)
|
|
Prepaid expenses and other current assets
|
|
|
(5,774)
|
|
|
(28,505)
|
|
Prepaid royalties
|
|
|
58,269
|
|
|
(184,554)
|
|
Deposits and other assets
|
|
|
—
|
|
|
5,360
|
|
Accounts payable and accrued expenses
|
|
|
(83,156)
|
|
|
337,343
|
|
Deferred revenue
|
|
|
734,175
|
|
|
1,279,844
|
|
Lease liability
|
|
|
—
|
|
|
(79,326)
|
|
Net cash provided by (used in) operating activities
|
|
|
(417,200)
|
|
|
1,868,406
|
|
|
|
|
|
|
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(44,288)
|
|
|
(19,854)
|
|
Net cash used in investing activities
|
|
|
(44,288)
|
|
|
(19,854)
|
|
|
|
|
|
|
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options
|
|
|
97,688
|
|
|
88,850
|
|
Proceeds from the exercise of warrants
|
|
|
59,500
|
|
|
237,501
|
|
Common stock repurchase
|
|
|
(93,918)
|
|
|
(178,012)
|
|
Repurchase of stock options and warrants
|
|
|
—
|
|
|
(308,313)
|
|
Net cash provided by (used in) financing activities
|
|
|
63,270
|
|
|
(159,974)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
|
|
|
(2,944)
|
|
|
4,203
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(401,162)
|
|
|
1,692,781
|
|
Cash and cash equivalents, beginning of period
|
|
|
11,004,337
|
|
|
9,311,556
|
|
Cash and cash equivalents, end of period
|
|
$
|
10,603,175
|
|
$
|
11,004,337
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
7,622
|
|
$
|
3,204
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/research-solutions-reports-fiscal-fourth-quarter-and-full-year-2022-results-301631595.html
SOURCE Research Solutions, Inc.
