RSSS Research Solutions Inc

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report:

(Date of earliest event reported)

 

September 13, 2023

 

 

Research Solutions, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

(State or other Jurisdiction of Incorporation)

 

1-39256		11-3797644
(Commission File Number)		(IRS Employer Identification No.)

 

N/A

(Address of Principal Executive Offices and zip code)

 

(310) 477-0354

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

 

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each Class	Trading Symbol(s)	Name of each Exchange on which  registered
Common stock, $0.001 par value	RSSS	The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company     ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

 

On September 13, 2023, the Registrant announced its financial results for the fourth quarter and fiscal year ended June 30, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Item 2.02 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.

 

Item 9.01.

Financial Statements and Exhibits

 

(d)

Exhibits.

 

	Exhibit Number	Description
	99.1	Press Release issued September 13, 2023 entitled “Research Solutions Announces Fiscal Fourth Quarter and Full Year 2023 Results”.
	104	Cover Page Interactive Data File (embedded as Inline XBRL document)

 

 

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: September 13, 2023	By:	/s/ William Nurthen
		William Nurthen
		Chief Financial Officer

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

Research Solutions Announces Fiscal Fourth Quarter and Full Year 2023 Results

 

Reports Full-Year GAAP Net Income, Record Adjusted EBITDA and 28% Increase in Platform Revenue

 

HENDERSON, Nev., September 13, 2023 — 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, 2023.

 

Fiscal Fourth Quarter 2023 Summary

 

•

Total revenue increased 16% to $10.0 million

•

Platform revenue up 22% to $2.3 million; Annual recurring revenue up 19% to $9.4 million

•

Gross profit up 19% to the prior-year quarter; Total gross margin improved 110 basis points to 39.4%

•

Net income of $375,746 or one cent per diluted share, compared to a net loss of ($438,267) or one cent per share in the prior-year quarter

•

Adjusted EBITDA of $825,087 compared to ($121,327) in the same period a year ago

•

Cash flow from operations of $1.5 million compared to slightly negative cash flow in the prior-year quarter

 

Full-Year Fiscal 2023 Summary

 

•

Total revenue increased 14% to $37.7 million

•

Platform revenue of $8.7 million, a 28% increase, with a 14% increase in total deployments to 835

•

Total gross margin increased 250 basis points to 39.0%

•

Net income of $0.6 million, or $0.02 per diluted share, compared to a net loss of $1.6 million or ($0.06) per share in the prior year

•

Adjusted EBITDA of $2.0 million compared to ($0.4 million) in the previous year

•

Cash flow from operations of $3.4 million, compared to ($0.4 million) in the previous year

 

 

Items Subsequent to End of Fiscal 2023

 

•

Acquired ResoluteAI, a developer of advanced search and discovery tools

•

Engaged Jeremy Murphy as an advisor and observer to the Board of Directors

 

“Fiscal year 2023 was an exciting year for our business. Our results represent the significant progress made across our organization, highlighted by our highest annual organic revenue growth in more than a decade and first year of GAAP profitability since fiscal 2015,” said Roy W. Olivier, President and CEO of Research Solutions. “Our customers continue to recognize the greater efficiency and cost savings offered through our Article Galaxy platform and our recent acquisition of ResoluteAI expands these offerings and capabilities, providing us with meaningful cross-selling opportunities. While we continue to see headwinds in the platform business, we are optimistic about our fiscal year 2024 and look to continue to grow the business organically as well as through strategic M&A.”

 

Fiscal Fourth Quarter 2023 Results

 

Total revenue increased 16% to $10.0 million, compared to $8.6 million in the same year-ago quarter.

 

Platform subscription revenue increased 22% to $2.3 million compared to approximately $1.9 million in the year-ago quarter. The increase was primarily due to an increase in upsell activity within our existing customer base and an increase in the total number of paid Platform deployments, including 20 added in the quarter. The quarter ended with annual recurring revenue of $9.4 million, up 4% sequentially and 19% year-over-year (see the company's definition of annual recurring revenue below).

 

Transaction revenue was up 15%, increasing to $7.7 million, compared to $6.7 million in the fourth quarter of fiscal 2022. Transaction customers count for the quarter was 1,404, compared to 1,213 customers in the prior year quarter (see the company's definition of active customer accounts and transactions below).

 

Total gross margin improved 110 basis points from the prior-year quarter to 39.4%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platform business.

 

Total operating expenses were approximately $3.7 million, a $62,000 decrease from the fourth quarter of 2022. The decrease was primarily due to lower sales and marketing expenses.

 

Net income in the fourth quarter was $376,000, or one cent per diluted share, compared to a net loss of ($438,000), or two cents per share, in the prior-year quarter. Adjusted EBITDA was $825,000, compared to ($121,000) in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

 

Full-Year Fiscal 2023 Results

 

Total revenue increased 14% to $37.7 million, compared to $32.9 million in fiscal 2022.

 

Platform subscription revenue was $8.7 million, a 28% increase over the prior year. The increase was due to upselling current platform customers and an increase in the total number of paid Platform deployments.

 

 

Transaction revenue was $29.0 million, an 11% increase compared to the previous year. The increase is primarily due to organic growth and also the acquisition of certain customer contracts from FIZ Karlsruhe which became effective in the third quarter of fiscal 2023.

 

Total gross margin improved 250 basis points over the prior year to 39.0%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platform business.

 

Total operating expenses were $14.5 million compared to $13.7 million in the prior year. The increase was primarily due to higher stock compensation expense related to the transition to a new program that the Company views as better aligned with shareholders’ interests.

 

Net income for fiscal year 2023 was $572,000, or $0.02 per diluted share. Net loss in fiscal 2022 was $1.6 million, or ($0.06) per share. Adjusted EBITDA for fiscal 2023 was a positive $2.0 million, compared to a negative $374,000 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, 2023, amounted to $13.5 million compared to $10.6 million as of June 30, 2022. 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: Wednesday, September 13, 2023

Time: 5:00 p.m. ET (2:00 p.m. PT)

Dial-in number: 1-412-317-5180

Conference ID: 10182138

 

The conference call will be broadcast live and available for replay until October 13, 2023, by dialing 1-412-317-6671 and using the replay ID 10182138, 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,
		2023				2022				Change				% Change
Revenue:
Platforms		$	2,303,375			$	1,886,845			$	416,530				22.1	%
Transactions		$	7,656,342			$	6,675,164				981,178				14.7	%
Total Revenue			9,959,717				8,562,009				1,397,708				16.3	%
Gross Profit:
Platforms			2,028,265				1,646,631				381,634				23.2	%
Transactions			1,892,278				1,636,511				255,767				15.6	%
Total Gross Profit			3,920,543				3,283,142				637,401				19.4	%
Gross profit as a % of revenue:
Platforms			88.1	%			87.3	%			0.8	%
Transactions			24.7	%			24.5	%			0.2	%
Total Gross Profit			39.4	%			38.3	%			1.0	%
Operating Expenses:
Sales and marketing			455,030				691,368				(236,338	)			-34.2	%
Technology and product development			991,093				1,049,430				(58,337	)			-5.6	%
General and administrative			1,649,333				1,663,671				(14,339	)			-0.9	%
Depreciation and amortization			22,163				5,507				16,656				302.5	%
Stock-based compensation			585,384				225,501				359,883				159.6	%
Foreign currency translation loss			(37,743	)			91,279				(129,022	)			NM
Total Operating Expenses			3,665,260				3,726,756				(61,497	)			-1.7	%
Income (loss) from operations			255,283				(443,614	)			698,897				157.5	%
Other Income (Expenses):
Other income (expense)			120,522				6,377				114,145				NM
Provision for income taxes			(59	)			(1,030	)			971				-94.3	%
Total Other Income (Expenses):			120,463				5,347				115,116				NM
Net income (loss)		$	375,746			$	(438,267	)			814,013				185.7	%
Adjusted EBITDA		$	825,087			$	(121,327	)		$	946,414				NM

 

		Quarter Ended June 30,
		2023				2022				Change				% Change
Platforms:
ARR (Annual recurring revenue):
Beginning of Period		$	9,107,681			$	7,348,847			$	1,758,834				23.9	%
Incremental ARR			336,449				573,341				(236,892	)			-41.3	%
End of Period		$	9,444,130			$	7,922,188			$	1,521,942				19.2	%
Deployments:
Beginning of Period			815				680				135				19.9	%
Incremental Deployments			20				53				(33	)			-62.3	%
End of Period			835				733				102				13.9	%
ASP (Average sales price):
Beginning of Period		$	11,175			$	10,807			$	368				3.4	%
End of Period		$	11,310			$	10,808			$	502				4.6	%
Transaction Customers:
Corporate customers			1,090				920				170				18.5	%
Academic customers			314				293				21				7.2	%
Total customers			1,404				1,213				191				15.7	%

 

 

Fiscal Full Year Financial and Operational Summary Tables vs. Prior-Year

 

		Twelve Months Ended June 30,
		2023				2022				Change				% Change
Revenue:
Platforms		$	8,683,246			$	6,787,772			$	1,895,474				27.9	%
Transactions		$	29,020,206			$	26,146,380				2,873,826				11.0	%
Total Revenue			37,703,452				32,934,152				4,769,300				14.5	%
Gross Profit:
Platforms			7,655,960				5,851,183				1,804,777				30.8	%
Transactions			7,044,931				6,168,491				876,440				14.2	%
Total Gross Profit			14,700,891				12,019,674				2,681,217				22.3	%
Gross profit as a % of revenue:
Platforms			88.2	%			86.2	%			2.0	%
Transactions			24.3	%			23.6	%			0.7	%
Total Gross Profit			39.0	%			36.5	%			2.5	%
Operating Expenses:
Sales and marketing			2,285,478				2,276,172				9,306				0.4	%
Technology and product development			3,742,192				3,711,085				31,107				0.8	%
General and administrative			6,654,012				6,406,400				247,612				3.9	%
Depreciation and amortization			52,649				17,651				34,998				198.3	%
Stock-based compensation			1,849,906				1,096,384				753,522				68.7	%
Foreign currency translation loss			(121,953	)			143,898				(265,851	)			NM
Total Operating Expenses			14,462,284				13,651,590				810,694				5.9	%
Income (loss) from operations			238,608				(1,631,916	)			1,870,523				114.6	%
Other Income (Expenses):
Other income (expense)			338,617				7,154				331,463				NM
Provision for income taxes			(5,602	)			(7,622	)			2,020				-26.5	%
Total Other Income (Expenses):			333,015				(468	)			333,483				NM
Net income (loss)		$	571,623			$	(1,632,384	)			2,204,006				135.0	%
Adjusted EBITDA		$	2,019,210			$	(373,983	)		$	2,393,192				NM

 

		Twelve Months Ended June 30,
		2023				2022				Change				% Change
Platforms:
ARR (Annual recurring revenue):
Beginning of Period		$	7,922,188			$	5,880,179			$	2,042,009				34.7	%
Incremental ARR			1,521,942				2,042,009				(520,067	)			-25.5	%
End of Period		$	9,444,130			$	7,922,188			$	1,521,942				19.2	%
Deployments:
Beginning of Period			733				553				180				32.5	%
Incremental Deployments			102				180				(78	)			-43.3	%
End of Period			835				733				102				13.9	%
ASP (Average sales price):
Beginning of Period		$	10,808			$	10,633			$	175				1.6	%
End of Period		$	11,310			$	10,808			$	502				4.6	%
Transaction Customers:
Corporate customers			1,012				886				126				14.2	%
Academic customers			304				299				5				1.6	%
Total customers			1,316				1,185				131				11.1	%

 

 

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,
		2023				2022				Change				% Change
Net Income (loss)		$	375,746			$	(438,267	)		$	814,013				185.7	%
Add (deduct):
Other income (expense)			(120,522	)			(6,377	)			(114,145	)			NM
Foreign currency translation loss			(37,743	)			91,279				(129,022	)			-141.3	%
Provision for income taxes			59				1,030				(971	)			-94.3	%
Depreciation and amortization			22,163				5,507				16,656				302.5	%
Stock-based compensation			585,384				225,501				359,883				159.6	%
Adjusted EBITDA		$	825,087			$	(121,327	)		$	946,414				NM

 

		Twelve Months Ended June 30,
		2023				2022				Change				% Change
Net Income (loss)		$	571,623			$	(1,632,384	)		$	2,204,006				135.0	%
Add (deduct):											-
Other income (expense)			(338,617	)			(7,154	)			(331,463	)			NM
Foreign currency translation loss			(121,953	)			143,898				(265,851	)			-184.7	%
Provision for income taxes			5,602				7,622				(2,020	)			-26.5	%
Depreciation and amortization			52,649				17,651				34,998				198.3	%
Stock-based compensation			1,849,906				1,096,384				753,522				68.7	%
Adjusted EBITDA		$	2,019,210			$	(373,983	)		$	2,393,192				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 visitwww.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 improved product offerings and cross-selling opportunities, , management’s optimistic outlook for fiscal 2024, and the Company’s prospects for growth. 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,
		2023				2022
Assets
Current assets:
Cash and cash equivalents		$	13,545,333			$	10,603,175
Accounts receivable, net of allowance of $85,015 and $94,144, respectively			6,153,063				5,251,545
Prepaid expenses and other current assets			400,340				276,026
Prepaid royalties			1,202,678				846,652
Total current assets			21,301,414				16,977,398
Other assets:
Property and equipment, net of accumulated depreciation of $881,908 and $840,996, respectively			70,193				47,985
Intangible assets, net of accumulated amortization of $747,355 and $723,036, respectively			462,068				—
Deposits and other assets			1,052				893
Total assets		$	21,834,727			$	17,026,276
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses		$	8,079,516			$	6,604,032
Deferred revenue			6,424,724				5,538,526
Total current liabilities			14,504,240				12,142,558
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; 29,487,508 and 27,075,648 shares issued and outstanding, respectively			29,487				27,076
Additional paid-in capital			29,941,873				28,072,855
Accumulated deficit			(22,522,649	)			(23,094,272	)
Accumulated other comprehensive loss			(118,224	)			(121,941	)
Total stockholders’ equity			7,330,487				4,883,718
Total liabilities and stockholders’ equity		$	21,834,727			$	17,026,276

 

 

Research Solutions, Inc. and Subsidiaries

Consolidated Statements of Operations and Other Comprehensive Loss

 

		Years Ended
		June 30,
		2023				2022
Revenue:
Platforms		$	8,683,246			$	6,787,772
Transactions			29,020,206				26,146,380
Total revenue			37,703,452				32,934,152
Cost of revenue:
Platforms			1,027,286				936,589
Transactions			21,975,275				19,977,889
Total cost of revenue			23,002,561				20,914,478
Gross profit			14,700,891				12,019,674
Operating expenses:
Selling, general and administrative			14,409,634				13,633,939
Depreciation and amortization			52,649				17,651
Total operating expenses			14,462,283				13,651,590
Income (loss) from operations			238,608				(1,631,916	)
Other income			338,617				7,154
Income (loss) from operations before provision for income taxes			577,225				(1,624,762	)
Provision for income taxes			(5,602	)			(7,622	)
Net income (loss)			571,623				(1,632,384	)
Other comprehensive income (loss):
Foreign currency translation			3,717				(2,364	)
Comprehensive income (loss)		$	575,340			$	(1,634,748	)
Basic income (loss) per common share:
Net income (loss) per share		$	0.02			$	(0.06	)
Weighted average common shares outstanding			26,860,761				26,422,295
Diluted income (loss) per common share:
Net income (loss) per share		$	0.02			$	(0.06	)
Weighted average common shares outstanding			29,139,759				26,422,295

 

 

Research Solutions, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

 

		Years Ended
		June 30,
		2023				2022
Cash flow from operating activities:
Net income (loss)		$	571,623			$	(1,632,384	)
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			52,649				17,651
Fair value of vested stock options			375,189				470,615
Fair value of vested restricted common stock			1,418,718				557,496
Fair value of vested unrestricted common stock			68,272				—
Modification cost of stock options			56,000				—
Changes in operating assets and liabilities:
Accounts receivable			(901,518	)			(534,092	)
Prepaid expenses and other current assets			(124,314	)			(5,774	)
Prepaid royalties			(356,026	)			58,269
Accounts payable and accrued expenses			1,337,056				(83,156	)
Deferred revenue			886,198				734,175
Net cash provided by (used in) operating activities			3,383,847				(417,200	)
Cash flow from investing activities:
Purchase of property and equipment			(47,209	)			(44,288	)
Payment for non-refundable deposit for asset acquisition			(297,450	)			—
Net cash used in investing activities			(344,659	)			(44,288	)
Cash flow from financing activities:
Proceeds from the exercise of stock options			57,500				97,688
Proceeds from the exercise of warrants			—				59,500
Common stock repurchase			(104,250	)			(93,918	)
Payment of contingent acquisition consideration			(50,509	)			—
Net cash provided by (used in) financing activities			(97,259	)			63,270
Effect of exchange rate changes			229				(2,944	)
Net increase (decrease) in cash and cash equivalents			2,942,158				(401,162	)
Cash and cash equivalents, beginning of period			10,603,175				11,004,337
Cash and cash equivalents, end of period		$	13,545,333			$	10,603,175
Supplemental disclosures of cash flow information:
Cash paid for income taxes		$	5,602			$	7,622
Non-cash investing and financing activities:
Contingent consideration accrual on asset acquisition		$	138,428			$	—

 

 

Contact

Steven Hooser or John Beisler

Three Part Advisors

(214) 872-2710

 

shooser@threepa.com; jbeisler@threepa.com

 

# # #

 

 

v3.23.2

Cover	Sep. 13, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 13, 2023
Entity File Number	1-39256
Entity Registrant Name	Research Solutions, Inc.
Entity Central Index Key	0001386301
Entity Tax Identification Number	11-3797644
Entity Incorporation, State or Country Code	NV
City Area Code	310
Local Phone Number	477-0354
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	RSSS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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