10-Q - RSSS - Equibles

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File No. 001-39256

RESEARCH SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Nevada	11-3797644
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Address not applicable^1^	N/A
(Address of principal executive offices)	(Zip Code)

( 310 ) 477-0354

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer þ	Smaller reporting company þ
	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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

Title of Class	Number of Shares Outstanding on November 5, 2021
Common Stock, $0.001 par value	26,744,119

^1^ In November 2019, we became a fully remote company. Accordingly, we do not currently have principal executive offices.

Table of Contents TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION	3
Item 1. Condensed Consolidated Financial Statements (unaudited)	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3. Quantitative and Qualitative Disclosures About Market Risk	27
Item 4. Controls and Procedures	27
PART II — OTHER INFORMATION	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6. Exhibits	29
SIGNATURES	31

Table of Contents PART 1 — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets


	****	September 30,		****
	****	2021		****	June 30,
		(unaudited)			2021
Assets
Current assets:
Cash and cash equivalents		$	10,871,336		$	11,004,337
Accounts receivable, net of allowance of $47,695 and $51,495, respectively			4,702,686			4,717,453
Prepaid expenses and other current assets			207,813			270,252
Prepaid royalties			265,156			904,921
Total current assets			16,046,991			16,896,963

Other assets:
Property and equipment, net of accumulated depreciation of $825,050 and $824,123, respectively			21,187			20,755
Deposits and other assets			876			906
Total assets		$	16,069,054		$	16,918,624

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses		$	6,461,726		$	6,687,188
Deferred revenue			4,438,591			4,804,351
Total current liabilities			10,900,317			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; 26,594,119 and 26,498,215 shares issued and outstanding, respectively			26,594			26,498
Additional paid-in capital			27,098,585			26,982,052
Accumulated deficit			(21,833,890)			(21,461,888)
Accumulated other comprehensive loss			(122,552)			(119,577)
Total stockholders’ equity			5,168,737			5,427,085
Total liabilities and stockholders’ equity		$	16,069,054		$	16,918,624

See notes to condensed consolidated financial statements

Table of Contents Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)

(Unaudited)


		Three Months Ended
		September 30,
	****	2021		****	2020

Revenue:
Platforms		$	1,509,874		$	1,141,688
Transactions			6,232,630			6,606,737
Total revenue			7,742,504			7,748,425

Cost of revenue:
Platforms			245,656			203,952
Transactions			4,836,473			5,094,897
Total cost of revenue			5,082,129			5,298,849
Gross profit			2,660,375			2,449,576

Operating expenses:
Selling, general and administrative			3,023,987			2,428,938
Depreciation and amortization			2,896			3,723
Total operating expenses			3,026,883			2,432,661

Income (loss) from operations			(366,508)			16,915

Other income			276			235

Income (loss) from operations before provision for income taxes			(366,232)			17,150
Provision for income taxes			(5,770)			(2,505)

Net income (loss)			(372,002)			14,645

Other comprehensive income (loss):
Foreign currency translation			(2,975)			1,165
Comprehensive income (loss)		$	(374,977)		$	15,810

Income (loss) per common share:
Basic		$	(0.01)		$	—
Diluted		$	(0.01)		$	—

Weighted average common shares outstanding:
Basic			26,277,116			25,898,900
Diluted			26,277,116			26,511,180

See notes to condensed consolidated financial statements

Table of Contents Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended September 30, 2021

(Unaudited)


							Additional						Other			Total
		Common Stock					Paid-in			Accumulated			Comprehensive			Stockholders’
	****	Shares	****	Amount		****	Capital		****	Deficit		****	Loss		****	Equity

Balance, July 1, 2021		26,498,215		$	26,498		$	26,982,052		$	(21,461,888)		$	(119,577)		$	5,427,085

Fair value of vested stock options		—			—			71,999			—			—			71,999

Fair value of vested restricted common stock		115,909			116			98,995			—			—			99,111

Repurchase of common stock		(21,365)			(22)			(54,459)			—			—			(54,481)

Common stock issued upon exercise of stock options		1,360			2			(2)			—			—			—

Net loss for the period		—			—			—			(372,002)			—			(372,002)

Foreign currency translation		—			—			—			—			(2,975)			(2,975)

Balance, September 30, 2021		26,594,119		$	26,594		$	27,098,585		$	(21,833,890)		$	(122,552)		$	5,168,737

See notes to condensed consolidated financial statements

Table of Contents Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended September 30, 2020

(Unaudited)


							Additional						Other			Total
		Common Stock					Paid-in			Accumulated			Comprehensive			Stockholders’
	****	Shares	****	Amount		****	Capital		****	Deficit		****	Loss		****	Equity

Balance, July 1, 2020		26,032,263		$	26,032		$	26,134,819		$	(21,176,799)		$	(125,038)		$	4,859,014

Fair value of vested stock options		—			—			77,627			—			—			77,627

Fair value of vested restricted common stock		120,000			120			93,044			—			—			93,164

Repurchase of common stock		(25,500)			(25)			(58,370)			—			—			(58,395)

Common stock issued upon exercise of stock options		63,950			64			14,036			—			—			14,100

Net income for the period		—			—			—			14,645			—			14,645

Foreign currency translation		—			—			—			—			1,165			1,165

Balance, September 30, 2020		26,190,713		$	26,191		$	26,261,156		$	(21,162,154)		$	(123,873)		$	5,001,320

See notes to condensed consolidated financial statements

Table of Contents Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)


		Three Months Ended
		September 30,
	****	2021		****	2020

Cash flow from operating activities:
Net income (loss)		$	(372,002)		$	14,645
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			2,896			3,723
Amortization of lease right			—			30,778
Fair value of vested stock options			71,999			77,627
Fair value of vested restricted common stock			99,111			93,164
Changes in operating assets and liabilities:
Accounts receivable			14,767			(5,831)
Prepaid expenses and other current assets			62,439			1,366
Prepaid royalties			639,765			(322,191)
Accounts payable and accrued expenses			(225,462)			1,032,896
Deferred revenue			(365,760)			31,072
Lease liability			—			(33,776)
Net cash provided by (used in) operating activities			(72,247)			923,473

Cash flow from investing activities:
Purchase of property and equipment			(3,643)			(4,304)
Net cash used in investing activities			(3,643)			(4,304)

Cash flow from financing activities:
Proceeds from the exercise of stock options			—			14,100
Common stock repurchase			(54,481)			(58,395)
Net cash used in financing activities			(54,481)			(44,295)

Effect of exchange rate changes			(2,630)			903
Net increase (decrease) in cash and cash equivalents			(133,001)			875,777
Cash and cash equivalents, beginning of period			11,004,337			9,311,556
Cash and cash equivalents, end of period		$	10,871,336		$	10,187,333

Supplemental disclosures of cash flow information:
Cash paid for income taxes		$	5,770		$	2,505

See notes to condensed consolidated financial statements

Table of Contents RESEARCH SOLUTIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended September 30, 2021 and 2020 (Unaudited)

Note 1. Organization, Nature of Business and Basis of Presentation

Organization

Research Solutions, Inc. (the “Company,” “Research Solutions,” “we,” “us” or “our”) was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with two wholly owned subsidiaries: Reprints Desk, Inc., a Delaware corporation and Reprints Desk Latin America S. de R.L. de C.V, an entity organized under the laws of Mexico.

Nature of Business

We provide two service offerings to our customers: a cloud-based software-as-a-service (“SaaS”) research platform (“Platforms”) typically sold via annual auto-renewing license agreements and the sale of published scientific, technical, and medical (“STM”) content sold as individual articles (“Transactions”) either stand alone or via the Platform. When customers utilize the Platform to purchase Transactions it is packaged as a single solution that enables life science and other research intensive organizations to accelerate their research and development activities with faster, access and management of STM articles used throughout the intellectual property development lifecycle. The Platform typically delivers a ROI to the customer via more effectively managing Transaction costs and saving researchers time during the research process.

Platforms

Our cloud-based SaaS research Platform consists of proprietary software and Internet-based interfaces sold to customers for an annual subscription fee. Legacy functionality allows customers to initiate orders, route orders for the lowest cost acquisition, manage transactions, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. Customers can also enhance the information resources they already own or license and collaborate around bibliographic information.

Additional functionality has recently been added to our Platform in the form of interactive app-like components. An alternative to manual data filtering, identification and extraction, the apps are designed to gather, augment, and extract data across a variety of formats, including bibliographic citations, tables of contents, RSS feeds, PDF files, XML feeds, and web content. We continue to develop new apps in order to build an ecosystem of apps. Together, these apps will provide researchers with an “all in one” toolkit, delivering efficiencies in core research workflows and knowledge creation processes.

Our Platform is deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platform through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platform can also be configured to satisfy a customer’s individual preferences. We leverage our Platform’s efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

Transactions

Our Platform provides our customers with a single source to the universe of published STM content that includes over 70 million existing STM articles and over one million newly published STM articles each year. STM content is sold to our customers on a transaction basis. Researchers and knowledge workers in life science and other research-intensive organizations generally require single copies of published STM journal articles for use in their research activities. These individuals are our primary users.

Table of Contents as single article delivery or document delivery. We also obtain the necessary permission licenses from the content publisher or other rights holder so that our customer’s use complies with applicable copyright laws. We have arrangements with hundreds of content publishers that allow us to distribute their content. The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of minutes.

Principles of Consolidation

The accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 filed with the SEC. The condensed consolidated balance sheet as of June 30, 2021 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.

These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer’s financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required.

Cash denominated in Euros with a US Dollar equivalent of $68,567 and $88,807 at September 30, 2021 and June 30, 2021, respectively, was held by Reprints Desk in accounts at financial institutions located in Europe.

The Company has no customers that represent 10% of revenue or more for the three months ended September 30, 2021 and 2020. 9

Table of Contents The following table summarizes accounts receivable concentrations:


	As of
	September 30,			June 30,
	2021	****	****	2021
Customer A	18	%		14	%

The following table summarizes vendor concentrations:


	Three Months Ended
	September 30,
	2021	****	****	2020
Vendor A	19	%		18	%
Vendor B	13	%		13	%

Revenue Recognition

The Company accounts for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The Company adopted the guidance of ASC 606 on July 1, 2018.

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platform (“Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”).

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

●	identify the contract with a customer;
●	identify the performance obligations in the contract;
---	---
●	determine the transaction price;
---	---
●	allocate the transaction price to performance obligations in the contract; and
---	---
●	recognize revenue as the performance obligation is satisfied.
---	---

Platforms

We charge a subscription fee that allows customers to access and utilize certain premium features of our Platform. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue. 10

Table of Contents Transactions

We charge a transactional service fee for the electronic delivery of single articles, and a corresponding copyright fee for the permitted use of the content. We recognize revenue from single article delivery services upon delivery to the customer provided all other revenue recognition criteria have been met.

Revenue by Geographical Region

The following table summarizes revenue by geographical region:


	Three Months Ended							****
	September 30,							****
	2021			****	2020
United States	$	4,512,006	58.3	%	$	4,347,646	56.1	%
Europe		2,658,962	34.3	%		2,804,885	36.2	%
Rest of World		571,536	7.4	%		595,894	7.7	%
Total	$	7,742,504	100	%	$	7,748,425	100	%

Accounts Receivable by Geographical Region

The following table summarizes accounts receivable by geographical region:


	As of September 30, 2021			****	As of June 30, 2021
United States	$	2,658,100	56.5	%	$	2,798,224	59.3	%
Europe		1,852,354	39.4	%		1,650,030	35.0	%
Rest of World		192,232	4.1	%		269,199	5.7	%
Total	$	4,702,686	100	%	$	4,717,453	100	%

Deferred Revenue

Contract liabilities, such as deferred revenue, exist where the Company has the obligation to transfer services to a customer for which the entity has received consideration, or when the consideration is due, from the customer.

Cash payments received or due in advance of performance are recorded as deferred revenue. Deferred revenue is primarily comprised of cloud-based software subscriptions which are generally billed in advance. The deferred revenue balance is presented as a current liability on the Company's consolidated balance sheets.

Cost of Revenue

Platforms

Cost of Platform revenue consists primarily of personnel costs of our operations team, and to a lesser extent managed hosting providers and other third-party service and data providers.

Transactions

Cost of Transaction revenue consists primarily of the respective copyright fee for the permitted use of the content, less a discount in most cases, and to a much lesser extent, personnel costs of our operations team and third-party service providers.

Stock-Based Compensation

The Company periodically issues stock options and restricted stock awards to employees and non-employees for services. The Company accounts for such grants issued and vesting based on ASC 718, whereby the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. 11

Table of Contents The Company recognizes the fair value of stock-based compensation within its Statements of Operations with classification depending on the nature of the services rendered.

Under ASC 718, Repurchase or Cancellation of equity awards, the amount of cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date. Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost.

Foreign Currency

The accompanying condensed consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.

Gains and losses from foreign currency transactions, which result from a change in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, are included in selling, general and administrative expenses and amounted to a loss of $11,243 and a gain of $24,249 for the three months ended September 30, 2021 and 2020, respectively. Cash denominated in Euros with a US Dollar equivalent of $68,567 and $88,807 at September 30, 2021 and June 30, 2021, respectively, was held in accounts at financial institutions located in Europe.

The following table summarizes the exchange rates used:


	Three Months Ended		Year Ended
	September 30,		June 30,
	2021	2020	2021	2020
Period end Euro : US Dollar exchange rate	1.16	1.17	1.19	1.12
Average period Euro : US Dollar exchange rate	1.18	1.16	1.19	1.11

Period end Mexican Peso : US Dollar exchange rate	0.05	0.04	0.05	0.04
Average period Mexican Peso : US Dollar exchange rate	0.05	0.04	0.05	0.05

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding shares of unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive. At September 30, 2021 potentially dilutive securities include options to acquire 3,316,695 shares of common stock, warrants to acquire 50,000 shares of common stock and unvested restricted common stock of 298,583. At September 30, 2020 potentially dilutive securities include options to acquire 3,340,580 shares of common stock, warrants to acquire 385,000 shares of common stock and unvested restricted common stock of 259,238. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period.

Basic and diluted net loss per common share is the same for the three months ended September 30, 2021 because all stock options, warrants, and unvested restricted common stock are anti-dilutive. For the three months ended September 12

Table of Contents 30, 2020, the calculation of diluted earnings per share includes unvested restricted common stock, stock options and warrants, calculated under the treasury stock method.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification improvements will be material to its financial position, results of operations and cash flows.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

Note 3. Line of Credit

The Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) on July 23, 2010, which, as amended, provides for a revolving line of credit for the lesser of $2,500,000, or 80% of eligible accounts receivable. The line of credit matures on February 14, 2022, and is subject to certain financial and performance covenants with which we were in compliance as of September 30, 2021. Financial covenants include maintaining an adjusted quick ratio of unrestricted cash and net accounts receivable, divided by current liabilities plus debt less deferred revenue of at least 1.15 to 1.0, and maintaining tangible net worth of $1,500,000, plus 50% of net income for the fiscal quarter ended from and after December 31, 2017, plus 50% of the dollar value of equity issuances after October 1, 2017 and the principal amount of subordinated debt. The line of credit bears interest at an annual rate equal to the greater of 1% above the prime rate and 5.5%. The interest rate on the line of credit was 5.5% as of September 30, 2021. The line of credit is secured by the Company’s consolidated assets.

There were no outstanding borrowings under the line as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 2021, there was approximately $1,890,000 of available credit.

Note 4. Stockholders’ Equity

Stock Options

In December 2007, we established the 2007 Equity Compensation Plan (the “2007 Plan”) and in November 2017 we established the 2017 Omnibus Incentive Plan (the “2017 Plan”), collectively (the “Plans”). The Plans were approved by our board of directors and stockholders. The purpose of the Plans is to grant stock and options to purchase our common stock, and other incentive awards, to our employees, directors and key consultants. On November 10, 2016, the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2007 Plan increased from 5,000,000 to 7,000,000. On November 21, 2017, the Company’s stockholders approved the adoption of the 2017 Plan (previously adopted by our board of directors on September 14, 2017), which authorized a maximum of 1,874,513 shares of common stock that may be issued pursuant to awards granted under the 2017 Plan. On November 17, 2020, the Company's stockholders approved an increase in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 2,374,513 to 3,374,513. Upon adoption of the 2017 Plan we ceased granting incentive awards under the 2007 Plan and commenced granting incentive awards under the 2017 Plan. The shares of our common stock underlying cancelled and forfeited awards issued under the 2017 Plan may again become available for grant under the 2017 Plan. Cancelled and forfeited awards issued under the 2007 Plan that were cancelled or forfeited prior to November 21, 2017 became available for grant under the 2007 Plan. As of September 30, 2021, there were 919,991 shares available for grant under the 2017 Plan, and no shares were available for grant under the 2007 Plan. All incentive stock award grants prior to the adoption of the 2017 Plan on November 21, 2017 were made under the 2007 Plan, and all incentive stock award grants after the adoption of the 2017 Plan on November 21, 2017 were made under the 2017 Plan. 13

Table of Contents The majority of awards issued under the Plan vest immediately or over three years, with a one year cliff vesting period, and have a term of ten years. Stock-based compensation cost is measured at the grant date, based on the fair value of the awards that are ultimately expected to vest, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period.

The following table summarizes vested and unvested stock option activity:


		All Options					Vested Options					Unvested Options
	****		****	Weighted		****		****	Weighted		****		****	Weighted
				Average					Average					Average
				Exercise					Exercise					Exercise
		Shares		Price			Shares		Price			Shares		Price
Outstanding at June 30, 2021		3,258,408		$	1.68		2,930,474		$	1.60		327,934		$	2.46
Granted		64,121			2.66		—			—		64,121			2.66
Options vesting		—			—		98,000			2.46		(98,000)			2.46
Exercised		(5,834)			2.40		(5,834)			2.40		—			—
Forfeited		—			—		—			—		—			—
Repurchased		—			—		—			—		—			—
Outstanding at September 30, 2021		3,316,695		$	1.70		3,022,640		$	1.63		294,055		$	2.47

The weighted average remaining contractual life of all options outstanding as of September 30, 2021 was 5.28 years. The remaining contractual life for options vested and exercisable at September 30, 2021 was 5.09 years. Furthermore, the aggregate intrinsic value of options outstanding as of September 30, 2021 was $3,167,497, and the aggregate intrinsic value of options vested and exercisable at September 30, 2021 was $3,115,487, in each case based on the fair value of the Company’s common stock on September 30, 2021.

During the three months ended September 30, 2021, the Company granted 64,121 options to employees with a fair value of $88,550 which amount will be amortized over the vesting period. The total fair value of options that vested during the three months ended September 30, 2021 was $71,999 and is included in selling, general and administrative expenses in the accompanying statement of operations. As of September 30, 2021, the amount of unvested compensation related to stock options was $357,141 which will be recorded as an expense in future periods as the options vest. During the three months ended September 30, 2021, the Company issued 1,360 net shares of common stock upon the exercise of 5,834 options on a cashless basis.

The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes option pricing model of the stock options granted during the three months ended September 30, 2021 and 2020.


		Three Months Ended			****
		September 30,
	****	2021	****	2020
Expected dividend yield		0	%	0	%
Risk-free interest rate		0.92 - 1.01	%	0.37	%
Expected life (in years)		6		6
Expected volatility		56	%	63	%

Table of Contents Additional information regarding stock options outstanding and exercisable as of September 30, 2021 is as follows:


	Option	****		****	Remaining	****
	Exercise		Options		Contractual		Options
	Price		Outstanding		Life (in years)		Exercisable
$	0.59		8,150		0.75		8,150
	0.60		5,000		0.75		5,000
	0.65		6,150		0.75		6,150
	0.70		225,000		4.18		225,000
	0.77		49,500		1.83		49,500
	0.80		16,000		3.89		16,000
	0.90		25,667		2.56		25,667
	0.97		6,000		0.75		6,000
	1.00		28,249		2.18		28,249
	1.02		2,000		0.75		2,000
	1.05		315,529		4.76		315,529
	1.07		33,898		1.04		33,898
	1.09		75,000		3.87		75,000
	1.10		105,000		3.75		105,000
	1.15		128,400		1.35		128,400
	1.20		274,000		5.80		274,000
	1.25		32,000		1.37		32,000
	1.30		243,000		0.43		243,000
	1.50		185,000		1.22		185,000
	1.59		25,000		6.61		25,000
	1.80		94,050		1.88		94,050
	1.85		17,800		1.55		17,800
	1.95		200,000		6.76		200,000
	2.13		216,708		9.14		200,000
	2.17		36,000		9.62		—
	2.40		332,833		7.13		331,999
	2.43		61,250		9.68		31,250
	2.45		173,000		8.85		72,083
	2.49		88,435		8.59		56,250
	2.50		20,000		7.63		16,666
	2.64		30,882		9.85		—
	2.67		33,194		9.97		—
	2.99		8,000		8.62		4,000
	3.13		208,000		8.12		205,333
	3.50		8,000		8.37		4,666
	Total		3,316,695				3,022,640

Table of Contents Warrants

The following table summarizes warrant activity:


	****		****	Weighted
				Average
		Number of		Exercise
		Warrants		Price
Outstanding, June 30, 2021		50,000		$	1.19
Granted		—			—
Exercised		—			—
Repurchased		—			—
Expired/Cancelled		—			—
Outstanding, September 30, 2021		50,000		$	1.19
Exercisable, June 30, 2021		50,000		$	1.19
Exercisable, September 30, 2021		50,000		$	1.19

The intrinsic value for all warrants outstanding as of September 30, 2021 was $71,500, based on the fair value of the Company’s common stock on September 30, 2021.

Additional information regarding warrants outstanding and exercisable as of September 30, 2021 is as follows:


		****		****	Remaining	****
	Warrant		Warrants		Contractual		Warrants
	Exercise Price		Outstanding		Life (in years)		Exercisable
$	1.19		50,000		0.22		50,000
	Total		50,000				50,000

Restricted Common Stock

Prior to July 1, 2021, the Company issued 2,473,176 shares of restricted common stock to employees valued at $3,173,312, of which 2,013,600 shares have vested, 214,324 shares with fair value of $188,203 have been forfeited, and $2,503,156 has been recognized as an expense. The balance of the non-vested shares of restricted common stock was 245,252 at June 30, 2021, with an aggregate fair value of $481,953.

During the three months ended September 30, 2021, the Company issued an additional 115,909 shares of restricted stock to employees. These shares vest over a three year period, with a one year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The aggregate fair value of the stock awards was $306,000 based on the market price of our common stock price of $2.64 per share on the date of grant, which will be amortized over the three-year vesting period.

The total fair value of restricted common stock vesting during the three months ended September 30, 2021 was $99,111 and is included in selling, general and administrative expenses in the accompanying statements of operations. As of September 30, 2021, the amount of unvested compensation related to issuances of restricted common stock was $688,842, which will be recognized as an expense in future periods as the shares vest. When calculating basic net income (loss) per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these shares are included in weighted average common shares outstanding as of their grant date. 16

Table of Contents The following table summarizes restricted common stock activity:


	****		****			****	Weighted
							Average
		Number of					Grant Date
		Shares		Fair Value			Fair Value
Non-vested, June 30, 2021		245,252		$	481,953		$	2.47
Granted		115,909			306,000			2.64
Vested		(62,578)			(99,111)			2.52
Forfeited		—			—			—
Non-vested, September 30, 2021		298,583		$	688,842		$	2.53

Common Stock Repurchases

Effective as of February 9, 2021, the Compensation Committee of our Board of Directors authorized the repurchase, during calendar year 2021 on the last day of each trading window and otherwise in accordance with our insider trading policies, of up to $400,000 of outstanding common stock (at prices no greater than $4.00 per share) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards. The actual number of shares repurchased will be determined by applicable employees in their discretion, and will depend on their evaluation of market conditions and other factors. As of June 30, 2021, $349,263 remained under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended September 30, 2021, the Company repurchased 21,365 shares of our common stock from employees at an average market price of approximately $2.55 per share for an aggregate amount of $54,481. As of September 30, 2021, $294,782 remains under the current authorization to repurchase our outstanding common stock from our employees.

Shares repurchased are retired and deducted from common stock for par value and from additional paid in capital for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares.

Note 5. Contingencies

COVID-19

The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain.

To date, we have not experienced any significant changes in our business that would have a significant negative impact on our consolidated statements of operations or cash flows.

The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain.

Note 6. Subsequent Events

On October 4, 2021, the Company issued William Nurthen 100,000 shares of restricted stock in connection with his employment with the Company. These shares will vest over a four year period. 17

Table of Contents On November 5, 2021, the Company issued 50,000 shares of common stock upon the exercise of warrants for $59,500 in proceeds.

Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Notice Regarding Forward-Looking Statements

The following discussion and analysis of our financial condition and results of operations for the three months ended September 30, 2021 and 2020 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.

We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements. All forward-looking statements included in this report are based on information available to us on the date hereof and, except as required by law, we assume no obligation to update any such forward-looking statements.

Overview

Research Solutions was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with two wholly owned subsidiaries at June 30, 2021: Reprints Desk, Inc., a Delaware corporation and Reprints Desk Latin America S. de R.L. de C.V, an entity organized under the laws of Mexico.

Platforms

Table of Contents

Transactions

Our Platform allows customers to find and download digital versions of STM articles that are critical to their research. Customers submit orders for the articles they need which we source and electronically deliver to them generally in under an hour; in many cases under one minute. This service is generally known in the industry as single article delivery or document delivery. We also obtain the necessary permission licenses from the content publisher or other rights holder so that our customer’s use complies with applicable copyright laws. We have arrangements with hundreds of content publishers that allow us to distribute their content. The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of minutes.

COVID-19

We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on our business is highly uncertain and difficult to predict, as the responses that we, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain.

To date, we have not experienced any significant changes in our business that would have a significant negative impact on our consolidated statements of operations or cash flows.

The severity of the impact of the COVID-19 pandemic on our business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on our customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of our financial statements, the extent to which the COVID-19 pandemic may in the future materially impact our financial condition, liquidity or results of operations is uncertain.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States, or GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. When making these estimates and assumptions, we consider our historical experience, our knowledge of economic and market factors and various other factors that we believe to be reasonable under the circumstances. Actual results may differ under different estimates and assumptions.

The accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our financial statements because they inherently involve significant judgments and uncertainties.

Revenue Recognition

We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. We adopted the guidance of ASC 606 on July 1, 2018. 20

Table of Contents Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. We derive our revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platform (“Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”).

We apply the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements:

●	identify the contract with a customer;
●	identify the performance obligations in the contract;
---	---
●	determine the transaction price;
---	---
●	allocate the transaction price to performance obligations in the contract; and
---	---
●	recognize revenue as the performance obligation is satisfied.
---	---

Platforms

Transactions

Stock-Based Compensation

The fair value of our stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. 21

Table of Contents

Recent Accounting Pronouncements

Please refer to footnote 2 to the condensed consolidated financial statements contained elsewhere in this Form 10-Q for a discussion of Recent Accounting Pronouncements.

Quarterly Information (Unaudited)

The following table sets forth unaudited and quarterly financial data for the most recent eight quarters:


	****	Sept. 30,			June 30,		****	Mar. 31,			Dec. 31,		****	Sept. 30,		****	June 30,		****	Mar. 31,		****	Dec. 31,
		2021		****	2021		****	2021		****	2020		****	2020		****	2020		****	2020		****	2019
Revenue:
Platforms		$	1,509,874		$	1,429,160		$	1,344,183		$	1,220,535		$	1,141,688		$	1,066,630		$	1,017,789		$	949,825
Transactions			6,232,630			6,788,494			6,996,349			6,229,200			6,606,737			6,819,150			7,029,617			6,580,613
Total revenue			7,742,504			8,217,654			8,340,532			7,449,735			7,748,425			7,885,780			8,047,406			7,530,438

Cost of revenue:
Platforms			245,656			257,320			233,696			217,003			203,952			153,241			177,919			162,508
Transactions			4,836,473			5,218,118			5,404,196			4,841,150			5,094,897			5,224,006			5,330,473			5,094,130
Total cost of revenue			5,082,129			5,475,438			5,637,892			5,058,153			5,298,849			5,377,247			5,508,392			5,256,638

Gross profit:
Platforms			1,264,218			1,171,840			1,110,487			1,003,532			937,736			913,389			839,870			787,317
Transactions			1,396,157			1,570,376			1,592,153			1,388,050			1,511,840			1,595,144			1,699,144			1,486,483
Total gross profit			2,660,375			2,742,216			2,702,640			2,391,582			2,449,576			2,508,533			2,539,014			2,273,800

Operating expenses:
Sales and marketing			522,951			521,220			566,713			487,571			498,374			692,096			626,956			638,837
Technology and product dev.			821,460			732,371			664,195			624,747			622,961			537,830			536,238			548,719
General and administrative			1,497,223			1,354,244			1,233,603			1,118,750			1,161,061			1,132,483			1,230,580			1,270,375
Depreciation and amortization			2,896			2,694			2,066			3,039			3,723			3,746			5,510			6,840
Stock-based comp. expense			171,110			221,589			179,345			435,949			170,791			143,054			142,237			523,632
Foreign currency transaction loss (gain)			11,243			(890)			6,648			(17,469)			(24,249)			4,214			8,648			(5,456)
Total operating expenses			3,026,883			2,831,228			2,652,570			2,652,587			2,432,661			2,513,423			2,550,169			2,982,947
Other income (expenses and income taxes)			(5,494)			136			(322)			399			(2,270)			4,331			23,101			25,721
Income (loss) from continuing operations			(372,002)			(88,876)			49,748			(260,606)			14,645			(559)			11,946			(683,426)
Gain on sale of discontinued operations			—			—			—			—			—			—			—			91,254
Net income (loss)			(372,002)			(88,876)			49,748			(260,606)			14,645			(559)			11,946			(592,172)

Basic income (loss) per common share:
Income (loss) per share from continuing operations		$	(0.01)		$	—		$	—		$	(0.01)		$	—		$	—		$	—		$	(0.03)
Income per share from discontinued operations		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net income (loss) per share		$	(0.01)		$	—		$	—		$	(0.01)		$	—		$	—		$	—		$	(0.03)
Basic weighted average common shares outstanding			26,277,116			26,145,794			26,027,665			25,988,117			25,898,900			25,815,163			24,960,394			24,185,966

Diluted income (loss) per common share:
Income (loss) per share from continuing operations		$	(0.01)		$	—		$	—		$	(0.01)		$	—		$	—		$	—		$	(0.03)
Income per share from discontinued operations		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net income (loss) per share		$	(0.01)		$	—		$	—		$	(0.01)		$	—		$	—		$	—		$	(0.03)
Diluted weighted average common shares outstanding			26,277,116			26,145,794			26,565,892			25,988,117			26,511,180			25,815,163			25,717,403			24,185,966

Table of Contents Comparison of the Three Months Ended September 30, 2021 and 2020

Results of Operations


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****

Revenue:
Platforms		$	1,509,874		$	1,141,688				32.2	%
Transactions			6,232,630			6,606,737				(5.7)	%
Total revenue			7,742,504			7,748,425				(0.1)	%

Cost of revenue:
Platforms			245,656			203,952				20.4	%
Transactions			4,836,473			5,094,897				(5.1)	%
Total cost of revenue			5,082,129			5,298,849				(4.1)	%

Gross profit:
Platforms			1,264,218			937,736				34.8	%
Transactions			1,396,157			1,511,840				(7.7)	%
Total gross profit			2,660,375			2,449,576				8.6	%

Operating expenses:
Sales and marketing			522,951			498,374				4.9	%
Technology and product development			821,460			622,961				31.9	%
General and administrative			1,497,223			1,161,061				29.0	%
Depreciation and amortization			2,896			3,723				(22.2)	%
Stock-based compensation expense			171,110			170,791				0.2	%
Foreign currency transaction loss (gain)			11,243			(24,249)				146.4	%
Total operating expenses			3,026,883			2,432,661				24.4	%

Income (loss) from operations			(366,508)			16,915				(2,266.8)	%

Other income			276			235				17.4	%

Income (loss) from operations before provision for income taxes			(366,232)			17,150				(2,235.5)	%
Provision for income taxes			(5,770)			(2,505)				(130.3)	%

Net income (loss)		$	(372,002)		$	14,645				(2,640.1)	%

All values are in US Dollars.

Revenue


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****
Revenue:
Platforms		$	1,509,874		$	1,141,688				32.2	%
Transactions			6,232,630			6,606,737				(5.7)	%
Total revenue		$	7,742,504		$	7,748,425				(0.1)	%

All values are in US Dollars.

Table of Contents Total revenue decreased $5,921, or 0.1%, for the three months ended September 30, 2021 compared to the prior year, due to the following:


Category	****	Impact			Key Drivers
Platforms		↑	$	368,186	Increased due to additional deployments to new and existing customers, and expansion from existing customers. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.
Transactions		↓	$	(374,107)	Decreased primarily due to lower order volume.

Cost of Revenue


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****
Cost of Revenue:
Platforms		$	245,656		$	203,952				20.4	%
Transactions			4,836,473			5,094,897				(5.1)	%
Total cost of revenue		$	5,082,129		$	5,298,849				(4.1)	%

All values are in US Dollars.


		Three Months Ended					****
		September 30,
	****	2021	****	2020	****	% Change *	****
As a percentage of revenue:
Platforms		16.3	%	17.9	%	(1.6)	%
Transactions		77.6	%	77.1	%	0.5	%
Total		65.6	%	68.4	%	(2.8)	%
*	The difference between current and prior period cost of revenue as a percentage of revenue
---	---

Total cost of revenue as a percentage of revenue decreased 2.8%, from 68.4% for the previous year to 65.6%, for the three months ended September 30, 2021.


	****	Impact as percentage		****
Category		of revenue			Key Drivers
Platforms	****	↓	1.6	%	Decreased primarily due to proportionally lower personnel costs.
Transactions	****	↑	0.5	%	Increased primarily due to proportionally higher personnel costs.

Gross Profit


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****
Gross Profit:
Platforms		$	1,264,218		$	937,736				34.8	%
Transactions			1,396,157			1,511,840				(7.7)	%
Total gross profit		$	2,660,375		$	2,449,576				8.6	%

All values are in US Dollars.


		Three Months Ended					****
		September 30,
	****	2021	****	2020	****	% Change*	****
As a percentage of revenue:
Platforms		83.7	%	82.1	%	1.6	%
Transactions		22.4	%	22.9	%	(0.5)	%
Total		34.4	%	31.6	%	2.8	%

Table of Contents

*	The difference between current and prior period gross profit as a percentage of revenue

Operating Expenses


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****
Operating Expenses:
Sales and marketing		$	522,951		$	498,374				4.9	%
Technology and product development			821,460			622,961				31.9	%
General and administrative			1,497,223			1,161,061				29.0	%
Depreciation and amortization			2,896			3,723				(22.2)	%
Stock-based compensation expense			171,110			170,791				0.2	%
Foreign currency transaction loss (gain)			11,243			(24,249)				146.4	%
Total operating expenses		$	3,026,883		$	2,432,661				24.4	%

All values are in US Dollars.


Category	****	Impact			Key Drivers
Sales and marketing	****	↑	$	24,577	Increased primarily due to greater consulting expenses partially offset by lower advertising media spend and personnel costs.
Technology and product development	****	↑	$	198,499	Increased due to greater consulting and recruiting expenses and personnel costs.
General and administrative	****	↑	$	336,162	Increased due to greater consulting and legal expenses and personnel costs.

Net Income (Loss)


		Three Months Ended September 30,									****
	****	2021		****	2020		****	Change	****	% Change	****
Net Income (Loss):
Income (loss)		$	(372,002)		$	14,645				(2,640.1)	%

All values are in US Dollars.

Net loss increased $386,647 or 2,640.1%, for the three months ended September 30, 2021 compared to the prior year, primarily due to increased operating expenses, partially offset by increased gross profit as described above.

Liquidity and Capital Resources


	Three Months Ended September 30,
	2021			2020
Consolidated Statements of Cash Flow Data:			****
Net cash provided by (used in) operating activities	$	(72,247)		$	923,473
Net cash used in investing activities		(3,643)			(4,304)
Net cash used in financing activities		(54,481)			(44,295)

Effect of exchange rate changes		(2,630)			903
Net increase (decrease) in cash and cash equivalents		(133,001)			875,777
Cash and cash equivalents, beginning of period		11,004,337			9,311,556
Cash and cash equivalents, end of period	$	10,871,336		$	10,187,333

Liquidity

As of September 30, 2021, we had cash and cash equivalents of $10,871,336, compared to $11,004,337 as of June 30, 2021, a decrease of $133,001. This decrease was primarily due to cash used in operating activities. 25

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Operating Activities

Net cash used in operating activities was $72,247 for the three months ended September 30, 2021 and resulted primarily from a net loss of $372,002, a decrease in accounts payable and accrued expenses of $225,462 and a decrease in deferred revenue of $365,760, partially offset by a decrease in prepaid royalties of $639,765 and a decrease in prepaid expenses and other current assets of $62,439.

Net cash provided by operating activities was $923,473 for the three months ended September 30, 2020 and resulted primarily from an increase in accounts payable and accrued expenses of $1,032,896, partially offset by an increase in prepaid royalties of $322,191.

Investing Activities

Net cash used in investing activities was $3,643 for the three months ended September 30, 2021 and resulted from the purchase of property and equipment.

Net cash used in investing activities was $4,304 for the three months ended September 30, 2020 and resulted from the purchase of property and equipment.

Financing Activities

Net cash used in financing activities was $54,481 for the three months ended September 30, 2021 and resulted from the repurchase of common stock of $54,481.

Net cash used in financing activities was $44,295 for the three months ended September 30, 2020 and resulted from the repurchase of common stock of $58,395, partially offset by the proceeds from the exercise of stock options of $14,100.

We entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) on July 23, 2010, which, as amended, provides for a revolving line of credit for the lesser of $2,500,000, or 80% of eligible accounts receivable. The line of credit matures on February 14, 2022, and is subject to certain financial and performance covenants with which we were in compliance as of September 30, 2021. Financial covenants include maintaining an adjusted quick ratio of unrestricted cash and net accounts receivable, divided by current liabilities plus debt less deferred revenue of at least 1.15 to 1.0, and maintaining tangible net worth of $1,500,000, plus 50% of net income for the fiscal quarter ended from and after December 31, 2017, plus 50% of the dollar value of equity issuances after October 1, 2017 and the principal amount of subordinated debt. The line of credit bears interest at an annual rate equal to the greater of 1% above the prime rate and 5.5%. The interest rate on the line of credit was 5.5% as of September 30, 2021. The line of credit was secured by our consolidated assets.

There were no outstanding borrowings under the line as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 2021, there was approximately $1,890,000 of available credit.

Non-GAAP Measure – Adjusted EBITDA

In addition to our GAAP results, we present Adjusted EBITDA as a supplemental measure of our performance. However, Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. We define Adjusted EBITDA as net income (loss), plus interest expense, other income (expense), foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, income from discontinued operations and gain on sale of discontinued operations. Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized below. You 26

Table of Contents are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Set forth below is a reconciliation of Adjusted EBITDA to net income (loss) for the three months ended September 30, 2021 and 2020:


	****	Three Months Ended
	****	September 30,
		2021		****	2020		****	Change
Net income (loss)		$	(372,002)		$	14,645
Add (deduct):
Other (income) expense			(276)			(235)
Foreign currency transaction loss (gain)			11,243			(24,249)
Provision for income taxes			5,770			2,505
Depreciation and amortization			2,896			3,723
Stock-based compensation			171,110			170,791
Adjusted EBITDA		$	(181,259)		$	167,180

All values are in US Dollars.

We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; and in making compensation decisions and in communications with our board of directors concerning our financial performance. Adjusted EBITDA has limitations as an analytical tool, which includes, among others, the following:

●	Adjusted EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
●	Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
---	---
●	Adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; and
---	---
●	Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.
---	---

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on 27

Table of Contents Form 10-Q. For purposes of this section, the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2021, the end of the period covered by this report, our disclosure controls and procedures were effective at a reasonable assurance level.

Inherent Limitations on the Effectiveness of Controls

Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control Over Financial Reporting

In addition, our management with the participation of our principal executive officer and principal financial officer have determined that no change in our internal control over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Exchange Act) occurred during the quarter ended September 30, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1A. Risk Factors.

The COVID-19 pandemic may reduce the number of articles ordered by our transactional customers, or may reduce the number of platform subscriptions, either of which could have a material adverse impact on our business and financial performance.

Table of Contents To date, we have not experienced any significant changes in our business that would have a significant negative impact on our consolidated statements of operations or cash flows. However, the COVID-19 pandemic’s continued impact on the economy and our customers may reduce the number of articles ordered by our transactional customers, or may reduce the number of platform subscriptions, either of which could have a material adverse impact on our business and financial performance.

The severity of the impact of the COVID-19 pandemic on our business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on our customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of our financial statements for the fiscal quarter ended September 30, 2021, the extent to which the COVID-19 pandemic may in the future materially impact our financial condition, liquidity or results of operations is uncertain.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended September 30, 2021, we repurchased 21,365 shares of our common stock from employees at an average market price of approximately $2.55 per share for an aggregate amount of $54,481. As of September 30, 2021, $294,782 remains under the current authorization to repurchase our outstanding common stock from our employees.

The following table summarizes repurchases of our common stock on a monthly basis:


	****		****			****	Total Number of Shares	****	Approximate Dollar Value
		Total Number		Average			Purchased as Part of		of Shares that May Yet Be
		of Shares		Price Paid			Publicly Announced		Purchased Under the
Period		Purchased^1^		per Share			Plans or Programs		Plans or Programs
July 2021		—			—		—		$	349,263
August 2021		—			—		—		$	349,263
September 2021		21,365		$	2.55		—		$	294,782
Total		21,365		$	2.55		—			—

^1^ Consists of shares of common stock purchased from an employee to satisfy tax obligations in connection with the vesting of stock incentive awards.

Item 6. Exhibits

EXHIBIT INDEX

Exhibit<br>Number	Description
10.1	Amended and Restated Executive Employment Agreement dated October 4, 2021, among Research Solutions, Inc., Reprints Desk, Inc. and Roy W. Olivier.++
10.2	Employment Agreement dated October 4, 2021, between Research Solutions, Inc. and William A. Nurthen.++
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

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31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1	Section 1350 Certification of Chief Executive Officer *
32.2	Section 1350 Certification of Chief Financial Officer *
101.INS	INLINE XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

* Furnished herewith

++ Indicates management contract or compensatory plan

Table of Contents SIGNATURES

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 thereunto duly authorized.

	RESEARCH SOLUTIONS, INC.
	By:	/s/ Roy W. Olivier
		Roy W. Olivier
Date: November 12, 2021		Chief Executive Officer and President (Principal Executive Officer)
	By:	/s/ William Nurthen
		William Nurthen
Date: November 12, 2021		Chief Financial Officer (Principal Financial and Accounting Officer)

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Amended and Restated Employment Agreement (the “Agreement”) is entered into by and between Roy W. Olivier, an individual (“you” or “your”), and Research Solutions, Inc., a Nevada corporation (the “Company”), and amends and restates that certain Executive Employment Agreement among the Company, Reprints Desk, Inc. and you, originally dated as of March 29, 2021. This Agreement was executed by the parties on October 4, 2021 (the “Execution Date”) to be effective as of October 4, 2021 (the “Effective Date”).

In consideration of the mutual covenants and promises made in this Agreement, you and the Company agree as follows:

1.Position and Responsibilities. As of the Effective Date, you will serve as a full-time employee of the Company as the Company’s Chief Executive Officer and President (“CEO and President”). As the CEO and President, you shall report directly to the Company’s Board of Directors (the “Board”). You shall have the duties, responsibilities and authority that are customarily associated with such position and such other senior management duties as may reasonably be assigned by the Board, in each case, in accordance with Company policy as set forth from time to time by the Board and subject to the terms hereof. Additionally, at the request of the Board, you shall also serve, without additional compensation, as the CEO and President of the Company’s current and future subsidiaries. You shall devote substantially all of your business time and commit your best efforts to the Company’s business. Your duties shall be primarily performed at locations determined by the Board from time to time and will be subject to requisite business travel. Nothing herein shall preclude you from (i) serving as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations subject to your notifying the Board of such activities, (ii) engaging in charitable activities and community affairs, and (iii) managing your personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be limited by you so as not to materially interfere, individually or in the aggregate, with the performance of your duties and responsibilities hereunder.

2.Term. Your employment with the Company as CEO and President shall be for the period commencing on the Effective Date and ending on the date immediately prior to the third anniversary of the Effective Date (the “Expected Term”), or such earlier date that your employment is terminated in accordance with the provisions of this Agreement. Notwithstanding the foregoing, your employment will be “at-will” at all times, and either you or the Company may terminate such employment at any time and for any reason, with or without Cause (as defined below), in each case subject to the terms and provisions of this Agreement. The terms of Sections 8 through 15 and Section 18 shall each survive any termination or expiration of this Agreement or of your employment.

3.Salary, Bonus, Equity Incentives and Other Benefits. For the avoidance of doubt, the Board may delegate its authority and responsibilities under this Section 3 to a committee of members of the Board, subject to the requirements of applicable law.

(a)Base Salary. During your employment as CEO and President under this Agreement, you will be paid an annual base salary at least equal to $371,520 (the “Base Salary”) for your services as CEO and President, payable in the time and manner that the Company customarily pays its employees. Your Base Salary shall also be reviewed annually by the Board and may be adjusted by the Board in its discretion.

(b)Bonus Compensation. You are eligible to participate in the Company’s executive bonus plans as determined by the Board.

(c)Equity Incentives. You will receive, in connection with your service as CEO and President, equity incentive awards as determined by the Board.

4.Business Expenses. During your employment as CEO and President under this Agreement, you will be reimbursed for all reasonable business expenses (including, but without limitation, travel expenses) upon the properly completed submission of requisite forms and receipts to the Company in accordance with the Company’s expense reimbursement policies as in effect from time to time.

5.Limitation on Payments. In the event that it is determined that any payment or distribution of any type to or for your benefit made by the Company, by any of its affiliates, by any person who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”)) or by any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Total Payments”), would be subject to the excise tax imposed by Section 4999 of the Code (and/or would not deductible under Code Section 280G) or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise Tax”), then such payments or distributions or benefits shall be payable as to such lesser amount (but while maximizing the present value of the payments and benefits to be provided to you or retained by you) which would result in no portion of such payments or distributions or benefits being subject to the Excise Tax. Unless you and the Company agree otherwise in writing, any determination required under this Section 5 shall be made in writing by a qualified independent accountant selected by the Company (the “Accountant”) whose determination shall be conclusive and binding. You and the Company shall furnish the Accountant such documentation and documents as the Accountant may reasonably request in order to make a determination. The Company will pay all fees, expenses and other costs associated with retaining the Accountant for the purposes of this Section 5.

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with Section 280G of the Code and the Treasury regulations and related guidance promulgated thereunder such that, if approved, none of the Total Payments shall be deemed to be parachute payments as defined under the Code.

If you submit your payments and benefits to a 280G stockholder vote and the requisite approval is not obtained or there is otherwise a reduction of Total Payments in accordance with this Section 5, then the reduction of Total Payments will occur in the manner you elect in writing prior to the date of payment; provided, however, that if the manner elected by you pursuant to this sentence could in the opinion of the Company result in any of the Total Payments becoming subject to Section 409A of the Code, then the following sentence will instead apply. If any of the Total Payments is subject to Section 409A of the Code, if you fail to elect an order under the preceding sentence or if no such election is permitted, then the reduction will occur in the following order: (i) cancellation of acceleration of vesting of any equity compensation awards for which the exercise price (if any) exceeds the then-fair market value of the underlying equity compensation award; (ii) reduction of cash payments (with such reduction being applied to the payments in the reverse order in which they would otherwise be made (that is, later payments will be reduced before earlier payments)); and (iii) cancellation of acceleration of vesting of equity compensation awards not covered under (i) above; provided, however, that in the event that acceleration of vesting of equity compensation awards is to be cancelled, such acceleration of vesting will be cancelled in the reverse order of the date of grant of such equity compensation awards (that is, later equity compensation awards will be canceled before earlier equity compensation awards). “Equity compensation awards” means (i) all shares of stock; (ii) all options and other rights to purchase shares of stock; (iii) all stock units, performance units or phantom shares whose value is measured by the value of shares of stock; and (iv) all stock appreciation rights whose value is measured by increases in the value of shares of stock.

6.Employee Benefit Programs. You will be eligible to participate in all employee benefit programs and perquisites in a manner commensurate with similarly situated employees of the Company and its controlled affiliates, subject to satisfying the applicable eligibility requirements. The Company may amend, modify or terminate these benefits at any time and for any reason.

7.Consequences of Termination of Employment. Unless the Company and you otherwise agree in writing, upon termination of your employment as CEO and President for any reason, you shall be deemed to have immediately resigned from all positions as an officer (and/or director, if applicable) with the Company (and its respective affiliates) as of your last day of employment (the “Termination Date”). Upon termination of your employment as CEO and President for any reason, you shall receive payment or benefits from the Company covering the following: (i) all unpaid salary and unpaid vacation accrued through the Termination Date, (ii) any payments/benefits to which you are entitled under the express terms of any applicable Company employee benefit plan, (iii) any unreimbursed valid business expenses for which you have submitted (or timely submit) properly documented reimbursement requests in accordance with Section 4, and (iv) your then outstanding equity compensation awards will be governed by their applicable terms (collectively, (i) through (iv) are the “Accrued Pay”). You may also be eligible for other post-employment payments and benefits as provided in this Agreement. For purposes of this Agreement, “Qualifying Termination” means (1) either (a) a termination of your employment as CEO and President without Cause by the Company, or (b) your resignation as CEO and

	-3-

President for Good Reason, and (2) that you have timely complied with the release of claims requirements of Section 7(e). For the avoidance of doubt, a termination of your employment due to death or Disability is addressed in Section 7(d) below and will not be considered a Qualifying Termination.

(a)For Cause. For purposes of this Agreement, your employment may be terminated by the Company for “Cause” as a result of the occurrence of one or more of the following:

(i)your conviction of, or a plea of guilty or nolo contendere to, a felony or other crime involving moral turpitude, dishonesty, breach of trust or physical harm to any person;

(ii)your failure to comply in any material respect with the terms of this Agreement and the Confidentiality Agreement (as defined below) and/or the policies and procedures of the Company or a Company affiliate at which you serve as an officer and/or director, the violation of which results in material harm to the Company, or your repeated failure to carry out any reasonable directive of the Board concerning the operations of the Company or its affiliates;

(iii)your acts (or omissions) of fraud, theft, embezzlement, misappropriation of trade secrets or other illegal conduct in your performance of duties for the Company or a Company affiliate; or

(iv)your engaging in any act of dishonesty, disloyalty, moral turpitude, or any other conduct in connection with your responsibilities to the Company and/or any of its affiliates that causes material harm to the Company or any Company affiliate.

Prior to your termination for Cause, you will be provided with written notice from the Company describing the conduct forming the basis for the alleged Cause. To the extent curable (as determined by the Board in its discretion), you will have an opportunity of twenty (20) days to cure such conduct and consequences before the Company may terminate you for Cause. Any termination for “Cause” will not limit any other right or remedy the Company may have under this Agreement or otherwise.

In the event your employment is terminated by the Company for Cause you will be entitled only to your Accrued Pay, and you will be entitled to no other compensation from the Company.

For the avoidance of doubt, terminations of employment due to death or Disability, which are addressed in Section 7(d) below, are not terminations for Cause.

(b)Qualifying Termination. The Company may terminate your employment as CEO and President without Cause at any time and for any reason with notice or you may resign your employment as CEO and President for Good Reason upon thirty (30) days advance written notice. If your employment as CEO and President is terminated due to a Qualifying Termination, then you will be eligible to receive the items set forth below subject to your timely compliance with Section 7(e) and further provided that no payments for such Qualifying Termination shall be

	-4-

made until on or after the date of a “separation from service” within the meaning of Code Section 409A.

(i)If the Company terminates your employment as CEO and President between July 1 and September 15 of a given fiscal year, the Company shall pay you for any accrued but unpaid bonus payable pursuant to Section 3(b) above with respect to the immediately preceding completed fiscal year (with such payment occurring at the same time that the final bonus payment would be made if you had remained employed and taking into account any interim payments previously made) (the “Earned Bonus”);

(ii)The Company shall pay you a pro rata portion of any bonus payable pursuant to Section 3(b) above in respect of the fiscal year in which the Termination Date occurs, if any, pro-rated for the number of days in such fiscal year in which you were employed over the number of total calendar days in such fiscal year (with such payment occurring at the same time that the bonus payment would be made if you had remained employed) (the “Pro Rata Bonus”);

(iii)Subject to Section 11 below, the Company shall provide you with cash payments over the lesser of (1) the eighteen (18)-month period following your Termination Date and (2) the period from your Termination Date through the end of the expected term (as applicable, the “Severance Period”) equal in the aggregate to your then current annual Base Salary (prior to any reduction giving rise to Good Reason) pro-rated for the Severance Period. The cash payments provided by this subpart (iii) shall be paid to you in substantially equal installments payable under regular payroll practices over the Severance Period, provided that once such payments commence, they will include any unpaid amounts accrued from your Termination Date;

(iv)The Company shall continue to pay the Company portion of the premiums for your Company group medical insurance coverage (or alternative comparable coverage) during the Severance Period provided you continue to timely pay the same portion (if any) of the necessary premium that you were responsible to pay as of immediately before your Termination Date. In all cases, the coverage (and/or reimbursement payments) provided in this subpart shall immediately terminate if you are offered comparable coverage in connection with your employment by another employer; and

(v)For purposes of this Agreement, you may resign your employment from the Company as CEO and President for “Good Reason” within ninety (90) days after the date that any one of the following events described in subparts (1) through (3) (any one of which will constitute “Good Reason”) has first occurred without your written consent. Your resignation for Good Reason will only be effective if the Company has not cured or remedied the Good Reason event within thirty (30) days after its receipt of your written notice (such notice shall describe in reasonable detail the basis and underlying facts supporting your belief that a Good Reason event has occurred). Such notice of your intention to resign for Good Reason must be provided to the Company within sixty (60) days of the initial existence of a Good Reason event. Failure to timely provide such written notice to the Company or failure to timely resign your employment for Good Reason means that you will be deemed to have consented to and waived the Good Reason event. If the Company does timely cure or remedy the Good Reason event, then you may either resign your employment without Good Reason or you may continue to remain employed subject to the terms of this Agreement. “Good Reason” means:

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(1)During any period in which you are serving as CEO and President, you have incurred a material diminution in your responsibilities, duties or authority, or following a Change in Control you incur either a change in your title or position or reporting relationship (provided, however, that following a Change in Control, the fact that the Company may have become a subsidiary or division of another entity shall not by itself constitute Good Reason);

(2)During any period in which you are serving as CEO and President, you have incurred a material diminution in your Base Salary;

(3)The Company has breached a material provision of this Agreement; or

(4)The Company’s requirement that you relocate your principal workplace from Winter Park, Florida.

For the avoidance of doubt, this Section 7(b) does not apply to terminations of employment due to death or Disability which are addressed in Section 7(d) below.

(c)Voluntary Termination. In the event you voluntarily terminate your employment with the Company as CEO and President without Good Reason, you will be entitled to receive only your Accrued Pay. You will be entitled to no other compensation from the Company in connection with your role as CEO and President. The Company requests that you provide at least thirty (30) days’ advance written notice of your intention to resign without Good Reason. In the event that you provide to the Company with such thirty (30) days’ advance written notice the Company shall have the option, in its sole discretion, to make your termination effective at any time prior to the end of such notice period as long as the Company pays you all compensation to which you are entitled up through the last day of the thirty (30)-day notice period. For the avoidance of doubt, this Section 7(c) does not apply to terminations of employment due to death or Disability which are addressed in Section 7(d) below.

(d)Death or Disability. In the event your employment with the Company as its CEO and President is terminated as a result of your death or is terminated by the Company due to your Disability, then you or your estate will be eligible to receive: (i) your Accrued Pay and (ii) the Earned Bonus (if applicable and to the extent not previously paid in respect of the immediately preceding fiscal year). For purposes of this Agreement, “Disability” is defined to occur when you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for more than ninety (90) consecutive days or more than one hundred and twenty days (120) in any twelve-month period.

(e)Release of Claims. As a condition to receiving (and continuing to receive) the payments and benefits provided in Section 7(b), you must (i) within not later than forty-five (45) days after your Termination Date, execute (and not subsequently revoke) and deliver to the Company a general release of claims (the “Release”) in a form acceptable to the Company, and (ii) remain in full compliance with such Release.

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(f)No Offset. There shall be no offset obligation in the event you commence employment as an executive and/or officer with any other company or organization during the Severance Period.

(g)Termination of Benefits. In the event that, during the Severance Period, (i) you breach any of the provisions of the Confidentiality Agreement, or (ii) you directly or indirectly, become employed by or undertake any independent contractor relationship with, or otherwise provide services in any capacity to, or become a stockholder, member or other equity holder of, a Competitor, then the Board may, in its sole and absolute discretion, terminate all remaining payments contemplated by Sections 7(b)(ii), 7(b)(iii) and 7(b)(v), immediately upon prior written notice. For purposes of this Agreement, “Competitor” means any entity that, as its principal business, enables the discovery, acquisition and management of scholarly journal articles, book chapters and other content in scientific, technical and medical research.

8.Confidential Information and Inventions Assignment Agreement; Confidentiality. You agree and acknowledge that the terms of the Confidential Information and Inventions Assignment Agreement (the “Confidentiality Agreement”) that you previously executed shall remain in full force and effect.

9.Assignability; Binding Nature. Commencing on the Effective Date, this Agreement will be binding upon you and the Company and your respective successors, heirs, and assigns. This Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject to the limitations of this Agreement, may be transferred by will or operation of law. No rights or obligations of the Company under this Agreement may be assigned or transferred except in the event of a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and assumes the Company’s obligations under this Agreement contractually or as a matter of law Your rights and obligations under this Agreement shall not be transferable by you by assignment or otherwise provided, however, that if you die, all amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate.

10.Governing Law; Arbitration. This Agreement will be deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of the state of Florida. Any controversy or claim relating to this Agreement or any breach thereof, and any claims you may have arising from or relating to your employment with the Company, will be settled solely and finally by arbitration as provided in the Confidentiality Agreement provided that this Section 10 shall not be construed to eliminate or reduce any right the Company or you may otherwise have to obtain a temporary restraining order or a preliminary or permanent injunction to enforce any of the covenants contained in this Agreement before the matter can be heard in arbitration.

11.Taxes. Anything to the contrary notwithstanding, all payments made by the Company hereunder to you or your estate or beneficiaries will be subject to tax withholding pursuant to any applicable laws or regulations. This Agreement and its payments and benefits are intended to comply with (or be exempt from) the requirements of Section 409A of the Code and

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will be interpreted and administered in accordance with such intention. In the event this Agreement or any benefit paid to you hereunder is deemed to be subject to Section 409A of the Code, you consent to the Company adopting such conforming amendments or taking such actions as the Company deems necessary, in its reasonable discretion, to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A. Notwithstanding any provision in the Agreement to the contrary, if upon your “separation from service” within the meaning of Code Section 409A, you are then a “specified employee” (as defined in Code Section 409A), then to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following such “separation from service” under this Agreement until the earlier of (i) the first business day of the seventh month following your “separation from service,” or (ii) ten (10) days after the Company receives written notification of your death. Any such delayed payments shall be made without interest. Additionally, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement of eligible expenses or in-kind benefits shall be made promptly, subject to the Company’s applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. The Company will have no liability to you or any other person if any amounts paid or payable are subject to the additional tax and/or penalties and/or interest under Code Section 409A. To the extent any amount constituting “nonqualified deferred compensation” subject to Code Section 409A would become payable by reason of a Change of Control, it shall become payable only if the event or circumstances constituting the Change of Control would also constitute a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets, within the meaning of Code Section 409A. For purposes of Code Section 409A, each payment made to you under this Agreement will be designated as a separate payment.

12.Entire Agreement. Except as otherwise specifically provided in this Agreement, this Agreement (and its Exhibits) contains all the legally binding understandings and agreements between you and the Company pertaining to the subject matter of this Agreement and supersedes all such agreements, whether oral or in writing, previously entered into between the parties.

13.Covenants.

(a)General. As a condition of this Agreement and also to your receipt of any post-employment benefits, you agree that you will fully and timely comply with all of the covenants set forth in this Section 13(a) (which shall survive your termination of employment and termination or expiration of this Agreement):

(i)You will fully comply with all obligations under the Confidentiality Agreement and further agree that the provisions of the Confidentiality Agreement shall survive any termination or expiration of this Agreement or termination of your employment or any subsequent service relationship with the Company;

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(ii)Within ten (10) days of the Termination Date (or earlier if specified in the Confidentiality Agreement), you shall return to the Company all Company confidential information including, but not limited to, intellectual property, etc. and you shall not retain any copies, facsimiles or summaries of any Company proprietary information;

(iii)Except for truthful statements made in compliance with legal process or governmental inquiry, you will not at any time during the period of your employment with the Company and for one year after the Termination Date, make (or direct anyone to make) any disparaging statements (oral or written) about the Company, or any of its affiliated entities, officers, directors, employees, stockholders, representatives or agents, or any of the Company’s (or its affiliates) products or services or work-in-progress, that are harmful to their businesses, business reputations or personal reputations; and

(iv)You agree that you shall reasonably cooperate with the Company and its affiliates and representatives before and after the Termination Date in connection with any action, investigation, proceeding, litigation or otherwise with regard to matters in which you knowledge as a result of your service. The Company will reimburse you for reasonable out-of-pocket expenses incurred in connection with such cooperation if such cooperation occurs after your Termination Date.

(b)Administrative. You also agree that you will fully and timely comply with all of the covenants set forth in this Section 13(b) (which shall survive your termination of employment and termination or expiration of this Agreement):

(i)Within ten (10) days of the Termination Date, you shall return to the Company all Company (and Company affiliate) property including, but not limited to, computers, cell phones, pagers, keys, business cards, etc.;

(ii)Within thirty (30) days of the Termination Date, you will submit any outstanding expense reports to the Company on or prior to the Termination Date; and

(iii)As of the Termination Date, you will no longer represent that you are an officer, director or employee of the Company or any Company affiliate and you will immediately discontinue using your Company (and any Company affiliate) mailing address, telephone, facsimile machines, voice mail and e-mail.

(c)Non-Competition; Non-Solicitation. You acknowledge and agree that the nature of your position gives you access to and knowledge of Confidential Information (as defined in the Confidentiality Agreement) and places you in a position of trust and confidence with the Company. You further acknowledge and agree that the Confidential Information is of great competitive importance and commercial value to the Company, and that improper use or disclosure by you is likely to result in unfair or unlawful competitive activity. Because of the Company’s legitimate business interest as described in this Agreement and the good and valuable consideration offered to you, the receipt and sufficiency of which you hereby acknowledge, during the two (2)-year period following your Termination Date, you agree and covenant not to (i) contribute your knowledge and/or services, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, contractor, agent, partner, director, stockholder,

	-9-

officer, volunteer, intern, or any other similar capacity to any Competitor within any jurisdiction in which the Company conducted business as of the Termination Date, or (ii) divert or attempt to divert from the Company any business of any kind, including without limitation, the solicitation of or interference with any of its customers, clients, members, business partners or suppliers.

(d)Equitable Relief. You acknowledge that in the event of (i) a violation of any of the covenants contained in Section 13 of this Agreement or (ii) the termination by the Company of your employment for Cause as provided in Section 7(a), the Company would as a result sustain irreparable harm for which monetary damages are insufficient, and, therefore, you agree that in addition to any other remedies which the Company may have, the Company shall be entitled to seek equitable relief including specific performance and injunctions restraining you from committing or continuing any such violation.

14.Offset. Notwithstanding the provisions of Section 7(f), any severance or other payments or benefits made to you under this Agreement may be reduced, in the Company’s reasonable discretion, by any amounts you owe to the Company or as will be needed to satisfy any future co-payments you would need to make for continuing post-termination benefits, provided however that any such offsets do not violate Code Section 409A or any other provision of applicable law.

15.Notice. Any notice that the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight courier service, email, facsimile or registered or certified mail, return receipt requested, addressed to you at your address of record with the Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, facsimile or by registered or certified mail, return receipt requested, addressed to the Company’s General Counsel at its principal office, or at such other office as the Company may from time to time designate in writing. The date of actual delivery of any notice under this Section 15 shall be deemed to be the date of delivery thereof.

16.Waiver; Severability. No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to by you and the Company in writing. No waiver by you or the Company of the breach of any condition or provision of this Agreement will be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time. Except as expressly provided herein to the contrary, failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder will not be deemed to constitute a waiver thereof. In the event any portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions shall be unaffected thereby and will remain in full force and effect to the fullest extent permitted by law.

17.Voluntary Agreement. You acknowledge that you have been advised to review this Agreement with your own legal counsel and other advisors of your choosing and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with your attorney and other advisors and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this matter. You further represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and that you are fully

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aware of the legal and binding effect of this Agreement. This Agreement is executed voluntarily by you and without any duress or undue influence on the part or behalf of the Company.

18.Clawback. If the Company is required to restate any of its financial statements, then the Board shall be entitled to recover or require reimbursement of any annual bonus made to you, less applicable taxes withheld.

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Please acknowledge your acceptance and understanding of this Agreement by signing and returning it to the undersigned. A copy of this signed Agreement will be sent to you for your records.

AGREED:

RESEARCH SOLUTIONS, INC.	ROY W. OLIVIER<br><br>

BY:
NAME: Eugene Robin<br><br>TITLE: Comp. Committee Chairman<br><br>	(signature)

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Exhibit 10.2

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is executed as of this 4^th^ day of October, 2021, by and between William A. Nurthen (“Executive”) and Research Solutions, Inc., a Nevada corporation (“Company”).

RECITALS

The Company desires to employ Executive in the position of Chief Financial Officer, and Executive desires to be so employed by the Company, on the terms and conditions set forth herein.

As a result of Executive’s employment with the Company as Chief Financial Officer, Executive will have access to and be entrusted with valuable information about the Company’s business and customers, including trade secrets and confidential information.

The Parties believe it is in their best interests to make provision for certain aspects of their relationship during and after the period in which Executive is employed by the Company.

NOW, THEREFORE, in consideration of the promises and the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Company and Executive (collectively, “Parties” and individually, “Party”), the Parties agree as follows:

ARTICLE I

EMPLOYMENT

1.1Position and Duties. During the term of Executive’s employment under this Agreement, Executive shall hold the position of Chief Financial Officer of the Company and shall be subject to the authority of, and shall report to, the President and Chief Executive Officer (“CEO”) of the Company. Executive’s duties and responsibilities as Chief Financial Officer shall include all those customarily attendant to such position and other duties and responsibilities as may be assigned from time to time by the Company’s President and/or CEO and/or the Board of Directors of the Company (“Board”). At all times, Executive shall devote Executive’s entire business time, attention and energies exclusively to the business interests of the Company while employed by the Company, except as otherwise specifically approved in writing by or on behalf of the President and/or CEO. Nothing herein shall preclude Executive from (i) serving as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations subject to your notifying the Board of such activities or (ii) engaging in charitable activities and community affairs.

1.2At-Will Employment. The term of Executive’s employment under this Agreement shall be for an indefinite period and may be terminated by either Party at any time and for any reason or no reason upon written notice to the other Party.

ARTICLE II

COMPENSATION AND OTHER BENEFITS

2.1Base Salary. During the term of Executive’s employment under this Agreement, the Company shall pay Executive an annual salary of Two Hundred Eighty-four Thousand dollars ($284,000) (“Base Salary”), payable in accordance with the normal payroll practices and schedule of the Company. Notwithstanding the foregoing, the Base Salary shall be subject to annual review by the President and/or CEO and shall be subject to increase, but not decrease, based on the

recommendation of the President and/or CEO as approved by the Compensation Committee of the Board (Compensation Committee); provided, however, that the Company may reduce Executive’s Base Salary if (a) Executive’s Base Salary is reduced as part of a general reduction in the base salaries for all executive officers of the Company or (b) Executive’s Base Salary is reduced for Cause (defined below), and Executive acknowledges and agrees that any reduction in Base Salary due to the circumstances specified in Section 2.1(a) or (b), above, shall not constitute Good Reason (as defined in Section 3.1(f), below).

2.2Bonuses. During the term of Executive’s employment under this Agreement, Executive will be eligible to participate in the Company’s Management Bonus Plan (“Bonus Plan”), the specifics of which are determined from time to time by the Compensation Committee. The Parties acknowledge and agree that, under the Company’s current Bonus Plan, the annualized bonus amount which Executive would be eligible to receive if one hundred percent (100%) of such Bonus Plan targets were met would be One Hundred Eighty-four Thousand dollars ($184,000). **** Executive will also be eligible to participate in the Company’s Long Term Equity Bonus Plan. **** Executive acknowledges and agrees that these Bonus Plans may be changed from time to time at the discretion of the Compensation Committee.

2.3Equity. During the term of Executive’s employment under this Agreement, Executive also shall be eligible to participate in stock option and equity plans and grants, if any, that are offered to senior executive/officer employees of the Company, as determined by the Compensation Committee from time to time. Upon commencement of employment, Executive shall receive a grant of 100,000 shares of restricted stock (“Initial Grant”) vesting over a four (4) year period (1 year cliff, and then quarterly). The Initial Grant will be subject to the provisions of the Company’s equity plans.

2.4Perquisites, Benefits and Other Compensation. During the term of Executive’s employment under this Agreement, and subject to the express provisions of this Article II, Executive will be entitled to receive perquisites and benefits provided by the Company to its senior executive employees, subject to the eligibility criteria related to such perquisites and benefits, and to such changes, additions, or deletions to such perquisites and benefits as the Company may make from time to time, as well as such other perquisites or benefits as may be specified from time to time at the sole discretion of the Board and/or the Compensation Committee, as applicable.

ARTICLE III

TERMINATION

3.1Termination Not In Connection With A Change In Control.

(a)	Termination Without Cause. Subject to Section 3.2, below, the Company may terminate Executive’s employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) at any time without Cause (defined below).

(b)	Termination For Cause. Subject to Section 3.2, below, the Company may terminate Executive’s employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) at any time for Cause (defined below) by giving written notice to Executive stating the basis for such termination, effective

immediately upon giving such notice or at such other time thereafter as the Company may designate. “Cause” shall mean any of the following: (1) Executive has, in a material way, breached this Agreement or the fiduciary duty he owes to the Company or any other legal obligation or duty he owes to the Company, which breach remains uncured, if possible to cure, to the reasonable satisfaction of the Company for thirty (30) calendar days after Executive receives written notice thereof from the Company that specifies in reasonable detail the alleged breach; (2) Executive has committed gross negligence or willful misconduct in the performance of Executive’s duties for the Company; (3) Executive has failed in a material way to follow reasonable instructions from the President and/or CEO and/or the Board (provided such instructions are not in conflict, with the instructions of the Board governing in the event of any conflict), consistent with this Agreement, concerning the operations or business of the Company, which failure remains uncured, if possible to cure, to the reasonable satisfaction of the Company for thirty (30) calendar days after Executive receives written notice thereof from the Company that specifies in reasonable detail the alleged failure; (4) Executive has committed a crime the circumstances of which substantially relate to Executive’s employment duties with the Company; (5) Executive has misappropriated or embezzled funds or property of the Company or engaged in any act of dishonesty that involves the business of the Company or causes material damage to the Company; and (6) Executive attempts to misappropriate or misappropriates a corporate opportunity of the Company, unless the transaction was approved in writing by the President and/or CEO after full disclosure of all details relating to such transaction.

(c)

Termination by Death or Disability. Subject to Section 3.2, below, Executive’s employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) shall terminate automatically, effective immediately and without any notice being necessary, upon Executive’s death or a determination of Disability of Executive. For purposes of this Agreement, “Disability”

means the inability of Executive, due to a physical or mental impairment, to perform the essential functions of Executive’s job with the Company, with or without a reasonable accommodation, for ninety (90) consecutive business days or one hundred twenty (120) business days in the aggregate during any 365-day period. A determination of Disability shall be made by the President and/or CEO and/or the Board, which may, at their sole discretion, consult with a physician or physicians satisfactory to the President and/or CEO and/or the Board, and Executive shall cooperate with any efforts to make such determination. Any such determination shall be conclusive and binding on the Parties. Any determination of Disability under this Section 3.1(c) is not intended to alter any benefits any Party may be entitled to receive under any long-term disability insurance policy carried by either the Company or Executive with respect to Executive, which benefits shall be governed solely by the terms of any such insurance policy.

(d)

Termination by Retirement. Subject to Section 3.2, below, Executive’s employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) shall terminate automatically, effective upon Executive’s retirement in accordance with the Company’s retirement plan or policy should a retirement plan or policy for senior executives of the Company be adopted.

(e)

Termination by Resignation. Subject to Paragraph 3.2, below, Executive’s employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) shall terminate automatically, effective immediately upon Executive’s provision of thirty (30) days’ prior written notice to the Company of resignation from employment with the Company or at such other time as may be mutually agreed between the Parties following the provision of such notice.

(f)

Termination for Good Reason. Subject to Section 3.2, below, Executive may terminate his employment and all of the Company’s obligations under this Agreement (except as provided in Section 10.5, below, and as required by law) for Good Reason (defined below). A termination shall only be for Good Reason if: (1) within ninety (90) calendar days of the initial existence of Good Reason, Executive provides written notice of Good Reason to the Company; (2) the Company does not remedy said Good Reason within thirty (30) calendar days of its receipt of such notice; and (3) Executive terminates his employment effective any time after the expiration of such 30-day remedy period prior to the date that is one hundred eighty (180) days after the initial existence of Good Reason. “Good Reason” shall mean the occurrence of any of the following without the written consent of Executive: (a) the Company has breached this Agreement in a material way, which breach remains uncured, if subject to cure, for thirty (30) calendar days after the Company receives written notice thereof from Executive; (b) a material diminution in Executive’s Base Salary, except as permitted under Section 2.1; (c) a material diminution in Executive’s authority, duties, or responsibilities; or (d) a material change in the geographic location at which Executive must perform

his services, provided such new location is more than twenty-five (25) miles from the location where Executive is required to perform services prior to the change.

3.2Rights Upon Termination Not In Connection With A Change In Control.

(a)

Section 3.1(a), Section 3.1(c) and Section 3.1(f) Termination. If Executive’s employment is terminated pursuant to Section 3.1(a), Section 3.1(c), or Section 3.1(f), above, Executive or Executive’s estate shall have no further rights against the Company hereunder, except for the right to receive the following: (1) any unpaid Base Salary with respect to the period prior to the effective date of termination and (2) any earned but unpaid bonus due to Executive as of the effective date of termination. With respect to a termination pursuant to Section 3.1(a) or Section 3.1(f), above, Executive shall also receive (1) Executive’s Base Salary, at the rate in effect at the time

of termination, for twelve (12) months following the effective date of termination; (2) a pro-rata bonus for the fiscal year of the Company in which such termination occurs, based on actual results for such year (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the actual number of days Executive was employed by the Company during the fiscal year of the Company in which the termination occurs and the denominator of which is 365), less any payment previously made by the Company, if any, with respect to the current fiscal year’s Bonus Plan, payable at the same time bonuses for such year are paid to other senior executives of the Company; (3) acceleration of all outstanding unvested options or restricted stock held by Executive as of the effective date of termination; and (4) continuation of health and welfare benefits for Executive and Executive’s eligible dependents with payment by the Company of its portion of the premiums for Executive’s Company group medical, dental, and vision insurance coverage (or alternative comparable coverage) for up to twelve (12) months after the effective date of termination provided Executive continues to timely pay the same portion (if any) of the necessary premium that Executive was responsible to pay as of immediately before the effective date of termination. In all cases, the coverage (and/or reimbursement payments) provided in this subpart shall immediately terminate if Executive is offered comparable coverage in connection with employment by another employer. Payment of the amounts specified in subsections (1) and (2) of the immediately preceding sentence shall be made in twelve (12) equal monthly installments following the effective date of termination. Notwithstanding the foregoing, the payment and receipt of the benefits specified in subsections (1), (2) and (3), of that same sentence are contingent upon Executive’s execution of a written severance agreement (in a form satisfactory to the Company) containing, among other things, a general release of claims against the Company, and the rescission period of such agreement must expire, without revocation of such release, within sixty (60) days following the effective date of termination. To the extent that payments would otherwise be paid to Executive within the sixty (60) day period following the effective date of termination, such payment(s) shall be made 5

following Executive’s execution of such general release and the expiration of the applicable rescission period.

(b)

Section 3.1(b) and Section 3.1(e) Terminations. If Executive’s employment is terminated pursuant to Section 3.1(b), above, or if Executive resigns pursuant to Section 3.1(e), above, Executive shall have no further rights against the Company hereunder, except for the right to receive: (1) any unpaid Base Salary with respect to the period prior to the effective date of termination; and (2) any earned but unpaid bonus due to Executive as of the effective date of termination.

(c)

Section 3.1(d) Termination. If Executive retires pursuant to Section 3.1(d), above, Executive shall have no further rights against the Company hereunder, except for the right to receive: (1) any unpaid Base Salary with respect to the period prior to the effective date of termination; (2) any earned but unpaid bonus due to Executive as of the effective date of termination; and (3) any additional benefits provided for under the Company’s retirement plan or policy for senior executives, if any.

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3.3Termination In Connection With A Change In Control. Should Executive’s employment be terminated upon the occurrence of or within one (1) year of a “Change in Control,” as defined in the Company’s equity plans, Executive shall be entitled to all the rights set forth in Section 3.2(a) herein including all such additional rights afforded to Executive in Section 3.2(a) with respect to terminations in accordance with Sections 3.1(a) or 3.1(f). Subsequent to this Agreement, Executive and Company may choose to further define rights upon a change of control through the execution of a formal Change of Control Agreement (“COC Agreement”). In the event a COC Agreement is executed between the parties, any termination resulting from a change of control shall be governed exclusively by the COC Agreement.

ARTICLE IV

CONFIDENTIALITY

4.1Confidentiality Obligations. Executive will not, during his employment with the Company, directly or indirectly, use or disclose any Confidential Information or Trade Secrets (defined below) except in the interest and for the benefit of the Company. After the end, for whatever reason, of Executive’s employment with the Company, Executive will not, directly or indirectly, use or disclose any Trade Secrets. For a period of two (2) years following the end, for whatever reason, of Executive’s employment with the Company, Executive will not, directly or indirectly, use or disclose any Confidential Information. Executive further agrees not to, directly or indirectly, use or disclose at any time information received by the Company from others except in accordance with the Company’s contractual or other legal obligations; the Company’s customers are third party beneficiaries of this promise.

4.2Definitions.

(a)	Trade Secret. The term “Trade Secret” has that meaning set forth under applicable law. The term includes, but is not limited to, all computer source, object or other code created by or for the Company.

(b)

Confidential Information. The term “Confidential Information” means all non-Trade Secret or proprietary information of the Company which has value to the Company and which is not known to the public or the Company’s competitors, generally. Confidential Information includes, but is not limited to: (i) inventions, product specifications, information about products under development, research, development or business plans, production know-how and processes, manufacturing techniques, operational methods, equipment design and layout, test results, financial information, customer lists, information about orders and transactions with customers, sales and marketing strategies, plans and techniques, pricing strategies, information relating to sources of materials and production costs, purchasing and accounting information, personnel information and all business records; (ii) information which is marked or otherwise designated or treated as confidential or proprietary by the Company; and (iii) information received by

the Company from others which the Company has an obligation to treat as confidential.

(c)

Exclusions. Notwithstanding the foregoing, the terms “Trade Secret” and “Confidential Information” shall not include, and the obligations set forth in this Agreement shall not apply to, any information which: (i) can be demonstrated by Executive to have been known by him prior to his employment by the Company; (ii) is or becomes generally available to the public through no act or omission of Executive; (iii) is obtained by Executive in good faith from a third party who discloses such information to Executive on a non-confidential basis without violating any obligation of confidentiality or secrecy relating to the information disclosed; or (iv) is independently developed by Executive outside the scope of his employment without use of Confidential Information or Trade Secrets.

ARTICLE V

NON-COMPETITION

5.1Restrictions on Competition During Employment. During Executive’s employment by the Company, Executive shall not, directly or indirectly, compete against the Company, or, directly or indirectly, divert or attempt to divert business from the Company anywhere the Company does business.

5.2Post-Employment Restricted Services Obligation. For two (2) years following termination of Executive’s employment with the Company, for whatever reason, Executive agrees not to, directly or indirectly, provide Restricted Services to any Competitor in the United States.

5.3Definitions.

(a)	Restricted Services. The term “Restricted Services” means employment duties and functions of the type provided by Executive to the Company during the twelve (12) month period prior to the termination, for whatever

reason, of Executive’s employment with the Company, as described in Executive’s job description with the Company.

(b)

Competitor. **** For purposes of this Article V, the term “Competitor” means any entity, including a sole proprietorship, that, as its principal business, enables the discovery, acquisition and management of scholarly journal articles, book chapters and other content in scientific, technical and medical research or that (i) provides offerings of the type sold or serviced by the Company during the twelve (12) month period prior to the termination of your employment (ii) in vertical markets in which the Company sold or serviced its products or services during the twelve (12) month period prior to the termination of your employment; provided, however, that the term “Competitor” shall not include a subsidiary or other corporate division of such an entity which subsidiary or division does not sell or service, or attempt to sell or service, such aforementioned products or services in such vertical markets.

ARTICLE VI

CUSTOMER NON-SOLICITATION

6.1Post-Employment Non-Solicitation of Restricted Customers. For two (2) years following termination of Executive’s employment with the Company, for whatever reason, Executive agrees not to, directly or indirectly, solicit or attempt to solicit any business from any Restricted Customer in any manner which competes with the services or products offered by the Company in the twelve (12) months preceding termination of Executive’s employment with the Company, or to, directly or indirectly, divert or attempt to divert any Restricted Customer’s business from the Company.

6.2Restricted Customer. **** The term “Restricted Customer” means any individual or entity (a) for whom/which the Company provided services or products, and (b) with whom/which Executive had contact on behalf of the Company, or about whom/which Executive acquired non-public information in connection with his employment by the Company, during the twenty-four (24) month period preceding the end, for whatever reason, of Executive’s employment with the Company; provided, however, that the term “Restricted Customer” shall not include any individual or entity whom/which, through no direct or indirect act or omission of Executive, terminated its business relationship with the Company more than six (6) months prior to the end of Executive’s employment with the Company. ****

ARTICLE VII

RESTRICTION RELATING TO PRODUCTS OR SERVICES UNDER DEVELOPMENT BY THE COMPANY

7.1Restriction Relating to Products or Services Under Development by the Company. For two (2) years following termination of Executive’s employment with the Company, for whatever reason, Executive agrees not to, directly or indirectly, develop, market or sell, or attempt to develop, market or sell, on behalf of any Competitor (defined below) in the United States any product or service that is under development by the Company during the twelve (12) month period prior to the termination, for whatever reason, of Executive’s employment with the Company; 8

provided, however, that this Article VII shall not apply to any product or service which the Company has not taken steps to market or sell within the twelve (12) month period following the termination, for whatever reason, of Executive’s employment with the Company.

7.2Competitor. For purposes of this Article VII, the term “Competitor” means any entity, including a sole proprietorship, that, as its principal business, enables the discovery, acquisition and management of scholarly journal articles, book chapters and other content in scientific, technical and medical research or that (i) provides offerings of the type sold or serviced by the Company during the twelve (12) month period prior to the termination of your employment (ii) in vertical markets in which the Company sold or serviced its products or services during the twelve (12) month period prior to the termination of your employment; provided, however, that the term “Competitor” shall not include a subsidiary or other corporate division of such an entity which subsidiary or division does not sell or service, or attempt to sell or service, such aforementioned products or services in such vertical markets.

ARTICLE VIII

Business Idea Rights

8.1Assignment. The Company will own, and Executive hereby assigns to the Company, all rights in all Business Ideas. All Business Ideas which are or form the basis for copyrightable works are hereby assigned to the Company and/or shall be assigned to the Company or shall be considered “works for hire” as that term is defined by United States copyright law.

8.2Definition of Business Ideas. The term “Business Ideas” means all ideas, designs, modifications, formulations, specifications, concepts, know-how, trade secrets, discoveries, inventions, data, software, developments and copyrightable works, whether or not patentable or registrable, which Executive originates or develops, either alone or jointly with others, while Executive is employed by the Company and which are: (a) related to any business known to Executive to be engaged in or contemplated by the Company; (b) originated or developed during Executive’s working hours; or (c) originated or developed in whole or in part using materials, labor, facilities or equipment furnished by the Company.

8.3Disclosure. While employed by the Company, Executive will promptly disclose all Business Ideas to the Company.

8.4Execution of Documentation. Executive, at any time during or after his employment by the Company, will promptly execute all documents which the Company may reasonably require to perfect its patent, copyright and other rights to such Business Ideas throughout the world.

ARTICLE IX

NON-SOLICITATION OF EMPLOYEES

During Executive’s employment by the Company and for twelve (12) months thereafter, Executive shall not, directly or indirectly, encourage any Company employee to terminate his/her employment with the Company or solicit such an individual for employment outside the Company in any manner which would end or diminish that employee’s services to the Company; provided, however, that this Article IX shall not prohibit use of general classified advertising to solicit for employment positions. 9

ARTICLE X

Executive Disclosures and Acknowledgments

10.1Confidential Information of Others. Executive warrants and represents to the Company that he is not subject to any employment, consulting or services agreement, or any restrictive covenants or agreements of any type, which would conflict with, or prohibit Executive from fully carrying out, his duties as described under the terms of this Agreement. Further, Executive warrants and represents to the Company that he has not and will not retain or use, for the benefit of the Company, any confidential information, records, trade secrets, or other property of a former employer.

10.2Scope of Restrictions. Executive acknowledges that during the course of his employment with the Company, he will gain knowledge of Confidential Information and Trade Secrets of the Company. Executive acknowledges that the Confidential Information and Trade Secrets of the Company are necessarily shared with Executive on a routine basis in the course of performing his job duties and that the Company has a legitimate protectable interest in such Confidential Information and Trade Secrets and in the goodwill and business prospects associated therewith. Accordingly, Executive acknowledges that the scope of the restrictions contained in this Agreement are appropriate, necessary and reasonable for the protection of the Company’s business, goodwill and property rights, and that the restrictions imposed will not prevent him from earning a living in the event of, and after, the end, for whatever reason, of his employment with the Company.

10.3Prospective Employers. Executive agrees, during the term of any restriction contained in Articles IV, V, VI, VII, VIII, IX and X of this Agreement, to disclose this Agreement to any entity which offers employment to Executive. Executive further agrees that the Company may send a copy of this Agreement to, or otherwise make the provisions hereof known to, any of Executive’s potential or future employers.

10.4Third Party Beneficiaries. Any Company affiliates are third party beneficiaries with respect to Executive’s performance of his duties under this Agreement and the undertakings and covenants contained in this Agreement, and the Company and any of its affiliates enjoying the benefits thereof, may enforce this Agreement directly against Executive. The terms Trade Secret and Confidential Information shall include materials and information of the Company’s affiliates to which Executive has access.

10.5Survival. The covenants set forth in Articles III, IV, V, VI, VII, VIII, IX, X, XI, XII and XIII of this Agreement shall survive the termination of Executive’s employment hereunder.

ARTICLE XI

RETURN OF RECORDS

Upon the end, for whatever reason, of his employment with the Company, or upon request by the Company at any time, Executive shall immediately return to the Company all documents, records and materials belonging and/or relating to the Company (except Executive’s own personnel and wage and benefit materials relating solely to Executive), and all copies of all such materials. Upon the end, for whatever reason, of Executive’s employment with the Company, or upon request of the Company at any time, Executive further agrees to destroy such records maintained by him on 10

his own computer equipment. Upon mutual agreement between Executive and the Company, Executive may retain documents, records and materials belonging and/or relating to the Company following the end, for whatever reason, of Executive’s employment with the Company.

ARTICLE XII

INDEMNITY

12.1Indemnification By Company. To the extent permitted by applicable law, the Company shall indemnify Executive if Executive is, or is threatened to be, made a party to an action, suit or proceeding (other than by the Company) by reason of the fact that Executive is or was a director or officer of the Company, unless liability was incurred because Executive breached or failed to perform a duty that Executive owes to the Company and such breach or failure constitutes: (a) a willful failure to deal fairly with the Company or its shareholders in connection with a matter in which Executive has a material conflict of interest; (b) a violation of the criminal law, unless Executive had reasonable cause to believe that his conduct was lawful and Executive had no reasonable cause to believe such conduct was unlawful; (c) a transaction from which Executive derived an improper personal profit; or (d) willful misconduct.

12.2Indemnification By Executive. Executive agrees to indemnify and hold harmless the Company against any and all losses, claims, damages, liabilities, costs, expenses (including reasonable attorneys’ fees and costs), judgments and settlements of amounts paid in connection with any threatened, pending or completed action, suit, claim, proceeding or investigation arising out of or pertaining to: (a) unlawful intentional acts committed by Executive in the conduct of the Company’s business; (b) any willful gross negligence committed by Executive other than in the conduct of the Company’s business; and (c) any tax deductions Executive may claim for expenses incurred or claim to have been incurred in connection with Executive’s duties hereunder.

12.3Insurance. Notwithstanding the foregoing, the indemnification provided for in this Article XII shall only apply to any costs or expenses incurred by indemnitees which are not covered by applicable liability insurance. If this Article XII is interpreted to reduce insurance coverage to which an indemnitee would otherwise be entitled in the absence of this provision, this provision shall be deemed inoperative and not part of this Agreement. This Article XII shall survive the termination of this Agreement.

ARTICLE XIII

MISCELLANEOUS

13.1Notice. All notices required or permitted under this Agreement shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified; (b) when sent by facsimile or electronic transmission (e-mail) if sent during normal business hours of the recipient and confirmed by facsimile or electronic confirmation receipt; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, and such notices are addressed as follows or to such other address as the addressed Party may have substituted by notice pursuant to this Section 13.1: 11

To the Company:Research Solutions, Inc.

President and CEO

10624 S. Eastern Avenue, Ste. A-614

Henderson, NV 89052

Email: rolivier@reprintsdesk.com

To Executive:William A. Nurthen

5845 N Bay Ridge Ave Whitefish Bay, WI 53217

Email: bnurthen@yahoo.com

13.2Entire Agreement; Amendment; Waiver. This Agreement sets forth the entire understanding of the Parties hereto with respect to the subject matter contemplated hereby. Any and all previous agreements and understandings between or among the Parties regarding the subject matter hereof, whether written or oral, are superseded by this Agreement; provided, however, that the COC Agreement shall survive and remain in full force and effect; and provided further that if Executive enters into a Proprietary Information and Inventions Assignment Agreement (“PIIA”) with the Company, the provisions of this Agreement shall govern with respect to any conflict, and further that any dispute resolution provisions set forth in such PIIA shall not apply to matters arising under or pertaining to this Agreement. **** This Agreement shall not be amended or modified except by a written instrument duly executed by each of the Parties hereto. Any extension or waiver by any Party of any provision hereto shall be valid only if set forth in an instrument in writing signed on behalf of such Party. For purposes of the foregoing two (2) sentences, the Parties acknowledge and agree that any such written instrument to be signed by the Company shall require the signature of a representative of the Company duly authorized by the Board to bind the Company to the terms of such written instrument.

13.3Headings. The headings of sections and paragraphs of this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any of its provisions.

13.4Assignability. This Agreement is personal to Executive, and Executive may not assign or delegate any of Executive’s rights or obligations hereunder without first obtaining the written consent of the Board. The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by an assumption agreement in form and substance satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. If such succession or assignment does not take place, and if this Agreement is not otherwise binding on Executive’s successors or assigns by operation of law, Executive is entitled to compensation from the Company in the same amount and on the same terms as provided for in this Agreement. This Agreement shall be binding on and inure to the benefit of each Party and such Party’s respective heirs, legal representatives, successors and assigns.

13.5Section 409A. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Internal Revenue Code of 12

1986, as amended, and the regulations thereunder (the “Code”); provided, however, the Company does not guarantee any particular tax effect for income provided to the Executive pursuant to this Agreement. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the Executive’s separation from service, or (ii) the Employee’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum

extent reasonably possible, maintain the original intent and economic benefit contemplated for Executive herein without violating the provisions of Code Section 409A.

13.6Limitation on Payments. In the event that it is determined that any payment or distribution for Executive’s benefit associated with a Change of Control is made by the Company, by any of its affiliates, by any person who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of Section 280G of the Code) or by any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Total Payments”), would not be deductible under Code Section 280G then such payments or distributions or benefits shall be payable as to such lesser amount (but while maximizing the present value of the payments and benefits to be provided to Executive or retained by Executive). Unless Executive and the Company agree otherwise in writing, any determination required under this Section 13.6 shall be made in writing by a qualified independent accountant selected by the Company (the “Accountant”) whose determination shall be conclusive and binding. Executive and the Company shall furnish the Accountant such documentation and documents as the Accountant may reasonably request in order to make a determination. The Company will pay all fees, expenses and other costs associated with retaining the Accountant for the purposes of this Section 13.6.

Notwithstanding the foregoing, however, and solely in the event that no stock of the Corporation was readily tradeable on an established securities market, or otherwise, immediately before a Change of Control, at Executive’s election and provided Executive cooperates and timely executes any requisite documentation including required waivers of compensation, the Company agrees (if permitted under applicable law) to submit the Total Payments to a vote of its stockholders in accordance with Section 280G of the Code and the Treasury regulations and related guidance promulgated thereunder such that, if approved, none of the Total Payments shall be deemed to be parachute payments as defined under the Code.

If Executive submits his payments and benefits to a stockholder vote under Section 280G of the Code and the requisite approval is not obtained or there is otherwise a reduction of Total Payments in accordance with this Section 13.6, then the reduction of Total Payments will occur in the manner Executive elects in writing prior to the date of payment; provided, however, that if no such election is made or can be made by Executive prior to the date of payment, then the reduction will occur in 13

the following order: (i) cancellation of acceleration of vesting of any equity compensation awards for which the exercise price (if any) exceeds the then-fair market value of the underlying equity compensation award; (ii) reduction of cash payments (with such reduction being applied to the payments in the reverse order in which they would otherwise be made (that is, later payments will be reduced before earlier payments)); and (iii) cancellation of acceleration of vesting of equity compensation awards not covered under (i) above; provided, however, that in the event that acceleration of vesting of equity compensation awards is to be cancelled, such acceleration of vesting will be cancelled in the reverse order of the date of grant of such equity compensation awards (that is, later equity compensation awards will be canceled before earlier equity compensation awards). “Equity compensation awards” means (i) all shares of stock; (ii) all options and other rights to purchase shares of stock; (iii) all stock units, performance units or phantom shares whose value is measured by the value of shares of stock; and (iv) all stock appreciation rights whose value is measured by increases in the value of shares of stock.

13.7Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise.

13.8Injunctive Relief. The Parties agree that damages will be an inadequate remedy for breaches of this Agreement and in addition to damages and any other available relief, a court shall be empowered to grant injunctive relief (without the necessity of posting bond or other security).

13.9Waiver of Breach. The waiver by either Party of the breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by either Party.

13.10Severability. **** The obligations imposed by, and the provisions of, this Agreement are severable and should be construed independently of each other. The invalidity of one provision shall not affect the validity of any other provision.

13.11Consideration. Execution of this Agreement is a condition of Executive’s employment with the Company and Executive’s employment and other benefits provided for herein by the Company constitutes the consideration for Executive’s undertakings hereunder.

13.12Governing Law. This Agreement shall in all respects be construed according to the laws of Wisconsin, without regard to its conflict of laws principles.

13.13Authority to Bind the Company. The Company represents and warrants that the undersigned representative of the Company has the authority of the Board to bind the Company to the terms of this Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first written above.

EXECUTIVE:

______________________________________

William Nurthen

Research Solutions, Inc.

By:

Roy W. Olivier

President and Chief Executive Officer 15

Submission Proof - 21-4610-1

Exhibit 31.1

RULE 13a-14(a) CERTIFICATION

I, Roy W. Olivier, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Research Solutions, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---


Date: November 12, 2021		/s/ Roy W. Olivier
		Roy W. Olivier
		Chief Executive Officer and President<br><br>(Principal Executive Officer)

Submission Proof - 21-4610-1

Exhibit 31.2

RULE 13a-14(a) CERTIFICATION

I, William Nurthen, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Research Solutions, Inc.;

a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---


Date: November 12, 2021		/s/ William Nurthen
		William Nurthen
		Chief Financial Officer (Principal Financial and
		Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Research Solutions, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roy W. Olivier, Interim Chief Executive Officer and President, and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Roy W. Olivier
Roy W. Olivier
Chief Executive Officer and President<br><br>(Principal Executive Officer)
November 12, 2021

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Research Solutions, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William Nurthen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ William Nurthen
William Nurthen
Chief Financial Officer (Principal Financial and Accounting Officer)
November 12, 2021