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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: March 31, 2022

          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 applicable1

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 May 10, 2022

Common Stock, $0.001 par value

 

27,064,215

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

30

Item 4. Controls and Procedures

31

 

 

PART II — OTHER INFORMATION

32

Item 1A. Risk Factors

32

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

32

Item 6. Exhibits

33

 

 

SIGNATURES

34

2

Table of Contents

PART 1 — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

    

March 31, 

    

    

2022

    

June 30, 

(unaudited)

2021

Assets

  

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

10,640,521

$

11,004,337

Accounts receivable, net of allowance of $80,655 and $51,495, respectively

 

5,622,368

 

4,717,453

Prepaid expenses and other current assets

 

338,236

 

270,252

Prepaid royalties

 

959,208

 

904,921

Total current assets

 

17,560,333

 

16,896,963

 

  

 

  

Other assets:

 

  

 

  

Property and equipment, net of accumulated depreciation of $836,339 and $824,123, respectively

 

43,671

 

20,755

Deposits and other assets

 

905

 

906

Total assets

$

17,604,909

$

16,918,624

 

  

 

  

Liabilities and Stockholders’ Equity

 

  

 

  

Current liabilities:

 

 

Accounts payable and accrued expenses

$

7,084,276

$

6,687,188

Deferred revenue

 

5,342,828

 

4,804,351

Total current liabilities

 

12,427,104

 

11,491,539

 

  

 

  

Commitments and contingencies

 

  

 

  

 

  

 

  

Stockholders’ equity:

 

  

 

  

Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding

 

 

Common stock; $0.001 par value; 100,000,000 shares authorized; 27,000,844 and 26,498,215 shares issued and outstanding, respectively

 

27,001

 

26,498

Additional paid-in capital

 

27,927,567

 

26,982,052

Accumulated deficit

 

(22,656,005)

 

(21,461,888)

Accumulated other comprehensive loss

 

(120,758)

 

(119,577)

Total stockholders’ equity

 

5,177,805

 

5,427,085

Total liabilities and stockholders’ equity

$

17,604,909

$

16,918,624

See notes to condensed consolidated financial statements

3

Table of Contents

Research Solutions, Inc. and Subsidiaries

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

(Unaudited)

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

    

2022

    

2021

Revenue:

 

  

 

  

  

 

  

Platforms

$

1,786,224

$

1,344,183

$

4,900,927

$

3,706,406

Transactions

 

6,971,128

 

6,996,349

 

19,471,216

 

19,832,286

Total revenue

 

8,757,352

 

8,340,532

 

24,372,143

 

23,538,692

 

  

 

  

 

  

 

  

Cost of revenue:

 

  

 

  

 

  

 

  

Platforms

 

219,051

 

233,696

 

696,375

 

654,651

Transactions

 

5,299,804

 

5,404,196

 

14,939,236

 

15,340,243

Total cost of revenue

 

5,518,855

 

5,637,892

 

15,635,611

 

15,994,894

Gross profit

 

3,238,497

 

2,702,640

 

8,736,532

 

7,543,798

 

  

 

  

 

  

 

  

Operating expenses:

 

  

 

  

 

  

 

  

Selling, general and administrative

 

3,573,454

 

2,650,504

 

9,912,690

 

7,728,990

Depreciation and amortization

 

4,988

 

2,066

 

12,144

 

8,828

Total operating expenses

 

3,578,442

 

2,652,570

 

9,924,834

 

7,737,818

Income (loss) from operations

 

(339,945)

 

50,070

 

(1,188,302)

 

(194,020)

 

  

 

  

 

  

 

  

Other income

 

237

 

250

 

777

 

884

 

  

 

  

 

  

 

  

Income (loss) from operations before provision for income taxes

 

(339,708)

 

50,320

 

(1,187,525)

 

(193,136)

Provision for income taxes

 

(822)

 

(572)

 

(6,592)

 

(3,077)

 

  

 

  

 

  

 

  

Net income (loss)

(340,530)

 

49,748

 

(1,194,117)

 

(196,213)

 

  

 

  

 

  

 

  

Other comprehensive income (loss):

 

 

 

 

Foreign currency translation

 

1,609

 

(3,333)

 

(1,181)

 

3,348

Comprehensive income (loss)

$

(338,921)

$

46,415

$

(1,195,298)

$

(192,865)

Basic income (loss) per common share:

Net income (loss) per share

$

(0.01)

$

$

(0.05)

$

(0.01)

Weighted average common shares outstanding

26,512,195

26,027,665

26,392,949

25,966,072

 

  

 

  

 

  

 

  

Diluted income (loss) per common share:

Net income (loss) per share

$

(0.01)

$

$

(0.05)

$

(0.01)

Weighted average common shares outstanding

26,512,195

26,565,892

26,392,949

25,966,072

See notes to condensed consolidated financial statements

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Table of Contents

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Nine Months Ended March 31, 2022

(Unaudited)

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Equity

Balance, December 31, 2021

 

26,817,056

$

26,817

$

27,475,741

$

(22,315,475)

$

(122,367)

$

5,064,716

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested stock options

 

 

 

296,782

 

 

 

296,782

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested restricted common stock

 

42,214

 

42

 

102,410

 

 

 

102,452

 

  

 

  

 

  

 

  

 

  

 

  

Repurchase of common stock

(6,086)

 

(6)

 

(14,235)

 

 

 

(14,241)

Common stock issued upon exercise of stock options

147,660

 

148

66,869

 

 

 

67,017

 

 

 

 

 

  

Net loss for the period

 

 

 

 

(340,530)

 

 

(340,530)

 

  

 

  

 

  

 

  

 

  

 

  

Foreign currency translation

 

 

 

 

 

1,609

 

1,609

Balance, March 31, 2022

 

27,000,844

 

$

27,001

 

$

27,927,567

 

$

(22,656,005)

 

$

(120,758)

 

$

5,177,805

 

  

 

  

 

  

 

  

 

  

 

  

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

 

 

 

424,450

 

 

 

424,450

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested restricted common stock

 

293,211

 

293

 

446,140

 

 

 

446,433

 

  

 

  

 

  

 

  

 

  

 

  

Repurchase of common stock

 

(33,402)

 

(34)

 

(82,019)

 

 

 

(82,053)

Common stock issued upon exercise of stock options

 

192,820

 

194

97,494

 

 

 

97,688

 

 

 

 

 

 

  

Common stock issued upon exercise of warrants

 

50,000

 

50

59,450

 

 

 

59,500

 

 

 

 

 

 

  

Net loss for the period

 

 

 

 

(1,194,117)

 

 

(1,194,117)

 

  

 

  

 

  

 

  

 

  

 

  

Foreign currency translation

 

 

 

 

 

(1,181)

 

(1,181)

Balance, March 31, 2022

 

27,000,844

$

27,001

$

27,927,567

$

(22,656,005)

$

(120,758)

$

5,177,805

See notes to condensed consolidated financial statements

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Table of Contents

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Nine Months Ended March 31, 2021

(Unaudited)

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Equity

Balance, December 31, 2020

 

26,266,008

 

$

26,266

 

$

26,709,401

 

$

(21,422,760)

 

$

(118,357)

 

$

5,194,550

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested stock options

 

 

 

85,151

 

 

 

85,151

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested restricted common stock

 

20,079

 

20

 

94,174

 

 

 

94,194

 

  

 

  

 

  

 

  

 

  

 

  

Repurchase of common stock

(10,750)

(11)

(23,101)

(23,112)

 

 

  

Repurchase of stock options and warrants

(308,313)

(308,313)

  

 

  

 

  

 

  

 

  

Common stock issued upon exercise of stock options

76,671

77

74,673

74,750

  

  

  

  

  

Net income for the period

 

 

 

 

49,748

 

 

49,748

 

  

 

  

 

  

 

  

 

  

 

  

Foreign currency translation

 

 

 

 

 

(3,333)

 

(3,333)

 

  

 

  

 

  

 

  

 

  

 

  

Balance, March 31, 2021

 

26,352,008

 

$

26,352

 

$

26,631,985

 

$

(21,373,012)

 

$

(121,690)

 

$

5,163,635

 

  

 

  

 

  

 

  

 

  

 

  

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

 

 

 

504,936

 

 

 

504,936

 

  

 

  

 

  

 

  

 

  

 

  

Fair value of vested restricted common stock

 

163,553

 

163

 

280,985

 

 

 

281,148

 

  

 

  

 

  

 

  

 

  

 

  

Repurchase of common stock

 

(67,417)

 

(67)

 

(150,319)

 

 

 

(150,386)

 

 

  

Repurchase of stock options and warrants

(308,313)

(308,313)

  

 

  

 

  

 

  

 

  

Common stock issued upon exercise of stock options

 

158,609

 

159

 

88,691

 

 

 

88,850

 

 

 

 

Common stock issued upon exercise of warrants

65,000

65

81,186

81,251

 

 

  

Net loss for the period

 

 

 

 

(196,213)

 

 

(196,213)

 

  

 

  

 

  

 

  

 

  

 

  

Foreign currency translation

 

 

 

 

 

3,348

 

3,348

Balance, March 31, 2021

 

26,352,008

$

26,352

$

26,631,985

$

(21,373,012)

$

(121,690)

$

5,163,635

See notes to condensed consolidated financial statements

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Table of Contents

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Nine Months Ended

March 31, 

    

2022

    

2021

Cash flow from operating activities:

 

  

 

  

Net loss

$

(1,194,117)

$

(196,213)

Adjustment to reconcile net loss to net cash provided by (used in) operating activities:

 

  

 

  

Depreciation and amortization

 

12,144

 

8,828

Amortization of lease right

 

 

72,331

Fair value of vested stock options

 

424,450

 

504,936

Fair value of vested restricted common stock

 

446,433

 

281,148

Changes in operating assets and liabilities:

 

  

 

  

Accounts receivable

 

(904,915)

 

(563,829)

Prepaid expenses and other current assets

 

(67,984)

 

(75,473)

Prepaid royalties

 

(54,287)

 

(23,146)

Deposits and other assets

 

 

5,360

Accounts payable and accrued expenses

 

397,088

 

1,208,474

Deferred revenue

 

538,477

 

1,076,966

Lease liability

 

 

(79,326)

Net cash provided by (used in) operating activities

 

(402,711)

 

2,220,056

 

  

 

  

Cash flow from investing activities:

 

  

 

  

Purchase of property and equipment

 

(34,251)

 

(11,853)

Net cash used in investing activities

 

(34,251)

 

(11,853)

 

  

 

  

Cash flow from financing activities:

 

Proceeds from the exercise of stock options

97,688

88,850

Proceeds from the exercise of warrants

59,500

81,251

Common stock repurchase

(82,053)

(150,386)

Repurchase of stock options and warrants

(308,313)

Net cash provided by (used in) financing activities

 

75,135

 

(288,598)

 

  

 

  

Effect of exchange rate changes

 

(1,989)

 

2,401

Net increase (decrease) in cash and cash equivalents

 

(363,816)

 

1,922,006

Cash and cash equivalents, beginning of period

 

11,004,337

 

9,311,556

Cash and cash equivalents, end of period

$

10,640,521

$

11,233,562

 

  

 

  

Supplemental disclosures of cash flow information:

 

  

 

  

Cash paid for income taxes

$

6,592

$

3,077

See notes to condensed consolidated financial statements

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Table of Contents

RESEARCH SOLUTIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended March 31, 2022 and 2021 (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.

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

8

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 and British Pounds with an aggregate US Dollar equivalent of $963,825 and $138,488 at March 31, 2022 and June 30, 2021, respectively, was held by Reprints Desk in accounts at financial institutions located in Europe.

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The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2022 and 2021.

The following table summarizes accounts receivable concentrations:

As of

 

March 31, 

June 30, 

 

2022

  

  

2021

Customer A

*

14

%

* Less than 10%

The following table summarizes vendor concentrations:

Three Months Ended

 

Nine Months Ended

 

March 31, 

 

March 31, 

 

    

2022

  

  

2021

2022

  

  

2021

Vendor A

22

%

22

%

21

%

19

%

Vendor B

14

%

13

%

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”).

Graphic

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.

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Table of Contents

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.

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

 

March 31, 

 

2022

 

2021

United States

$

5,027,965

    

57.4

%  

$

4,600,913

55.2

%

Europe

 

3,159,984

 

36.1

%  

 

3,134,387

 

37.6

%

Rest of World

 

569,403

 

6.5

%  

 

605,232

 

7.3

%

Total

$

8,757,352

 

100

%  

$

8,340,532

 

100

%

Nine Months Ended

March 31, 

2022

 

2021

United States

$

14,222,605

    

58.4

%  

$

13,100,900

55.7

%

Europe

 

8,488,722

 

34.8

%  

 

8,666,032

 

36.8

%

Rest of World

 

1,660,816

 

6.8

%