10-Q

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, 2025

☐          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 2, 2025
Common Stock, $0.001 par value	32,458,727

¹ In November 2019, we became a fully remote company. Accordingly, we do not currently have principal executive offices. Our mailing address is 10624 E. Eastern Ave., Ste. A-614, Henderson, NV 89052.

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	23
Item 3. Quantitative and Qualitative Disclosures About Market Risk	35
Item 4. Controls and Procedures	35
PART II — OTHER INFORMATION	36
Item 1A. Risk Factors	36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 6. Exhibits	38
SIGNATURES	39

2

PART 1 — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,		June 30,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	9,852,007	$	6,100,031
Accounts receivable, net of allowance of $82,026 and $68,579, respectively		7,604,058		6,879,800
Prepaid expenses and other current assets		625,727		643,553
Prepaid royalties		755,299		1,067,237
Total current assets		18,837,091		14,690,621
Non-current assets:
Property and equipment, net of accumulated depreciation of $944,694 and $922,558, respectively		60,051		88,011
Intangible assets, net of accumulated amortization of $2,431,738 and $1,535,310, respectively		9,956,378		10,764,261
Goodwill		16,372,979		16,315,888
Deposits and other assets		881		981
Total assets	$	45,227,380	$	41,859,762
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	8,529,572	$	8,843,612
Deferred revenue		10,355,768		9,023,848
Contingent earnout liability, current portion		6,019,488		—
Total current liabilities		24,904,828		17,867,460
Non-current liabilities:
Contingent earnout liability, long-term portion		9,091,422		12,298,114
Total liabilities		33,996,250		30,165,574
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; 32,405,120 and 32,295,373 shares issued and outstanding, respectively		32,405		32,295
Additional paid-in capital		38,728,405		38,089,958
Accumulated deficit		(27,404,006)		(26,309,246)
Accumulated other comprehensive loss		(125,674)		(118,819)
Total stockholders’ equity		11,231,130		11,694,188
Total liabilities and stockholders’ equity	$	45,227,380	$	41,859,762

See notes to condensed consolidated financial statements

3

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Revenue:
Platforms	$	4,839,929	$	3,953,403	$	13,770,831	$	9,679,179
Transactions		7,821,434		8,162,269		22,849,233		22,811,206
Total revenue		12,661,363		12,115,672		36,620,064		32,490,385
Cost of revenue:
Platforms		610,306		571,352		1,777,315		1,440,151
Transactions		5,783,977		6,062,388		16,988,700		17,052,934
Total cost of revenue		6,394,283		6,633,740		18,766,015		18,493,085
Gross profit		6,267,080		5,481,932		17,854,049		13,997,300
Operating expenses:
Selling, general and administrative		5,398,145		5,084,371		15,627,248		14,903,319
Depreciation and amortization		312,013		309,898		930,341		525,267
Total operating expenses		5,710,158		5,394,269		16,557,589		15,428,586
Income (loss) from operations		556,922		87,663		1,296,460		(1,431,286)
Other income		78,868		31,228		496,392		279,678
Change in fair value of contingent earnout liability		(405,910)		—		(2,812,796)		268,287
Income (loss) before provision for income taxes		229,880		118,891		(1,019,944)		(883,321)
Provision for income taxes		(13,410)		(42,590)		(74,816)		(82,049)
Net income (loss)		216,470		76,301		(1,094,760)		(965,370)
Other comprehensive income (loss):
Foreign currency translation		(3,324)		858		(6,855)		6,261
Comprehensive income (loss)	$	213,146	$	77,159	$	(1,101,615)	$	(959,109)
Basic income (loss) per common share:
Net income (loss) per share	$	0.01	$	-	$	(0.04)	$	(0.03)
Weighted average common shares outstanding		31,033,022		30,020,652		30,597,410		28,377,199
Diluted income (loss) per common share:
Net income (loss) per share	$	0.01	$	-	$	(0.04)	$	(0.03)
Weighted average common shares outstanding		32,139,935		33,511,242		30,597,410		28,377,199

See notes to condensed consolidated financial statements

4

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Nine Months Ended March 31, 2025

(Unaudited)

				Additional				Accumulated Other		Total
	Common Stock			Paid-in		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Capital		Deficit		Loss		Equity
Balance, December 31, 2024	32,640,407	$	32,640	$	38,836,646	$	(27,620,476)	$	(122,350)	$	11,126,460
Stock options expense	—		—		58,706		—		—		58,706
Restricted common stock expense	—		—		535,933		—		—		535,933
Repurchase of common stock	(246,707)		(246)		(702,869)		—		—		(703,115)
Common stock issued upon exercise of stock options	11,420		11		(11)		—		—		—
Net income for the period	—		—		—		216,470		—		216,470
Foreign currency translation	—		—		—		—		(3,324)		(3,324)
Balance, March 31, 2025	32,405,120	$	32,405	$	38,728,405	$	(27,404,006)	$	(125,674)	$	11,231,130
Balance, July 1, 2024	32,295,373	$	32,295	$	38,089,958	$	(26,309,246)	$	(118,819)	$	11,694,188
Stock options expense	—		—		146,751		—		—		146,751
Restricted common stock expense	—		—		1,400,199		—		—		1,400,199
Grant of restricted common stock	590,000		590		(590)		—		—		—
Forfeited restricted common stock	(228,584)		(229)		229		—		—		—
Repurchase of common stock	(300,596)		(300)		(908,093)		—		—		(908,393)
Common stock issued upon exercise of stock options	48,927		49		(49)		—		—		—
Net loss for the period	—		—		—		(1,094,760)		—		(1,094,760)
Foreign currency translation	—		—		—		—		(6,855)		(6,855)
Balance, March 31, 2025	32,405,120	$	32,405	$	38,728,405	$	(27,404,006)	$	(125,674)	$	11,231,130

See notes to condensed consolidated financial statements

5

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Nine Months Ended March 31, 2024

(Unaudited)

				Additional				Accumulated Other		Total
	Common Stock			Paid-in		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Capital		Deficit		Loss		Equity
Balance, December 31, 2023	32,619,598	$	32,620	$	37,607,895	$	(23,564,320)	$	(112,821)	$	13,963,374
Stock options expense	—		—		42,788		—		—		42,788
Restricted common stock expense	—		—		498,214		—		—		498,214
Forfeited restricted common stock	(200,000)		(200)		200		—		—		—
Repurchase of common stock	(159,044)		(159)		(453,117)		—		—		(453,276)
Common stock issued upon exercise of stock options	20,870		20		(20)		—		—		—
Net loss for the period	—		—		—		76,301		—		76,301
Foreign currency translation	—		—		—		—		858		858
Balance, March 31, 2024	32,281,424	$	32,281	$	37,695,960	$	(23,488,019)	$	(111,963)	$	14,128,259
Balance, July 1, 2023	29,487,508	$	29,487	$	29,941,873	$	(22,522,649)	$	(118,224)	$	7,330,487
Stock options expense	—		—		104,502		—		—		104,502
Restricted common stock expense	—		—		1,603,820		—		—		1,603,820
Grant of restricted common stock	380,000		380		(380)		—		—		—
Forfeited restricted common stock	(200,000)		(200)		200		—		—		—
Repurchase of common stock	(186,148)		(186)		(521,838)		—		—		(522,024)
Common stock issued upon exercise of stock options	71,050		71		(71)		—		—		—
Common stock issued for acquisition of Scite	2,729,014		2,729		6,546,905		—		—		6,549,634
Modification cost of accelerated vesting of restricted common stock	—		—		20,949		—		—		20,949
Net loss for the period	—		—		—		(965,370)		—		(965,370)
Foreign currency translation	—		—		—		—		6,261		6,261
Balance, March 31, 2024	32,281,424	$	32,281	$	37,695,960	$	(23,488,019)	$	(111,963)	$	14,128,259

See notes to condensed consolidated financial statements

6

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	March 31,
	2025		2024
Cash flow from operating activities:
Net loss	$	(1,094,760)	$	(965,370)
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		930,341		525,267
Stock options expense		146,751		104,502
Restricted common stock expense		1,400,199		1,603,820
Modification cost of accelerated vesting of restricted common stock		—		20,949
Adjustment to contingent earnout liability		2,812,796		(268,287)
Changes in operating assets and liabilities:
Accounts receivable		(754,258)		(739,883)
Prepaid expenses and other current assets		17,826		(156,026)
Prepaid royalties		311,938		197,888
Accounts payable and accrued expenses		(338,502)		498,584
Deferred revenue		1,331,920		768,347
Net cash provided by operating activities		4,764,251		1,589,791
Cash flow from investing activities:
Purchase of property and equipment		(11,571)		(57,761)
Payment for acquisition of Resolute, net of cash acquired		—		(2,718,253)
Payment for acquisition of Scite, net of cash acquired		—		(7,305,493)
Net cash used in investing activities		(11,571)		(10,081,507)
Cash flow from financing activities:
Common stock repurchase		(908,393)		(522,024)
Payment of contingent acquisition consideration		(91,174)		(314,960)
Net cash used in financing activities		(999,567)		(836,984)
Effect of exchange rate changes		(1,137)		4,791
Net increase (decrease) in cash and cash equivalents		3,751,976		(9,323,909)
Cash and cash equivalents, beginning of period		6,100,031		13,545,333
Cash and cash equivalents, end of period	$	9,852,007	$	4,221,424
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	74,816	$	82,049
Non-cash investing and financing activities:
Contingent consideration accrual on asset acquisition	$	29,394	$	36,130

See notes to condensed consolidated financial statements

7

RESEARCH SOLUTIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended March 31, 2025 and 2024 (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 five wholly owned subsidiaries: Reprints Desk, Inc., (“Reprints Desk”) a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.

Nature of Business

We are a vertical software-as-a-service (“SaaS”) and artificial intelligence (“AI”) company providing software and related services to help research-intensive organizations simplify the research process, save time and money. We offer various software platforms (“Platform” or “Platforms”) that are typically sold to corporate, academic, government and individual researchers as cloud-based SaaS via auto-renewing license agreements. Corporate, academic, and government customers typically sign up under annual or multi-year agreements paid annually in advance. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly. Our Platforms also facilitate the sale of published scientific, technical, and medical (“STM”) content sold as individual articles (“Transactions”) either stand alone or via one or more of the research Platform solutions we provide. When one or more of the Platform solutions are used to purchase Transactions, customers pay for those transactions through monthly billing or via credit card for individual researchers. In addition, our Platforms facilitate rights and permissions for customers to re-use content, ensuring copyright compliance for research, regulatory and marketing use cases as well as the utilization of content with AI applications and for the training of AI models. Our Platforms enable life science and other research-intensive organizations to simplify their research and development activities through our advanced search (i.e. Discovery Tools), tools to access and buy STM articles required to support their research (i.e. Access), as well as tools that manage that content across the enterprise and on an individual basis (i.e. Manage). The Platforms also include advanced AI (“Generative AI”) based assistants to help researchers understand the quality of the articles they are reviewing, speed up the review process, and to more fully understand how various research papers relate to each other.  In addition to STM content, the Platforms provide additional context to the research process by including the ability to search and assimilate a variety of other types of data such as Patent, Clinical Trial, Regulatory and Competitive Intelligence data. They also typically deliver a return on investment to the customer by reducing the amount of time it takes a research organization to find, acquire and manage content, in addition to also driving down the ultimate cost per article and overall research costs over time.

Platforms

Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas.

Discovery Tools – Our Scite.ai and Resolute.ai solutions facilitate search (discovery) across virtually all STM articles available. These solutions include basic search solutions and advanced search tools. These tools allow for searching and identifying relevant research and then purchasing that research through one of our other solutions. In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights, in addition to searching the customer’s internal datasets. Scite.ai includes full text search capability on most of the world’s STM content providing better search results and citation information as supporting or contrasting evidence. This powers our AI assistant and literature search engine and gives researchers better insights into any topic. The advanced search solutions are sold through a seat, enterprise, or individual license. These Platforms are deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms through online web interfaces and via web service APIs that enable

8

customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms’ efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

Access – Our Article Galaxy® (“AG”) and Article Galaxy Scholar (Academic Library version) (“AGS”) solutions allow for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing content library of articles) and AG/AGS manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost. When used in conjunction with our Discovery Tools Platforms, customers can initiate orders, route orders based on the lowest cost to acquire, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. In addition, Article Galaxy facilitates rights and permissions for various re-use cases, including the utilization in AI applications and training of AI applications, ensuring copyright compliance for our customers.

Manage – Our References solution offers a comprehensive reference management solution with built-in document delivery capabilities specifically designed to meet the collaboration and security needs of research- intensive organizations.  This user-friendly Platform enables researchers to seamlessly organize their literature, collaborate with team members, and access a vast collection of scientific content. By integrating organization tools with instant access to millions of scholarly articles, our References solution streamlines the research workflow and enhances productivity for scientific professionals.

AI models are integral to powering the unique insights our platforms provide as well as the user experience customers enjoy. Natural language processing (“NLP”) and AI models are used to enhance metadata, define connections between topics and content items as well as to generate data and metrics employed to enable users to rapidly identify and understand the value of content they need for their research. We also use state of the art AI models, such as Large Language Models to include Generative AI “assistants” in several parts of the research workflow today and will continually add capability as we move forward. Today we employ Generative AI technologies as a basis for our recommendation engine in our Discovery Tools, Access, and Manage Platform solutions. In addition, Generative AI based “assistants” in some of our solutions allow the researcher to ask questions about articles, groups of articles (folders), and more. We also have the capability to provide near full text search on STM content in the Scite.ai solution where the publisher gives us the rights to do so. The ability to not only mine an article’s full text but also show snippets of full text is unique to our Company and allows our Generative AI assistants to provide highly accurate results with a very low incidence of hallucinations as part of a Retrieval Augmented Generation framework focused just on STM content. We plan to release several new Platform solutions to enhance the research workflows described above and add new solutions to support the analysis functions that exist in our typical customer base.

Our Platforms are generally deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms 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. Our Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage.

Transactions

We provide our researchers with a single source to the universe of published STM content that includes over 200 million existing STM journal articles for instant download, 50 million journal articles for rent, 10 million online book chapters, and 45 million only in print journal articles.  In addition, we add between 2 to 4 million newly published STM articles each year. STM content is rented or sold to our customers on a per 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 and while they typically purchase the articles via one of our Platform solutions, we do have some customers that just order articles from us on behalf of end-users in their organizations.

Core to many of our Platform solutions is providing our customers with ways 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

9

source and electronically deliver to them generally in under an hour, in most cases in seconds. 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 and we are expanding these services to include the use of content in AI applications and for the training of AI models. 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 seconds. While a vast majority of the articles are available in electronic form, the Company also has workflows to deliver older paper-based articles through relationships we have built with libraries around the world.

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, 2024 filed with the SEC. The condensed consolidated balance sheet as of June 30, 2024 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 Generally Accepted Accounting Principles (“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, the valuation of goodwill and intangible assets related to the Company’s acquisitions, accruals for contingent earnout 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.

10

Cash denominated in Euros, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725 and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held by Reprints Desk in accounts at financial institutions.

The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2025 and 2024.

The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2025 and June 30, 2024.

The following table summarizes vendor concentrations for content cost:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Vendor A	29	%	27	%	27	%	26	%
Vendor B	10	%	10	%	10	%	10	%

Software Costs

Based on its nature, the Company’s software development costs are expensed as incurred. The finalization of the Company’s project development process precipitates the rapid commercialization and deployment of new products and enhancements. The Company continuously reviews its projects, processes and the nature of its software development costs to determine if there are changes that would meet the requirements for capitalization under Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software.

Revenue Recognition

The Company accounts for revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Topic 606, 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.

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 or monthly licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform. In the nine months ended March 31, 2025 and 2024, the Company recognized revenue of $5,980,919 and $4,610,262 that was included in the deferred revenue at the beginning of each respective period. This revenue was recorded for the fulfillment of performance obligations related to cloud-based software subscriptions. Deferred revenue and accounts receivable was $6,424,724 and $6,153,063 as of June 30, 2023, respectively.

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;

11

● 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 Platforms. 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,
	2025				2024
United States	$	7,227,043	57.0	%	$	7,289,260	60.2	%
Europe		4,046,925	32.0	%		3,767,945	31.1	%
Rest of World		1,387,395	11.0	%		1,058,467	8.7	%
Total	$	12,661,363	100	%	$	12,115,672	100	%

	Nine Months Ended
	March 31,
	2025				2024
United States	$	21,271,525	58.1	%	$	19,220,592	59.1	%
Europe		11,619,759	31.7	%		10,225,116	31.5	%
Rest of World		3,728,780	10.2	%		3,044,677	9.4	%
Total	$	36,620,064	100	%	$	32,490,385	100	%

Accounts Receivable, Net by Geographical Region

The following table summarizes accounts receivable, net by geographical region:

	As of March 31, 2025				As of June 30, 2024
United States	$	4,292,963	56.5	%	$	4,125,696	60.0	%
Europe		2,605,952	34.3	%		2,082,900	30.2	%
Rest of World		705,143	9.3	%		671,204	9.8	%
Total	$	7,604,058	100	%	$	6,879,800	100	%

12

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting where the purchase consideration is allocated to the tangible and intangible assets acquired, and liabilities assumed, based on their respective fair values as of the acquisition date. The excess of the fair value of the purchase consideration over the estimated fair values of the net assets acquired is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Intangible Assets

Amortizable finite-lived identifiable intangible assets consist of developed technology and customer relationships acquired in the acquisition of ResoluteAI effective July 28, 2023 and Scite effective December 1, 2023 (See Note 5), and are stated at cost less accumulated amortization. The developed technology and customer relationships are being amortized over the estimated average useful lives of 3 to 10 years. The Company follows ASC 360 in accounting for finite-lived intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the periods ended March 31, 2025 and June 30, 2024, the Company determined there were no indicators of impairment of its intangible assets.

Goodwill

Goodwill consists of the excess of the cost of ResoluteAI and Scite (see Note 5) over the fair value of amounts assigned to assets acquired and liabilities assumed. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company operates in a single reporting unit at the consolidated level. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting unit on June 30 of each fiscal year.

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 condensed consolidated balance sheets.

Cost of Revenue

Platforms

Cost of Platform revenue consists primarily of personnel costs of our operations team, and 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.

13

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 requisite service period for awards subject to time vesting conditions and the graded tranche basis for awards subject to market vesting conditions. Forfeitures are accounted for as they occur. The Company recognizes the fair value of stock-based compensation within its condensed consolidated statements of operations and comprehensive income (loss) 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 and ResSoL LA 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 gains of $44,519 and $119,205 for the three and nine months ended March 31, 2025, respectively and losses of $22,177 and $15,059 for the three and nine months ended March 31, 2024, respectively. Cash denominated in Euros, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725, and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held in accounts at financial institutions.

The following table summarizes the exchange rates used:

	Nine Months Ended		Year Ended
	March 31,		June 30,
	2025	2024	2024	2023
Period end Euro: US Dollar exchange rate	1.08	1.08	1.07	1.09
Average period Euro: US Dollar exchange rate	1.07	1.08	1.08	1.05
Period end GBP: US Dollar exchange rate	1.29	1.26	1.26	1.27
Average period GBP: US Dollar exchange rate	1.28	1.26	1.26	1.20
Period end Japanese Yen: US Dollar exchange rate	0.007	0.007	0.006	0.007
Average period Japanese Yen: US Dollar exchange rate	0.007	0.007	0.007	0.007
Period end Mexican Peso: US Dollar exchange rate	0.05	0.06	0.05	0.06
Average period Mexican Peso: US Dollar exchange rate	0.05	0.06	0.06	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

14

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. Basic and diluted net loss per common share is the same for the nine months ended March 31, 2025 and 2024 because all stock options, warrants, and unvested restricted common stock are anti-dilutive.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income (loss) available to common shareholders	$	216,470	$	76,301	$	(1,094,760)	$	(965,370)
Weighted average commons shares - basic		31,033,022		30,020,652		30,597,410		28,377,199
Dilutive effect of outstanding warrants and stock options		1,080,595		938,087		—		—
Dilutive effect of unvested restricted common stock		26,318		2,552,503		—		—
Weighted average commons shares - diluted		32,139,935		33,511,242		30,597,410		28,377,199
Net income (loss) per common share:
Basic	$	0.01	$	0.00	$	(0.04)	$	(0.03)
Diluted	$	0.01	$	0.00	$	(0.04)	$	(0.03)

¹ Weighted average stock options excluded due to anti-dilution were 770,287 and 8,000 during the three months ended March 31, 2025 and 2024, respectively and 2,791,702 and 2,641,492 during the nine months ended March 31, 2025 and 2024, respectively. Shares of unvested restricted stock that were considered antidilutive were 2,139,100 and 2,329,900 during the three months ended March 31, 2025 and 2024, respectively and 2,221,495 and 2,715,191 during the nine months ended March 31, 2025 and 2024, respectively.

Fair Value of Financial Instruments

Under FASB ASC Topic 820, Fair Value Measurements and Disclosures, fair value is defined as the price at which an asset could be exchanged or a liability transferred in a transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or parameters are not available, valuation models are applied. A fair value hierarchy prioritizes the inputs used in measuring fair value into three broad levels as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than the quoted prices in active markets, are observable either directly or indirectly.

Level 3 – Unobservable inputs based on the Company’s assumptions.

The Company is required to use observable market data if such data is available without undue cost and effort.

15

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities at fair value as of March 31, 2025 and June 30, 2024:

	As of March 31, 2025								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Total assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities
Contingent earnout liability	$	—		—	$	15,110,910	$	15,110,910	$	—		—	$	12,298,114	$	12,298,114
Total liabilities	$	—	$	—	$	15,110,910	$	15,110,910	$	—	$	—	$	12,298,114	$	12,298,114

¹ During the three and nine months ended March 31, 2025, a change in fair value of contingent liability of $405,910 and $2,812,796, respectively, were recognized as loss in the accompanying condensed consolidated statements of operations and comprehensive income (loss). During the nine months ended March 31, 2024, a change in fair value of contingent liability of $268,287, was recognized as a gain in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Our contingent earnout liability related to the Scite acquisition, which is further discussed in Note 5 to the condensed consolidated financial statements, is in the “Level 3” category for valuation purposes. The contingent earnout liability fair value is estimated with the assistance of a valuation specialist, using a Monte Carlo simulation of discounted future cash flows based on management’s forecast and a 10% discount rate. Due to the uncertainty of the significant unobservable inputs into the Monte Carlo simulation, actual results may differ under different estimates and assumptions.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments.

Recently Issued Accounting Pronouncements

In November 2023, the FASB amended ASC No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that includes requirements for interim segment disclosures and for entities operating under a single segment. The amendment is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of the adoption of ASU 2023-07 on its interim and annual disclosures.

In December 2023, the FASB amended ASC 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, “Improvements to Income Tax Disclosures”). This ASU requires additional disclosures related to the rate reconciliation, income taxes paid and other amendments intended to enhance effectiveness and comparability. The amendment is effective for the Company beginning with its fiscal year 2026 annual disclosures. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its annual disclosures.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40)” which requires disclosure each reporting period, in the notes to the financial statements, of specified information about certain costs and expenses. The new requirements will be effective for the Company for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its annual disclosures.

16

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

On April 15, 2024, the Company entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender. Pursuant to the PNC Loan Agreement, the Company entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of March 31, 2025 and June 30, 2024, respectively.

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. From November 2019 to November 2021, the Company's stockholders approved increases in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 1,874,513 to 6,874,513. 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 March 31, 2025, there were 416,577 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.

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, 2024	2,788,625	$	1.93	2,529,856	$	1.85	258,769	$	2.73
Granted	260,000		2.79	—		—	260,000		2.79
Options vesting	—		—	129,800		2.73	(129,800)		2.73
Exercised	(128,821)		1.92	(128,821)		1.92	—		—
Forfeited	—		—	—		—	—		—
Outstanding at March 31, 2025	2,919,804	$	2.00	2,530,835	$	1.89	388,969	$	2.77

The weighted average remaining contractual life of all options outstanding as of March 31, 2025 was 4.83 years. The remaining contractual life for options vested and exercisable at March 31, 2025 was 4.14 years. Furthermore, the aggregate intrinsic value of options outstanding as of March 31, 2025 was $1,943,721, and the aggregate intrinsic value

17

of options vested and exercisable as of March 31, 2025 was $1,943,721, in each case based on the fair value of the Company’s common stock on March 31, 2025.

During the nine months ended March 31, 2025, the Company granted 260,000 options to directors with a fair value of $364,000 which amount will be amortized over the vesting period. The total stock options expense during the nine months ended March 31, 2025 was $146,751 and is included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations and comprehensive income (loss). As of March 31, 2025, the amount of unrecognized compensation related to stock options was $473,570, which will be recorded as an expense in future periods. During the nine months ended March 31, 2025, the Company issued 48,927 net shares of common stock upon the exercise of options underlying 128,821 shares of common stock.

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 nine months ended March 31, 2025 and 2024.

	Nine Months Ended
	March 31,
	2025		2024
Expected dividend yield	—	%	—	%
Risk-free interest rate	4.26	%	4.00	%
Expected life (in years)	6		5
Expected volatility	46	%	50	%

The following table presents the information regarding stock options outstanding and exercisable as of March 31, 2025:

	Option		Remaining
	Exercise	Options	Contractual	Options
	Price	Outstanding	Life (in years)	Exercisable
$	0.70	225,000	0.68	225,000
	0.80	16,000	0.39	16,000
	0.90	15,000	0.35	15,000
	1.05	300,000	1.39	300,000
	1.09	40,000	1.15	40,000
	1.10	105,000	0.25	105,000
	1.20	247,000	2.64	247,000
	1.59	25,000	3.11	25,000
	2.10	238,767	6.86	238,767
	2.13	211,500	5.64	211,500
	2.15	200,000	7.70	200,000
	2.17	28,000	6.12	28,000
	2.19	5,000	6.81	5,000
	2.40	272,000	3.62	272,000
	2.43	61,250	6.18	61,250
	2.45	72,000	5.35	72,000
	2.49	68,000	5.16	68,000
	2.50	20,000	4.13	20,000
	2.64	7,353	6.35	7,353
	2.67	21,000	6.47	21,000
	2.73	257,934	8.69	128,965
	2.79	260,000	9.62	—
	2.99	8,000	5.12	8,000
	3.13	208,000	4.62	208,000
	3.50	8,000	4.87	8,000
	Total	2,919,804		2,530,835

18

Restricted Common Stock

During the nine months ended March 31, 2025, the Company issued an additional 590,000 shares of restricted stock to employees, with an aggregate fair value of $1,309,240. The shares were granted, under the 2017 Plan, as restricted stock awards to key management in accordance with its long-term equity bonus program (the “LTEBP”). The LTEBP replaces the previous restricted stock compensation program for executives. It first became effective on August 19, 2022, and grants under the program span 5 years from the grant date. The LTEBP is designed to better serve stockholder interests by aligning key executive compensation with stockholder value.  Awards under the LTEBP will vest as follows, upon the 30-day volume weighted average price (VWAP) of our common stock reaching the following targets:

• 20% at a 30-day VWAP of $3.00 per share (vestings occurred on March 14, 2024 and December 9, 2024);

•20% at a 30-day VWAP of $3.75 per share (vesting occurred on January 3, 2025);

•20% at a 30-day VWAP of $4.50 per share;

•20% at a 30-day VWAP of $5.25 per share; and

•20% at a 30-day VWAP of $6.00 per share.

Upon a change of control, vesting will accelerate with respect to that portion of the award that would vest if the target 30-day VWAP was achieved at the level above the per share price in such change of control transaction. For example, if we granted an award of 100,000 shares under the LTEBP, 20,000 shares would vest upon our stock price achieving a 30-day VWAP of $3.00 per share, and 20,000 shares would vest upon our stock price achieving a 30-day VWAP of $3.75 per share. If the per share price in a change of control transaction was $5.00 per share, vesting would accelerate for 40,000 shares under the same award (i.e. the number of shares that would vest for our stock price achieving a 30-day VWAP of $5.25 per share, pursuant to a tier round up provision in the Plan effective upon a change in control). As a condition to receiving awards under the LTEBP, recipients will be required to hold at least 75% of all vested shares during the term of their employment. Applicable target 30-day VWAPs must be achieved within 5 years following the grant of awards under the LTEBP, and all unvested awards under the LTEBP will be forfeited upon expiration of such 5-year period. Recipients will also forfeit unvested awards in the event their service with our company terminates for any reason.

As the vesting of the 590,000 shares of restricted common stock under the LTEBP is subject to certain market conditions, pursuant to current accounting guidelines, the Company determined the fair value, with the assistance of a valuation specialist, to be $1,309,240, computed using the Monte Carlo simulations on a binomial model with a derived service period ranging from 0.64 to 2.33 years. The total restricted common stock expense related to amortization of the fair value of the restricted stock awards were $1,400,199 and $1,624,769 during the nine months ended March 31, 2025 and 2024, respectively, and is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2025, the amount of unrecognized compensation related to issuances of restricted common stock was $957,272, which will be recognized as an expense in future periods. When calculating basic net income 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, using the treasury method. From the 32,405,120 shares issued and outstanding on the condensed consolidated balance sheets, 1,530,492 shares are subject to vesting and are not considered outstanding for accounting purposes.  

The following table summarizes restricted common stock activity:

				Weighted
				Average
	Number of			Grant Date
	Shares	Fair Value		Fair Value
Non-vested, June 30, 2024	1,957,726	$	3,075,449	$	1.57
Granted	590,000		1,309,240		2.22
Vested	(788,650)		(1,589,035)		2.01
Forfeited	(228,584)		(332,450)		1.45
Non-vested, March 31, 2025	1,530,492	$	2,463,204	$	1.61

19

Common Stock Repurchases

Effective as of March 19, 2024, the Compensation Committee of our Board of Directors authorized the repurchase, on the last day of each trading window during which the outstanding awards remain outstanding and otherwise in accordance with our insider trading policies, of an aggregate value not exceeding $750,000 (the “Repurchase Cap”), in addition to the prior remaining balance of outstanding common stock of $330,774 (at prices no greater than $4.00 per share) (the “Repurchase Price Cap”)) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards through the end of fiscal year 2025. Effective as of December 19, 2024, the Compensation Committee of our Board of Directors authorized an increase in the Repurchase Cap to an aggregate value not exceeding $1,500,000 and the Repurchase Price Cap to a price no greater than $5.50 per share. 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, 2024, $346,893 remained under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended March 31, 2025, the Company repurchased 246,707 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $703,115. During the nine months ended March 31, 2025, the Company repurchased 300,596 shares of our common stock from employees at an average market price of approximately $3.02 per share for an aggregate amount of $908,393. As of March 31, 2025, $188,500 remains under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended March 31, 2024, the Company repurchased 159,044 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $453,276. During the nine months ended March 31, 2024, the Company repurchased 186,148 shares of our common stock from employees at an average market price of approximately $2.80 per share for an aggregate amount of $522,024. As of March 31, 2024, $379,071 remained 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.  Acquisitions

FIZ

On September 28, 2022, Reprints Desk entered into an asset purchase agreement with FIZ Karlsruhe – Leibniz-Institut für Informationsinfrastruktur GmbH (“FIZ”). FIZ delivers STM content pursuant to various contracts with its customers through its AutoDoc platform. FIZ agreed to assign and transfer to Reprints Desk certain of these contracts effective January 1, 2023 (the “Sold Contracts”).

On September 30, 2022, Reprints Desk made a non-refundable payment of $297,450 (€300,000) (the “Base Amount”) as initial consideration for the asset purchase. In September 2023, Reprints Desk paid $64,578 in contingent consideration for customers that have their Sold Contracts assumed by Reprints Desk in comparison to the trailing twelve months of revenue of all Sold Contracts (the “Base Amount Plus”). As of March 31, 2025, $29,394 in contingent consideration was recorded as a liability since it was unpaid, for customers that placed an order and have consented to have their contract assumed by Reprints Desk (the “Bonus Amount”). The Bonus Amount payments made were $28,614 and $91,174 for the three and nine months ended March 31, 2025, respectively. The Bonus Amount is based upon the collectable service fee that FIZ would have received from these customers. Contingent consideration for the Bonus Amount will continue to be paid in arrears through the quarter ending December 31, 2025.

The current contingent consideration for the Bonus Amount is recorded as a short-term liability on the condensed consolidated balance sheets. The Base Amount, the Base Amount Plus and the Bonus Amount were recorded as intangible assets on the condensed consolidated balance sheets with an estimated average useful life of 10 years.

ResoluteAI

On July 28, 2023, the Company acquired 100% of the outstanding stock of Resolute Innovation, Inc. (“ResoluteAI”), a Delaware corporation, an advanced search platform that equips organizations with search, discovery and

20

knowledge management tools that are powered by artificial intelligence (“AI”) and NLP technologies. The total purchase consideration for ResoluteAI, net of cash acquired, was approximately $4.8 million. The consideration included an initial payment of $2.8 million, a holdback of $0.1 million and a contingent earnout that had an initial fair value of $1.9 million. The Company’s revaluation of the earnout resulted in a fair value of $0 on June 30, 2024. On December 23, 2024, the Company received $275,000 funds from transaction escrow release, related to a reduction of the purchase price, and recorded as other income on the condensed consolidated statements of operations and comprehensive income (loss) during the nine months ended March 31, 2025.

Scite

On December 1, 2023, the Company acquired 100% of the outstanding stock of Scite, Inc. a Delaware corporation (“Scite”), a platform for discovering and evaluating scientific articles via an AI model to create unique “Smart Citations”. Smart Citations allow users to see how a publication has been cited by providing the context of the citation and a classification describing whether it allows for supporting or contrasting evidence for the cited claim.

The total purchase consideration for Scite, net of cash acquired, was approximately $21.1 million. The consideration included an initial payment of $7.2 million in cash, $6.5 million in stock, a holdback of $0.2 million and a contingent earnout that had an initial fair value of $7.2 million. The Company’s revaluations of the earnout resulted in a fair value of $12.3 million at June 30, 2024 and $15.1 million at March 31, 2025.

The following sets out the unaudited pro forma operating results for the three and nine months ended March 31, 2025 and 2024 for the Company had the Scite acquisition occurred as of July 1, 2023. These amounts include amortization of intangible assets:

	Pro Forma (Unaudited)				Pro Forma (Unaudited)
	Three Months ended March 31,				Nine Months ended March 31,
	2025		2024		2025		2024
Revenue	$	12,661,363	$	12,115,672	$	36,620,064	$	33,950,021
Cost of revenue		6,394,283		6,633,740		18,766,015		18,601,290
Gross profit		6,267,080		5,481,932		17,854,049		15,348,731
Total operating expenses		5,710,158		5,394,269		16,557,589		16,591,696
Income (loss) from operations		556,922		87,663		1,296,460		(1,242,965)
Other income (expense)		(327,042)		31,228		(2,316,404)		548,967
Income (loss) from operations before provision for income taxes		229,880		118,891		(1,019,944)		(693,998)
Provision for income taxes		(13,410)		(42,590)		(74,816)		(82,049)
Pro Forma Net income (loss)	$	216,470	$	76,301	$	(1,094,760)	$	(776,047)
Pro Forma Net income (loss) per weighted average share, basic and diluted	$	0.01	$	—	$	(0.04)	$	(0.03)

The Company utilized the acquisition method of accounting for the acquisition in accordance with ASC 805, Business Combinations, and allocated the purchase price to ResoluteAI’s and Scite’s tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair values as of the date of acquisition. The fair value assigned to the developed technology and customer relationships were determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The cash flows were based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model, as well as the weighted average cost of capital.

21

The valuation assumptions took into consideration the Company’s estimates of customer attrition and revenue growth projections. The excess of the purchase price paid by the Company over the estimated fair value of identified tangible and intangible assets has been recorded as goodwill. Goodwill also represents the future benefits as a result of the acquisitions that the Company believes will enhance the Company’s product offerings and lineup available to both new and existing customers and generate future synergies within the software and related services business.

As of this Quarterly Report on Form 10-Q, management has finalized its valuation analysis related to the Resolute and Scite acquisitions. The following table represents the Company’s allocation of the total purchase consideration to the fair value of tangible assets, identifiable intangible assets, and assumed liabilities of ResoluteAI and Scite on the date of acquisition:

In thousands	ResoluteAI		Scite
Fair value of consideration
Cash	$	2,774	$	7,217
Holdback cash paid		125		175
Common Stock (2,729,014 shares at $2.40 per share)		—		6,549
Contingent earn-out		1,867		7,194
Total purchase price		4,766		21,135
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		59		—
Accounts receivable		132		109
Prepaid expenses		43		—
Accounts payable and accrued expenses		(33)		(27)
Deferred revenue		(649)		(997)
Other current liabilities		(60)		(18)
Net tangible assets		(508)		(933)
Intangible assets:
Developed technology		2,000		8,800
Customer relationships		100		70
Net identifiable intangible assets		2,100		8,870
Goodwill		3,174		13,198
Fair value of net assets acquired	$	4,766	$	21,135

Note 6.  Contingencies

Inflation Risk

The Company does not believe that inflation has had a material effect on its operations to date, other than its impact on the general economy. However, there is a risk that the Company’s operating costs could become subject to inflationary and interest rate pressures in the future, which would have the effect of increasing the Company’s operating costs, and which would put additional stress on the Company’s working capital resources.

Note 7.  Subsequent Events

On April 8, 2025, the Company extended the expiration date of its Revolving Line of Credit Note (the “PNC Note”) with PNC from April 15, 2025 to April 15, 2026, or such later date as PNC, in its sole discretion, may designate, which provides for a $500,000 secured revolving line of credit and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly.

22

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 and nine months ended March 31, 2025 and 2024 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, 2024.

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 five wholly owned subsidiaries as of March 31, 2025: Reprints Desk, Inc., a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.

We are a vertical software-as-a-service (“SaaS”) and artificial intelligence (“AI”) company providing software and related services to help research-intensive organizations simplify the research process, save time and money. We offer various software platforms (“Platform” or “Platforms”) that are typically sold to corporate, academic, government and individual researchers as cloud-based SaaS via auto-renewing license agreements. Corporate, academic, and government customers typically sign up under annual or multi-year agreements paid annually in advance. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly. Our Platforms also facilitate the sale of published scientific, technical, and medical (“STM”) content sold as individual articles (“Transactions”) either stand alone or via one or more of the research Platform solutions we provide. When one or more of the Platform solutions are used to purchase Transactions, customers pay for those transactions through monthly billing or via credit card for individual researchers. In addition, our Platforms facilitate rights and permissions for customers to re-use content, ensuring copyright compliance for research, regulatory and marketing use cases as well as the utilization of content with AI applications and for the training of AI models. Our Platforms enable life science and other research-intensive organizations to simplify their research and development activities through our advanced search (i.e. Discovery Tools), tools to access and buy STM articles required to support their research (i.e. Access), as well as tools that manage that content across the enterprise and on an individual basis (i.e. Manage). The Platforms also include advanced AI (“Generative AI”) based assistants to help researchers understand the quality of the articles they are reviewing, speed up the review process, and to more fully understand how various research papers relate to each other.  In addition to STM content, the Platforms provide additional context to the research process by including the ability to search and assimilate a variety of other types of data such as Patent, Clinical Trial, Regulatory and Competitive Intelligence data. They also typically deliver a return on investment to the customer by reducing the amount of time it takes a research organization to find, acquire and manage content, in addition to also driving down the ultimate cost per article and overall research costs over time.

Platforms

Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas.

Discovery Tools – Our Scite.ai and Resolute.ai solutions facilitate search (discovery) across virtually all STM articles available. These solutions include basic search solutions and advanced search tools. These tools allow for searching and identifying relevant research and then purchasing that research through one of our other

23

solutions. In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights, in addition to searching the customer’s internal datasets. Scite.ai includes full text search capability on most of the world’s STM content providing better search results and citation information as supporting or contrasting evidence. This powers our AI assistant and literature search engine and gives researchers better insights into any topic. The advanced search solutions are sold through a seat, enterprise, or individual license. These Platforms are deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms 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 Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms’ efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

Access – Our Article Galaxy® (“AG”) and Article Galaxy Scholar (Academic Library version) (“AGS”) solutions allow for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing content library of articles) and AG/AGS manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost. When used in conjunction with our Discovery Tools Platforms, customers can initiate orders, route orders based on the lowest cost to acquire, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. In addition, Article Galaxy facilitates rights and permissions for various re-use cases, including the utilization in AI applications and training of AI applications, ensuring copyright compliance for our customers.

Manage – Our References solution offers a comprehensive reference management solution with built-in document delivery capabilities specifically designed to meet the collaboration and security needs of research- intensive organizations.  This user-friendly Platform enables researchers to seamlessly organize their literature, collaborate with team members, and access a vast collection of scientific content. By integrating organization tools with instant access to millions of scholarly articles, our References solution streamlines the research workflow and enhances productivity for scientific professionals.

AI models are integral to powering the unique insights our platforms provide as well as the user experience customers enjoy. Natural language processing (“NLP”) and AI models are used to enhance metadata, define connections between topics and content items as well as to generate data and metrics employed to enable users to rapidly identify and understand the value of content they need for their research. We also use state of the art  AI models, such as Large Language Models to include Generative AI  “assistants” in several parts of the research workflow today and will continually add capability as we move forward. Today we employ Generative AI technologies as a basis for our recommendation engine in our Discovery Tools, Access, and Manage Platform solutions. In addition, Generative AI based “assistants” in some of our solutions allow the researcher to ask questions about articles, groups of articles (folders), and more. We also have the capability to provide near full text search on STM content in the Scite.ai solution where the publisher gives us the rights to do so. The ability to not only mine an article’s full text but also show snippets of full text is unique to our Company and allows our Generative AI assistants to provide highly accurate results with a very low incidence of hallucinations as part of a Retrieval Augmented Generation framework focused just on STM content. We plan to release several new Platform solutions to enhance the research workflows described above and add new solutions to support the analysis functions that exist in our typical customer base.

Our Platforms are generally deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms 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. Our Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage.

Transactions

We provide our researchers with a single source to the universe of published STM content that includes over 200 million existing STM journal articles for instant download, 50 million journal articles for rent, 10 million online book chapters, and 45 million only in print journal articles.  In addition, we add between 2 to 4 million newly published STM

24

articles each year. STM content is rented or sold to our customers on a per 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 and while they typically purchase the articles via one of our Platform solutions, we do have some customers that just order articles from us on behalf of end-users in their organizations.

Core to many of our Platform solutions is providing our customers with ways 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 most cases in seconds. 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 and we are expanding these services to include the use of content in AI applications and for the training of AI models. 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 seconds. While a vast majority of the articles are available in electronic form, the Company also has workflows to deliver older paper-based articles through relationships we have built with libraries around the world.

Critical Accounting Policies and Estimates

The preparation of our condensed 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.

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 or monthly licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform.

25

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

We charge a subscription fee that allows customers to access and utilize certain premium features of our Platforms. 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.

Goodwill

We follow ASC 350 in accounting for goodwill, which states that goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. Our policy is to perform an annual impairment testing for its reporting unit on June 30 of each fiscal year.

Intangible Assets

We follow ASC 360 in accounting for finite-lived intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the period ended March 31, 2025 and June 30, 2024, we determined there were no indicators of impairment of its intangible assets.

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 and future dividends. Compensation expense is recorded based upon the fair 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 current and future periods.

Depending on the type of the restricted stock award, the fair value of our restricted common stock is estimated based on the market price of our common stock on the date of grant or with the assistance of a valuation specialist, using the Monte Carlo simulations on a binomial model with a derived service period. Compensation expense is recorded based upon the fair value derived from the market price of our common stock or the Monte Carlo simulations.

26

Recently Issued Accounting Pronouncements

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

Comparison of the Three and Nine Months Ended March 31, 2025 and 2024

Results of Operations

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Revenue:
Platforms	$	4,839,929	$	3,953,403	$	886,526	22.4	%
Transactions		7,821,434		8,162,269		(340,835)	(4.2)	%
Total revenue		12,661,363		12,115,672		545,691	4.5	%
Cost of revenue:
Platforms		610,306		571,352		38,954	6.8	%
Transactions		5,783,977		6,062,388		(278,411)	(4.6)	%
Total cost of revenue		6,394,283		6,633,740		(239,457)	(3.6)	%
Gross profit:
Platforms		4,229,623		3,382,051		847,572	25.1	%
Transactions		2,037,457		2,099,881		(62,424)	(3.0)	%
Total gross profit		6,267,080		5,481,932		785,148	14.3	%
Operating expenses:
Sales and marketing		1,607,678		1,122,365		485,313	43.2	%
Technology and product development		1,394,936		1,371,754		23,182	1.7	%
General and administrative		1,845,411		2,027,073		(181,662)	(9.0)	%
Depreciation and amortization		312,013		309,898		2,115	0.7	%
Stock-based compensation expense		594,639		541,002		53,637	9.9	%
Foreign currency transaction loss (gain)		(44,519)		22,177		(66,696)	(300.7)	%
Total operating expenses		5,710,158		5,394,269		315,889	5.9	%
Income from operations		556,922		87,663		469,259	535.3	%
Other income		78,868		31,228		47,640	152.6	%
Change in fair value of contingent earnout liability		(405,910)		-		(405,910)	—	%
Income before provision for income taxes		229,880		118,891		110,989	93.4	%
Provision for income taxes		(13,410)		(42,590)		29,180	68.5	%
Net income	$	216,470	$	76,301		140,169	183.7	%

27

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Revenue:
Platforms	$	13,770,831	$	9,679,179	$	4,091,652	42.3	%
Transactions		22,849,233		22,811,206		38,027	0.2	%
Total revenue		36,620,064		32,490,385		4,129,679	12.7	%
Cost of revenue:
Platforms		1,777,315		1,440,151		337,164	23.4	%
Transactions		16,988,700		17,052,934		(64,234)	(0.4)	%
Total cost of revenue		18,766,015		18,493,085		272,930	1.5	%
Gross profit:
Platforms		11,993,516		8,239,028		3,754,488	45.6	%
Transactions		5,860,533		5,758,272		102,261	1.8	%
Total gross profit		17,854,049		13,997,300		3,856,749	27.6	%
Operating expenses:
Sales and marketing		4,141,172		2,612,308		1,528,864	58.5	%
Technology and product development		4,274,543		3,952,891		321,652	8.1	%
General and administrative		5,783,788		6,593,790		(810,002)	(12.3)	%
Depreciation and amortization		930,341		525,267		405,074	77.1	%
Stock-based compensation expense		1,546,950		1,729,271		(182,321)	(10.5)	%
Foreign currency transaction loss (gain)		(119,205)		15,059		(134,264)	(891.6)	%
Total operating expenses		16,557,589		15,428,586		1,129,003	7.3	%
Income (loss) from operations		1,296,460		(1,431,286)		2,727,746	190.6	%
Other income		496,392		279,678		216,714	77.5	%
Change in fair value of contingent earnout liability		(2,812,796)		268,287		(3,081,083)	(1,148.4)	%
Loss before provision for income taxes		(1,019,944)		(883,321)		(136,623)	(15.5)	%
Provision for income taxes		(74,816)		(82,049)		7,233	8.8	%
Net loss	$	(1,094,760)	$	(965,370)		(129,390)	(13.4)	%

28

Revenue

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Revenue:
Platforms	$	4,839,929	$	3,953,403	$	886,526	22.4	%
Transactions		7,821,434		8,162,269		(340,835)	(4.2)	%
Total revenue	$	12,661,363	$	12,115,672	$	545,691	4.5	%

Total revenue increased $545,691, or 4.5%, for the three months ended March 31, 2025 compared to the prior year, due to the following:

Category	Impact			Key Drivers
Platforms	↑	$	886,526	Increased due to additional deployments to new and existing customers and expansion from existing customers, including cross-sell revenue from the Scite acquisition. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year for commercial customers and monthly for individual subscribers, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.
Transactions	↓	$	340,835	Decreased primarily due to lower volume of paid orders.

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Revenue:
Platforms	$	13,770,831	$	9,679,179	$	4,091,652	42.3	%
Transactions		22,849,233		22,811,206		38,027	0.2	%
Total revenue	$	36,620,064	$	32,490,385	$	4,129,679	12.7	%

Total revenue increased $4,129,679, or 12.7%, for the nine months ended March 31, 2025 compared to the prior year, due to the following:

Category	Impact			Key Drivers
Platforms	↑	$	4,091,652	Increased due to additional deployments to new and existing customers, expansion from existing customers and additional revenue from the Scite acquisition. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year for commercial customers and monthly for individual subscribers, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.
Transactions	↑	$	38,027	Increased primarily due to organic growth in copyright revenues, partially offset by lower service fee revenue.

Cost of Revenue

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Cost of Revenue:
Platforms	$	610,306	$	571,352	$	38,954	6.8	%
Transactions		5,783,977		6,062,388		(278,411)	(4.6)	%
Total cost of revenue	$	6,394,283	$	6,633,740	$	(239,457)	(3.6)	%

29

	Three Months Ended
	March 31,
	2025		2024		% Change *
As a percentage of revenue:
Platforms	12.6	%	14.5	%	(1.9)	%
Transactions	74.0	%	74.3	%	(0.3)	%
Total	50.5	%	54.8	%	(4.3)	%

* 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 4.3%, from 54.8% for the previous year to 50.5%, for the three months ended March 31, 2025.

	Impact as percentage
Category	of revenue			Key Drivers
Platforms	↓	1.9	%	Decreased primarily due to lower personnel costs, slightly offset by higher hosting costs, which increased proportionally with revenue.
Transactions	↓	0.3	%	Decreased primarily due to higher copyright margins.

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Cost of Revenue:
Platforms	$	1,777,315	$	1,440,151	$	337,164	23.4	%
Transactions		16,988,700		17,052,934		(64,234)	(0.4)	%
Total cost of revenue	$	18,766,015	$	18,493,085	$	272,930	1.5	%

	Nine Months Ended
	March 31,
	2025		2024		% Change *
As a percentage of revenue:
Platforms	12.9	%	14.9	%	(2.0)	%
Transactions	74.4	%	74.8	%	(0.4)	%
Total	51.2	%	56.9	%	(5.7)	%

* 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 5.7%, from 56.9% for the previous year to 51.2%, for the nine months ended March 31, 2025.

	Impact as percentage
Category	of revenue			Key Drivers
Platforms	↓	2.0	%	Decreased primarily due to lower personnel costs, slightly offset by higher hosting costs.
Transactions	↓	0.4	%	Decreased primarily due to higher copyright margins.

30

Gross Profit

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Gross Profit:
Platforms	$	4,229,623	$	3,382,051	$	847,572	25.1	%
Transactions		2,037,457		2,099,881		(62,424)	(3.0)	%
Total gross profit	$	6,267,080	$	5,481,932	$	785,148	14.3	%

	Three Months Ended
	March 31,
	2025		2024		% Change*
As a percentage of revenue:
Platforms	87.4	%	85.5	%	1.9	%
Transactions	26.0	%	25.7	%	0.3	%
Total	49.5	%	45.2	%	4.3	%

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

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Gross Profit:
Platforms	$	11,993,516	$	8,239,028	$	3,754,488	45.6	%
Transactions		5,860,533		5,758,272		102,261	1.8	%
Total gross profit	$	17,854,049	$	13,997,300	$	3,856,749	27.6	%

	Nine Months Ended
	March 31,
	2025		2024		% Change*
As a percentage of revenue:
Platforms	87.1	%	85.1	%	2.0	%
Transactions	25.6	%	25.2	%	0.4	%
Total	48.8	%	43.1	%	5.7	%

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

Operating Expenses

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Operating Expenses:
Sales and marketing	$	1,607,678	$	1,122,365	$	485,313	43.2	%
Technology and product development		1,394,936		1,371,754		23,182	1.7	%
General and administrative		1,845,411		2,027,073		(181,662)	(9.0)	%
Depreciation and amortization		312,013		309,898		2,115	0.7	%
Stock-based compensation expense		594,639		541,002		53,637	9.9	%
Foreign currency transaction loss (gain)		(44,519)		22,177		(66,696)	(300.7)	%
Total operating expenses	$	5,710,158	$	5,394,269	$	315,889	5.9	%

31

Category	Impact			Key Drivers
Sales and marketing	↑	$	485,313	Increased primarily due to greater personnel costs, consulting expenses, marketing discretionary advertising spend, and a sales training event conducted in the quarter.
Technology and product development	↑	$	23,182	Increased modestly due to greater software development personnel costs, partially offset by lower consulting costs.
General and administrative	↓	$	181,662	Decreased primarily due to lower personnel and consulting costs, and reduced legal expenses.

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Operating Expenses:
Sales and marketing	$	4,141,172	$	2,612,308	$	1,528,864	58.5	%
Technology and product development		4,274,543		3,952,891		321,652	8.1	%
General and administrative		5,783,788		6,593,790		(810,002)	(12.3)	%
Depreciation and amortization		930,341		525,267		405,074	77.1	%
Stock-based compensation expense		1,546,950		1,729,271		(182,321)	(10.5)	%
Foreign currency transaction loss (gain)		(119,205)		15,059		(134,264)	(891.6)	%
Total operating expenses	$	16,557,589	$	15,428,586	$	1,129,003	7.3	%

Category	Impact			Key Drivers
Sales and marketing	↑	$	1,528,864	Increased primarily due to greater personnel costs, consulting expenses and marketing discretionary advertising spend, most of which is related to the additional cost base associated with the Scite acquisition and advertising associated with Scite's individual user customer base.
Technology and product development	↑	$	321,652	Increased primarily due to greater software development personnel costs and increased technology subscription costs, most of which are related to the additional cost base associated with the Scite acquisition.
General and administrative	↓	$	810,002	Decreased primarily due to lower legal expenses. Personnel and consulting costs also decreased, partially offset by greater recruiting expenses.

Net Income (Loss)

	Three Months Ended March 31,
	2025		2024		$ Change		% Change
Net Income:
Net income:	$	216,470	$	76,301	$	140,169	183.7	%

32

Net income increased $140,169, or 183.7%, for the three months ended March 31, 2025 compared to the prior year, primarily due to increased gross profit, partially offset by increase in sales and marketing expenses and change in the net estimated earn out liability associated with the Scite acquisition completed in fiscal year 2024, due to net present value assumptions.

	Nine Months Ended March 31,
	2025		2024		$ Change		% Change
Net Loss:
Net loss:	$	(1,094,760)	$	(965,370)	$	(129,390)	(13.4)	%

Net loss increased $129,390, or 13.4%, for the nine months ended March 31, 2025 compared to the prior year, primarily due to charges related to increasing the estimated earn out liability associated with the Scite acquisition completed in fiscal year 2024, in addition to an increase in sales and marketing expenses, partially offset by increased gross profit as described above.

Liquidity and Capital Resources

	Nine Months Ended March 31,
	2025		2024
Consolidated Statements of Cash Flow Data:
Net cash provided by operating activities	$	4,764,251	$	1,589,791
Net cash used in investing activities		(11,571)		(10,081,507)
Net cash used in financing activities		(999,567)		(836,984)
Effect of exchange rate changes		(1,137)		4,791
Net increase (decrease) in cash and cash equivalents		3,751,976		(9,323,909)
Cash and cash equivalents, beginning of period		6,100,031		13,545,333
Cash and cash equivalents, end of period	$	9,852,007	$	4,221,424

Liquidity

As of March 31, 2025, we had cash and cash equivalents of $9,852,007, compared to $6,100,031 as of June 30, 2024, an increase of $3,751,976. This increase was primarily due to cash provided by operating activities.

Operating Activities

Net cash provided by operating activities was $4,764,251 for the nine months ended March 31, 2025 and resulted primarily from an adjustment to contingent earnout liability of $2,812,796, an increase in deferred revenue of $1,331,920 and restricted common stock expense of $1,400,199, partially offset by an increase in accounts receivable of $754,258.

Net cash provided by operating activities was $1,589,791 for the nine months ended March 31, 2024 and resulted primarily from an increase in fair value of vested restricted common stock of $1,603,820 and an increase in deferred revenue of $768,347, partially offset by an increase in accounts receivable of $739,883.

Investing Activities

Net cash used in investing activities was $11,571 for the nine months ended March 31, 2025 and resulted from the purchase of property and equipment.

Net cash used in investing activities was $10,081,507 for the nine months ended March 31, 2024 and resulted primarily from the payment for the Scite acquisition of $7,305,493 and the payment for the ResoluteAI acquisition of $2,718,253.

33

Financing Activities

Net cash used in financing activities was $999,567 for the nine months ended March 31, 2025 and resulted from the repurchase of common stock of $908,393 and the payment of contingent acquisition consideration of $91,174.

Net cash used in financing activities was $836,984 for the nine months ended March 31, 2024 and resulted from repurchase of common stock of $522,024 and the payment of contingent acquisition consideration of $314,960.

On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender. Pursuant to the PNC Loan Agreement, we entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of March 31, 2025.

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 (loss), income (loss) 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) including any change in fair value of contingent earnout liability, 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, when applicable. 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 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 and nine months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
	2025		2024		$ Change			% Change
Net income	$	216,470	$	76,301	$	140,169	$	183.7	%
Add (deduct):
Other (income) expense		327,042		(31,228)		358,270		1,147.3	%
Foreign currency transaction loss (gain)		(44,519)		22,177		(66,696)		(300.7)	%
Provision for income taxes		13,410		42,590		(29,180)		(68.5)	%
Depreciation and amortization		312,013		309,898		2,115		0.7	%
Stock-based compensation		594,639		541,002		53,637		9.9	%
Adjusted EBITDA	$	1,419,055	$	960,740	$	458,315	$	47.7	%

34

	Nine Months Ended
	March 31,
	2025		2024		$ Change			% Change
Net loss	$	(1,094,760)	$	(965,370)	$	(129,390)		(13.4)	%
Add (deduct):
Other (income) expense		2,316,404		(547,965)		2,864,369		522.7	%
Foreign currency transaction loss (gain)		(119,205)		15,059		(134,264)		(891.6)	%
Provision for income taxes		74,816		82,049		(7,233)		(8.8)	%
Depreciation and amortization		930,341		525,267		405,074		77.1	%
Stock-based compensation		1,546,950		1,729,271		(182,321)		(10.5)	%
Adjusted EBITDA	$	3,654,546	$	838,311	$	2,816,235	$	335.9	%

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 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,

35

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 March 31, 2025, 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 March 31, 2025 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.

There have been no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2024.

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

Effective as of March 19, 2024, the Compensation Committee of our Board of Directors authorized the repurchase, on the last day of each trading window during which the outstanding awards remain outstanding and otherwise in accordance with our insider trading policies, of an aggregate value not exceeding $750,000 (the “Repurchase Cap”), in addition to the prior remaining balance of outstanding common stock of $330,774 (at prices no greater than $4.00 per share) (the “Repurchase Price Cap”)) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards through the end of fiscal year 2025. Effective as of December 19, 2024, the Compensation Committee of our Board of Directors authorized an increase in the Repurchase Cap to an aggregate value not exceeding $1,500,000 and the Repurchase Price Cap to a price no greater than $5.50 per share. 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, 2024, $346,893 remained under the current authorization to repurchase our outstanding common stock from our employees.

36

During the three months ended March 31, 2025, we repurchased 246,707 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $703,115. During the nine months ended March 31, 2025, we repurchased 300,596 shares of our common stock from employees at an average market price of approximately $3.02 per share for an aggregate amount of $908,393. As of March 31, 2025, $188,500 remains under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended March 31, 2024, we repurchased 159,044 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $453,276. During the nine months ended March 31, 2024, we repurchased 186,148 shares of our common stock from employees at an average market price of approximately $2.80 per share for an aggregate amount of $522,024. As of March 31, 2024, $379,071 remained 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.

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	Purchased1	per Share		Plans or Programs	Plans or Programs
January 1-31, 2025	—		—	—	$	891,615
February 1-28, 2025	—		—	—	$	891,615
March 1-31, 2025	246,707	$	2.85	—	$	188,500
Total	246,707	$	2.85	—		—

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 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted, amended, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

37

Item 6. Exhibits

EXHIBIT INDEX

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Date	Number	Filed Herewith
2.1	Share Exchange Agreement between Research Solutions, Inc. and Reprints Desk Inc. dated as of November 13, 2006.	SB-2	12/28/2007	2.1
2.2	Agreement and Plan of Merger by and among Reprints Desk, Inc., Research Solutions Acquisition Corp 1, Research Solutions, Inc., as Parent Guarantor, Resolute Innovation, Inc. and Shareholder Representative Services LLC dated as of July 28, 2023.	8-K	7/31/2023	2.1
2.3	Agreement of Merger and Plan of Reorganization, by and among the Research Solutions, Inc., Research Solutions Acquisition 2, LLC, Scite, Inc., and the Stockholder Representative, dated as of November 24, 2023.	8-K	11/24/2023	2.1
3.1.1	Articles of Incorporation.	SB-2	12/28/2007	3.1
3.1.2	Articles of Merger Effective March 4, 2013.	8-K	3/6/2013	3.1
3.2	Amended and Restated Bylaws.	8-K	10/17/2012	3.2
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer				X
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer				X
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 Document
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 (formatted as inline XBRL and contained in Exhibit 101)

*      Furnished herewith

38

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: May 9, 2025		Chief Executive Officer and President (Principal Executive Officer)
	By:	/s/ William Nurthen
		William Nurthen
Date: May 9, 2025		Chief Financial Officer (Principal Financial and Accounting Officer)

39

EX-31.1

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:     May 9, 2025	/s/ Roy W. Olivier
	Roy W. Olivier
	Chief Executive Officer and President (Principal Executive Officer)

EX-31.2

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.;

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:      May 9, 2025	/s/ William Nurthen
	William Nurthen
	Chief Financial Officer (Principal Financial and
	Accounting Officer)

EX-32.1

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 March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roy W. Olivier, 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

(Principal Executive Officer)

May 9, 2025

EX-32.2

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 March 31, 2025, 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)

May 9, 2025

XML

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2025	May 02, 2025
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Securities Act File Number	001-39256
Entity Registrant Name	RESEARCH SOLUTIONS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	11-3797644
Entity Address, Address Line One	Address not applicable
Entity Address, City or Town	N/A
Entity Address, Postal Zip Code	N/A
Entity Address, State or Province	NV
City Area Code	310
Local Phone Number	477-0354
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	RSSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,458,727
Entity Central Index Key	0001386301
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2025	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 9,852,007	$ 6,100,031
Accounts receivable, net of allowance of $82,026 and $68,579, respectively	7,604,058	6,879,800
Prepaid expenses and other current assets	625,727	643,553
Prepaid royalties	755,299	1,067,237
Total current assets	18,837,091	14,690,621
Non-current assets:
Property and equipment, net of accumulated depreciation of $944,694 and $922,558, respectively	60,051	88,011
Intangible assets, net of accumulated amortization of $2,431,738 and $1,535,310, respectively	9,956,378	10,764,261
Goodwill ($13,171,486 provisional)	16,372,979	16,315,888
Deposits and other assets	881	981
Total assets	45,227,380	41,859,762
Current liabilities:
Accounts payable and accrued expenses	8,529,572	8,843,612
Deferred revenue	10,355,768	9,023,848
Contingent earnout liability, current portion	6,019,488
Total current liabilities	24,904,828	17,867,460
Non-current liabilities:
Contingent earnout liability	9,091,422	12,298,114
Total liabilities	33,996,250	30,165,574
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock; $0.001 par value; 100,000,000 shares authorized; 32,405,120 and 32,295,373 shares issued and outstanding, respectively	32,405	32,295
Additional paid-in capital	38,728,405	38,089,958
Accumulated deficit	(27,404,006)	(26,309,246)
Accumulated other comprehensive loss	(125,674)	(118,819)
Total stockholders' equity	11,231,130	11,694,188
Total liabilities and stockholders' equity	$ 45,227,380	$ 41,859,762

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2025	Jun. 30, 2024
Net of allowance	$ 82,026	$ 68,579
Property and equipment, net of accumulated depreciation	944,694	922,558
Intangible assets, net of accumulated amortization	2,431,738	1,535,310
Goodwill	$ 16,372,979	$ 16,315,888
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	32,405,120	32,295,373
Common stock, shares, outstanding	32,405,120	32,295,373

XML

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 12,661,363	$ 12,115,672	$ 36,620,064	$ 32,490,385
Cost of revenue:
Total cost of revenue	6,394,283	6,633,740	18,766,015	18,493,085
Gross profit	6,267,080	5,481,932	17,854,049	13,997,300
Operating expenses:
Selling, general and administrative	5,398,145	5,084,371	15,627,248	14,903,319
Depreciation and amortization	312,013	309,898	930,341	525,267
Total operating expenses	5,710,158	5,394,269	16,557,589	15,428,586
Income (loss) from operations	556,922	87,663	1,296,460	(1,431,286)
Other income	78,868	31,228	496,392	279,678
Change in fair value of contingent earnout liability	(405,910)		(2,812,796)	268,287
Loss from operations before provision for income taxes	229,880	118,891	(1,019,944)	(883,321)
Provision for income taxes	(13,410)	(42,590)	(74,816)	(82,049)
Net loss	216,470	76,301	(1,094,760)	(965,370)
Other comprehensive income (loss):
Foreign currency translation	(3,324)	858	(6,855)	6,261
Comprehensive loss	$ 213,146	$ 77,159	$ (1,101,615)	$ (959,109)
Basic loss per common share:
Net loss per share (in dollars per share)	$ 0.01	$ 0	$ (0.04)	$ (0.03)
Weighted average common shares outstanding	31,033,022	30,020,652	30,597,410	28,377,199
Diluted loss per common share:
Net loss per share (in dollars per share)	$ 0.01	$ 0	$ (0.04)	$ (0.03)
Weighted average common shares outstanding	32,139,935	33,511,242	30,597,410	28,377,199
Platforms
Revenue:
Total revenue	$ 4,839,929	$ 3,953,403	$ 13,770,831	$ 9,679,179
Cost of revenue:
Total cost of revenue	610,306	571,352	1,777,315	1,440,151
Transactions
Revenue:
Total revenue	7,821,434	8,162,269	22,849,233	22,811,206
Cost of revenue:
Total cost of revenue	$ 5,783,977	$ 6,062,388	$ 16,988,700	$ 17,052,934

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Loss	Total
Balance at Jun. 30, 2023	$ 29,487	$ 29,941,873	$ (22,522,649)	$ (118,224)	$ 7,330,487
Balance (in shares) at Jun. 30, 2023	29,487,508
Stock options expense		104,502			104,502
Grant of restricted common stock	$ 380	(380)
Grant of restricted common stock (in shares)	380,000
Forfeited restricted common stock	$ (200)	200
Forfeited restricted common stock (in shares)	(200,000)
Repurchase of common stock	$ (186)	(521,838)			(522,024)
Repurchase of common stock (in shares)	(186,148)
Common stock issued upon exercise of stock options	$ 71	(71)
Common stock issued upon exercise of stock options (in shares)	71,050
Common stock issued for acquisition of Scite	$ 2,729	6,546,905			6,549,634
Common stock issued for acquisition of Scite (in shares)	2,729,014
Modification cost of accelerated vesting of restricted common stock		20,949			20,949
Restricted common stock expense		1,603,820			1,603,820
Net Income (Loss)			(965,370)		(965,370)
Foreign currency translation				6,261	6,261
Balance at Mar. 31, 2024	$ 32,281	37,695,960	(23,488,019)	(111,963)	14,128,259
Balance (in shares) at Mar. 31, 2024	32,281,424
Balance at Dec. 31, 2023	$ 32,620	37,607,895	(23,564,320)	(112,821)	13,963,374
Balance (in shares) at Dec. 31, 2023	32,619,598
Stock options expense		42,788			42,788
Forfeited restricted common stock	$ (200)	200
Forfeited restricted common stock (in shares)	(200,000)
Repurchase of common stock	$ (159)	(453,117)			(453,276)
Repurchase of common stock (in shares)	(159,044)
Common stock issued upon exercise of stock options	$ 20	(20)
Common stock issued upon exercise of stock options (in shares)	20,870
Restricted common stock expense		498,214			498,214
Net Income (Loss)			76,301		76,301
Foreign currency translation				858	858
Balance at Mar. 31, 2024	$ 32,281	37,695,960	(23,488,019)	(111,963)	14,128,259
Balance (in shares) at Mar. 31, 2024	32,281,424
Balance at Jun. 30, 2024	$ 32,295	38,089,958	(26,309,246)	(118,819)	11,694,188
Balance (in shares) at Jun. 30, 2024	32,295,373
Stock options expense		146,751			146,751
Grant of restricted common stock	$ 590	(590)
Grant of restricted common stock (in shares)	590,000
Forfeited restricted common stock	$ (229)	229
Forfeited restricted common stock (in shares)	(228,584)
Repurchase of common stock	$ (300)	(908,093)			$ (908,393)
Repurchase of common stock (in shares)	(300,596)
Common stock issued upon exercise of stock options	$ 49	(49)
Common stock issued upon exercise of stock options (in shares)	48,927				128,821
Restricted common stock expense		1,400,199			$ 1,400,199
Net Income (Loss)			(1,094,760)		(1,094,760)
Foreign currency translation				(6,855)	(6,855)
Balance at Mar. 31, 2025	$ 32,405	38,728,405	(27,404,006)	(125,674)	11,231,130
Balance (in shares) at Mar. 31, 2025	32,405,120
Balance at Dec. 31, 2024	$ 32,640	38,836,646	(27,620,476)	(122,350)	11,126,460
Balance (in shares) at Dec. 31, 2024	32,640,407
Stock options expense		58,706			58,706
Repurchase of common stock	$ (246)	(702,869)			(703,115)
Repurchase of common stock (in shares)	(246,707)
Common stock issued upon exercise of stock options	$ 11	(11)
Common stock issued upon exercise of stock options (in shares)	11,420
Restricted common stock expense		535,933			535,933
Net Income (Loss)			216,470		216,470
Foreign currency translation				(3,324)	(3,324)
Balance at Mar. 31, 2025	$ 32,405	$ 38,728,405	$ (27,404,006)	$ (125,674)	$ 11,231,130
Balance (in shares) at Mar. 31, 2025	32,405,120

XML

Condensed Consolidated Statements of Cash Flows	9 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Cash flow from operating activities:
Net loss	$ (1,094,760)	$ (965,370)
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	930,341	525,267
Stock options expense	146,751	104,502
Restricted common stock expense	1,400,199	1,603,820
Modification cost of accelerated vesting of restricted common stock		20,949
Adjustment to contingent earnout liability	2,812,796	(268,287)
Changes in operating assets and liabilities:
Accounts receivable	(754,258)	(739,883)
Prepaid expenses and other current assets	17,826	(156,026)
Prepaid royalties	311,938	197,888
Accounts payable and accrued expenses	(338,502)	498,584
Deferred revenue	1,331,920	768,347
Net cash provided by (used in) operating activities	4,764,251	1,589,791
Cash flow from investing activities:
Purchase of property and equipment	(11,571)	(57,761)
Net cash used in investing activities	(11,571)	(10,081,507)
Cash flow from financing activities:
Common stock repurchase	(908,393)	(522,024)
Payment of contingent acquisition consideration	(91,174)	(314,960)
Net cash used in financing activities	(999,567)	(836,984)
Effect of exchange rate changes	(1,137)	4,791
Net increase (decrease) in cash and cash equivalents	3,751,976	(9,323,909)
Cash and cash equivalents, beginning of period	6,100,031	13,545,333
Cash and cash equivalents, end of period	9,852,007	4,221,424
Supplemental disclosures of cash flow information:
Cash paid for income taxes	74,816	82,049
Non-cash investing and financing activities:
Contingent consideration accrual on asset acquisition	$ 29,394	36,130
Resolute
Cash flow from investing activities:
Payment for acquisition, net of cash acquired		(2,718,253)
Scite
Cash flow from investing activities:
Payment for acquisition, net of cash acquired		$ (7,305,493)

XML

Organization, Nature of Business and Basis of Presentation

9 Months Ended

Mar. 31, 2025

Organization, Nature of Business and Basis of Presentation

Organization, Nature of Business and Basis of Presentation

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 five wholly owned subsidiaries: Reprints Desk, Inc., (“Reprints Desk”) a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.

Nature of Business

We are a vertical software-as-a-service (“SaaS”) and artificial intelligence (“AI”) company providing software and related services to help research-intensive organizations simplify the research process, save time and money. We offer various software platforms (“Platform” or “Platforms”) that are typically sold to corporate, academic, government and individual researchers as cloud-based SaaS via auto-renewing license agreements. Corporate, academic, and government customers typically sign up under annual or multi-year agreements paid annually in advance. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly. Our Platforms also facilitate the sale of published scientific, technical, and medical (“STM”) content sold as individual articles (“Transactions”) either stand alone or via one or more of the research Platform solutions we provide. When one or more of the Platform solutions are used to purchase Transactions, customers pay for those transactions through monthly billing or via credit card for individual researchers. In addition, our Platforms facilitate rights and permissions for customers to re-use content, ensuring copyright compliance for research, regulatory and marketing use cases as well as the utilization of content with AI applications and for the training of AI models. Our Platforms enable life science and other research-intensive organizations to simplify their research and development activities through our advanced search (i.e. Discovery Tools), tools to access and buy STM articles required to support their research (i.e. Access), as well as tools that manage that content across the enterprise and on an individual basis (i.e. Manage). The Platforms also include advanced AI (“Generative AI”) based assistants to help researchers understand the quality of the articles they are reviewing, speed up the review process, and to more fully understand how various research papers relate to each other.  In addition to STM content, the Platforms provide additional context to the research process by including the ability to search and assimilate a variety of other types of data such as Patent, Clinical Trial, Regulatory and Competitive Intelligence data. They also typically deliver a return on investment to the customer by reducing the amount of time it takes a research organization to find, acquire and manage content, in addition to also driving down the ultimate cost per article and overall research costs over time.

Platforms

Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas.

Discovery Tools – Our Scite.ai and Resolute.ai solutions facilitate search (discovery) across virtually all STM articles available. These solutions include basic search solutions and advanced search tools. These tools allow for searching and identifying relevant research and then purchasing that research through one of our other solutions. In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights, in addition to searching the customer’s internal datasets. Scite.ai includes full text search capability on most of the world’s STM content providing better search results and citation information as supporting or contrasting evidence. This powers our AI assistant and literature search engine and gives researchers better insights into any topic. The advanced search solutions are sold through a seat, enterprise, or individual license. These Platforms are deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms 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 Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms’ efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

Access – Our Article Galaxy® (“AG”) and Article Galaxy Scholar (Academic Library version) (“AGS”) solutions allow for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing content library of articles) and AG/AGS manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost. When used in conjunction with our Discovery Tools Platforms, customers can initiate orders, route orders based on the lowest cost to acquire, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. In addition, Article Galaxy facilitates rights and permissions for various re-use cases, including the utilization in AI applications and training of AI applications, ensuring copyright compliance for our customers.

Manage – Our References solution offers a comprehensive reference management solution with built-in document delivery capabilities specifically designed to meet the collaboration and security needs of research- intensive organizations.  This user-friendly Platform enables researchers to seamlessly organize their literature, collaborate with team members, and access a vast collection of scientific content. By integrating organization tools with instant access to millions of scholarly articles, our References solution streamlines the research workflow and enhances productivity for scientific professionals.

AI models are integral to powering the unique insights our platforms provide as well as the user experience customers enjoy. Natural language processing (“NLP”) and AI models are used to enhance metadata, define connections between topics and content items as well as to generate data and metrics employed to enable users to rapidly identify and understand the value of content they need for their research. We also use state of the art AI models, such as Large Language Models to include Generative AI “assistants” in several parts of the research workflow today and will continually add capability as we move forward. Today we employ Generative AI technologies as a basis for our recommendation engine in our Discovery Tools, Access, and Manage Platform solutions. In addition, Generative AI based “assistants” in some of our solutions allow the researcher to ask questions about articles, groups of articles (folders), and more. We also have the capability to provide near full text search on STM content in the Scite.ai solution where the publisher gives us the rights to do so. The ability to not only mine an article’s full text but also show snippets of full text is unique to our Company and allows our Generative AI assistants to provide highly accurate results with a very low incidence of hallucinations as part of a Retrieval Augmented Generation framework focused just on STM content. We plan to release several new Platform solutions to enhance the research workflows described above and add new solutions to support the analysis functions that exist in our typical customer base.

Our Platforms are generally deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms 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. Our Platforms can also be configured to satisfy a customer’s individual preferences. We leverage our Platforms efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage.

Transactions

We provide our researchers with a single source to the universe of published STM content that includes over 200 million existing STM journal articles for instant download, 50 million journal articles for rent, 10 million online book chapters, and 45 million only in print journal articles.  In addition, we add between 2 to 4 million newly published STM articles each year. STM content is rented or sold to our customers on a per 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 and while they typically purchase the articles via one of our Platform solutions, we do have some customers that just order articles from us on behalf of end-users in their organizations.

Core to many of our Platform solutions is providing our customers with ways 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 most cases in seconds. 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 and we are expanding these services to include the use of content in AI applications and for the training of AI models. 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 seconds. While a vast majority of the articles are available in electronic form, the Company also has workflows to deliver older paper-based articles through relationships we have built with libraries around the world.

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, 2024 filed with the SEC. The condensed consolidated balance sheet as of June 30, 2024 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.

XML

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2.   Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“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, the valuation of goodwill and intangible assets related to the Company’s acquisitions, accruals for contingent earnout 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, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725 and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held by Reprints Desk in accounts at financial institutions.

The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2025 and 2024.

The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2025 and June 30, 2024.

The following table summarizes vendor concentrations for content cost:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Vendor A	29	%	27	%	27	%	26	%
Vendor B	10	%	10	%	10	%	10	%

Software Costs

Based on its nature, the Company’s software development costs are expensed as incurred. The finalization of the Company’s project development process precipitates the rapid commercialization and deployment of new products and enhancements. The Company continuously reviews its projects, processes and the nature of its software development costs to determine if there are changes that would meet the requirements for capitalization under Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software.

Revenue Recognition

The Company accounts for revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Topic 606, 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.

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 or monthly licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform. In the nine months ended March 31, 2025 and 2024, the Company recognized revenue of $5,980,919 and $4,610,262 that was included in the deferred revenue at the beginning of each respective period. This revenue was recorded for the fulfillment of performance obligations related to cloud-based software subscriptions. Deferred revenue and accounts receivable was $6,424,724 and $6,153,063 as of June 30, 2023, respectively.

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 Platforms. 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,
	2025				2024
United States	$	7,227,043	57.0	%	$	7,289,260	60.2	%
Europe		4,046,925	32.0	%		3,767,945	31.1	%
Rest of World		1,387,395	11.0	%		1,058,467	8.7	%
Total	$	12,661,363	100	%	$	12,115,672	100	%

	Nine Months Ended
	March 31,
	2025				2024
United States	$	21,271,525	58.1	%	$	19,220,592	59.1	%
Europe		11,619,759	31.7	%		10,225,116	31.5	%
Rest of World		3,728,780	10.2	%		3,044,677	9.4	%
Total	$	36,620,064	100	%	$	32,490,385	100	%

Accounts Receivable, Net by Geographical Region

The following table summarizes accounts receivable, net by geographical region:

	As of March 31, 2025				As of June 30, 2024
United States	$	4,292,963	56.5	%	$	4,125,696	60.0	%
Europe		2,605,952	34.3	%		2,082,900	30.2	%
Rest of World		705,143	9.3	%		671,204	9.8	%
Total	$	7,604,058	100	%	$	6,879,800	100	%

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting where the purchase consideration is allocated to the tangible and intangible assets acquired, and liabilities assumed, based on their respective fair values as of the acquisition date. The excess of the fair value of the purchase consideration over the estimated fair values of the net assets acquired is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Intangible Assets

Amortizable finite-lived identifiable intangible assets consist of developed technology and customer relationships acquired in the acquisition of ResoluteAI effective July 28, 2023 and Scite effective December 1, 2023 (See Note 5), and are stated at cost less accumulated amortization. The developed technology and customer relationships are being amortized over the estimated average useful lives of 3 to 10 years. The Company follows ASC 360 in accounting for finite-lived intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the periods ended March 31, 2025 and June 30, 2024, the Company determined there were no indicators of impairment of its intangible assets.

Goodwill

Goodwill consists of the excess of the cost of ResoluteAI and Scite (see Note 5) over the fair value of amounts assigned to assets acquired and liabilities assumed. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company operates in a single reporting unit at the consolidated level. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting unit on June 30 of each fiscal year.

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 condensed consolidated balance sheets.

Cost of Revenue

Platforms

Cost of Platform revenue consists primarily of personnel costs of our operations team, and 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 requisite service period for awards subject to time vesting conditions and the graded tranche basis for awards subject to market vesting conditions. Forfeitures are accounted for as they occur. The Company recognizes the fair value of stock-based compensation within its condensed consolidated statements of operations and comprehensive income (loss) 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 and ResSoL LA 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 gains of $44,519 and $119,205 for the three and nine months ended March 31, 2025, respectively and losses of $22,177 and $15,059 for the three and nine months ended March 31, 2024, respectively. Cash denominated in Euros, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725, and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held in accounts at financial institutions.

The following table summarizes the exchange rates used:

	Nine Months Ended		Year Ended
	March 31,		June 30,
	2025	2024	2024	2023
Period end Euro: US Dollar exchange rate	1.08	1.08	1.07	1.09
Average period Euro: US Dollar exchange rate	1.07	1.08	1.08	1.05
Period end GBP: US Dollar exchange rate	1.29	1.26	1.26	1.27
Average period GBP: US Dollar exchange rate	1.28	1.26	1.26	1.20
Period end Japanese Yen: US Dollar exchange rate	0.007	0.007	0.006	0.007
Average period Japanese Yen: US Dollar exchange rate	0.007	0.007	0.007	0.007
Period end Mexican Peso: US Dollar exchange rate	0.05	0.06	0.05	0.06
Average period Mexican Peso: US Dollar exchange rate	0.05	0.06	0.06	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. Basic and diluted net loss per common share is the same for the nine months ended March 31, 2025 and 2024 because all stock options, warrants, and unvested restricted common stock are anti-dilutive.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income (loss) available to common shareholders	$	216,470	$	76,301	$	(1,094,760)	$	(965,370)
Weighted average commons shares - basic		31,033,022		30,020,652		30,597,410		28,377,199
Dilutive effect of outstanding warrants and stock options		1,080,595		938,087		—		—
Dilutive effect of unvested restricted common stock		26,318		2,552,503		—		—
Weighted average commons shares - diluted		32,139,935		33,511,242		30,597,410		28,377,199
Net income (loss) per common share:
Basic	$	0.01	$	0.00	$	(0.04)	$	(0.03)
Diluted	$	0.01	$	0.00	$	(0.04)	$	(0.03)

¹ Weighted average stock options excluded due to anti-dilution were 770,287 and 8,000 during the three months ended March 31, 2025 and 2024, respectively and 2,791,702 and 2,641,492 during the nine months ended March 31, 2025 and 2024, respectively. Shares of unvested restricted stock that were considered antidilutive were 2,139,100 and 2,329,900 during the three months ended March 31, 2025 and 2024, respectively and 2,221,495 and 2,715,191 during the nine months ended March 31, 2025 and 2024, respectively.

Fair Value of Financial Instruments

Under FASB ASC Topic 820, Fair Value Measurements and Disclosures, fair value is defined as the price at which an asset could be exchanged or a liability transferred in a transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or parameters are not available, valuation models are applied. A fair value hierarchy prioritizes the inputs used in measuring fair value into three broad levels as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than the quoted prices in active markets, are observable either directly or indirectly.

Level 3 – Unobservable inputs based on the Company’s assumptions.

The Company is required to use observable market data if such data is available without undue cost and effort.

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities at fair value as of March 31, 2025 and June 30, 2024:

	As of March 31, 2025								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Total assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities
Contingent earnout liability	$	—		—	$	15,110,910	$	15,110,910	$	—		—	$	12,298,114	$	12,298,114
Total liabilities	$	—	$	—	$	15,110,910	$	15,110,910	$	—	$	—	$	12,298,114	$	12,298,114

¹ During the three and nine months ended March 31, 2025, a change in fair value of contingent liability of $405,910 and $2,812,796, respectively, were recognized as loss in the accompanying condensed consolidated statements of operations and comprehensive income (loss). During the nine months ended March 31, 2024, a change in fair value of contingent liability of $268,287, was recognized as a gain in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Our contingent earnout liability related to the Scite acquisition, which is further discussed in Note 5 to the condensed consolidated financial statements, is in the “Level 3” category for valuation purposes. The contingent earnout liability fair value is estimated with the assistance of a valuation specialist, using a Monte Carlo simulation of discounted future cash flows based on management’s forecast and a 10% discount rate. Due to the uncertainty of the significant unobservable inputs into the Monte Carlo simulation, actual results may differ under different estimates and assumptions.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments.

Recently Issued Accounting Pronouncements

In November 2023, the FASB amended ASC No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that includes requirements for interim segment disclosures and for entities operating under a single segment. The amendment is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of the adoption of ASU 2023-07 on its interim and annual disclosures.

In December 2023, the FASB amended ASC 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, “Improvements to Income Tax Disclosures”). This ASU requires additional disclosures related to the rate reconciliation, income taxes paid and other amendments intended to enhance effectiveness and comparability. The amendment is effective for the Company beginning with its fiscal year 2026 annual disclosures. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its annual disclosures.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40)” which requires disclosure each reporting period, in the notes to the financial statements, of specified information about certain costs and expenses. The new requirements will be effective for the Company for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its annual disclosures.

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.

XML

Line of Credit

9 Months Ended

Mar. 31, 2025

Line of Credit

Line of Credit

Note 3.   Line of Credit

On April 15, 2024, the Company entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender. Pursuant to the PNC Loan Agreement, the Company entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of March 31, 2025 and June 30, 2024, respectively.

XML

Stockholders' Equity

9 Months Ended

Mar. 31, 2025

Stockholders' Equity

Stockholders' Equity

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. From November 2019 to November 2021, the Company's stockholders approved increases in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 1,874,513 to 6,874,513. 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 March 31, 2025, there were 416,577 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.

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, 2024	2,788,625	$	1.93	2,529,856	$	1.85	258,769	$	2.73
Granted	260,000		2.79	—		—	260,000		2.79
Options vesting	—		—	129,800		2.73	(129,800)		2.73
Exercised	(128,821)		1.92	(128,821)		1.92	—		—
Forfeited	—		—	—		—	—		—
Outstanding at March 31, 2025	2,919,804	$	2.00	2,530,835	$	1.89	388,969	$	2.77

The weighted average remaining contractual life of all options outstanding as of March 31, 2025 was 4.83 years. The remaining contractual life for options vested and exercisable at March 31, 2025 was 4.14 years. Furthermore, the aggregate intrinsic value of options outstanding as of March 31, 2025 was $1,943,721, and the aggregate intrinsic value

of options vested and exercisable as of March 31, 2025 was $1,943,721, in each case based on the fair value of the Company’s common stock on March 31, 2025.

During the nine months ended March 31, 2025, the Company granted 260,000 options to directors with a fair value of $364,000 which amount will be amortized over the vesting period. The total stock options expense during the nine months ended March 31, 2025 was $146,751 and is included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations and comprehensive income (loss). As of March 31, 2025, the amount of unrecognized compensation related to stock options was $473,570, which will be recorded as an expense in future periods. During the nine months ended March 31, 2025, the Company issued 48,927 net shares of common stock upon the exercise of options underlying 128,821 shares of common stock.

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 nine months ended March 31, 2025 and 2024.

	Nine Months Ended
	March 31,
	2025		2024
Expected dividend yield	—	%	—	%
Risk-free interest rate	4.26	%	4.00	%
Expected life (in years)	6		5
Expected volatility	46	%	50	%

The following table presents the information regarding stock options outstanding and exercisable as of March 31, 2025:

	Option		Remaining
	Exercise	Options	Contractual	Options
	Price	Outstanding	Life (in years)	Exercisable
$	0.70	225,000	0.68	225,000
	0.80	16,000	0.39	16,000
	0.90	15,000	0.35	15,000
	1.05	300,000	1.39	300,000
	1.09	40,000	1.15	40,000
	1.10	105,000	0.25	105,000
	1.20	247,000	2.64	247,000
	1.59	25,000	3.11	25,000
	2.10	238,767	6.86	238,767
	2.13	211,500	5.64	211,500
	2.15	200,000	7.70	200,000
	2.17	28,000	6.12	28,000
	2.19	5,000	6.81	5,000
	2.40	272,000	3.62	272,000
	2.43	61,250	6.18	61,250
	2.45	72,000	5.35	72,000
	2.49	68,000	5.16	68,000
	2.50	20,000	4.13	20,000
	2.64	7,353	6.35	7,353
	2.67	21,000	6.47	21,000
	2.73	257,934	8.69	128,965
	2.79	260,000	9.62	—
	2.99	8,000	5.12	8,000
	3.13	208,000	4.62	208,000
	3.50	8,000	4.87	8,000
	Total	2,919,804		2,530,835

Restricted Common Stock

During the nine months ended March 31, 2025, the Company issued an additional 590,000 shares of restricted stock to employees, with an aggregate fair value of $1,309,240. The shares were granted, under the 2017 Plan, as restricted stock awards to key management in accordance with its long-term equity bonus program (the “LTEBP”). The LTEBP replaces the previous restricted stock compensation program for executives. It first became effective on August 19, 2022, and grants under the program span 5 years from the grant date. The LTEBP is designed to better serve stockholder interests by aligning key executive compensation with stockholder value.  Awards under the LTEBP will vest as follows, upon the 30-day volume weighted average price (VWAP) of our common stock reaching the following targets:

• 20% at a 30-day VWAP of $3.00 per share (vestings occurred on March 14, 2024 and December 9, 2024);

•20% at a 30-day VWAP of $3.75 per share (vesting occurred on January 3, 2025);

•20% at a 30-day VWAP of $4.50 per share;

•20% at a 30-day VWAP of $5.25 per share; and

•20% at a 30-day VWAP of $6.00 per share.

Upon a change of control, vesting will accelerate with respect to that portion of the award that would vest if the target 30-day VWAP was achieved at the level above the per share price in such change of control transaction. For example, if we granted an award of 100,000 shares under the LTEBP, 20,000 shares would vest upon our stock price achieving a 30-day VWAP of $3.00 per share, and 20,000 shares would vest upon our stock price achieving a 30-day VWAP of $3.75 per share. If the per share price in a change of control transaction was $5.00 per share, vesting would accelerate for 40,000 shares under the same award (i.e. the number of shares that would vest for our stock price achieving a 30-day VWAP of $5.25 per share, pursuant to a tier round up provision in the Plan effective upon a change in control). As a condition to receiving awards under the LTEBP, recipients will be required to hold at least 75% of all vested shares during the term of their employment. Applicable target 30-day VWAPs must be achieved within 5 years following the grant of awards under the LTEBP, and all unvested awards under the LTEBP will be forfeited upon expiration of such 5-year period. Recipients will also forfeit unvested awards in the event their service with our company terminates for any reason.

As the vesting of the 590,000 shares of restricted common stock under the LTEBP is subject to certain market conditions, pursuant to current accounting guidelines, the Company determined the fair value, with the assistance of a valuation specialist, to be $1,309,240, computed using the Monte Carlo simulations on a binomial model with a derived service period ranging from 0.64 to 2.33 years. The total restricted common stock expense related to amortization of the fair value of the restricted stock awards were $1,400,199 and $1,624,769 during the nine months ended March 31, 2025 and 2024, respectively, and is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2025, the amount of unrecognized compensation related to issuances of restricted common stock was $957,272, which will be recognized as an expense in future periods. When calculating basic net income 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, using the treasury method. From the 32,405,120 shares issued and outstanding on the condensed consolidated balance sheets, 1,530,492 shares are subject to vesting and are not considered outstanding for accounting purposes.  

The following table summarizes restricted common stock activity:

				Weighted
				Average
	Number of			Grant Date
	Shares	Fair Value		Fair Value
Non-vested, June 30, 2024	1,957,726	$	3,075,449	$	1.57
Granted	590,000		1,309,240		2.22
Vested	(788,650)		(1,589,035)		2.01
Forfeited	(228,584)		(332,450)		1.45
Non-vested, March 31, 2025	1,530,492	$	2,463,204	$	1.61

Common Stock Repurchases

Effective as of March 19, 2024, the Compensation Committee of our Board of Directors authorized the repurchase, on the last day of each trading window during which the outstanding awards remain outstanding and otherwise in accordance with our insider trading policies, of an aggregate value not exceeding $750,000 (the “Repurchase Cap”), in addition to the prior remaining balance of outstanding common stock of $330,774 (at prices no greater than $4.00 per share) (the “Repurchase Price Cap”)) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards through the end of fiscal year 2025. Effective as of December 19, 2024, the Compensation Committee of our Board of Directors authorized an increase in the Repurchase Cap to an aggregate value not exceeding $1,500,000 and the Repurchase Price Cap to a price no greater than $5.50 per share. 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, 2024, $346,893 remained under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended March 31, 2025, the Company repurchased 246,707 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $703,115. During the nine months ended March 31, 2025, the Company repurchased 300,596 shares of our common stock from employees at an average market price of approximately $3.02 per share for an aggregate amount of $908,393. As of March 31, 2025, $188,500 remains under the current authorization to repurchase our outstanding common stock from our employees.

During the three months ended March 31, 2024, the Company repurchased 159,044 shares of our common stock from employees at an average market price of approximately $2.85 per share for an aggregate amount of $453,276. During the nine months ended March 31, 2024, the Company repurchased 186,148 shares of our common stock from employees at an average market price of approximately $2.80 per share for an aggregate amount of $522,024. As of March 31, 2024, $379,071 remained 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.

XML

Acquisitions

9 Months Ended

Mar. 31, 2025

Acquisitions

Acquisitions

Note 5.  Acquisitions

FIZ

On September 28, 2022, Reprints Desk entered into an asset purchase agreement with FIZ Karlsruhe – Leibniz-Institut für Informationsinfrastruktur GmbH (“FIZ”). FIZ delivers STM content pursuant to various contracts with its customers through its AutoDoc platform. FIZ agreed to assign and transfer to Reprints Desk certain of these contracts effective January 1, 2023 (the “Sold Contracts”).

On September 30, 2022, Reprints Desk made a non-refundable payment of $297,450 (€300,000) (the “Base Amount”) as initial consideration for the asset purchase. In September 2023, Reprints Desk paid $64,578 in contingent consideration for customers that have their Sold Contracts assumed by Reprints Desk in comparison to the trailing twelve months of revenue of all Sold Contracts (the “Base Amount Plus”). As of March 31, 2025, $29,394 in contingent consideration was recorded as a liability since it was unpaid, for customers that placed an order and have consented to have their contract assumed by Reprints Desk (the “Bonus Amount”). The Bonus Amount payments made were $28,614 and $91,174 for the three and nine months ended March 31, 2025, respectively. The Bonus Amount is based upon the collectable service fee that FIZ would have received from these customers. Contingent consideration for the Bonus Amount will continue to be paid in arrears through the quarter ending December 31, 2025.

The current contingent consideration for the Bonus Amount is recorded as a short-term liability on the condensed consolidated balance sheets. The Base Amount, the Base Amount Plus and the Bonus Amount were recorded as intangible assets on the condensed consolidated balance sheets with an estimated average useful life of 10 years.

ResoluteAI

On July 28, 2023, the Company acquired 100% of the outstanding stock of Resolute Innovation, Inc. (“ResoluteAI”), a Delaware corporation, an advanced search platform that equips organizations with search, discovery and

knowledge management tools that are powered by artificial intelligence (“AI”) and NLP technologies. The total purchase consideration for ResoluteAI, net of cash acquired, was approximately $4.8 million. The consideration included an initial payment of $2.8 million, a holdback of $0.1 million and a contingent earnout that had an initial fair value of $1.9 million. The Company’s revaluation of the earnout resulted in a fair value of $0 on June 30, 2024. On December 23, 2024, the Company received $275,000 funds from transaction escrow release, related to a reduction of the purchase price, and recorded as other income on the condensed consolidated statements of operations and comprehensive income (loss) during the nine months ended March 31, 2025.

Scite

On December 1, 2023, the Company acquired 100% of the outstanding stock of Scite, Inc. a Delaware corporation (“Scite”), a platform for discovering and evaluating scientific articles via an AI model to create unique “Smart Citations”. Smart Citations allow users to see how a publication has been cited by providing the context of the citation and a classification describing whether it allows for supporting or contrasting evidence for the cited claim.

The total purchase consideration for Scite, net of cash acquired, was approximately $21.1 million. The consideration included an initial payment of $7.2 million in cash, $6.5 million in stock, a holdback of $0.2 million and a contingent earnout that had an initial fair value of $7.2 million. The Company’s revaluations of the earnout resulted in a fair value of $12.3 million at June 30, 2024 and $15.1 million at March 31, 2025.

The following sets out the unaudited pro forma operating results for the three and nine months ended March 31, 2025 and 2024 for the Company had the Scite acquisition occurred as of July 1, 2023. These amounts include amortization of intangible assets:

	Pro Forma (Unaudited)				Pro Forma (Unaudited)
	Three Months ended March 31,				Nine Months ended March 31,
	2025		2024		2025		2024
Revenue	$	12,661,363	$	12,115,672	$	36,620,064	$	33,950,021
Cost of revenue		6,394,283		6,633,740		18,766,015		18,601,290
Gross profit		6,267,080		5,481,932		17,854,049		15,348,731
Total operating expenses		5,710,158		5,394,269		16,557,589		16,591,696
Income (loss) from operations		556,922		87,663		1,296,460		(1,242,965)
Other income (expense)		(327,042)		31,228		(2,316,404)		548,967
Income (loss) from operations before provision for income taxes		229,880		118,891		(1,019,944)		(693,998)
Provision for income taxes		(13,410)		(42,590)		(74,816)		(82,049)
Pro Forma Net income (loss)	$	216,470	$	76,301	$	(1,094,760)	$	(776,047)
Pro Forma Net income (loss) per weighted average share, basic and diluted	$	0.01	$	—	$	(0.04)	$	(0.03)

The Company utilized the acquisition method of accounting for the acquisition in accordance with ASC 805, Business Combinations, and allocated the purchase price to ResoluteAI’s and Scite’s tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair values as of the date of acquisition. The fair value assigned to the developed technology and customer relationships were determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The cash flows were based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model, as well as the weighted average cost of capital.

The valuation assumptions took into consideration the Company’s estimates of customer attrition and revenue growth projections. The excess of the purchase price paid by the Company over the estimated fair value of identified tangible and intangible assets has been recorded as goodwill. Goodwill also represents the future benefits as a result of the acquisitions that the Company believes will enhance the Company’s product offerings and lineup available to both new and existing customers and generate future synergies within the software and related services business.

As of this Quarterly Report on Form 10-Q, management has finalized its valuation analysis related to the Resolute and Scite acquisitions. The following table represents the Company’s allocation of the total purchase consideration to the fair value of tangible assets, identifiable intangible assets, and assumed liabilities of ResoluteAI and Scite on the date of acquisition:

In thousands	ResoluteAI		Scite
Fair value of consideration
Cash	$	2,774	$	7,217
Holdback cash paid		125		175
Common Stock (2,729,014 shares at $2.40 per share)		—		6,549
Contingent earn-out		1,867		7,194
Total purchase price		4,766		21,135
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		59		—
Accounts receivable		132		109
Prepaid expenses		43		—
Accounts payable and accrued expenses		(33)		(27)
Deferred revenue		(649)		(997)
Other current liabilities		(60)		(18)
Net tangible assets		(508)		(933)
Intangible assets:
Developed technology		2,000		8,800
Customer relationships		100		70
Net identifiable intangible assets		2,100		8,870
Goodwill		3,174		13,198
Fair value of net assets acquired	$	4,766	$	21,135

XML

Contingencies

9 Months Ended

Mar. 31, 2025

Contingencies

Contingencies

Note 6.  Contingencies

Inflation Risk

The Company does not believe that inflation has had a material effect on its operations to date, other than its impact on the general economy. However, there is a risk that the Company’s operating costs could become subject to inflationary and interest rate pressures in the future, which would have the effect of increasing the Company’s operating costs, and which would put additional stress on the Company’s working capital resources.

XML

Subsequent Events

9 Months Ended

Mar. 31, 2025

Subsequent Events

Subsequent Events

Note 7.  Subsequent Events

On April 8, 2025, the Company extended the expiration date of its Revolving Line of Credit Note (the “PNC Note”) with PNC from April 15, 2025 to April 15, 2026, or such later date as PNC, in its sole discretion, may designate, which provides for a $500,000 secured revolving line of credit and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly.

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 216,470	$ 76,301	$ (1,094,760)	$ (965,370)

XML

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“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, the valuation of goodwill and intangible assets related to the Company’s acquisitions, accruals for contingent earnout liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets.

Concentration of Credit Risk

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, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725 and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held by Reprints Desk in accounts at financial institutions.

The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2025 and 2024.

The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2025 and June 30, 2024.

The following table summarizes vendor concentrations for content cost:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Vendor A	29	%	27	%	27	%	26	%
Vendor B	10	%	10	%	10	%	10	%

Software Costs

Software Costs

Based on its nature, the Company’s software development costs are expensed as incurred. The finalization of the Company’s project development process precipitates the rapid commercialization and deployment of new products and enhancements. The Company continuously reviews its projects, processes and the nature of its software development costs to determine if there are changes that would meet the requirements for capitalization under Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software.

Revenue Recognition

Revenue Recognition

The Company accounts for revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Topic 606, 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.

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 or monthly licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform. In the nine months ended March 31, 2025 and 2024, the Company recognized revenue of $5,980,919 and $4,610,262 that was included in the deferred revenue at the beginning of each respective period. This revenue was recorded for the fulfillment of performance obligations related to cloud-based software subscriptions. Deferred revenue and accounts receivable was $6,424,724 and $6,153,063 as of June 30, 2023, respectively.

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 Platforms. 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,
	2025				2024
United States	$	7,227,043	57.0	%	$	7,289,260	60.2	%
Europe		4,046,925	32.0	%		3,767,945	31.1	%
Rest of World		1,387,395	11.0	%		1,058,467	8.7	%
Total	$	12,661,363	100	%	$	12,115,672	100	%

	Nine Months Ended
	March 31,
	2025				2024
United States	$	21,271,525	58.1	%	$	19,220,592	59.1	%
Europe		11,619,759	31.7	%		10,225,116	31.5	%
Rest of World		3,728,780	10.2	%		3,044,677	9.4	%
Total	$	36,620,064	100	%	$	32,490,385	100	%

Accounts Receivable by Geographical Region

Accounts Receivable, Net by Geographical Region

The following table summarizes accounts receivable, net by geographical region:

	As of March 31, 2025				As of June 30, 2024
United States	$	4,292,963	56.5	%	$	4,125,696	60.0	%
Europe		2,605,952	34.3	%		2,082,900	30.2	%
Rest of World		705,143	9.3	%		671,204	9.8	%
Total	$	7,604,058	100	%	$	6,879,800	100	%

Business Combinations

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting where the purchase consideration is allocated to the tangible and intangible assets acquired, and liabilities assumed, based on their respective fair values as of the acquisition date. The excess of the fair value of the purchase consideration over the estimated fair values of the net assets acquired is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Intangible Assets

Intangible Assets

Amortizable finite-lived identifiable intangible assets consist of developed technology and customer relationships acquired in the acquisition of ResoluteAI effective July 28, 2023 and Scite effective December 1, 2023 (See Note 5), and are stated at cost less accumulated amortization. The developed technology and customer relationships are being amortized over the estimated average useful lives of 3 to 10 years. The Company follows ASC 360 in accounting for finite-lived intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the periods ended March 31, 2025 and June 30, 2024, the Company determined there were no indicators of impairment of its intangible assets.

Goodwill

Goodwill

Goodwill consists of the excess of the cost of ResoluteAI and Scite (see Note 5) over the fair value of amounts assigned to assets acquired and liabilities assumed. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company operates in a single reporting unit at the consolidated level. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting unit on June 30 of each fiscal year.

Deferred Revenue

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 condensed consolidated balance sheets.

Cost of Revenue

Cost of Revenue

Platforms

Cost of Platform revenue consists primarily of personnel costs of our operations team, and 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

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 requisite service period for awards subject to time vesting conditions and the graded tranche basis for awards subject to market vesting conditions. Forfeitures are accounted for as they occur. The Company recognizes the fair value of stock-based compensation within its condensed consolidated statements of operations and comprehensive income (loss) 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

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 and ResSoL LA 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 gains of $44,519 and $119,205 for the three and nine months ended March 31, 2025, respectively and losses of $22,177 and $15,059 for the three and nine months ended March 31, 2024, respectively. Cash denominated in Euros, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $612,725, and $630,680 at March 31, 2025 and June 30, 2024, respectively, was held in accounts at financial institutions.

The following table summarizes the exchange rates used:

	Nine Months Ended		Year Ended
	March 31,		June 30,
	2025	2024	2024	2023
Period end Euro: US Dollar exchange rate	1.08	1.08	1.07	1.09
Average period Euro: US Dollar exchange rate	1.07	1.08	1.08	1.05
Period end GBP: US Dollar exchange rate	1.29	1.26	1.26	1.27
Average period GBP: US Dollar exchange rate	1.28	1.26	1.26	1.20
Period end Japanese Yen: US Dollar exchange rate	0.007	0.007	0.006	0.007
Average period Japanese Yen: US Dollar exchange rate	0.007	0.007	0.007	0.007
Period end Mexican Peso: US Dollar exchange rate	0.05	0.06	0.05	0.06
Average period Mexican Peso: US Dollar exchange rate	0.05	0.06	0.06	0.05

Net Income (Loss) Per Share

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. Basic and diluted net loss per common share is the same for the nine months ended March 31, 2025 and 2024 because all stock options, warrants, and unvested restricted common stock are anti-dilutive.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income (loss) available to common shareholders	$	216,470	$	76,301	$	(1,094,760)	$	(965,370)
Weighted average commons shares - basic		31,033,022		30,020,652		30,597,410		28,377,199
Dilutive effect of outstanding warrants and stock options		1,080,595		938,087		—		—
Dilutive effect of unvested restricted common stock		26,318		2,552,503		—		—
Weighted average commons shares - diluted		32,139,935		33,511,242		30,597,410		28,377,199
Net income (loss) per common share:
Basic	$	0.01	$	0.00	$	(0.04)	$	(0.03)
Diluted	$	0.01	$	0.00	$	(0.04)	$	(0.03)

¹ Weighted average stock options excluded due to anti-dilution were 770,287 and 8,000 during the three months ended March 31, 2025 and 2024, respectively and 2,791,702 and 2,641,492 during the nine months ended March 31, 2025 and 2024, respectively. Shares of unvested restricted stock that were considered antidilutive were 2,139,100 and 2,329,900 during the three months ended March 31, 2025 and 2024, respectively and 2,221,495 and 2,715,191 during the nine months ended March 31, 2025 and 2024, respectively.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Under FASB ASC Topic 820, Fair Value Measurements and Disclosures, fair value is defined as the price at which an asset could be exchanged or a liability transferred in a transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or parameters are not available, valuation models are applied. A fair value hierarchy prioritizes the inputs used in measuring fair value into three broad levels as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than the quoted prices in active markets, are observable either directly or indirectly.

Level 3 – Unobservable inputs based on the Company’s assumptions.

The Company is required to use observable market data if such data is available without undue cost and effort.

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities at fair value as of March 31, 2025 and June 30, 2024:

	As of March 31, 2025								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Total assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities
Contingent earnout liability	$	—		—	$	15,110,910	$	15,110,910	$	—		—	$	12,298,114	$	12,298,114
Total liabilities	$	—	$	—	$	15,110,910	$	15,110,910	$	—	$	—	$	12,298,114	$	12,298,114

¹ During the three and nine months ended March 31, 2025, a change in fair value of contingent liability of $405,910 and $2,812,796, respectively, were recognized as loss in the accompanying condensed consolidated statements of operations and comprehensive income (loss). During the nine months ended March 31, 2024, a change in fair value of contingent liability of $268,287, was recognized as a gain in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Our contingent earnout liability related to the Scite acquisition, which is further discussed in Note 5 to the condensed consolidated financial statements, is in the “Level 3” category for valuation purposes. The contingent earnout liability fair value is estimated with the assistance of a valuation specialist, using a Monte Carlo simulation of discounted future cash flows based on management’s forecast and a 10% discount rate. Due to the uncertainty of the significant unobservable inputs into the Monte Carlo simulation, actual results may differ under different estimates and assumptions.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the FASB amended ASC No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that includes requirements for interim segment disclosures and for entities operating under a single segment. The amendment is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of the adoption of ASU 2023-07 on its interim and annual disclosures.

In December 2023, the FASB amended ASC 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, “Improvements to Income Tax Disclosures”). This ASU requires additional disclosures related to the rate reconciliation, income taxes paid and other amendments intended to enhance effectiveness and comparability. The amendment is effective for the Company beginning with its fiscal year 2026 annual disclosures. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its annual disclosures.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40)” which requires disclosure each reporting period, in the notes to the financial statements, of specified information about certain costs and expenses. The new requirements will be effective for the Company for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its annual disclosures.

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.

XML

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Schedule of vendor concentration risk percentage

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Vendor A	29	%	27	%	27	%	26	%
Vendor B	10	%	10	%	10	%	10	%

Schedule of revenue by geographical region

	Three Months Ended
	March 31,
	2025				2024
United States	$	7,227,043	57.0	%	$	7,289,260	60.2	%
Europe		4,046,925	32.0	%		3,767,945	31.1	%
Rest of World		1,387,395	11.0	%		1,058,467	8.7	%
Total	$	12,661,363	100	%	$	12,115,672	100	%

	Nine Months Ended
	March 31,
	2025				2024
United States	$	21,271,525	58.1	%	$	19,220,592	59.1	%
Europe		11,619,759	31.7	%		10,225,116	31.5	%
Rest of World		3,728,780	10.2	%		3,044,677	9.4	%
Total	$	36,620,064	100	%	$	32,490,385	100	%

Schedule of accounts receivable by geographical region

	As of March 31, 2025				As of June 30, 2024
United States	$	4,292,963	56.5	%	$	4,125,696	60.0	%
Europe		2,605,952	34.3	%		2,082,900	30.2	%
Rest of World		705,143	9.3	%		671,204	9.8	%
Total	$	7,604,058	100	%	$	6,879,800	100	%

Schedule of foreign currency exchange rate

	Nine Months Ended		Year Ended
	March 31,		June 30,
	2025	2024	2024	2023
Period end Euro: US Dollar exchange rate	1.08	1.08	1.07	1.09
Average period Euro: US Dollar exchange rate	1.07	1.08	1.08	1.05
Period end GBP: US Dollar exchange rate	1.29	1.26	1.26	1.27
Average period GBP: US Dollar exchange rate	1.28	1.26	1.26	1.20
Period end Japanese Yen: US Dollar exchange rate	0.007	0.007	0.006	0.007
Average period Japanese Yen: US Dollar exchange rate	0.007	0.007	0.007	0.007
Period end Mexican Peso: US Dollar exchange rate	0.05	0.06	0.05	0.06
Average period Mexican Peso: US Dollar exchange rate	0.05	0.06	0.06	0.05

Schedule of earnings per share, basic and diluted

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income (loss) available to common shareholders	$	216,470	$	76,301	$	(1,094,760)	$	(965,370)
Weighted average commons shares - basic		31,033,022		30,020,652		30,597,410		28,377,199
Dilutive effect of outstanding warrants and stock options		1,080,595		938,087		—		—
Dilutive effect of unvested restricted common stock		26,318		2,552,503		—		—
Weighted average commons shares - diluted		32,139,935		33,511,242		30,597,410		28,377,199
Net income (loss) per common share:
Basic	$	0.01	$	0.00	$	(0.04)	$	(0.03)
Diluted	$	0.01	$	0.00	$	(0.04)	$	(0.03)

¹ Weighted average stock options excluded due to anti-dilution were 770,287 and 8,000 during the three months ended March 31, 2025 and 2024, respectively and 2,791,702 and 2,641,492 during the nine months ended March 31, 2025 and 2024, respectively. Shares of unvested restricted stock that were considered antidilutive were 2,139,100 and 2,329,900 during the three months ended March 31, 2025 and 2024, respectively and 2,221,495 and 2,715,191 during the nine months ended March 31, 2025 and 2024, respectively.

Schedule of Company's assets and liabilities at fair value

	As of March 31, 2025								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Total assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities
Contingent earnout liability	$	—		—	$	15,110,910	$	15,110,910	$	—		—	$	12,298,114	$	12,298,114
Total liabilities	$	—	$	—	$	15,110,910	$	15,110,910	$	—	$	—	$	12,298,114	$	12,298,114

¹ During the three and nine months ended March 31, 2025, a change in fair value of contingent liability of $405,910 and $2,812,796, respectively, were recognized as loss in the accompanying condensed consolidated statements of operations and comprehensive income (loss). During the nine months ended March 31, 2024, a change in fair value of contingent liability of $268,287, was recognized as a gain in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

XML

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2025

Stockholders' Equity

Schedule of 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, 2024	2,788,625	$	1.93	2,529,856	$	1.85	258,769	$	2.73
Granted	260,000		2.79	—		—	260,000		2.79
Options vesting	—		—	129,800		2.73	(129,800)		2.73
Exercised	(128,821)		1.92	(128,821)		1.92	—		—
Forfeited	—		—	—		—	—		—
Outstanding at March 31, 2025	2,919,804	$	2.00	2,530,835	$	1.89	388,969	$	2.77

Schedule of valuation assumptions

	Nine Months Ended
	March 31,
	2025		2024
Expected dividend yield	—	%	—	%
Risk-free interest rate	4.26	%	4.00	%
Expected life (in years)	6		5
Expected volatility	46	%	50	%

Schedule of additional information regarding stock options outstanding and exercisable

	Option		Remaining
	Exercise	Options	Contractual	Options
	Price	Outstanding	Life (in years)	Exercisable
$	0.70	225,000	0.68	225,000
	0.80	16,000	0.39	16,000
	0.90	15,000	0.35	15,000
	1.05	300,000	1.39	300,000
	1.09	40,000	1.15	40,000
	1.10	105,000	0.25	105,000
	1.20	247,000	2.64	247,000
	1.59	25,000	3.11	25,000
	2.10	238,767	6.86	238,767
	2.13	211,500	5.64	211,500
	2.15	200,000	7.70	200,000
	2.17	28,000	6.12	28,000
	2.19	5,000	6.81	5,000
	2.40	272,000	3.62	272,000
	2.43	61,250	6.18	61,250
	2.45	72,000	5.35	72,000
	2.49	68,000	5.16	68,000
	2.50	20,000	4.13	20,000
	2.64	7,353	6.35	7,353
	2.67	21,000	6.47	21,000
	2.73	257,934	8.69	128,965
	2.79	260,000	9.62	—
	2.99	8,000	5.12	8,000
	3.13	208,000	4.62	208,000
	3.50	8,000	4.87	8,000
	Total	2,919,804		2,530,835

Schedule of restricted common stock activity

				Weighted
				Average
	Number of			Grant Date
	Shares	Fair Value		Fair Value
Non-vested, June 30, 2024	1,957,726	$	3,075,449	$	1.57
Granted	590,000		1,309,240		2.22
Vested	(788,650)		(1,589,035)		2.01
Forfeited	(228,584)		(332,450)		1.45
Non-vested, March 31, 2025	1,530,492	$	2,463,204	$	1.61

XML

Acquisitions (Tables)

9 Months Ended

Mar. 31, 2025

Acquisitions

Schedule of pro forma operating results

	Pro Forma (Unaudited)				Pro Forma (Unaudited)
	Three Months ended March 31,				Nine Months ended March 31,
	2025		2024		2025		2024
Revenue	$	12,661,363	$	12,115,672	$	36,620,064	$	33,950,021
Cost of revenue		6,394,283		6,633,740		18,766,015		18,601,290
Gross profit		6,267,080		5,481,932		17,854,049		15,348,731
Total operating expenses		5,710,158		5,394,269		16,557,589		16,591,696
Income (loss) from operations		556,922		87,663		1,296,460		(1,242,965)
Other income (expense)		(327,042)		31,228		(2,316,404)		548,967
Income (loss) from operations before provision for income taxes		229,880		118,891		(1,019,944)		(693,998)
Provision for income taxes		(13,410)		(42,590)		(74,816)		(82,049)
Pro Forma Net income (loss)	$	216,470	$	76,301	$	(1,094,760)	$	(776,047)
Pro Forma Net income (loss) per weighted average share, basic and diluted	$	0.01	$	—	$	(0.04)	$	(0.03)

Schedule of fair value of tangible assets, identifiable intangible assets, and assumed liabilities

In thousands	ResoluteAI		Scite
Fair value of consideration
Cash	$	2,774	$	7,217
Holdback cash paid		125		175
Common Stock (2,729,014 shares at $2.40 per share)		—		6,549
Contingent earn-out		1,867		7,194
Total purchase price		4,766		21,135
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		59		—
Accounts receivable		132		109
Prepaid expenses		43		—
Accounts payable and accrued expenses		(33)		(27)
Deferred revenue		(649)		(997)
Other current liabilities		(60)		(18)
Net tangible assets		(508)		(933)
Intangible assets:
Developed technology		2,000		8,800
Customer relationships		100		70
Net identifiable intangible assets		2,100		8,870
Goodwill		3,174		13,198
Fair value of net assets acquired	$	4,766	$	21,135

XML

Organization, Nature of Business and Basis of Presentation (Details) item in Millions	9 Months Ended
	Mar. 31, 2025 item subsidiary
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of subsidiaries | subsidiary	5
Number of existing STM articles for instant download on the platform	200
Number of existing journal articles for rent on the platform	50
Number of existing online book chapters on the platform	10
Number of existing only in print journal articles on the platform	45
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of newly published STM articles each year	2
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of newly published STM articles each year	4

XML

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2025 USD ($) item shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2025 USD ($) item shares	Mar. 31, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash and cash equivalents	$ 9,852,007		$ 9,852,007		$ 6,100,031
Number of revenue streams | item	2		2
Revenue recognized that was included in deferred revenue			$ 5,980,919	$ 4,610,262
Deferred Revenue	$ 10,355,768		10,355,768		9,023,848	$ 6,424,724
Accounts receivable	7,604,058		$ 7,604,058		6,879,800	$ 6,153,063
Estimated average useful life			10 years
Foreign currency transaction gain (loss)	$ 44,519	$ (22,177)	$ 119,205	$ (15,059)
Business Combination, Contingent Consideration, Liability, Measurement Input	0.10		0.10
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember		us-gaap:MeasurementInputDiscountRateMember
Employee Stock Option [Member]
Antidilutive securities, number | shares	770,287	8,000	2,791,702	2,641,492
Restricted Stock [Member]
Antidilutive securities, number | shares	2,139,100	2,329,900	2,221,495	2,715,191
Maximum | Scite | Developed Technology and Customer Relationships
Estimated average useful life			10 years
Minimum | Scite | Developed Technology and Customer Relationships
Estimated average useful life			3 years
Europe financial institutions
Cash and cash equivalents	$ 612,725		$ 612,725		$ 630,680

XML

Summary of Significant Accounting Policies - Concentrations (Details) - Cost of Goods and Service Benchmark [Member] - Supplier Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Vendor A
Concentration percentage	29.00%	27.00%	27.00%	26.00%
Vendor B
Concentration percentage	10.00%	10.00%	10.00%	10.00%

XML

Summary of Significant Accounting Policies - Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Revenues	$ 12,661,363	$ 12,115,672	$ 36,620,064	$ 32,490,385
Percentage of revenue	100.00%	100.00%	100.00%	100.00%
Accounts Receivable [Member]
Revenues			$ 7,604,058		$ 6,879,800
Percentage of revenue			100.00%		100.00%
UNITED STATES
Revenues	$ 7,227,043	$ 7,289,260	$ 21,271,525	$ 19,220,592
Percentage of revenue	57.00%	60.20%	58.10%	59.10%
UNITED STATES | Accounts Receivable [Member]
Revenues			$ 4,292,963		$ 4,125,696
Percentage of revenue			56.50%		60.00%
Europe [Member]
Revenues	$ 4,046,925	$ 3,767,945	$ 11,619,759	$ 10,225,116
Percentage of revenue	32.00%	31.10%	31.70%	31.50%
Europe [Member] | Accounts Receivable [Member]
Revenues			$ 2,605,952		$ 2,082,900
Percentage of revenue			34.30%		30.20%
Rest of World
Revenues	$ 1,387,395	$ 1,058,467	$ 3,728,780	$ 3,044,677
Percentage of revenue	11.00%	8.70%	10.20%	9.40%
Rest of World | Accounts Receivable [Member]
Revenues			$ 705,143		$ 671,204
Percentage of revenue			9.30%		9.80%

XML

Summary of Significant Accounting Policies - Exchange rates (Details)	9 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Euro to US Dollar
Period end exchange rate	1.08	1.08	1.07	1.09
Average period exchange rate	1.07	1.08	1.08	1.05
GBP To US Dollar
Period end exchange rate	1.29	1.26	1.26	1.27
Average period exchange rate	1.28	1.26	1.26	1.2
Japanese Yen to US Dollar
Period end exchange rate	0.007	0.007	0.006	0.007
Average period exchange rate	0.007	0.007	0.007	0.007
Mexican Peso to US Dollar
Period end exchange rate	0.05	0.06	0.05	0.06
Average period exchange rate	0.05	0.06	0.06	0.05

XML

Summary of Significant Accounting Policies - Net Income (Loss) Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Summary of Significant Accounting Policies
Net income (loss) available to common shareholders, Basic	$ 216,470	$ 76,301	$ (1,094,760)	$ (965,370)
Net income (loss) available to common shareholders, Diluted			$ (1,094,760)	$ (965,370)
Weighted average commons shares - basic	31,033,022	30,020,652	30,597,410	28,377,199
Dilutive effect of outstanding warrants and stock options	1,080,595	938,087
Dilutive effect of unvested restricted common stock	26,318	2,552,503
Weighted average commons shares - diluted	32,139,935	33,511,242	30,597,410	28,377,199
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.01	$ 0	$ (0.04)	$ (0.03)
Diluted (in dollars per share)	$ 0.01	$ 0	$ (0.04)	$ (0.03)

XML

Summary of Significant Accounting Policies - Company's assets and liabilities at fair value (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2025	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Liabilities
Contingent earnout liability	$ 15,110,910	$ 15,110,910		$ 12,298,114
Total liabilities	15,110,910	15,110,910		12,298,114
Change in fair value of contingent earnout liability	405,910	2,812,796	$ (268,287)
Level 3
Liabilities
Contingent earnout liability	15,110,910	15,110,910		12,298,114
Total liabilities	$ 15,110,910	$ 15,110,910		$ 12,298,114

XML

Line of Credit (Details) - USD ($)	Mar. 08, 2025	Apr. 15, 2024	Mar. 31, 2025	Jun. 30, 2024
Outstanding borrowings under line of credit			$ 0	$ 0
Revolving Credit Facility Member
Line of credit amount	$ 500,000	$ 500,000
Line of credit facility maturity date	Apr. 15, 2025	Apr. 15, 2026
Interest bearing rate	2.50%	2.50%

XML

Stockholders' Equity - Options Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Nov. 17, 2021	Nov. 16, 2020	Nov. 21, 2017	Nov. 10, 2016	Nov. 09, 2016
Term number of years			5 years
Weighted average remaining contractual life of all options outstanding			4 years 9 months 29 days
Remaining contractual life for options vested and exercisable			4 years 1 month 20 days
Aggregate intrinsic value of options outstanding	$ 1,943,721		$ 1,943,721
Aggregate intrinsic value of options vested and exercisable	1,943,721		$ 1,943,721
Granted (in shares)			260,000
Fair value of stock options granted			$ 364,000
Fair value of vested stock options	58,706	$ 42,788	146,751	$ 104,502
Amount of unvested compensation related to stock options	$ 473,570		$ 473,570
Common stock issued upon exercise of stock options			128,821
Common Stock [Member]
Common stock issued upon exercise of stock options	11,420	20,870	48,927	71,050
Employee Stock Option [Member] | 2007 Plan
Number of shares authorized under the plan								7,000,000	5,000,000
Number of shares available for grant	0		0
Employee Stock Option [Member] | 2017 Plan
Number of shares authorized under the plan							1,874,513
Number of shares available for grant	416,577		416,577
Employee Stock Option [Member] | Omnibus Incentive 2017 Plan [Member]
Number of shares authorized under the plan					6,874,513	1,874,513

XML

Stockholders' Equity - Stock option Activity (Details)	9 Months Ended
	Mar. 31, 2025 $ / shares shares
Outstanding beginning balance (in shares) | shares	2,788,625
Granted (in shares) | shares	260,000
Exercised (in shares) | shares	(128,821)
Outstanding ending balance (in shares) | shares	2,919,804
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 1.93
Granted Weighted Average Exercise Price | $ / shares	2.79
Exercised Weighted Average Exercise Price | $ / shares	1.92
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 2
Vested Options [Member]
Outstanding beginning balance (in shares) | shares	2,529,856
Options vesting (in shares) | shares	129,800
Exercised (in shares) | shares	(128,821)
Outstanding ending balance (in shares) | shares	2,530,835
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 1.85
Options vesting Weighted Average Exercise Price | $ / shares	2.73
Exercised Weighted Average Exercise Price | $ / shares	1.92
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 1.89
Unvested Options [Member]
Outstanding beginning balance (in shares) | shares	258,769
Granted (in shares) | shares	260,000
Options vesting (in shares) | shares	129,800
Outstanding ending balance (in shares) | shares	388,969
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 2.73
Granted Weighted Average Exercise Price | $ / shares	2.79
Options vesting Weighted Average Exercise Price | $ / shares	2.73
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 2.77

XML

Stockholders' Equity - Valuation assumptions (Details)	9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Maximum [Member]
Expected life (in years)	2 years 3 months 29 days
Employee Stock Option [Member]
Risk-free interest rate	4.26%	4.00%
Expected life (in years)	6 years	5 years
Expected volatility	46.00%	50.00%

XML

Stockholders' Equity - Stock options by exercise price (Details)	9 Months Ended
	Mar. 31, 2025 $ / shares shares
Options Outstanding	2,919,804
Options Exercisable	2,530,835
Range One
Option Exercise Price | $ / shares	$ 0.7
Options Outstanding	225,000
Remaining Contractual Life (in years)	8 months 4 days
Options Exercisable	225,000
Range Two
Option Exercise Price | $ / shares	$ 0.8
Options Outstanding	16,000
Remaining Contractual Life (in years)	4 months 20 days
Options Exercisable	16,000
Range Three
Option Exercise Price | $ / shares	$ 0.9
Options Outstanding	15,000
Remaining Contractual Life (in years)	4 months 6 days
Options Exercisable	15,000
Range Four
Option Exercise Price | $ / shares	$ 1.05
Options Outstanding	300,000
Remaining Contractual Life (in years)	1 year 4 months 20 days
Options Exercisable	300,000
Range Five
Option Exercise Price | $ / shares	$ 1.09
Options Outstanding	40,000
Remaining Contractual Life (in years)	1 year 1 month 24 days
Options Exercisable	40,000
Range Six
Option Exercise Price | $ / shares	$ 1.1
Options Outstanding	105,000
Remaining Contractual Life (in years)	3 months
Options Exercisable	105,000
Range Seven
Option Exercise Price | $ / shares	$ 1.2
Options Outstanding	247,000
Remaining Contractual Life (in years)	2 years 7 months 20 days
Options Exercisable	247,000
Range Eight
Option Exercise Price | $ / shares	$ 1.59
Options Outstanding	25,000
Remaining Contractual Life (in years)	3 years 1 month 9 days
Options Exercisable	25,000
Range Nine
Option Exercise Price | $ / shares	$ 2.1
Options Outstanding	238,767
Remaining Contractual Life (in years)	6 years 10 months 9 days
Options Exercisable	238,767
Range Ten
Option Exercise Price | $ / shares	$ 2.13
Options Outstanding	211,500
Remaining Contractual Life (in years)	5 years 7 months 20 days
Options Exercisable	211,500
Range Eleven
Option Exercise Price | $ / shares	$ 2.15
Options Outstanding	200,000
Remaining Contractual Life (in years)	7 years 8 months 12 days
Options Exercisable	200,000
Range Twelve
Option Exercise Price | $ / shares	$ 2.17
Options Outstanding	28,000
Remaining Contractual Life (in years)	6 years 1 month 13 days
Options Exercisable	28,000
Range Thirteen
Option Exercise Price | $ / shares	$ 2.19
Options Outstanding	5,000
Remaining Contractual Life (in years)	6 years 9 months 21 days
Options Exercisable	5,000
Range Fourteen
Option Exercise Price | $ / shares	$ 2.4
Options Outstanding	272,000
Remaining Contractual Life (in years)	3 years 7 months 13 days
Options Exercisable	272,000
Range Fifteen
Option Exercise Price | $ / shares	$ 2.43
Options Outstanding	61,250
Remaining Contractual Life (in years)	6 years 2 months 4 days
Options Exercisable	61,250
Range Sixteen
Option Exercise Price | $ / shares	$ 2.45
Options Outstanding	72,000
Remaining Contractual Life (in years)	5 years 4 months 6 days
Options Exercisable	72,000
Range Seventeen
Option Exercise Price | $ / shares	$ 2.49
Options Outstanding	68,000
Remaining Contractual Life (in years)	5 years 1 month 28 days
Options Exercisable	68,000
Range Eighteen
Option Exercise Price | $ / shares	$ 2.5
Options Outstanding	20,000
Remaining Contractual Life (in years)	4 years 1 month 17 days
Options Exercisable	20,000
Range Nineteen
Option Exercise Price | $ / shares	$ 2.64
Options Outstanding	7,353
Remaining Contractual Life (in years)	6 years 4 months 6 days
Options Exercisable	7,353
Range Twenty
Option Exercise Price | $ / shares	$ 2.67
Options Outstanding	21,000
Remaining Contractual Life (in years)	6 years 5 months 19 days
Options Exercisable	21,000
Range Twenty One
Option Exercise Price | $ / shares	$ 2.73
Options Outstanding	257,934
Remaining Contractual Life (in years)	8 years 8 months 8 days
Options Exercisable	128,965
Range Twenty Two
Option Exercise Price | $ / shares	$ 2.79
Options Outstanding	260,000
Remaining Contractual Life (in years)	9 years 7 months 13 days
Range Twenty Three
Option Exercise Price | $ / shares	$ 2.99
Options Outstanding	8,000
Remaining Contractual Life (in years)	5 years 1 month 13 days
Options Exercisable	8,000
Range Twenty Four
Option Exercise Price | $ / shares	$ 3.13
Options Outstanding	208,000
Remaining Contractual Life (in years)	4 years 7 months 13 days
Options Exercisable	208,000
Range Twenty Five
Option Exercise Price | $ / shares	$ 3.5
Options Outstanding	8,000
Remaining Contractual Life (in years)	4 years 10 months 13 days
Options Exercisable	8,000

XML

Stockholders' Equity - Restricted Common Stock Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Common stock issued upon exercise of stock options			128,821
Amount recognized as expense related to stock issuance			$ 146,751	$ 104,502
Term number of years			5 years
Percentage of All Vested Shares Recipient Is Required To Hold During Employment In Order To Receive Award			75.00%
Granted (in shares)			260,000
Restricted common stock expense related to amortization of the fair value of the restricted stock awards	$ 535,933	$ 498,214	$ 1,400,199	1,603,820
Restricted common stock expense related to amortization of the fair value of the restricted stock awards plus modification				$ 1,624,769
Common Stock, Shares, Outstanding	32,405,120		32,405,120		32,295,373
Minimum [Member]
Expected life (in years)			7 months 20 days
Maximum [Member]
Expected life (in years)			2 years 3 months 29 days
Restricted Stock [Member]
Restricted common stock under the long-term equity			590,000
Fair value of restricted common stock			$ 1,589,035
Fair value of shares vested			1,309,240
Forfeited, Fair Value			$ 332,450
Forfeited, Number of shares			(228,584)
Non-vested stock	$ 2,463,204		$ 2,463,204		$ 3,075,449
Non-vested, Ending balance	1,530,492		1,530,492
Term number of years			5 years
Restricted stock to employees vested			788,650
Fair value of vested restricted common stock			$ 1,309,240
Unrecognized compensation related to issuances of restricted common stock	$ 957,272		$ 957,272
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period One [Member}
Restricted common stock under the long-term equity			100,000
Vesting percentage			20.00%
Volume Weighted Average Stock Price Per Share			$ 3
Restricted stock to employees vested			20,000
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period Two [Member}
Vesting percentage			20.00%
Volume Weighted Average Stock Price Per Share			$ 3.75
Restricted stock to employees vested			20,000
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period Three [Member}
Vesting percentage			20.00%
Volume Weighted Average Stock Price Per Share			$ 4.5
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period Four [Member}
Vesting percentage			20.00%
Volume Weighted Average Stock Price Per Share			$ 5.25
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period Five [Member}
Vesting percentage			20.00%
Volume Weighted Average Stock Price Per Share			$ 6
Volume Weighted Average Price (VWAP) of Common Stock over 30-Day Period Six [Member}
Volume Weighted Average Stock Price Per Share			$ 5
Restricted stock to employees vested			40,000

XML

Stockholders' Equity - Restricted common stock (Details) - Restricted Stock [Member]	9 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Non-vested, Beginning balance | shares	1,957,726
Granted Number of shares | shares	590,000
Vested, Number of shares | shares	(788,650)
Forfeited, Number of shares | shares	(228,584)
Non-vested, Ending balance | shares	1,530,492
Non-vested, Beginning balance | $	$ 3,075,449
Granted, Fair Value | $	1,309,240
Vested, Fair Value | $	(1,589,035)
Forfeited, fair value | $	(332,450)
Non-vested, Ending balance | $	$ 2,463,204
Non-vested, Beginning Balance Weighted Average Grant Date Fair Value | $ / shares	$ 1.57
Granted Weighted Average Grant Date Fair Value | $ / shares	2.22
Vested Weighted Average Grant Date Fair Value | $ / shares	2.01
Forfeited Weighted Average Grant Date Fair Value | $ / shares	1.45
Non-vested, Ending Balance Weighted Average Grant Date Fair Value | $ / shares	$ 1.61

XML

Stockholders' Equity - Repurchases of our common stock (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 19, 2024	Jun. 30, 2024	Mar. 19, 2024
Repurchase Cap					$ 1,500,000		$ 750,000
Amount remaining under the current authorization to repurchase	$ 188,500	$ 379,071	$ 188,500	$ 379,071		$ 346,893
Average Price Paid per Share	$ 2.85	$ 2.85	$ 3.02	$ 2.8
Repurchase of common stock	$ 703,115	$ 453,276	$ 908,393	$ 522,024
Outstanding common stock							$ 330,774
Common Stock [Member]
Total Number of Shares Purchased	246,707	159,044	300,596	186,148
Repurchase of common stock	$ 246	$ 159	$ 300	$ 186
Publicly Announced Plans Or Programs
Repurchase cap price					$ 5.5		$ 4

XML

Acquisitions - Additional Information (Details)						1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 23, 2024 USD ($)	Dec. 01, 2023 USD ($)	Jul. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2023 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Asset Acquisition, Contingent Consideration [Line Items]
Payment for non-refundable deposit for asset acquisition				$ 297,450	€ 300,000
Funds from transaction escrow release							$ 78,868	$ 31,228	$ 496,392	$ 279,678
Contingent consideration for customers						$ 64,578
Contingent earnout fair value							6,019,488		6,019,488
Payment of bonus amount							28,614		$ 91,174
Estimated average useful life									10 years
Bonus Amount
Asset Acquisition, Contingent Consideration [Line Items]
Contingent earnout fair value							29,394		$ 29,394
Scite
Asset Acquisition, Contingent Consideration [Line Items]
Percentage of ownership interest acquired		100.00%
Initial payment		$ 7,217,000
Purchase consideration, net of cash acquired		21,135,000
Holdback cash paid		175,000
Contingent earnout liability incurred		7,194,000
Cash		$ 6,549,000
Contingent earnout fair value							$ 15,100,000		$ 15,100,000			$ 12,300,000
Resolute AI
Asset Acquisition, Contingent Consideration [Line Items]
Percentage of ownership interest acquired			100.00%
Initial payment			$ 2,774,000
Purchase consideration, net of cash acquired			4,766,000
Holdback cash paid			125,000
Contingent earnout liability incurred			$ 1,867,000
Funds from transaction escrow release	$ 275,000
Contingent earnout fair value											$ 0

XML

Acquisitions - Pro forma operating results (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Acquisitions
Revenue	$ 12,661,363	$ 12,115,672	$ 36,620,064	$ 33,950,021
Cost of revenue	6,394,283	6,633,740	18,766,015	18,601,290
Gross profit	6,267,080	5,481,932	17,854,049	15,348,731
Total operating expenses	5,710,158	5,394,269	16,557,589	16,591,696
Loss from operations	556,922	87,663	1,296,460	(1,242,965)
Other income (expense)	(327,042)	31,228	(2,316,404)	548,967
Income (loss) from operations before provision for income taxes	229,880	118,891	(1,019,944)	(693,998)
Provision for income taxes	(13,410)	(42,590)	(74,816)	(82,049)
Pro Forma Net loss	$ 216,470	$ 76,301	$ (1,094,760)	$ (776,047)
Pro Forma Net loss per weighted average share, basic (in dollars per share)	$ 0.01		$ (0.04)	$ (0.03)

XML

Acquisitions - Assets and liabilities assumed (Details) - USD ($)			9 Months Ended
	Dec. 01, 2023	Jul. 28, 2023	Mar. 31, 2025	Jun. 30, 2024
Fair value of consideration
Contingent earn-out			$ 15,110,910	$ 12,298,114
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Goodwill			$ 16,372,979	$ 16,315,888
Resolute AI
Fair value of consideration
Cash		$ 2,774,000
Holdback cash paid		125,000
Contingent earnout liability incurred		1,867,000
Total purchase price		4,766,000
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Cash and cash equivalents		59,000
Accounts receivable		132,000
Prepaid expenses		43,000
Accounts payable and accrued expenses		(33,000)
Deferred revenue		(649,000)
Other current liabilities		(60,000)
Net tangible assets		(508,000)
Net identifiable intangible assets		2,100,000
Goodwill		3,174,000
Fair value of net assets acquired		4,766,000
Resolute AI | Developed technology
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Net identifiable intangible assets		2,000,000
Resolute AI | Customer relationships
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Net identifiable intangible assets		$ 100,000
Scite
Fair value of consideration
Cash	$ 7,217,000
Holdback cash paid	175,000
Contingent earnout liability incurred	7,194,000
Common Stock (2,729,014 shares at $2.40 per share)	6,549,000
Total purchase price	21,135,000
Common stock			2,729,014
Common stock per share			$ 2.4
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Accounts receivable	109,000
Accounts payable and accrued expenses	(27,000)
Deferred revenue	(997,000)
Other current liabilities	(18,000)
Net tangible assets	(933,000)
Net identifiable intangible assets	8,870,000
Goodwill	13,198,000
Fair value of net assets acquired	21,135,000
Scite | Developed technology
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Net identifiable intangible assets	8,800,000
Scite | Customer relationships
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Net identifiable intangible assets	$ 70,000

XML

Subsequent Events (Details) - USD ($)			9 Months Ended
	Mar. 08, 2025	Apr. 15, 2024	Mar. 31, 2025	Jun. 30, 2024
Subsequent Event [Line Items]
Long-Term Line of Credit			$ 0	$ 0
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000	$ 500,000
Line of Credit Facility, Expiration Date	Apr. 15, 2025	Apr. 15, 2026
Line of Credit Facility, Interest Rate at Period End	2.50%	2.50%
Restricted Common Stock
Subsequent Event [Line Items]
Restricted common stock under the long-term equity			590,000