Annual report
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Table of Contents UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: June 30, 2026 ☐ 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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No ⌧ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No ⌧ 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 1934during 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 ⌧ 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ 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 anemerging 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 ⌧ Smaller reporting company ☒ 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of December 31, 2025, the last businessday of the registrant’s most recently completed second fiscal quarter, was $92,011,563 based on the closing price of $2.94 per share as reported on the Nasdaqas of that date. Indicate the number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date. Title of Class Number of Shares Outstanding on September 4, 2026 Common Stock, $0.001 par value 33,762,669 1 In November 2019, we became a fully remote company. Accordingly, we do not currently have principal executive offices. Our mailing address is 10624 S.Eastern Ave., Ste. A-614, Henderson, NV 89052.
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Table of Contents 2 TABLE OF CONTENTS PART I Item 1. Business 4 Item 1A. Risk Factors 10 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2. Properties 21 Item 3. Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 34 Item 8. Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 60 Item 9A. Controls and Procedures 60 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11. Executive Compensation 66 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 72 Item 14. Principal Accounting Fees and Services 73 PART IV Item 15. Exhibits and Financial Statement Schedules 74 Item 16. Form 10-K Summary 76
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Table of Contents 3 Cautionary Notice Regarding Forward-Looking Statements Unless otherwise indicated, (i) the terms “Research Solutions,” “we,” “us” and “our” refer to Research Solutions, Inc., a Nevada corporation, and our five wholly-owned subsidiaries: Reprints Desk, Inc., (“Reprints Desk”) a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., (“ResoluteAI”), a Delaware corporation, Scite, LLC, (“Scite”), a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., (“Reprints Desk Latin America”), an entity organized under the laws of Mexico and RESSOL LA, S. DE R.L. DE C.V., (“ResSol LA”) an entity organized under the laws of Mexico, and (ii) the term “common stock” refers to the common stock, par value $0.001 per share, of Research Solutions. The financial information included herein is presented in United States dollars (“US Dollars”), the reporting currency of our company. 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. The Research Solutions logo, Article Galaxy and other trademarks or service marks of Research Solutions, Inc. appearing in this Annual Report on Form 10-K are the property of Research Solutions, Inc. This Annual Report on Form 10-K also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks and trade names appearing herein are the property of their respective holders. All statements included or incorporated by reference in this Annual Report on Form 10-K, other than statements or characterizations of historical fact, are forward-looking statements. Examples of forward- looking statements include, but are not limited to, statements concerning our accounting estimates; assumptions and judgments; the demand for our products; the competitive nature of and anticipated growth in our industry; and our prospective needs for additional capital. These forward-looking statements are based on our current expectations, estimates, approximations and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward- looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” and similar expressions, and variations or negatives of these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors, some of which are listed under “Risk Factors” in Item 1A of this report. These forward-looking statements speak only as of the date of this report. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law. This Annual Report on Form 10-K also contains estimates and other information concerning our industry, including market size and customer satisfaction ratings, that we obtained from industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Although we believe the information in these industry publications, surveys and forecasts is reliable, we have not independently verified the accuracy or completeness of the information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors.
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Table of Contents 4 PART I Item 1. Business Company 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 June 30, 2026: 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 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.
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Table of Contents 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 (“LLMs”) 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 intend to continue investing in our platforms and in our integrations with third-party AI applications, through new product enhancements and expanded dataset coverage. 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
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Table of Contents 6 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. Competitive Strengths We believe that we possess the following competitive strengths: Services and Technology We have developed proprietary software, a sophisticated information logistics technology backbone, and Internet-based interfaces that allow customers to initiate orders for STM content, manage these transactions, obtain reporting, automate authentication, improve seamless connectivity to in-house and third- party software systems, and maximize the information resources they already own or license, as well as organize workgroups to collaborate around bibliographic information. We are focused on rapidly developing an ecosystem of new interactive app-like components for researchers that will deliver time saving efficiencies in core research workflows and knowledge creation processes. We continually enhance the performance of our existing proprietary software and systems and develop and implement new technologies that expand the available methods of discovering, obtaining and managing content. Through the acquisitions of ResoluteAI and Scite, our services have been enhanced to include AI as part of the research workflow. Our services are highly configurable to meet customers’ needs and provide a personalized yet turnkey solution that covers the full spectrum of customer requirements; from identifying and locating articles, to facilitating copyright compliance, maximizing information resources already owned, monitoring usage, and automating end-user authentication. Our services alleviate the need for our customers to develop internal systems or contact multiple content publishers in order to obtain the content that is critical to their research. Experienced Management Team Our management team has years of extensive experience satisfying customers across the information services and STM publishing and technology industries. In addition, our team has experience growing and scaling SaaS and subscription business models. Customer Loyalty The majority of our revenue comes from our loyal base of customers, indicative of our focus on customer satisfaction and quality. In Document Delivery Buyer Surveys conducted by industry research and advisory firm Outsell, Inc., we have ranked first overall and in every category for customer satisfaction (depth and breadth of coverage, fair pricing, and ease of doing business) and loyalty (intention to renew or continue service, and willingness to recommend the service to others). This is reflected by our gross churn rate in the low single digit range, and a net churn rate in the high single digit range, each as a percentage of revenue. Industry Presence and Established Relationships We have a well-established presence and a network of contacts with our customers (life science companies, academic institutions, and other research-intensive organizations), STM publishing partners, and others in the information services space. We have existing arrangements with hundreds of content publishers that allow us to distribute their content. Although we do not have exclusive relationships with these content publishers, the aggregate number of in place agreements are essential to our value proposition, market presence, and our ability to satisfy the requirements of our customers.
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Table of Contents 7 Promotion We employ a segment-focused marketing approach that focuses on traditional buyers such as corporate libraries as well as new types of non-library buyers across a variety of business functions, including those within research and development. In pursuit of growth, we invest in vertical integration and channel relationships to increase the value we provide to customers, extend our promotional reach, and decrease customer acquisition costs. We anticipate growth coming from cross-selling into our existing customer base, penetrating new market verticals, and generating market demand and preference from both existing and new customers. While we place emphasis on the life science market, with a focus on pharmaceutical, biotechnology and medical device customers, we are also penetrating the following markets: academic, aerospace, automotive, electronics, chemicals and food and agriculture. Growth Strategy Organic Growth We seek to grow our customer base through targeted direct and channel promotions of our Platform to potential customers. This strategy for sales and marketing is supported by inbound marketing driven by educational content, innovative technological systems, competitive pricing and best in class service. We are also positioning our sales force to be able to better serve small and medium sized businesses that we consider to be largely underserved today. We also seek to grow existing customer revenue by year over year pricing increases, and through value-based add-ons. In addition, we submit proposals to potential customers in response to requests for proposals, or “Request for Proposals” (RFPs). We are continually improving our operations and technology to ensure that they are capable of delivering proposed solutions and supporting future growth. Product Development We seek to grow revenue through product differentiation, and the development of new products that are attractive to new and existing customers. Our focus on product development leads us to continually explore options to strengthen and broaden our service offering portfolio. Acquisitions and Combinations From time to time, and as opportunities arise, we may explore strategic acquisitions and combinations, including the acquisition of customer lists, that bring revenue, profitability, growth potential, cross-selling opportunities and additional technology, products, services, operations and/or geographic capabilities to our Company. International Expansion We have expanded internationally through increased sales to companies located abroad, particularly in Europe and Japan. From time to time, and as opportunities arise, we may further expand internationally through partnerships or acquisitions. Publisher Agreements We have arrangements with all of the major STM content publishers and most of the smaller STM publishers that allow us to distribute their content, and we regularly advance new business opportunities such as rentals through amendments to existing agreements. In addition, we regularly contact publishers to negotiate additional publisher agreements. A typical publisher agreement would allow us to distribute the publisher’s content according to a negotiated price list, thereby eliminating the need to contact the publisher and obtain the rights for each individual order. The majority of these publishers provide us with electronic access to their content, which allows us to further expedite the delivery of single articles to our customers. In addition, we rely on a small number of content publishers for the majority of our content costs.
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Table of Contents 8 Company Services We account for revenue in accordance with Accounting Standards Update (“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 licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platform (“Platform” or “Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”). We apply the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. Platforms 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. Customers and Suppliers There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2026 and 2025.
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Table of Contents 9 Approximately 46% and 45% of our content cost for the years ended June 30, 2026 and 2025, respectively, was derived from our three largest suppliers of content. Sales and Marketing To efficiently acquire customers, we rely on marketing in close cooperation with value-based selling to acquire new small, medium and large geographically-dispersed enterprises. The promotional mix of tactics we utilize includes: search engine optimization and digital marketing, educational content, advertising, events, direct response and integrated marketing campaigns, public relations and content publicity, thought leadership programs, channel alliances training, and analyst relations. In addition, we focus on account expansion, upselling add-ons, and customer retention, which, we believe, increases total lifetime customer value and generates referrals for new business. Competition The markets in which we compete are highly competitive. The primary methods of competition in our industry are price, service, technology and niche focus. Competition based on price is often successful in the short-term, but can limit the ability of a supplier to provide adequate service levels. Competition based on service and/or technology requires significant investment in systems and that investment requires time to produce results. Niche operators focus on narrow activities, but cannot aggregate sufficient content, technology and services to satisfy broad customer needs. We believe that many customers and potential customers are less price sensitive if the service levels are high and the technology creates efficiency and/or management information that has not been available previously. Our competition includes: ● Reference Management Applications – We expect to increasingly compete with tools that exist in the marketplace that are used to aid in organizing references, storing personal content assets, and prepare scholarly papers for submission to congresses and journals. ● Piracy – Perhaps, our most serious competitor. Many entities use content for commercial purposes without complying with applicable copyright laws, and paying the required copyright to the content publisher. As information becomes more readily available, the opportunity for piracy increases. ● STM Single Article Delivery Vendors and Content Aggregators – Our primary competitors for global, full-service single article delivery services are Copyright Clearance Center, regional interlibrary loan networks throughout the world such as those owned and operated by OCLC, and numerous national libraries located outside of the United States. ● Customer In-House Services – While single article delivery services and software development are challenging for our customers to provide in-house, many existing and potential customers manage these capabilities internally. ● Publisher In-House Capabilities – Some large publishers have developed in-house capabilities to service the content re-use market, however, many of them neglect other content repurposing opportunities and may not be able to aggregate content from other publishers nor create value added software-based solutions. Corporate History and Structure Research Solutions was incorporated in the State of Nevada on November 2, 2006, and in November 2006 entered into a Share Exchange Agreement with Reprints Desk. At the closing of the transaction contemplated by the Share Exchange Agreement, Research Solutions acquired all of the outstanding shares of Reprints Desk from its stockholders
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Table of Contents 10 and issued 8,000,003 shares of common stock to the former stockholders of Reprints Desk. Following completion of the exchange transaction, Reprints Desk became a wholly-owned subsidiary of Research Solutions. On July 24, 2012, we formed Reprints Desk Latin America to provide operational and administrative support services to Reprints Desk. On March 4, 2013, we consummated a merger with DYSC Subsidiary Corporation, our wholly- owned subsidiary, pursuant to which we, in connection with such merger, amended our Articles of Incorporation to change our name to Research Solutions, Inc. (formerly Derycz Scientific, Inc.). On June 9, 2022, we formed ResSol LA to provide operational and administrative support services to Reprints Desk. On July 28, 2023, we acquired 100% of the outstanding stock of Resolute Innovation, Inc., a Delaware corporation, an advanced search platform that equips organizations with search, discovery and knowledge management tools that are powered by artificial intelligence and neuro-linguistic programming (“NLP”) technologies. On December 1, 2023, we acquired 100% of the outstanding stock of Scite, Inc. a Delaware corporation, a platform for discovering and evaluating scientific articles via 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 acquisition was completed through the merger of our subsidiary, Research Solutions Acquisition 2, LLC, with Scite, Inc., with our subsidiary surviving the merger and subsequently being renamed Scite, LLC. Human Capital Resources As of September 4, 2026, we had 141 full-time employees. Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including our consolidated financial statements and related notes, before investing in our common stock. The following summarizes material risks that investors should carefully consider before deciding to buy or maintain an investment in our common stock. Any of the following risks, if they actually occur, would likely harm our business, financial condition and results of operations. As a result, the trading price of our common stock could decline, and investors could lose the money they paid to buy our common stock. Risks Related to Our Business and Our Industry We have historically incurred significant losses and may be unable to maintain profitability. If we continue to incur significant losses, we may have to curtail our operations, which may prevent us from successfully operating and expanding our business. Historically, we have relied upon cash from financing activities to fund substantially all of the cash requirements of our activities and have incurred significant losses and experienced negative cash flow. For our fiscal years ended June 30, 2026 and 2025, we earned net income of $2,822,068 and $1,265,553, respectively. As of June 30, 2026, we had an accumulated deficit of $22,221,625. We cannot predict if we will continue to be profitable. We may continue to incur losses for an indeterminate period of time and may be unable to sustain profitability. An extended period of losses and negative cash flow may prevent us from successfully operating and expanding our business. We may be unable to sustain or increase our profitability on a quarterly or annual basis.
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Table of Contents 11 The loss of our largest customers would significantly reduce our revenue and adversely affect our results of operations. There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2026 and 2025. The loss of our largest customers would significantly reduce our revenue, which would have a material adverse effect on our results of operations. We can provide no assurance that these customers will continue to place orders in the future. The loss of our largest suppliers of content would significantly reduce our revenue and adversely affect our results of operations. Approximately 46% and 45% of our content cost for the years ended June 30, 2026 and 2025, respectively, was derived from our three largest suppliers of content. Loss of any or all of these suppliers of content would significantly reduce the attractiveness of our services and our revenue, which would have a material adverse effect on our results of operations. We can provide no assurance that these suppliers of content will continue to supply us with content in the future. Moreover, our arrangements with content providers are non-exclusive. As a result, our content providers can provide the same content to our competitors. We are exposed to credit risk on our accounts receivable and prepayments to suppliers of content. This risk is heightened during periods when economic conditions worsen. There were no customers that accounted for greater than 10% of our accounts receivable as of June 30, 2026 and 2025, respectively. In addition, we have made prepayments to suppliers of content. While we have procedures to monitor and limit exposure to credit risk on our trade receivables as well as long-term prepayments, there can be no assurance such procedures will effectively limit our credit risk and avoid losses, which could have a material adverse effect on our results of operations. Our services, technology and industry relationships are key assets and competitive advantages of our Company and our business may be affected by how we are perceived in the marketplace. Our services, technology and industry relationships are key assets that enable us to effectively compete in our industry. Our ability to attract and retain customers is highly dependent upon external perceptions of the quality, efficacy, responsiveness and ease-of-use of our services and business practices, and overall financial condition. Negative perceptions or publicity regarding these matters could damage our reputation with customers and the public, which could make it difficult for us to attract and maintain customers. Adverse developments with respect to our industry may also, by association, negatively impact our reputation. Negative perceptions or publicity could have a material adverse effect on our business and financial results. Our business performance is dependent upon the effectiveness of our technology investments, the failure of which could materially impact our business and financial results. We have and will continue to undertake significant investments in our technology infrastructure to continually strengthen our position in research and marketing solutions and improve our existing technology platform. We may fail to effectively invest such amounts, or we may invest significant amounts in technologies that do not ultimately assist us in achieving our strategic goals. We may also fail to maintain our technology infrastructure in a manner that allows us to readily meet our customers’ needs. If we experience any of these or similar failures related to our technology investments, we will not achieve our expected revenue growth, or desired cost savings, and we could experience a significant competitive disadvantage in the marketplace, which could have a material adverse effect on our business and financial results. In addition, the failure to continue to invest in our business could result in a material adverse effect on our future financial results. Such investments may include: executing on, and mitigating risks associated with, new product offerings and entrance into new geographic markets; and ensuring continued compatibility of our new platforms and technologies with our customers’ networks and systems.
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Table of Contents 12 We may be subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies. Third parties, including our content providers, may assert claims of infringement of intellectual property rights against us or our customers for which we may be liable or have an indemnification obligation. Any claim of infringement by a third party, even those without merit, could cause us to incur substantial costs defending against the claim and could distract our management from our business. Although third parties may offer a license to their content, the terms of any offered license may not be acceptable and the failure to obtain a license or the costs associated with any license could cause our business, results of operations or financial condition to be materially and adversely affected. In addition, our licenses are generally non-exclusive, and therefore our competitors may have access to the same content licensed to us. Furthermore, a successful claimant could secure a judgment or we may agree to a settlement that prevents us from providing certain content or that requires us to pay substantial damages, including treble damages if we are found to have willfully infringed the claimant’s copyrights, royalties or other fees. Any of these events could seriously harm our business, operating results and financial condition. Artificial intelligence-based platforms present new risks and challenges to our business. Enterprise use of generative artificial intelligence (GenAI) technologies may result in access to and processing of sensitive information, intellectual property, source code, trade secrets, and other data, through direct user input or the API, including customer or private information and confidential information. Sending confidential and private data outside of our own servers could trigger legal and compliance exposure, as well as risks of information exposure, including unauthorized acquisition, use, or other processing. Such exposure can result from contractual (for example, with customers) or regulatory obligations (such as CCPA, GDPR, HIPAA). Furthermore, if the GenAI platform's own systems and infrastructure are not secure, data breaches or incidents may occur and lead to the exposure of sensitive information such as customer data, financial information, and proprietary business information, or it may be believed or asserted that one or more of these has occurred. Threat actors could also use GenAI for malicious purposes, increasing the frequency of their attacks and the complexity level some are currently capable of, e.g. phishing attacks, fraud, social engineering, and other possible malicious use, such as with writing malware. Code generated by GenAI could potentially be used and deployed without a proper security audit or code review to find vulnerable or malicious components. This could cause widespread deployment of vulnerable code within the organization’s systems. The use of GenAI by our business partners with access to our confidential information, including trade secrets, may continue to increase and could lead to the release of such information, which could negatively impact us, including our ability to realize the benefits of our intellectual property. Such use may lead to novel and urgent cybersecurity risks, which could have a material adverse effect on our operations and reputation as well as the operations of any of our business partners. We may also face increased competition from other companies that are using GenAI platforms, some of whom may develop more effective methods than we and any of our business partners have, which could have a material adverse effect on our business, results of operations, or financial condition. In addition, uncertainties regarding developing legal and regulatory requirements and standards may require significant resources to modify and maintain business practices to comply with U.S. and non-U.S. laws concerning the use of AI and AI systems, the nature of which cannot be determined at this time. We have developed policies governing the use of GenAI to help reasonably ensure that such GenAI systems are used in a trustworthy manner by our employees, contractors, and authorized agents and that our assets, including intellectual property, competitive information, personal information we may collect or process, and customer information, are protected. Any failure by our personnel, contractors, or other agents to adhere to our established policies could violate confidentiality obligations or applicable laws and regulations, jeopardize our intellectual property rights, cause or contribute to unlawful discrimination, or result in the misuse of personally identifiable information or the injection of malware into our systems.
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Table of Contents 13 Our industry is subject to intense competition and rapid technological change, including as a result of artificial intelligence, which may result in products or new solutions that are superior to our products or solutions under development. If we are unable to anticipate or keep pace with changes in the marketplace and the direction of technological innovation and customer demands, our products or solutions may become less useful or obsolete and our operating results will suffer. The industry in which we operate in general is subject to intense and increasing competition and rapidly evolving technologies. Because our products are expected to have long development cycles, we must anticipate changes in the marketplace and the direction of technological innovation and customer demands. To compete successfully, we will need to demonstrate the advantages of our products and solutions. Our future success will depend in large part on our ability to establish and maintain a competitive position in current and future technologies. The rapid evolution of AI and GenAI technologies requires us to expend resources to develop, test and implement solutions that utilize AI and GenAI effectively, which has and may continue to lead us to incur significant expense to maintain a competitive advantage within the industry. Rapid technological development may render our products under development, or any future solutions we may have, and related technologies obsolete. Many of our competitors have or may have greater corporate, financial, operational, sales and marketing resources, and more experience in research and development than we have. We cannot assure you that our competitors will not succeed in developing or marketing technologies or products that are more effective or commercially attractive than our products or that would render our solutions and related technologies obsolete. We may not have or be able to raise or develop the financial resources, technical expertise, or support capabilities to compete successfully in the future. Our success will depend in large part on our ability to maintain a competitive position with our products and solutions. Increased accessibility of free or relatively inexpensive information sources may reduce demand for our products and services. In recent years, more public sources of free or relatively inexpensive information have become available, particularly through the Internet and use of AI, and this trend is expected to continue. For example, some governmental and regulatory agencies have increased the amount of information they make publicly available at no cost. Public sources of free or relatively inexpensive information may reduce demand for our products and services. Our financial results may be adversely affected if our customers choose to use these public sources as a substitute for our products or services. We depend on the services of key personnel, and may not be able to operate and grow our business effectively if we lose their services or are unable to attract qualified personnel in the future. We rely heavily on our senior management team because they have substantial experience with our diverse service offerings and business strategies. In addition, we rely on our senior management team to identify internal expansion and external growth opportunities. Our ability to retain senior management and other key personnel is therefore very important to our future success. We have employment agreements with our senior management, but these employment agreements do not ensure that they will not voluntarily terminate their employment with us. In addition, our key personnel are subject to non-solicitation and confidential information restrictions. We do not have key man insurance for any of our current management or other key personnel. The loss of any key personnel would require the remaining key personnel to divert immediate attention to seeking a replacement. Competition for senior management personnel is intense, and fit is important to us. Our inability to find a suitable replacement for any departing executive officer or key employee on a timely basis could adversely affect our ability to operate and grow our business. We rely on our proprietary software systems, and our websites and online networks, and a disruption, failure or security compromise of these systems would disrupt our business, damage our reputation and adversely affect our revenue and profitability. Our proprietary software systems are critical to our business because they enable the efficient and timely service of a large number of customer orders. Similarly, we rely on our websites, online networks, and email systems to obtain
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Table of Contents content and deliver customer orders, and provide timely, relevant and dependable business information to our customers. Therefore, network or system shutdowns caused by events such as computer hacking, sabotage, dissemination of computer viruses, worms and other destructive or disruptive software, denial of service attacks and other malicious activity, as well as loss of service from third parties, power outages, natural disasters and similar events, could affect our ability to store, handle and deliver data and services to our customers. Any such interruption of our operations could negatively impact customer satisfaction and revenue. Breaches of our data security systems or unintended disclosure of our customer data could result in large expenditures to repair or replace such systems, to remedy any security breaches and to protect us from similar events in the future. Our infrastructure may be vulnerable to physical or electronic break-ins, computer viruses, or similar disruptive problems. In addition to shutdowns, our systems are subject to risks caused by misappropriation, misuse, leakage, falsification and accidental release or loss of information. We process, store, and transmit data, including personally identifiable information and payment card industry data of our customers, and it is critical that this data remains secure and is perceived by the marketplace to be secure. Disruptions or security compromises of our systems could result in large expenditures to repair or replace such systems, to remedy any security breaches and protect us from similar events in the future. We also could be exposed to negligence claims or other legal proceedings brought by regulators, our customers or their clients, and we could incur significant legal expenses and our management’s attention may be diverted from our operations in defending ourselves against and resolving lawsuits or claims. In addition, if we were to suffer damage to our reputation as a result of any system failure, security compromise, or personal data breach, our revenue and profitability could be adversely affected. Personal data is increasingly subject to legal and regulatory protections around the world, which vary widely in approach and which possibly conflict with one another. For example, in the U.S., there are numerous federal, state, and local privacy, data protection, and cybersecurity laws, rules, and regulations governing the collection, storage, transmission, use, and other processing of personal data and Congress has considered, and continues to consider, many proposals for additional comprehensive national data privacy and cybersecurity legislation. At the state level, we may be subject to laws, rules, and regulations, such as the California Consumer Privacy Act (“CCPA”) and/or similar laws that have been enacted and gone into effect in Virginia, Colorado, Connecticut, Utah, Oregon, and Texas, or laws that will soon go into effect in Montana, Iowa, Delaware, New Hampshire, Nebraska and New Jersey. These laws impose various obligations, including disclosure requirements, access and opt-out rights, and the right to request deletion of personal data. Outside of the United States, an increasing number of laws, rules, regulations, and industry standards apply to privacy, data protection, and cybersecurity, including the General Data Protection Regulation (“GDPR”) in the European Union, the United Kingdom’s Data Protection Act 2018 as supplemented by the GDPR and implemented into UK law (collectively, “UK GDPR”), and China’s Personal Information Protection Law. These data protection laws and regulations are intended to protect the privacy and security of personal data, including credit card information, that is collected, processed and transmitted in or from the relevant jurisdiction. Implementation of and compliance with these laws and regulations may be more costly or take longer than we anticipate, or could otherwise adversely affect our business operations, which could negatively impact our financial position or cash flows. Our business could be materially adversely affected by our inability, or the inability of our vendors who receive personal data from us, to comply with legal obligations regarding the use of personal data, new data handling requirements that conflict with or negatively impact our business practices. In addition, our agreements with customers may also require that we indemnify the customer for liability arising from personal data breaches under the terms of our agreements with these customers. Disruptions and other damages to our information technology and breaches in data security or cybersecurity attacks could have a negative financial impact and damage our reputation. Our ability to serve our customers depends in part on the reliability of our technologies and system networks. Unauthorized parties gaining access to digital technology and networks for the purposes of misappropriating sensitive financial or business information, corrupting data, causing operational disruptions and other cyber-related risks could adversely impact our customer relationships, business strategy and our reputation. These potential disruptions and cyber-attacks could negatively affect revenues, costs, customer demand, system availability and our reputation. In addition, as
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Table of Contents we execute our strategy to grow through acquisitions and to pursue newer technologies that improve the efficiency of our operations, we are also expanding our information technologies, resulting in a greater technological presence and corresponding vulnerability to cybersecurity risk. Certain new technologies present new and significant cybersecurity safety risks that must be addressed before implementation. If we fail to identify and address cybersecurity risks associated with acquisitions and new strategic initiatives, we may become increasingly exposed to such risks. We are exposed to risks associated with PCI compliance. The Payment Card Industry Data Security Standard (“PCI DSS”) is a specific set of comprehensive security standards required by credit card brands for enhancing payment account data security, including but not limited to requirements for security management, policies, procedures, network architecture, and software design. PCI DSS compliance is required in order to maintain credit card processing services. Compliance does not guarantee a completely secure environment and notwithstanding the results of this assessment there can be no assurance that payment card brands will not request further compliance assessments or set forth additional requirements to maintain access to credit card processing services. Compliance is an ongoing effort and the requirements evolve as new threats are identified. In the event that we were to lose PCI DSS compliance status (or fail to renew compliance under a future version of the PCI DSS), we could be exposed to increased operating costs, fines and penalties and, in extreme circumstances, may have our credit card processing privileges revoked, which would have a material adverse effect on our business. Our failure to comply with the covenants contained in our loan agreement could result in an event of default that could adversely affect our financial condition and ability to operate our business as planned. We currently have a line of credit with PNC Bank, National Association (“PNC”), maturing on April 15, 2027, under which there were no outstanding borrowings as of June 30, 2026. Our loan agreement contains, and any agreements to refinance our debt likely will contain, financial and restrictive covenants. We were in compliance with these covenants as of June 30, 2026, however, our failure to comply with these covenants in the future may result in an event of default, which if not cured or waived, could result in the bank preventing us from accessing availability under our line of credit and requiring us to repay any outstanding borrowings. There can be no assurance that we will be able to obtain waivers of future covenant violations or that such waivers will be available on commercially acceptable terms. In addition, the indebtedness under our loan agreement is secured by a security interest in substantially all of our tangible and intangible assets, and therefore, if we are unable to repay such indebtedness the bank could foreclose on these assets and sell the pledged equity interests, which would adversely affect our ability to operate our business. If any of these were to occur, we may not be able to continue operations as planned, implement our planned growth strategy or react to opportunities for or downturns in our business. Government regulations related to the Internet could increase our cost of doing business, affect our ability to grow or may otherwise negatively affect our business. Governmental agencies and federal and state legislatures have adopted, and may continue to adopt, new laws and regulatory practices in response to the increasing use of the Internet and other online services. These new laws may be related to issues such as online privacy and data protection requirements, copyrights, trademarks and service mark, sales taxes, fair business practices, domain name ownership and the requirement that our operating units register to do business as foreign entities or otherwise be licensed to do business in jurisdictions where they have no physical location or other presence. In addition, these new laws, regulations or interpretations relating to doing business through the Internet could increase our costs materially and adversely affect our revenue and results of operations. We may be adversely affected by changes in legislation and regulation. Laws relating to communications, data protection, e-commerce, direct marketing and digital advertising and the use of public records have become more prevalent in recent years. Existing and proposed legislation and regulations, including changes in the manner in which such legislation and regulations are interpreted by courts in the United States, Europe and other jurisdictions, may impose limits on our collection and use of certain kinds of information and our ability to communicate such information effectively to our customers. It is difficult to predict in what form laws and regulations
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Table of Contents 16 will be adopted or how they will be construed by the relevant courts, or the extent to which any changes might adversely affect us. Our growth strategy may require significant additional resources, and such additional resources might not be available on terms acceptable to us, if at all, which may in turn hamper our growth and adversely affect our business. Our growth strategy will require us to significantly expand the capabilities of our administrative and operational resources. We intend to continue to make investments to support our business growth and may require additional funds to respond to business challenges, including the need to develop new technology, improve our operating infrastructure or acquire complementary businesses and technologies. Accordingly, we may need to undertake equity, equity-linked or debt financings to secure additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, including the ability to pay dividends. This may make it more difficult for us to obtain additional capital and to pursue business opportunities. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and respond to business challenges could be significantly impaired, and our business may be adversely affected. In addition, our failure to successfully manage our growth could result in our sales not increasing commensurately with our capital investments. If we are unable to successfully manage our growth, we may be unable to achieve our goals. Acquisitions, joint ventures or similar strategic relationships may disrupt or otherwise have a material adverse effect on our business and financial results. As part of our strategy, we may explore strategic acquisitions and combinations, including the acquisition of customer lists, or enter into joint ventures or similar strategic relationships. These transactions are subject to the following risks: ● Acquisitions, joint ventures or similar relationships may cause a disruption in our ongoing business, distract our management and make it difficult to maintain our standards, controls and procedures; ● We may not be able to integrate successfully the services, content, products and personnel of any such transaction into our operations; ● We may not derive the revenue improvements, cost savings and other intended benefits of any such transaction; and ● There may be risks, exposures and liabilities of acquired entities or other third parties with whom we undertake a transaction, that may arise from such third parties’ activities prior to undertaking a transaction with us. Our prior acquisitions have resulted in significant impairment charges and some have operated at losses. We can provide no assurance that future acquisitions, joint ventures or strategic relationships will be accretive to our business overall or will result in profitable operations. We are subject to risks related to our foreign operations which could adversely affect our operations and financial performance. We have an operational and administrative support organization in Mexico and sell our services worldwide. Foreign operations are subject to various risks which could have a material adverse effect on those operations, the costs of those operations, and our business as a whole, including: exposure to local economic and employment conditions; exposure to local taxes and employment regulations, political conditions; currency exchange rate fluctuations; reliance of local
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Table of Contents management; and additional potential costs of complying with rules and regulations, and potential changes to those rule and regulations, of foreign jurisdictions. Any adverse consequence resulting from the materialization of the foregoing risks would adversely affect our financial performance and results of operations. Unfavorable global economic conditions could have a material adverse effect on our business, financial condition, results of operations, prospects and market price of our common stock. Financial instability and a general decline in economic conditions in the United States and other countries caused by political instability and conflict, including the ongoing conflict between Russia and Ukraine, and economic or financial challenges caused by current and potential future bank failures or by general health crises, have led to market disruptions, including significant volatility in commodity prices, credit and capital markets instability, including disruptions in access to bank deposits and lending commitments, supply chain interruptions, rising interest rates and global inflationary pressures. These macroeconomic factors could materially and adversely affect our ability to continue to operate as a going concern and could otherwise have a material adverse effect on our business, operations, operating results and financial condition as well as the price of our common stock. The failure of any bank in which we deposit our funds could reduce the amount of cash we have available for our operations or delay our ability to access such funds. Any such failure may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. In the event we have a commercial relationship with a bank that has failed or is otherwise distressed, we may experience delays or other issues in meeting our financial obligations. If other banks and financial institutions fail or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our cash and cash equivalents may be threatened, which could have a material adverse effect on our business, operations, operating results and financial condition as well as the price of our common stock. Risks Relating to Ownership of Our Common Stock We cannot predict the extent to which an active public trading market for our common stock will develop or be sustained. If an active public trading market does not develop or cannot be sustained, you may be unable to liquidate your investment in our common stock. We cannot predict the extent to which an active public market for our common stock will develop or be sustained due to a number of factors, including the fact that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors, and others in the investment community that generate or influence sales volume, and that even if we came to the attention of such persons, they tend to be risk-averse and would be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares of common stock until such time as we became more seasoned and viable. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. We cannot give you any assurance that an active public trading market for our common stock will develop or be sustained. If such a market cannot be sustained, you may be unable to liquidate your investment in our common stock. Our common stock may be subject to significant price volatility which may have an adverse effect on your ability to liquidate your investment in our common stock. The market for our common stock may be characterized by significant price volatility when compared to seasoned issuers, and we expect that our share price will be more volatile than a seasoned issuer for the indefinite future. The potential volatility in our share price is attributable to a number of factors. First, our common shares may be sporadically and/or thinly traded. As a consequence of this lack of liquidity, the trading of relatively small quantities of shares by our stockholders may disproportionately influence the price of those shares in either direction. The price for our shares could, for example, decline precipitously in the event that a large number of our common shares are sold on the market without commensurate demand, as compared to a seasoned issuer that could better absorb those sales without adverse impact on its share price. Secondly, an investment in us is a speculative or “risky” investment due to our lack of meaningful profits to date and uncertainty of future profits. As a consequence of this enhanced risk, more risk-adverse investors may, under
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Table of Contents the fear of losing all or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts than would be the case with the stock of a seasoned issuer. We have not paid cash dividends in the past and do not expect to pay cash dividends in the foreseeable future. Any return on your investment may be limited to increases in the market price of our common stock. We have never paid cash dividends on our common stock and do not anticipate paying cash dividends on our common stock in the foreseeable future. In addition, our Loan Agreement with PNC prohibits us from paying cash dividends on or after the occurrence of an event of default or if an event of default would occur as a result thereof. The payment of dividends on our common stock will depend on our earnings, financial condition and other business and economic factors affecting us at such time as the board of directors may consider relevant. If we do not pay dividends, our common stock may be less valuable because a return on your investment might only occur if the market price of our common stock appreciates. The exercise of outstanding options to purchase our common stock could substantially dilute your investment. Under the terms of our outstanding options to purchase our common stock issued to employees and others, the holders are given an opportunity to profit from a rise in the market price of our common stock that, upon the exercise of the options, could result in dilution in the interests of our other stockholders. The market price of our common stock and the value of your investment could substantially decline if our options are exercised and our common stock is issued and resold into the market, or if a perception exists that a substantial number of shares will be issued upon exercise of our options and then resold into the market. If the exercise prices of our options are lower than the price at which you made your investment, immediate dilution of the value of your investment will occur. In addition, sales of a substantial number of shares of common stock issued upon exercise of our options, or even the perception that such sales could occur, could adversely affect the market price of our common stock. You could, therefore, experience a substantial decline in the value of your investment as a result of both the actual and potential exercise of our options. Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 could result in a restatement of our financial statements, cause investors to lose confidence in our financial statements and our Company and have a material adverse effect on our business and stock price. We produce our financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. Effective internal controls are necessary for us to provide reliable financial reports, to help mitigate the risk of fraud and to operate successfully as a publicly traded company. As a public company, we are required to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404. Further, Section 404 requires annual management assessments of the effectiveness of our internal controls over financial reporting. Testing and maintaining internal controls can divert our management’s attention from other matters that are important to our business. We may not be able to conclude on an ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404. If we are unable to conclude that we have effective internal controls over financial reporting, investors could lose confidence in our reported financial information and our company, which could result in a decline in the market price of our common stock, and cause us to fail to meet our reporting obligations in the future, which in turn could impact our ability to raise additional financing if needed in the future. Our board of directors has broad discretion to issue additional securities. We are entitled under our certificate of incorporation to issue up to 100,000,000 shares of common stock and 20,000,000 shares of “blank check” preferred stock, although these amounts may change in the future subject to stockholder approval. Shares of our blank check preferred stock provide our board of directors’ broad authority to determine voting, dividend, conversion, and other rights. As of June 30, 2026, we had issued and outstanding 33,513,551
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Table of Contents 19 shares of common stock and we had 3,198,548 shares of common stock reserved for future grants under our equity compensation plans and for issuances upon the exercise or conversion of currently outstanding options and convertible securities. As of June 30, 2026, we had no shares of preferred stock issued and outstanding. Accordingly, as of June 30, 2026, we could issue up to 63,287,901 additional shares of common stock and 20,000,000 additional shares of “blank check” preferred stock. Any additional stock issuances could be made at a price that reflects a discount or premium to the then-current market price of our common stock. In addition, in order to raise capital, we may need to issue securities that are convertible into or exchangeable for a significant amount of our common stock. Our board may generally issue those common and preferred shares, or convertible securities to purchase those shares, without further approval by our stockholders. Any preferred shares we may issue could have such rights, preferences, privileges and restrictions as may be designated from time-to-time by our board, including preferential dividend rights, voting rights, conversion rights, redemption rights and liquidation provisions. We may also issue additional securities to our directors, officers, employees and consultants as compensatory grants in connection with their services, both in the form of stand-alone grants or under our stock incentive plans. The issuance of additional securities may cause substantial dilution to our stockholders. Our articles of incorporation, bylaws and Nevada law have anti-takeover provisions that could discourage, delay or prevent a change in control, which may cause our stock price to decline. Our articles of incorporation, bylaws and Nevada law contain provisions which could make it more difficult for a third party to acquire us, even if closing such a transaction would be beneficial to our stockholders. We are currently authorized to issue up to 20,000,000 shares of “blank check” preferred stock. This preferred stock may be issued in one or more series, the terms of which may be determined at the time of issuance by our board of directors without further action by stockholders. The terms of any series of preferred stock may include voting rights (including the right to vote as a series on particular matters), preferences as to dividend, liquidation, conversion and redemption rights and sinking fund provisions. No shares of our preferred stock are currently outstanding. The issuance of any preferred stock could materially adversely affect the rights of the holders of our common stock, and therefore, reduce the value of our common stock. In particular, specific rights granted to future holders of preferred stock could be used to restrict our ability to merge with, or sell our assets to, a third party and thereby preserve control by current management. Provisions of our articles of incorporation, bylaws and Nevada law also could have the effect of discouraging potential acquisition proposals or making a tender offer or delaying or preventing a change in control, including changes a stockholder might consider favorable. Such provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management. In particular, our articles of incorporation, our bylaws and Nevada law, as applicable, among other things, provide our board of directors with the ability to alter our bylaws without stockholder approval, and provide that vacancies on our board of directors may be filled by a majority of directors in office, although less than a quorum. We may become subject to Nevada’s control share acquisition laws (Nevada Revised Statutes 78.378 -78.3793), which prohibit an acquirer, under certain circumstances, from voting shares of a corporation’s stock after crossing specific threshold ownership percentages, unless the acquirer obtains the approval of the issuing corporation’s stockholders. We are also subject to Nevada’s Combination with Interested Stockholders Statute (Nevada Revised Statutes 78.411 -78.444) which prohibits an interested stockholder from entering into a “combination” with the corporation, unless certain conditions are met. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of our company to first negotiate with our board of directors. These provisions may delay or prevent someone from acquiring or merging with us, which may cause the market price of our common stock to decline. Item 1B. Unresolved Staff Comments Not applicable. Item 1C. Cybersecurity As required by Item 106 of Regulation S-K, the following sets forth certain information regarding our cybersecurity strategy, risk management and governance.
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Table of Contents 20 We are committed to protecting the confidentiality and integrity of our data, as well as the data of our customers. The mission of our cybersecurity program is to protect the assets used to generate revenue and serve customers while complying with industry frameworks and best practices. Our cybersecurity program consists of cyber defense, governance and compliance, and risk management. Each area has tools, controls, and processes aligned with the National Institute of Standards and Technology Cyber Security Framework. Managing cybersecurity risk and maintaining secure, reliable, and functional systems are among our highest priorities. Therefore, we have implemented tools, procedures, processes, and management mechanisms to help us achieve a robust cybersecurity environment, and a reliable cybersecurity posture. We maintain an information security program comprised of policies and controls designed to reduce our cybersecurity attack surface and to mitigate cybersecurity risk. However, at any given time, we face known and unknown cybersecurity risks and threats that are not fully mitigated, and we discover vulnerabilities in our program. We continuously work to enhance our information security program and risk management efforts. Risk Management and Strategy Our cyber defense practices prioritize protection against cyber threats. We have operationalized tools and processes designed to educate, assess, identify, address, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity and availability of our business and information systems. We routinely perform cybersecurity assessments, including with the assistance of external third parties, to identify, assess, and prioritize potential risks that could affect our information and data assets and infrastructure. Once identified, the mitigation of these risks is given our highest priority. In addition, we use a threat intelligence platform to routinely monitor risks specific to both our organization and third parties. Risks we identify are assessed based on severity and are addressed as appropriate through both tactical and strategic plans. Our governance and compliance practice focuses on cybersecurity and data privacy policy taxonomy and policy compliance. We have implemented a number of measures to enhance the security and resiliency of our information and data systems. These measures include, but are not limited to: (i) user access control management; (ii) intrusion detection and prevention systems; (iii) information security continuity measures, including redundant systems and information backups; (iv) system segmentation; (v) encryption of critical information and data; (vi) event logging; (vii) implementation of an application patching and update cadence; and (viii) incident response planning and least privilege access methodology. Cybersecurity Governance Our board of directors delegates to the Audit Committee the oversight of our programs, policies, and procedures related to cybersecurity, information asset security, and data privacy and protection. Broad oversight is maintained by our full Board, which receives a report from the Audit Committee at least annually. Our Director of Internal Security and Technical Support oversees our cybersecurity matters and reports to both the Audit Committee and the Board at least once a year, or more frequently as needed. The Audit Committee reviews and discusses with Company management key processes and risk indicators, progress on plans to address key risks, and any material changes in threat landscapes or risk posture which could negatively affect our business.
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Table of Contents 21 Training and Awareness Our Company’s employees are a critical part of our defense against potential cybersecurity incident exposure. All of our associates and contractors have a responsibility and a role to play by complying with our cybersecurity operational practices and reporting any potential cybersecurity incidents or exposures to our cybersecurity team. To ensure that associates can play their part in protecting our networks and data from cybersecurity incident exposure, all of our associates receive cybersecurity training in the form of online modules on an annual basis, routine simulations to assess risk, and retraining where necessary. Material Cybersecurity Risks, Threats & Incidents We are not aware of any cyber events that have had a material effect on our business. However, we cannot ensure that we will not experience any such event in the future. Any security breach or other significant disruption involving our computer networks and related systems could cause substantial costs and other negative effects, including litigation, remediation costs, costs to deploy additional protection strategies, compromising of confidential information, and reputational damage adversely affecting investor confidence. In addition, a penetration of our systems or a third-party’s systems or other misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputation risk, which could have a negative effect on our business, results of operations and financial condition. See Item 1A. Risk Factors for further details on risks related to potential breaches of our information technology systems. Item 2. Properties We operate in a virtual environment and do not have a physical office space or headquarters. Item 3. Legal Proceedings We are involved in legal proceedings in the ordinary course of our business. Although our management cannot predict the ultimate outcome of these legal proceedings with certainty, management believes that the ultimate resolution of our legal proceedings, including any amounts we may be required to pay, will not have a material effect on our consolidated financial statements. Item 4. Mine Safety Disclosures Not applicable.
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Table of Contents 22 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Approximate Number of Holders of Common Stock Our common stock is quoted on The Nasdaq Stock Market LLC’s Nasdaq Capital Market (“Nasdaq”) under the symbol “RSSS.” As of September 4, 2026, according to the records of our transfer agent, we had 46 record holders of our common stock. Because brokers and other institutions hold shares on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders. Dividends We have never declared or paid dividends on our common stock. In addition, our Loan Agreement with PNC prohibits us from paying cash dividends on or after the occurrence of an event of default or if an event of default would occur as a result thereof. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future, if at all. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Recent Sales of Unregistered Securities None. Use of Proceeds None. 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. During the three months ended June 30, 2026, we repurchased 2,469 shares of our common stock from employees at an average price of approximately $2.29 per share for an aggregate amount of $5,654. During the year ended June 30, 2026, we repurchased 17,800 shares of our common stock from employees at an average market price of approximately $2.98 per share for an aggregate amount of $53,039. As of June 30, 2026, $109,277 remained under the current authorization to repurchase our outstanding common stock from our employees. During the three months ended June 30, 2025, we repurchased 9,734 shares of our common stock under the repurchase plan at an average price of approximately $2.69 per share for an aggregate amount of $26,184. During the year ended June 30, 2025, we repurchased 310,330 shares of our common stock from employees at an average market price of
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Table of Contents 23 approximately $3.01 per share for an aggregate amount of $934,577. As of June 30, 2025, $162,316 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: Approximate Dollar Value Total Number Average of Shares that May Yet Be of Shares Price Paid Purchased Under the Period Purchased1 per Share Plans or Programs April 1-30, 2026 — — $ 114,931 May 1-31, 2026 — — $ 114,931 June 1-30, 2026 2,469 $ 2.29 $ 109,277 Total 2,469 $ 2.29 — 1 Consists of shares of common stock purchased from employees to satisfy tax obligations in connection with the vesting of stock incentive awards. Equity Compensation Plan Information Information relating to compensation plans under which our equity securities are authorized for issuance is set forth in Item 12 of this report under “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Item 6. [Reserved]
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Table of Contents Item 7. 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 years ended June 30, 2026 and 2025 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” and elsewhere in this report. 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 June 30, 2026: 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
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Table of Contents 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 (“LLMs”) 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 intend to continue investing in our platforms and in our integrations with third-party AI applications, through new product enhancements and expanded dataset coverage. 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
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Table of Contents 26 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. Inflation Risk We do 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 our operating costs could become subject to inflationary and interest rate pressures in the future, which would have the effect of increasing our operating costs, and which would put additional stress on our working capital resources. Critical Accounting Policies and Estimates The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States, or GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. When making these estimates and assumptions, we consider our historical experience, our knowledge of economic and market factors and various other factors that we believe to be reasonable under the circumstances. Actual results may differ under different estimates and assumptions. The accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our consolidated financial statements because they inherently involve significant judgments and uncertainties. Software Costs Based on its nature, our software development costs are expensed as incurred. The finalization of our project development process precipitates the rapid commercialization and deployment of new products and enhancements. We continuously review our projects, processes and the nature of our 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 We account for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“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
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Table of Contents 27 revenues from two sources: annual 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. 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. Stock-Based Compensation We periodically issue stock options, warrants and restricted stock to employees and non-employees for services, in capital raising transactions, and for financing costs. We account for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. We estimate the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model. Depending on the type of restricted stock award, the fair value of our restricted 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. We recognize 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
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Table of Contents 28 they occur. We recognize stock-based compensation within the consolidated statements of operations and comprehensive income 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. Allowance for Credit Losses Our trade accounts receivable are recorded at amounts billed to customers and presented on the consolidated balance sheets net of the allowance for estimated credit losses, and typically due within 30 days. We evaluate the collectability of our trade accounts receivable based on a number of factors. In circumstances where we become aware of a specific customer’s inability to meet its financial obligations to us, we estimate and record a specific reserve for bad debts, which reduces the recognized receivable to the estimated amount we believe will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on our historical losses, our forecast and an overall assessment of trade accounts receivable outstanding. We established an allowance for doubtful accounts of $103,217 and $182,324 as of June 30, 2026 and 2025, respectively. We recorded a credit to bad debt expense of approximately $23,000 in the year ended June 30, 2026 and a bad debt expense of approximately $141,000 in the year ended June 30, 2025. We had write-offs of approximately $56,000 and $49,000 in the years ended June 30, 2026 and 2025, respectively, which reduced our allowance for doubtful accounts. Foreign Currency The accompanying consolidated financial statements are presented in United States dollars, the functional currency of our company. Capital accounts of foreign subsidiaries are translated into US dollars from foreign currencies 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.
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Table of Contents Comparison of the Years Ended June 30, 2026 and 2025 Results of Operations Year Ended June 30, 2026 2025 $ Change % Change Revenue: Platforms $ 20,820,974 $ 18,955,695 $ 1,865,279 9.8% Transactions 27,485,983 30,102,286 (2,616,303) (8.7)% Total revenue 48,306,957 49,057,981 (751,024) (1.5)% Cost of revenue: Platforms 2,609,421 2,371,540 237,881 10.0% Transactions 20,627,028 22,490,490 (1,863,462) (8.3)% Total cost of revenue 23,236,449 24,862,030 (1,625,581) (6.5)% Gross profit: Platforms 18,211,553 16,584,155 1,627,398 9.8% Transactions 6,858,955 7,611,796 (752,841) (9.9)% Total gross profit 25,070,508 24,195,951 874,557 3.6% Operating expenses: Sales and marketing 6,397,899 5,360,356 1,037,543 19.4% Technology and product development 6,121,647 5,631,344 490,303 8.7% General and administrative 6,724,399 7,936,644 (1,212,245) (15.3)% Depreciation and amortization 1,254,973 1,245,362 9,611 0.8% Stock-based compensation expense 928,516 1,723,561 (795,045) (46.1)% Foreign currency transaction loss (gain) 54,697 (202,527) 257,224 127.0% Total operating expenses 21,482,131 21,694,740 (212,609) (1.0)% Income from operations 3,588,377 2,501,211 1,087,166 43.5% Other income 407,026 595,679 (188,653) (31.7)% Accreted interest expense (1,040,293) — (1,040,293) —% Change in fair value of contingent earnout liability — (1,748,526) 1,748,526 100.0% Income before provision for income taxes 2,955,110 1,348,364 1,606,746 119.2% Provision for income taxes (133,042) (82,811) (50,231) (60.7)% Net income $ 2,822,068 $ 1,265,553 $ 1,556,515 123.0% Revenue Years Ended June 30, 2026 2025 $ Change % Change Revenue: Platforms $ 20,820,974 $ 18,955,695 $ 1,865,279 9.8%
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29 Transactions 27,485,983 30,102,286 (2,616,303) (8.7)% Total revenue $ 48,306,957 $ 49,057,981 $ (751,024) (1.5)%
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Table of Contents 30 Total revenue decreased $751,024 or 1.5%, for the year ended June 30, 2026 compared to the prior year, due to the following: Category Impact Key Drivers Platforms ↑ $ 1,865,279 Increased due to additional deployments to new and existing customers and expansion from existing customers, including cross-sell revenue of the Scite product into existing Article Galaxy customers. 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 ↓ $ 2,616,303 Decreased primarily due to lower paid order volume. Cost of Revenue Years Ended June 30, 2026 2025 $ Change % Change Cost of Revenue: Platforms $ 2,609,421 $ 2,371,540 $ 237,881 10.0% Transactions 20,627,028 22,490,490 (1,863,462) (8.3)% Total cost of revenue $ 23,236,449 $ 24,862,030 $ (1,625,581) (6.5)% Years Ended June 30, 2026 2025 % Change * As a percentage of revenue: Platforms 12.5% 12.5% - % Transactions 75.0% 74.7% 0.3% Total 48.1% 50.7% (2.6)% * The difference between current and prior period cost of revenue as a percentage of revenue Total cost of revenue as a percentage of revenue decreased 2.6%, from 50.7% for the previous year to 48.1%, for the year ended June 30, 2026. Impact as percentage Category of revenue Key Drivers Platforms — —% No material change. Transactions ↑ 0.3% Increased primarily due to lower copyright margins.
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Table of Contents 31 Gross Profit Years Ended June 30, 2026 2025 $ Change % Change Gross Profit: Platforms $ 18,211,553 $ 16,584,155 $ 1,627,398 9.8% Transactions 6,858,955 7,611,796 (752,841) (9.9)% Total gross profit $ 25,070,508 $ 24,195,951 $ 874,557 3.6% Years Ended June 30, 2026 2025 % Change* As a percentage of revenue: Platforms 87.5% 87.5% —% Transactions 25.0% 25.3% (0.3)% Total 51.9% 49.3% 2.6% * The difference between current and prior period gross profit as a percentage of revenue Operating Expenses Years Ended June 30, 2026 2025 $ Change % Change Operating Expenses: Sales and marketing $ 6,397,899 $ 5,360,356 $ 1,037,543 19.4% Technology and product development 6,121,647 5,631,344 490,303 8.7% General and administrative 6,724,399 7,936,644 (1,212,245) (15.3)% Depreciation and amortization 1,254,973 1,245,362 9,611 0.8% Stock-based compensation expense 928,516 1,723,561 (795,045) (46.1)% Foreign currency transaction loss (gain) 54,697 (202,527) 257,224 127.0% Total operating expenses $ 21,482,131 $ 21,694,740 $ (212,609) (1.0)% Category Impact Key Drivers Sales and marketing ↑ $ 1,037,543 Increased primarily due to greater personnel costs and consulting expenses, partially offset by lower marketing discretionary advertising spend and lower training expenses. Technology and product development ↑ $ 490,303 Increased due to greater software development consulting and dues and subscription expenses, partially offset by lower software development personnel costs and recruiting expenses. General and administrative ↓ $ 1,212,245 Decreased primarily due to lower personnel costs and lower consulting, investor relations, travel, recruiting and bad debt expenses. Provision for Income Taxes During the years ended June 30, 2026 and 2025, we recorded a provision for income taxes of $133,042 and $82,811, respectively, an increase of $50,231, which was largely due to an increase in state income taxes.
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Table of Contents 32 Net Income (Loss) Year Ended June 30, 2026 2025 $ Change % Change Net Income (Loss): Net income: $ 2,822,068 $ 1,265,553 $ 1,556,515 123.0% Net income increased $1,556,515, or 123%, for the year ended June 30, 2026 compared to the prior year, primarily due to a fiscal year 2025 increase in the estimated fair value related to the Scite earn out liability resulting in higher expense recognized during that fiscal year as well as increased gross margin and decreased operating expenses recognized in fiscal year 2026 as described above. Liquidity and Capital Resources Year Ended June 30, 2026 2025 Consolidated Statements of Cash Flow Data: Net cash provided by operating activities $ 5,274,420 $ 7,023,166 Net cash used in investing activities (39,771) (19,261) Net cash used in financing activities (4,845,748) (877,884) Effect of exchange rate changes 14,070 1,260 Net increase in cash and cash equivalents 402,971 6,127,281 Cash and cash equivalents, beginning of period 12,227,312 6,100,031 Cash and cash equivalents, end of period $ 12,630,283 $ 12,227,312 Liquidity As of June 30, 2026, we had cash and cash equivalents of $12,630,283 compared to $12,227,312 as of June 30, 2025, an increase of $402,971. This increase was primarily due to cash provided by operating activities partially offset by cash used in financing activities. Operating Activities Net cash provided by operating activities was $5,274,420 for the year ended June 30, 2026 and resulted primarily from net income of $2,822,068, accreted interest expense of $1,040,293 and an increase in deferred revenue of $782,957, partially offset by a decrease in accounts payable and accrued expenses of $1,262,918. Net cash provided by operating activities was $7,023,166 for the year ended June 30, 2025 and resulted primarily from an adjustment to the contingent earnout liability of $1,748,526, an increase in deferred revenue of $1,678,272, restricted common stock expense of $1,518,104 and a decrease in prepaid royalties of $1,066,312, partially offset by a decrease in accounts payable and accrued expenses of $1,426,282 and an increase in accounts receivable of $341,434. Investing Activities Net cash used in investing activities was $39,771 for the year ended June 30, 2026 and resulted from the purchase of property and equipment. Net cash used in investing activities was $19,261 for the year ended June 30, 2025 and resulted from the purchase of property and equipment.
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Table of Contents Financing Activities Net cash used in financing activities was $4,845,747 for the year ended June 30, 2026 and resulted from the payment of contingent acquisition consideration of $4,950,208 and the repurchase of common stock of $53,039, partially offset by the proceeds from the exercise of stock options of $157,500. Net cash used in financing activities was $877,884 for the year ended June 30, 2025 and resulted from the repurchase of common stock of $934,577 and the payment of contingent acquisition consideration of $124,107, partially offset by the proceeds from the exercise of stock options of $180,800. On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with 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, 2027 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 June 30, 2026. Non-GAAP Measure – Adjusted EBITDA In addition to our GAAP results, we present Adjusted EBITDA as a supplemental measure of our performance. However, Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. We define Adjusted EBITDA as net income, plus interest expense, other (income) expense including accreted interest expense and change in fair value of contingent earnout liability, foreign currency transaction loss (gain), provision for income taxes, depreciation and amortization, and stock-based compensation, 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 for the year ended June 30, 2026 and 2025: Years Ended June 30, 2026 2025 $ Change % Change Net income $ 2,822,068 $ 1,265,553 $ 1,556,515 123.0% Add (deduct): Other expense 633,267 1,152,847 (519,580) (45.1)% Foreign currency transaction loss (gain) 54,697 (202,527) 257,224 127.0% Provision for income taxes 133,042 82,811 50,231 60.7% Depreciation and amortization 1,254,973 1,245,362 9,611 0.8% Stock-based compensation 928,516 1,723,561 (795,045) (46.1)% Adjusted EBITDA $ 5,826,563 $ 5,267,607 $ 558,956 10.6% 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
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Table of Contents 34 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. Recently Issued Accounting Pronouncements For information about recently issued accounting standards, refer to Note 2 to our Consolidated Financial Statements appearing elsewhere in this report. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Not required.
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Table of Contents 35 Item 8. Financial Statements REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and Board of Directors Research Solutions, Inc. and Subsidiaries Henderson, Nevada Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Research Solutions, Inc. and Subsidiaries (the “Company”), as of June 30, 2026 and 2025, and the related consolidated statements of operations and comprehensive income, changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and the significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there were no critical audit matters. We have served as the Company’s auditor since 2024. /s/ Wipfli LLP Radnor, Pennsylvania September 11, 2026 PCAOB ID: 344
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Table of Contents 36 Research Solutions, Inc. and Subsidiaries Consolidated Balance Sheets June 30, June 30, 2026 2025 Assets Current assets: Cash and cash equivalents $ 12,630,283 $ 12,227,312 Accounts receivable, net of allowance of $103,217 and $182,324, respectively 6,963,040 7,191,234 Prepaid expenses and other current assets 689,548 580,257 Prepaid royalties 411,297 925 Total current assets 20,694,168 19,999,728 Non-current assets: Property and equipment, net of accumulated depreciation of $1,020,241 and $964,883, respectively 58,671 60,769 Intangible assets, net of accumulated amortization of $3,947,231 and $2,736,773, respectively 8,537,870 9,686,241 Goodwill 16,372,979 16,372,979 Deposits and other assets 1,030 957 Total assets $ 45,664,718 $ 46,120,674 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 6,149,480 $ 7,443,757 Deferred revenue, current portion 11,467,832 10,702,120 Contingent earnout liability, current portion 7,323,314 7,363,152 Total current liabilities 24,940,626 25,509,029 Non-current liabilities: Deferred revenue, long-term portion 17,245 — Contingent earnout liability, long-term portion — 6,683,488 Total liabilities 24,957,871 32,192,517 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; 33,513,551 and 32,479,993 shares issued and outstanding, respectively 33,513 32,480 Additional paid-in capital 42,998,357 39,059,557 Accumulated deficit (22,221,625) (25,043,693) Accumulated other comprehensive loss (103,398) (120,187) Total stockholders’ equity 20,706,847 13,928,157 Total liabilities and stockholders’ equity $ 45,664,718 $ 46,120,674 See notes to consolidated financial statements
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Table of Contents 37 Research Solutions, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income Years Ended June 30, 2026 2025 Revenue: Platforms $ 20,820,974 $ 18,955,695 Transactions 27,485,983 30,102,286 Total revenue 48,306,957 49,057,981 Cost of revenue: Platforms 2,609,421 2,371,540 Transactions 20,627,028 22,490,490 Total cost of revenue 23,236,449 24,862,030 Gross profit 25,070,508 24,195,951 Operating expenses: Selling, general and administrative 20,227,158 20,449,378 Depreciation and amortization 1,254,973 1,245,362 Total operating expenses 21,482,131 21,694,740 Income from operations 3,588,377 2,501,211 Other income 407,026 595,679 Accreted interest expense (1,040,293) — Change in fair value of contingent earnout liability — (1,748,526) Income before provision for income taxes 2,955,110 1,348,364 Provision for income taxes (133,042) (82,811) Net income 2,822,068 1,265,553 Other comprehensive income (loss): Foreign currency translation 16,789 (1,368) Comprehensive income $ 2,838,857 $ 1,264,185 Basic income per common share: Net income per share $ 0.09 $ 0.04 Weighted average common shares outstanding 31,788,992 30,681,187 Diluted income per common share: Net income per share $ 0.09 $ 0.04 Weighted average common shares outstanding 32,272,835 31,503,972 See notes to consolidated financial statements
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Table of Contents 38 Research Solutions, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity For the Years Ended June 30, 2026 and 2025 Additional Other TotalCommon Stock Paid-in Accumulated Comprehensive Stockholders’ Shares Amount Capital Deficit Loss Equity Balance, July 1, 2024 32,295,373 32,295 38,089,958 (26,309,246) (118,819) $ 11,694,188 Stock options expense — — 205,457 — — 205,457 Restricted common stock expense — — 1,518,104 — — 1,518,104 Grant of restricted common stock 590,000 590 (590) — — — Forfeited restricted common stock (318,584) (319) 319 — — — Repurchase of common stock (310,330) (310) (934,267) — — (934,577) Common stock issued upon exercise ofstock options 223,534 224 180,576 — — 180,800 Net income for the period — — — 1,265,553 — 1,265,553 Foreign currency translation — — — — (1,368) (1,368) Balance, June 30, 2025 32,479,993 32,480 39,059,557 (25,043,693) (120,187) 13,928,157 Stock options expense — — 330,374 — — 330,374 Restricted common stock expense — — 598,142 — — 598,142 Grant of restricted common stock 205,000 205 (205) — — — Forfeited restricted common stock (436,667) (437) 437 — — — Repurchase of common stock (17,800) (17) (53,022) — — (53,039) Common stock issued upon exercise ofstock options 250,624 250 157,250 — — 157,500 Common stock issued for Scite earnoutpayment 1,032,401 1,032 2,905,824 — — 2,906,856 Net income for the period — — — 2,822,068 — 2,822,068 Foreign currency translation — — — — 16,789 16,789 Balance, June 30, 2026 33,513,551 $33,513 $42,998,357 $(22,221,625) $ (103,398) $ 20,706,847 See notes to consolidated financial statements
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Table of Contents 39 Research Solutions, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended June 30, 2026 2025 Cash flow from operating activities: Net income $ 2,822,068 $ 1,265,553 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,254,973 1,245,362 Stock options expense 330,374 205,457 Restricted common stock expense 598,142 1,518,104 Accreted interest expense 1,040,293 — Adjustment to contingent earnout liability — 1,748,526 Changes in operating assets and liabilities: Accounts receivable 228,194 (341,434) Prepaid expenses and other current assets (109,291) 63,296 Prepaid royalties (410,372) 1,066,312 Accounts payable and accrued expenses (1,262,918) (1,426,282) Deferred revenue 782,957 1,678,272 Net cash provided by operating activities 5,274,420 7,023,166 Cash flow from investing activities: Purchase of property and equipment (39,771) (19,261) Net cash used in investing activities (39,771) (19,261) Cash flow from financing activities: Proceeds from the exercise of stock options 157,500 180,800 Common stock repurchase (53,039) (934,577) Payment of contingent acquisition consideration - Scite and FIZ (4,950,209) (124,107) Net cash used in financing activities (4,845,748) (877,884) Effect of exchange rate changes 14,070 1,260 Net increase in cash and cash equivalents 402,971 6,127,281 Cash and cash equivalents, beginning of period 12,227,312 6,100,031 Cash and cash equivalents, end of period $12,630,283 $12,227,312 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 71,213 $ 82,811 Non-cash investing and financing activities: Contingent consideration accrual on asset acquisition $ — $ 31,359 Common stock issued for Scite earnout payment $ 2,906,856 $ — See notes to consolidated financial statements
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Table of Contents RESEARCH SOLUTIONS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended June 30, 2026 and 2025 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., (“ResoluteAI”) a Delaware corporation, Scite, LLC, (“Scite”) a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., (“Reprints Desk Latin America”) an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., (“ResSol LA”) 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
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Table of Contents 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 (“LLM”) 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 intend to continue investing in our platforms and in our integrations with third-party AI applications, through new product enhancements and expanded dataset coverage. 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
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Table of Contents 42 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. Note 2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated 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 consolidated 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. Cash and Cash Equivalents The Company defines cash equivalents as all highly liquid debt instruments purchased with an original maturity of three months or less. In all periods presented, cash equivalents consist primarily of money market funds. Allowance for Credit Losses The Company’s trade accounts receivable are recorded at amounts billed to customers and presented on the consolidated balance sheet net of the allowance for estimated credit losses, and typically due within 30 days. The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s historical losses, the Company’s forecast and an overall assessment of trade accounts receivable outstanding. The Company established an allowance for doubtful accounts of $103,217 and $182,324 as of June 30, 2026 and 2025, respectively. The Company recorded a credit to bad debt expense of approximately $23,000 in the year ended June 30, 2026 and a bad debt expense of approximately $141,000 in the year ended June 30, 2025. The Company had write-offs of approximately $56,000 and $49,000 in the years ended June 30, 2026 and 2025, respectively, which reduced the allowance for doubtful accounts. 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
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Table of Contents 43 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 $779,978 and $426,658 at June 30, 2026 and 2025, 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 years ended June 30, 2026 and 2025. The Company has no customers that represent 10% of accounts receivable at June 30, 2026 and 2025. The following table summarizes vendor concentrations for content cost: Year Ended June 30, 2026 2025 Vendor A 28% 27% Vendor B 11% 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. Research and Development Costs The Company’s research and development costs are primarily comprised of technology and product development personnel and cloud computing service costs. The total research and development costs during the years ended June 30, 2026 and 2025 were $3,132,876 and $2,530,959, respectively and were included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Advertising Costs The Company’s advertising costs are expensed as incurred in accordance with ASC 720-35, Advertising Costs. The total advertising expense during the years ended June 30, 2026 and 2025 were $1,567,919 and $1,630,259, respectively, and were included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized. Gains and losses on disposals are included in the consolidated statements of operations and comprehensive income. Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is an indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. For the years ended June 30, 2026 and 2025, the Company did not recognize any impairments for its property and equipment.
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Table of Contents 44 Long-lived Assets The Company reviews all long-lived assets, including property and equipment and finite-lived intangible assets, for impairment when circumstances indicate that their carrying values may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value in our consolidated statements of operations and comprehensive income. For the years ended June 30, 2026 and 2025, the Company did not recognize any impairments for its long-lived assets. Revenue Recognition The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“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 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 years ended June 30, 2026 and 2025, the Company recognized revenue of $9,254,008 and $7,248,767 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, net were $9,023,848, and $6,879,800 as of June 30, 2024, 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.
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Table of Contents 45 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: Year Ended June 30, 2026 2025 United States $27,231,305 56.4% $28,213,701 57.5% Europe 15,942,672 33.0% 15,689,693 32.0% Rest of World 5,132,980 10.6% 5,154,587 10.5% Total $48,306,957 100% $49,057,981 100% Accounts Receivable, Net by Geographical Region The following table summarizes accounts receivable, net by geographical region: Year Ended June 30, 2026 2025 United States $3,822,084 54.9% $4,033,807 56.1% Europe 2,226,167 32.0% 2,413,906 33.6% Rest of World 914,789 13.1% 743,521 10.3% Total $6,963,040 100% $7,191,234 100% 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. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive income. Intangible Assets Amortizable finite-lived identifiable intangible assets consist of developed technology, customer relationships, customer lists and intellectual property licenses acquired in prior acquisitions and are stated at cost less accumulated amortization. The developed technology, customer relationships and customer lists are being amortized over the estimated useful lives of 3 to 10 years.
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Table of Contents 46 Goodwill Goodwill consists of the excess of the cost of ResoluteAI and Scite 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 test for its reporting unit on June 30 of each fiscal year. The Company did not record any impairment losses for the years ended June 30, 2026 or 2025. 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 short-term and long-term liability on the Company's consolidated balance sheets based on when the revenue is expected to be recognized. 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. Segment Reporting The Company operates in a single segment which derives its revenue from subscription fees from its cloud-based SaaS Platforms and transactional service fees for the electronic delivery of singles articles, and a corresponding copyright fee for the permitted use of the content and it is based on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations in making operational and strategic decisions and assessments of financial performance. The Company’s President has been identified as the CODM.
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Table of Contents 47 The CODM regularly reviews revenue, certain significant expense categories, net income and select balance sheet items in evaluating segment performance. The significant segment expense categories and other segment items provided to the CODM and included in the measure of segment profit or loss are presented below. Year ended June 30, 2026 2025 Revenue $ 48,306,957 $ 49,057,981 Cost of revenue 23,236,449 24,862,030 Gross profit 25,070,508 24,195,951 Gross profit margin 51.9% 49.3% Selling, general and administrative expenses: Sales and marketing 6,397,899 5,360,356 Technology and product development 6,121,647 5,631,344 General and administrative 6,724,399 7,936,644 Stock-based compensation expense 928,516 1,723,561 Foreign currency transaction loss (gain) 54,697 (202,527) Total selling, general and administrative expenses 20,227,158 20,449,378 Depreciation and amortization 1,254,973 1,245,362 Net income $ 2,822,068 $ 1,265,553 Segment net income includes other income, accreted interest expense, change in fair value of contingent earnout liability and provision for income taxes. The CODM also reviews the following balance sheet items at period-end as part of performance monitoring and resource allocation decisions: Year ended June 30, 2026 2025 Cash and cash equivalents $ 12,630,283 $ 12,227,312 Current assets, excluding cash and cash equivalents 8,063,885 7,772,416 Long term assets 24,970,550 26,120,946 Total segment assets $ 45,664,718 $ 46,120,674 Because the Company operates as a single reportable segment, the amounts above reconcile directly to the corresponding consolidated financial statement line items. Stock-Based Compensation The Company periodically issues stock options, warrants and restricted stock to employees and non- employees for services, in capital raising transactions, and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model. Depending on the type of restricted stock award, the fair value of our restricted stock is estimated based on the market price of the Company’s 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. The Company recognizes 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 stock-based compensation within its consolidated statements of operations and comprehensive income with classification depending on the nature of the services rendered.
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Table of Contents 48 Under ASC 718, for 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 consolidated financial statements are presented in United States dollars, the reporting 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 a loss of $54,697 and a gain of $202,527 for the years ended June 30, 2026 and 2025, respectively. Net Income Per Share Basic net income per share is computed by dividing net income 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. The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share: Years Ended June 30, 2026 2025 Net income available to common shareholders $ 2,822,068 $ 1,265,553 Weighted average commons shares - basic 31,788,992 30,681,187 Dilutive effect of outstanding stock options 465,981 822,785 Dilutive effect of unvested restricted common stock 17,862 — Weighted average commons shares - diluted 32,272,835 31,503,972 Net income per common share: Basic $ 0.09 $ 0.04 Diluted $ 0.09 $ 0.04 Weighted average stock options excluded due to anti-dilution were 1,505,037 and 645,770 during the years ended June 30, 2026 and 2025. Shares of unvested restricted stock that were considered antidilutive were 913,792 and 1,223,342 during the years ended June 30, 2026 and 2025, respectively.
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Table of Contents 49 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 June 30, 2026 and 2025: As of June 30, 2026 As of June 30, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Total assets $ — $ — $ — $ — $ — $ — $ — $ — Liabilities Contingent earnout liability $ — — $7,323,314 $7,323,314 $ — — $14,046,640 $14,046,640 Total liabilities $ — $ — $7,323,314 $7,323,314 $ — $ — $14,046,640 $14,046,640 On December 1, 2023, the Company acquired 100% of the outstanding stock of Scite, Inc. a Delaware corporation (“Scite”). 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 contingent earnout liability balance was $14.0 million at June 30, 2025 and $7.3 million at June 30, 2026. Our contingent earnout liability related to the Scite acquisition is in the “Level 3” category for valuation purposes. As of June 30, 2026 and 2025, the contingent earnout liability fair value was estimated using the ending business to consumer annual recurring revenue figures as of May 30, 2025 and a 9% discount rate less payments made. The Company finalized the calculation of the earnout for former shareholders of Scite at $15.4 million and recorded the final adjustment as of June 30, 2025. The earnout is comprised of a mix of cash and stock, with 62% of the earnout to be paid in cash and 38% in the Company’s common stock. The first of eight quarterly installment payments was disbursed in August 2025, with subsequent payments scheduled to continue quarterly until the final payment in May 2027. After June 30, 2025, the Company records accreted interest expense on the unpaid earnout liability. Prior to June 30, 2025, the change in fair value (which includes an interest component) was based on the assistance of a valuation specialist, using a Monte Carlo simulation of discounted cash flows based on management's forecast.
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Table of Contents 50 The following table summarizes the Company’s contingent earnout liability activity: Years Ended June 30, 2026 2025 Beginning balance, contingent earnout liability $ 14,046,640 $ 12,298,114 Change in fair value of contingent earnout liability — 1,748,526 Accreted interest expense 1,040,293 — Scite earnout payments in cash (4,856,763) — Scite earnout payments in shares of common stock (2,906,856) — Ending balance, contingent earnout liability $ 7,323,314 $ 14,046,640 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. Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Recently Issued Accounting Pronouncements 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 Company adopted this accounting pronouncement for the year ended June 30, 2026, using the prospective method of adoption. As a result, we have enhanced our income tax disclosures for the fiscal year ended June 30, 2026 and going forward. Because ASU 2023-09 relates solely to disclosure requirements, adoption did not have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. 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. In September 2025, the FASB issued ASU 2025-06 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which eliminates project stages and requires capitalizing costs when management has committed to funding the project and it is probable of completion. In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is a significant uncertainty associated with the development activities of the software. The new requirements will be effective for the Company for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The guidance may 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 2025-06.
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Table of Contents 51 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. Property and Equipment Property and equipment consists of the following as of June 30, 2026 and 2025: June 30, June 30, 2026 2025 Computer equipment $ 755,208 $ 702,611 Software 282,080 282,080 Furniture and fixtures 41,624 40,961 Total 1,078,912 1,025,652 Less accumulated depreciation (1,020,241) (964,883) Net, Property and equipment $ 58,671 $ 60,769 Depreciation expense for the years ended June 30, 2026 and 2025 was $44,515 and $43,899, respectively. Note 4. Intangible Assets Intangible assets consist of developed technology, customer relationships, customer lists and intellectual property licenses acquired in prior acquisitions and are stated at cost less accumulated amortization. The developed technology, customer relationships and customer lists are being amortized over the estimated useful lives of 3 to 10 years. The Company does not have any intangible assets deemed to have indefinite lives. Amortization expense for the years ended June 30, 2026 and 2025 was $1,201,458 and $1,201,463, respectively. Amortization expense expected to be recognized is approximately $1,173,000 annually in 2027 through 2031 and approximately $2,670,000 thereafter. Intangible assets consist of the following as of June 30, 2026 and 2025: June 30, June 30, 2026 2025 Developed technology $10,800,000 $10,800,000 Customer relationships 170,000 170,000 Customer lists 1,498,676 1,436,589 Intellectual property licenses 16,425 16,425 Total 12,485,101 12,423,014 Less accumulated amortization: Developed technology (2,856,666) (1,776,667) Customer relationships (94,592) (59,493) Customer lists (979,548) (884,188) Intellectual property licenses (16,425) (16,425) Net, Intangible assets $ 8,537,870 $ 9,686,241 Note 5. 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, 2027 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 June 30, 2026 and 2025, respectively.
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Table of Contents 52 Note 6. 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 June 30, 2026, there were 493,244 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 majority of awards issued under the Plan vest (i) immediately or (ii) in installments over three years, with a one-year cliff, and have a term of ten years. 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 July 1, 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 — — 151,295 2.73 (151,295) 2.73 Exercised (309,821) 1.44 (309,821) 1.44 — — Expired — — — — — — Outstanding at June 30, 2025 2,738,804 $ 2.06 2,371,330 $ 1.96 367,474 $ 2.77 Granted 260,000 3.07 — — 260,000 3.07 Options vesting — — 237,645 2.77 (237,645) 2.77 Exercised (278,500) 0.85 (278,500) 0.85 — — Expired (15,000) 1.09 (15,000) 1.09 — — Outstanding at June 30, 2026 2,705,304 $ 2.29 2,315,475 $ 2.18 389,829 $ 2.97 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 years ended June 30, 2026 and 2025. Year Ended June 30, 2026 2025 Expected dividend yield —% —% Risk-free interest rate 3.77% 4.26% Expected life (in years) 6 6 Expected volatility 44.4% 46.3%
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Table of Contents 53 The weighted average remaining contractual life of all options outstanding as of June 30, 2026 was 4.86 years. The remaining contractual life for options vested and exercisable at June 30, 2026 was 4.16 years. Furthermore, the aggregate intrinsic value of options outstanding as of June 30, 2026 was $743,304, and the aggregate intrinsic value of options vested and exercisable as of June 30, 2026 was $743,304, in each case based on the fair value of the Company’s common stock on June 30, 2026. The aggregate intrinsic value of options outstanding as of June 30, 2025 was $2,265,673, and the aggregate intrinsic value of options vested and exercisable as of June 30, 2025 was $2,229,827, in each case based on the fair value of the Company’s common stock on June 30, 2025. During the year ended June 30, 2026, the Company granted 260,000 options to directors with a fair value of $382,200 which will be amortized over the vesting period. The total stock options expense during the year ended June 30, 2026 was $330,374 and was included in selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income. As of June 30, 2026, the amount of unvested compensation related to the unvested options was $466,689 which will be recorded as an expense in future weighted average vesting periods of 1.03 years. During the year ended June 30, 2026, the Company issued 250,624 net shares of common stock upon the exercise of options underlying 278,500 shares of common stock, resulting in net cash proceeds of $157,500. The aggregate intrinsic value of options exercised during the year ended June 30, 2026 was $573,770. During the year ended June 30, 2025, the Company granted 260,000 options to directors with a fair value of $364,000 which will be amortized over the vesting period. The total stock options expense during the year ended June 30, 2025 was $205,457 and was included in selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income. During the year ended June 30, 2025, the Company issued 223,534 net shares of common stock upon the exercise of options underlying 309,821 shares of common stock, resulting in net cash proceeds of $180,800. The aggregate intrinsic value of options exercised during the year ended June 30, 2025 was $471,452. Additional information regarding stock options outstanding and exercisable as of June 30, 2026 is as follows: Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 1.05 - 1.59 522,000 0.39 - 1.86 522,000 2.10 - 2.99 1,707,304 2.38 - 8.38 1,577,475 3.13 - 3.50 476,000 3.37 - 9.38 216,000 Total 2,705,304 2,315,475 Restricted Common Stock During the year ended June 30, 2026, the Company issued 205,000 shares of time vested restricted stock to employees. These shares vest over a three-year period, with one third vesting after one-year and quarterly thereafter, and remain subject to forfeiture if vesting conditions are not met. The aggregate fair value of these stock awards was $524,950 based on the market price of our common stock ranging from $2.36 to $2.94 per share on the date of grant, which will be amortized over the range of a three-year vesting period. No shares were granted with these vesting conditions during the year ended June 30, 2025.
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Table of Contents 54 During the year ended June 30, 2025, the Company issued 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”). No shares were granted under the LTEBP during the year ended June 30, 2026. 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 both time vested restricted stock awards and LTEBP restricted stock awards were $598,142 and $1,518,104 during the years ended June 30, 2026 and 2025, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. As of June 30, 2026, the amount of unrecognized compensation related to issuances of restricted common stock was $520,476, which will be recognized as an expense in future weighted average vesting periods of 1.06 years. 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 33,513,551 shares issued and outstanding on the consolidated balance sheet as of June 30, 2026, 1,093,793 shares are subject to vesting and are not considered outstanding for accounting purposes. From the 32,479,993 shares issued and outstanding on the consolidated balance sheet as of June 30, 2025, 1,399,210 shares are subject to vesting and are not considered outstanding for accounting purposes.
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Table of Contents 55 The following table summarizes restricted common stock activity: Weighted Average Number of Grant Date Shares Fair Value Non-vested, June 30, 2024 1,957,726 $ 1.57 Granted 590,000 2.22 Vested (829,932) 2.04 Forfeited (318,584) 1.41 Non-vested, June 30, 2025 1,399,210 $ 1.61 Granted 205,000 2.56 Vested (73,750) 2.63 Forfeited (436,667) 1.44 Non-vested, June 30, 2026 1,093,793 $ 1.78 Common Stock Repurchase and Retirement 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. Effective as of May 6, 2025, the Compensation Committee of our board of directors authorized the repurchase of shares of common stock in satisfaction of tax withholding obligations at any time during a trading window during which outstanding awards remain outstanding and otherwise in accordance with our insider trading policies. 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. During the years ended June 30, 2026 and 2025, the Company repurchased 17,800 and 310,330 shares of our common stock under the repurchase plan at a weighted average price of $2.98 and $3.01 per share, respectively, for an aggregate amount of $53,039 and $934,577, respectively. As of June 30, 2026, $109,277 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.
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Table of Contents 56 The following table summarizes repurchases of our common stock on a monthly basis: Approximate Dollar Value Total Number Average of Shares that May Yet Be of Shares Price Paid Purchased Under the Period Purchased per Share Plans or Programs September 2024 5,757 $ 2.82 $ 330,774 December 2024 48,132 $ 3.93 891,615 March 2025 246,707 $ 2.85 188,500 June 2025 9,734 $ 2.69 162,316 Year ended June 30, 2025 310,330 $ 3.01 $ 162,316 September 2025 6,390 $ 3.66 $ 138,929 December 2025 5,592 $ 2.89 122,767 March 2026 3,349 $ 2.34 114,931 June 2026 2,469 $ 2.29 109,277 Year ended June 30, 2026 17,800 $ 2.98 $ 109,277 Note 7. Contingencies and Commitments Legal Proceedings The Company is involved in legal proceedings in the ordinary course of its business. Although management of the Company cannot predict the ultimate outcome of these legal proceedings with certainty, it believes that the ultimate resolution of the Company’s legal proceedings, including any amounts it may be required to pay, will not have a material effect on the Company’s consolidated financial statements. Note 8. Income Taxes The components of income before provision of income taxes are as follows: Years Ended June 30, 2026 2025 United States $2,821,968 $1,299,850 Foreign 133,142 48,514 Total income before provision for income taxes $2,955,110 $1,348,364
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Table of Contents 57 The provision for income taxes consists of the following for the years ended June 30, 2026 and 2025: Years Ended June 30, 2026 2025 Current Federal $ — $ — State 86,990 33,613 Foreign 46,052 49,198 Deferred Federal — — State — — Foreign — — Provision for income tax expense $ 133,042 $ 82,811 The reconciliation from the federal statutory income tax rate to our effective income tax rate for the fiscal year ended June 30, 2026, applying ASU 2023-09 prospectively, is as follows: Amount % U.S. federal statutory income tax $ 620,573 21.0% State tax, net of federal benefit 69,858 2.3% Cross border laws 8,354 0.3% Foreign tax effects 18,092 0.6% Tax credits (120,343) (4.1)% Non-taxable or non-deductible items: Equity compensation 233,104 7.9% Change in earnout 218,462 7.4% Other 8,346 0.3% Change in valuation allowance (923,404) (31.2)% Total $ 133,042 4.5% The reconciliation from the federal statutory income tax rate to the effective income tax rate for the fiscal year ended June 30, 2025, applying ASC 740 prior to the adoption of AUS 2023-09, is as follows: % Federal income tax rate 21.0% State tax, net of federal benefit 2.4% Change in earnout 22.9% Adjustment to prior year (157.2)% Executive compensation (11.6)% Other permanent differences 3.1% Foreign rate differential 2.9% Tax credits (15.3)% Change in valuation allowance 137.9% Effective income tax rate 6.1% For the year ended June 30, 2025, the majority of the adjustment to the prior year, primarily offset by the change in valuation allowance, was due to recording additional federal and state net operating losses (“NOL”) from stock acquisitions in prior years. This was precipitated by the finalization of a study to determine the amount of NOLs available after the change in ownership under Internal Revenue Code Section 382.
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Table of Contents 58 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at June 30, 2026 and 2025 are as follows: June 30, June 30, 2026 2025 Deferred tax assets: Federal net operating loss carryforward $ 3,090,317 $ 3,475,943 State net operating loss carryforward 498,731 479,222 Stock based compensation 953,875 1,164,121 Tax attributes 289,986 196,809 Research costs 994,054 1,713,966 Other 18,906 63,948 Total deferred tax assets 5,845,869 7,094,009 Deferred tax liability: Depreciation and amortization (1,825,304) (2,102,792) Net deferred tax assets 4,020,565 4,991,217 Less valuation allowance (4,020,565) (4,991,217) $ — $ — The Company has provided a valuation allowance on the deferred tax assets at June 30, 2026 and 2025 to reduce such assets to zero, since it is not deemed more likely than not that the Company will generate future taxable income to utilize such assets. Management will review this valuation allowance requirement periodically and adjust as warranted. The net change in the valuation allowance for the years ended June 30, 2026 and 2025 was a decrease of $970,652 and an increase of $1,858,749, respectively. At June 30, 2026 and 2025, the Company had federal NOL carryforwards of approximately $14,716,000 and $16,552,000, respectively, and state NOL carryforwards of approximately $7,410,000 and $7,502,000, respectively. Federal NOLs generated after 2018 can be carried forward indefinitely with some limitations. Federal NOLs generated prior to that have a 20-year carryforward period. At June 30, 2026, all remaining federal NOLs can be carried forward indefinitely; however, of these NOLs, approximately $11,400,000 relate to companies acquired in prior years and are subject to annual limitations under IRC Section 382. State NOLs will begin to expire in 2031. The Company is subject to taxation in the United States, various states and Mexico. The Company is subject to United States federal or state income tax examinations by certain tax authorities for fiscal year 2015 and forward, in part due to utilization of NOLs in the current fiscal year. The Company is currently not under examination in any jurisdiction. Cash paid for income taxes (net of refunds) in the year ended June 30, 2026 consisted of the following: Amount United States $ — State: CA 3,210 FL 8,220 GA 3,950 IL 7,000 MA 11,938 MN 3,105 TX 3,964 Other 3,603 Foreign 26,223 Total $ 71,213
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Table of Contents 59 The state taxes were made up primarily of FL, GA, IL, MA, and TX. The foreign taxes were solely Mexico. Cash paid for income taxes (net of refunds) in the year ended June 30, 2025 were $82,811. As of June 30, 2026 and 2025, the Company had no uncertain tax positions. The Company’s policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of June 30, 2026 and 2025, the Company has no accrued interest or penalties related to uncertain tax positions. Note 9. Subsequent Events Scite Earn-out On August 2, 2026, the Company completed the fifth installment payment of cash and common stock associated with the earnout for the former shareholders of Scite, which consisted of cash of $1.2 million and 329,118 shares of the Company’s common stock being issued.
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Table of Contents 60 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure There were no changes in or disagreements with our accountants on accounting and financial disclosure during the last two fiscal years. Item 9A. 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 Annual Report on Form 10-K. For purposes of this section, the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026, the end of the period covered by this report, our disclosure controls and procedures were effective at a reasonable assurance level. Management’s Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d- 15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that: (i) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations
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Table of Contents 61 are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Management evaluated the effectiveness of our internal control over financial reporting as of June 30, 2026, using the framework set forth in the report of the Treadway Commission’s Committee of Sponsoring Organizations (“COSO”), “2013 Internal Control–- Integrated Framework.” Based upon that evaluation, management believes our internal control over financial reporting was effective as of June 30, 2026. 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 Controls Over Financial Reporting Management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, whether any changes in our internal control over financial reporting that occurred during our last fiscal year have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on the evaluation we conducted, management has concluded that no such changes have occurred. Item 9B. Other Information Not applicable. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable.
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Table of Contents 62 PART III Item 10. Directors, Executive Officers and Corporate Governance The following table sets forth the name, age, position, and date of appointment of each of our directors and executive officers as of September 4, 2026: Name Age Position Date of Appointment Roy W. Olivier 67 President and Chief Executive Officer, and Chairman of the Board March 29, 2021 David Kutil 42 Chief Financial Officer and Secretary July 28, 2026 John Regazzi (1) 78 Lead Independent Director June 22, 2015 Barbara J. Cooperman (2) 71 Director February 8, 2022 Gen. Merrill McPeak (1) 90 Director November 5, 2010 Jeremy Murphy (3) 43 Director November 14, 2023 Kenneth L. Gayron (4) 56 Director December 4, 2023 (1) Member of the Audit Committee, the Compensation Committee, and the Nominating and Governance Committee (2) Chair of the Compensation Committee and member of the Nominating and Governance Committee (3) Chair of the Nominating and Governance Committee and member of the Audit Committee (4) Chair of the Audit Committee and member of the Compensation Committee Roy W. Olivier – Chief Executive Officer and President, and Chairman of the Board Mr. Olivier was named Interim Chief Executive Officer and President on March 29, 2021 and was formally appointed as Chief Executive Officer and President on October 4, 2021. Mr. Olivier was appointed Chairman of the Board effective September 16, 2025. Mr. Olivier has been a member of our board of directors since January 2018. Before joining Research Solutions, Mr. Olivier served as CEO of ARI Network Services, a leading provider of SaaS tools and marketing services, growing the business from less than 80 employees to over 1,200 and increasing revenues from under $15 million to over $100 million through accelerated organic growth and acquisitions. Earlier in his career, he served as VP of Sales and Marketing for ProQuest Media Solutions (now Snap-on Inc.) and held executive and senior management positions at multiple companies across the telecommunications and computer industries including Multicom Publishing, Tandy Corporation, BusinessLand and PacTel. Our board of directors concluded that Mr. Olivier should serve as a director in light of his extensive experience in management and the information services industry.
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Table of Contents 63 David Kutil – Chief Financial Officer and Secretary Mr. Kutil was appointed as Chief Financial Officer and Secretary on July 28, 2026 after serving as our Interim Chief Financial Officer since December 10, 2025. Mr. Kutil previously served as Global Controller of the Company from March 2023 to December 2025. Prior to joining Research Solutions, Mr. Kutil served as Controller at Lesaffre Yeast Corporation, a leading global consumer goods company, from March 2022 to March 2023, and Director of Accounting and External Reporting for Badger Meter, a leading manufacturer of metering products, from September 2015 to March 2022. Mr. Kutil received a Bachelor of Business Administration in Accounting from the University of Wisconsin-Whitewater and is an active Certified Public Accountant. John Regazzi – Lead Independent Director Mr. Regazzi was appointed to our board of directors on June 22, 2015. He served as Chairman of the Board from 2015 – 2021, Lead Independent Director from 2021 - 2023, Chairman from 2023 – 2025 and was redesignated Lead Independent Director effective September 16, 2025. Mr. Regazzi is an information services and IT industry innovator, with more than four decades of experience. He is currently managing director of Akoya Capital Partners, a sector-focused private investment firm, where for the last few years he has served as its professional information services sector leader. He has also been a professor at the Long Island University’s College of Education, Information and Technology since 2005, and has served as dean of LIU’s College of Information and Computer Science. Before joining Akoya Capital Partners, Mr. Regazzi served for several years as CEO of Elsevier Inc. and managing director of the NYSE-listed Reed Elsevier, the world’s largest publisher and information services company for journal and related scientific, technical and medical content. At Reed Elsevier, he oversaw its expansive electronic publishing portfolio, with a program staff of 3,000 and revenues exceeding $1 billion. He was previously CEO of Engineering Information, which he helped turn around before being acquired by Reed Elsevier. As a recognized industry thought leader, Mr. Regazzi has designed, launched, and managed some of the most innovative and well-known information services in the professional communities, including the Engineering Village, Science Direct, Scirus and Scopus, as well as numerous other electronic information services dating back to the early days of the online and CD-ROM industries. Mr. Regazzi has served on a variety of corporate and industry boards, including the British Standards Institute Group and the American Institute of Physics, and he served as Chairman of the Board of National Technical Information Service, a division of the U.S. Department of Commerce. He also served as Chairman of DiSTI and Convergered Security Solutions (CSS), both Akoya portfolio companies. Mr. Regazzi earned his B.S. from St. Johns University, M.A. from University of Iowa, M.S. from Columbia University, and Ph.D. in Information Science from Rutgers University. Our board of directors concluded that Mr. Regazzi should serve as a director in light of his extensive experience in the information services industry. Barbara J. Cooperman – Director Ms. Cooperman was appointed to our board of directors on February 8, 2022. Ms. Cooperman is an accomplished executive with general management background, P&L responsibility, and world-class marketing specialty in both B2B and B2C sectors. She has more than 20 years’ governance experience on boards including early-stage and privately held companies, nonprofits, industry associations, as well as executive leadership teams. She is known for being strategic and is a highly regarded leader skilled at developing vision and guiding organizations through growth stages and periods of reinvention. With 20+ years in the C-suite, Ms. Cooperman has significant experience advising the board on a wide range of issues such as unlocking brand value, strategic plans, M&A, and corporate social responsibility. Most recently, Ms. Cooperman was the global CMO at Kroll, a leader in cyber security and risk consulting, and Kroll Ontrack, a leader in ediscovery and data recovery. Joining as the firm came out of bankruptcy, she restored worldwide gold standard brand reputations, created go-to-market strategy for the high-growth cyber security practice, and managed corporate and crisis communications through the successful sale of both companies and several high-stakes matters. Kroll Ontrack was sold in 2016 and Kroll in 2018, both at highly attractive valuations. Prior to her role as Chief Marketing Officer at Kroll, Inc., Ms. Cooperman worked for 12 years at Reed Elsevier, where she served as the Global Chief Marketing Officer for LexisNexis and Elsevier. Our board of directors concluded that Ms. Cooperman should serve as a director in light of her extensive industry knowledge, marketing and operating expertise, and governance experience.
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Table of Contents 64 General Merrill McPeak – Director Gen. McPeak was appointed to our board of directors on November 5, 2010. He is President of McPeak and Associates, a company he founded in 1995. From 1990 until his retirement from active military service in late 1994, he was chief of staff of the U.S. Air Force. During this period, he was the senior officer responsible for organization, training and equipage of a combined active duty, National Guard, Reserve and civilian work force of over 850,000 people serving at 1,300 locations in the United States and abroad. As a member of the Joint Chiefs of Staff, he and the other service chiefs were military advisors to the Secretary of Defense and the President. Gen. McPeak has served on the board of directors of several publicly traded companies, including long service with Trans World Airlines, Inc. and with the test and measurement company, Tektronix, Inc. He was for many years Chairman of the Board of ECC International Corp., until that company was acquired by Cubic Corporation and previously served as a director of Iovance Biotherapeutics. Gen. McPeak was a founding investor, director and Chairman of Ethicspoint, Inc., a software-as-a-service provider of secure, confidential employee reporting systems, that was acquired by private equity at a return making it one of Oregon’s most successful business startups in decades. Our board of directors concluded that Gen. McPeak should serve as a director in light of his demonstrated leadership abilities and years of experience serving on the boards of directors of numerous publicly traded corporations. Jeremy Murphy – Director Jeremy Murphy was appointed to our board of directors on November 14, 2023. Mr. Murphy is the Executive Chairman at Tiki.com, the leading contextual ad network for the travel industry, which each month delivers tens of millions of travel-intenders to the world’s largest travel websites. At Tiki, Mr. Murphy has orchestrated pioneering new b2b software from ideation to roll-out, including the first AI-powered conversational advertisement trained to be an expert on each advertiser’s product offering by leveraging state- of-the-art document indexing and language models. Mr. Murphy is also the CEO & Chairman of an early stage startup, Munifif, LLC, using AI to make complex fixed income securities understandable to all. Previously, he co-founded TheSuitest, a hotel data-analytics platform featured in the NYTimes, The Today Show and elsewhere for using natural language processing to compare and quantify hotel accommodations. TheSuitest was successfully acquired by ClickTripz in 2015. Prior to his current role, Mr. Murphy had significant experience in various crucial positions at prominent financial institutions. Mr. Murphy was an analyst in the Investment Management Division of Goldman Sachs & Co. as part of a team responsible for nearly $10 billion in assets. Mr. Murphy later worked as a risk manager and analyst for the investment arm of the Gulf Bank of Kuwait and its controlling shareholder. Our board of directors determined that Mr. Murphy would make a beneficial addition to our board of directors in light of his AI experience, software expertise and analytics background. Kenneth L. Gayron – Director Kenneth L. Gayron was appointed to our board of directors on November 14, 2023. Mr. Gayron serves as the Chief Financial Officer and EVP of Avid Technology. Mr. Gayron previously served as the Interim CEO and CFO at Numerex Corp., where he successfully managed a public turnaround of Numerex’s business model. This culminated in a successful merger with Sierra Wireless which was approved by over 99% of public shareholders. As a result, Mr. Gayron delivered a 15% shareholder return over the two-year period. Mr. Gayron was also responsible for Numerex’s Global Financial Organization, including accounting, SEC reporting, financial planning, tax, treasury, capital markets and investor relations. Prior to Numerex, Mr. Gayron served as the Chief Financial Officer at Osmotica Pharmaceutical Corp. During his three-year tenure, he drove 300% improvement in profitability and created $300 million in enterprise value. Mr. Gayron also lead a strategic M&A exit with the CEO which resulted in a $650 million valuation. Mr. Gayron began his career as the VP Finance and Treasurer at Sensus. Mr. Gayron then became the Treasurer at Nuance Communications. Mr. Gayron received his MBA in finance from Cornell Johnson Graduate School of Management and his Bachelor of Science in finance from Boston College. Our board of directors determined that Mr. Gayron would make a beneficial addition to our board of directors in light of his software development expertise and finance background. Term of Office Each director serves until our next annual meeting or until his or her successor is duly elected and qualified. Each executive officer is elected by our board of directors and serves at its discretion.
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Table of Contents 65 Delinquent Section 16(a) Reports Section 16(a) of the Exchange Act requires our officers, directors, and persons who own more than ten percent of a registered class of our equity securities to file reports of ownership and changes in ownership with the SEC and to furnish the Company with copies of all Section 16(a) forms they file. Our review of copies of the Section 16(a) reports filed to report transactions occurring during the fiscal year ended June 30, 2026 indicates that all filing requirements applicable to our officers, directors, and greater than ten percent beneficial owners were complied with except as follows: Mr. Olivier failed to timely file one Form 4 reporting one transaction; William Nurthen, our former Chief Financial Officer, failed to timely file one Form 4 reporting one transaction; Mr. Regazzi failed to timely file two Form 4s reporting two transactions; Gen. McPeak failed to timely file one Form 4 reporting one transaction; Mr. Gayron failed to timely file one Form 4 reporting one transaction; Mr. Kutil failed to timely file one Form 4 reporting one transaction; and Mr. Cohen failed to timely file one Form 4 reporting one transaction. Audit Committee Financial Expert Our board of directors has a separately designated standing Audit Committee, comprised of Mr. Gayron (Chair), Gen. McPeak, Mr. Murphy and Mr. Regazzi, each of whom our board of directors has determined to be an independent director as that term is defined in the applicable rules for companies traded on Nasdaq. Our board of directors has determined that Mr. Gayron qualifies as an “audit committee financial expert” as defined under SEC rules. Code of Ethics Our board of directors has adopted a Code of Ethical Conduct that applies to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. The code is available in the Corporate Governance – Code of Ethical Conduct section of our website, www.researchsolutions.com. Clawback Policy Effective November 14, 2023, our board of directors adopted a Compensation Recovery Policy, whereby we may seek the recovery or forfeiture of incentive compensation paid by us, including cash, equity or equity-based compensation, in the event we restate our financial statements under certain circumstances (the “Clawback Policy”), in accordance with the applicable rules of Nasdaq and Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended. The Clawback Policy applies to our Section 16 officers, any employee who was eligible to receive incentive compensation and whose conduct contributed to the need for a restatement, and any other former Section 16 officer or other employee who contributed to the need for such restatement. Our Clawback Policy is administered by our Compensation Committee, and the Compensation Committee has the authority, in accordance with the applicable laws, rules and regulations, to interpret and make determinations necessary for the administration of the Clawback Policy, and may forego recovery in certain instances. The full text of our Clawback Policy is included as Exhibit 97.1 to this Annual Report on Form 10-K. Insider Trading Policy Effective July 1, 2025, our board of directors adopted an Amended and Restated Insider Trading Policy (the “Insider Trading Policy”) that prohibits all employees, officers and directors from engaging in transactions involving our securities while in possession of material non-public information and restricts directors, officers and other designated insiders from engaging in certain transactions involving our securities during specified periods for which the Company has determined such individuals are most likely to be aware of material, non-public information. The Insider Trading Policy also requires pre-clearance from our Compliance Officer prior to making certain transactions involving our securities. A copy of our Insider Trading Policy is included as Exhibit 19.1 to this Annual Report on Form 10-K.
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Table of Contents Item 11. Executive Compensation Compensation of Executive Officers The following table summarizes all compensation for the last two fiscal years awarded to, earned by, or paid to our Chief Executive Officer (principal executive officer) and our two most highly compensated executive officers other than our CEO who were serving as executive officers at the end of our last completed fiscal year, whose total compensation exceeded $100,000 during such fiscal year ends. Compensation of Executive Officers for Fiscal Years Ended June 30, 2026 and 2025 Stock All other Name and principle Fiscal Salary Bonus awards compensation Total Position Year ($) ($) ($) ($) ($) Roy W. Olivier 2026 433,124 99,651 — 23,146 555,921 President and Chief Executive Officer, and Director 2025 420,833 198,956 — 21,200 640,989 David Kutil 2026 229,312 49,167 142,200 (1) (2) 16,085 436,764 Chief Financial Officer and Secretary 2025 190,103 28,000 — 14,675 232,778 Sefton Cohen 2026 340,000 212,522 188,800 (3) 17,272 758,594 Chief Revenue Officer 2025 225,392 173,583 777,240 (4) 9,213 1,185,428 (1) Represents the grant date fair value of 20,000 shares of restricted stock granted on August 5, 2025. The grant date fair value was estimated using the market price of our common stock at the date of grant. The restricted stock vests over a three-year period, with one third vesting after one-year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. (2) Represents the grant date fair value of 30,000 shares of restricted stock granted on December 10, 2025. The grant date fair value was estimated using the market price of our common stock at the date of grant. The restricted stock vests over a three-year period, with one third vesting after one- year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. (3) Represents the grant date fair value of 80,000 shares of restricted stock granted on April 1, 2026. The grant date fair value was estimated using the market price of our common stock at the date of grant. The restricted stock vests over a three-year period, with one third vesting one-year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. (4) Represents the grant date fair value of 340,000 shares of restricted stock granted on November 12, 2024 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP. The grant date fair value was computed using the Monte Carlo simulations on a binomial model with the assistance of a valuation specialist with a derived service period ranging from 0.64 to 2.31 years. Employment Agreements Roy W. Olivier On October 4, 2024, we entered into an executive employment agreement with Mr. Olivier governing Mr. Olivier’s continuing employment, which has an indefinite period. Under the terms of the executive employment agreement, Mr. Olivier agreed to serve as our Chief Executive Officer and President on an at-will basis. The agreement provides for a base salary of at least $425,000 per year, subject to annual review and adjustment by the Board, and participation in an
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Table of Contents 67 executive bonus plan as determined by the Board. No part of Mr. Olivier’s salary is allocated to his duties as a director of our company. The agreement contains provisions that prohibit Mr. Olivier from soliciting our customers or employees during his employment with us and for two years afterward. The agreement also contains provisions that restrict disclosure by Mr. Olivier of our confidential information and assign ownership to us of inventions related to our business that are created by him during his employment. We may terminate the agreement at any time, with or without cause. Mr. Olivier will be eligible to receive (i) an amount equal to eighteen (18) months of his then-current base salary payable in the form of salary continuation, (ii) any accrued but unpaid bonus, if we terminate Mr. Olivier’s employment between July 1 and September 15, (iii) a pro-rata bonus for the then-current fiscal year and (iv) continuation of health and welfare benefits for eighteen (18) months, if he is terminated without cause. In addition, he is eligible to receive a pro-rata bonus for the fiscal year of termination. Mr. Olivier may terminate the agreement at any time, with or without reason, upon thirty (30) days advance written notice. David Kutil On July 30, 2026, we entered into an executive employment agreement with Mr. Kutil which has an indefinite period. Under the terms of the executive employment agreement, Mr. Kutil has agreed to serve as our Chief Financial Officer on an at-will basis. The agreement provides for a base salary of $275,000 per year, subject to annual review and increase by our chief executive officer and Compensation Committee, and participation in an executive bonus plan as determined by the Board. The agreement contains provisions that prohibit Mr. Kutil from providing services to competitors and soliciting our customers or employees during his employment with us and for one year afterward. The agreement also contains provisions that restrict disclosure by Mr. Kutil of our confidential information and assign ownership to us of inventions related to our business that are created by him during his employment. We may terminate the agreement at any time, with or without cause. Mr. Kutil will be eligible to receive (i) an amount equal to six (6) months of his then-current base salary payable in the form of salary continuation, (ii) a pro-rata bonus for the then-current fiscal year, and (iii) continuation of health and welfare benefits for six (6) months if he is terminated without cause. Mr. Kutil may terminate the agreement at any time, with or without reason.
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Table of Contents 68 Outstanding Equity at Fiscal Year Ended June 30, 2026 The following table sets forth information regarding stock options, warrants and other stock awards (restricted stock) for each named executive officer as of June 30, 2026. Outstanding Equity Awards at Fiscal Year Ended June 30, 2026 Number of Number of securities securities Stock Awards: Stock Awards:underlying underlying Option/ Option/ Number of Market value ofunexercised unexercised Warrant Warrant shares of stock shares of stockoptions/warrants options/warrants exercise expiration that have not that have notName exercisable (#) unexercisable (#) price ($) date (1) vested (#) vested ($) Roy W. Olivier 50,000 — $ 2.40 11/13/2028 — — 50,000 — $ 3.13 11/12/2029 — — 50,000 — $ 2.13 11/17/2030 — — — — — — 300,000 (1) 384,000 (2) David Kutil — — — — 3,125 (3)$ 6,938 (4) — — — — 20,000 (5)$ 52,200 (6) 30,000 (7)$ 90,000 (8) Sefton Cohen — — — — 204,000 (9)$ 425,000 (10) — — — — 80,000 (11)$ 188,800 (12) (1) The restricted stock was granted on October 31, 2022 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP. (2) Based on fair value computed using the Monte Carlo simulations on a binomial model with the assistance of a valuation specialist with a derived service period ranging from 1.43 to 2.59 years. (3) The restricted stock was granted on February 21, 2023 and vests over a four year period, with one fourth vesting after one-year and quarterly thereafter. (4) Based on a market closing price per share of common stock of $2.22 on February 21, 2023. (5) The restricted stock was granted on August 5, 2025 and vests over a three year period, with one third vesting after one-year and quarterly thereafter. (6) Based on a market closing price per share of common stock of $2.61 on August 5, 2025. (7) The restricted stock was granted on December 10, 2025 and vests over a three year period, with one third vesting after one-year and quarterly thereafter. (8) Based on a market closing price per share of common stock of $3.00 on December 10, 2025. (9) The restricted stock was granted on November 12, 2024 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP. (10) Based on fair value computed using the Monte Carlo simulations on a binomial model with the assistance of a valuation specialist with a derived service period ranging from 0.64 to 2.31 years. (11) The restricted stock was granted on April 1, 2026 and vests over a three year period, with one third vesting after one-year and quarterly thereafter. (12) Based on a market closing price per share of common stock of $2.36 on April 1, 2026.
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Table of Contents 69 Compensation of Directors The following table sets forth compensation awarded or paid to our directors for the last fiscal year for the services rendered by them to the Company in all capacities. Director Compensation for the Fiscal Years Ended June 30, 2026 Fees Warrant earned and or paid Option Fiscal in cash Awards Name Year ($) ($) Total ($) John Regazzi (1) 2026 50,000 88,200 138,200 Gen. Merrill McPeak (2) 2026 30,000 73,500 103,500 Barbara J. Cooperman (3) 2026 30,000 73,500 103,500 Jeremy Murphy (4) 2026 30,000 73,500 103,500 Kenneth L. Gayron (5) 2026 30,000 73,500 103,500 (1) Outstanding equity awards as of June 30, 2026 consists of options to purchase 60,000 shares of common stock at an exercise price of $3.07 per share, 60,000 shares of common stock at an exercise price of $2.79 per share, 50,000 shares of common stock at an exercise price of $2.73 per share, 50,000 shares of common stock at an exercise price of $2.15 per share, 100,000 shares of common stock at $2.10 per share, 100,000 shares of common stock at an exercise price of $2.13 per share, options to purchase 100,000 shares of common stock at an exercise price of $3.13 per share, options to purchase 100,000 shares of common stock at an exercise price of $2.40 per share, options to purchase 150,000 shares of common stock at an exercise price of $1.20 and options to purchase 150,000 shares of common stock at an exercise price of $1.05 per share. (2) Outstanding equity awards as of June 30, 2026 consists of options to purchase 50,000 shares of common stock at an exercise price of $3.07 per share, 50,000 shares of common stock at an exercise price of $2.79 per share, 50,000 shares of common stock at an exercise price of $2.73 per share, 50,000 shares of common stock at an exercise price of $2.15 per share, 50,000 shares of common stock at an exercise price of $2.10 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.13 per share, options to purchase 50,000 shares of common stock at an exercise price of $3.13 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share, options to purchase 75,000 shares of common stock at an exercise price of $1.20 per share and options to purchase 75,000 shares of common stock at an exercise price of $1.05 per share. (3) Outstanding equity awards as of June 30, 2026 consists of options to purchase 50,000 shares of common stock at an exercise price of $3.07 per share, 50,000 shares of common stock at an exercise price of $2.79, 50,000 shares of common stock at an exercise price of $2.73, 50,000 shares of common stock at an exercise price of $2.15 and options to purchase 38,767 shares of common stock at an exercise price of $2.10 per share. (4) Outstanding equity awards as of June 30, 2026 consists of options to purchase 50,000 shares of common stock at an exercise price of $3.07 per share, 50,000 shares of common stock at an exercise price of $2.79 and 60,137 shares of common stock at an exercise price of $2.73. (5) Outstanding equity awards as of June 30, 2026 consists of options to purchase 50,000 shares of common stock at an exercise prices of $3.07 per share, 50,000 shares of common stock at an exercise price of $2.79 and 47,797 shares of common stock at an exercise price of $2.73.
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Table of Contents 70 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth certain information, as of September 4, 2026, with respect to the holdings of (1) each person who is the beneficial owner of more than five percent of our common stock, (2) each of our directors, (3) each named executive officer, and (4) all of our directors and executive officers as a group. Beneficial ownership of the common stock is determined in accordance with the rules of the Securities and Exchange Commission and includes any shares of common stock over which a person exercises sole or shared voting or investment powers, or of which a person has a right to acquire ownership at any time within 60 days of September 4, 2026. Except as otherwise indicated, and subject to applicable community property laws, the persons named in this table have sole voting and investment power with respect to all shares of common stock held by them. The address of each director and officer is c/o Research Solutions, Inc., 10624 S. Eastern Ave., Ste. A-614, Henderson, NV 89052. Applicable percentage ownership in the following table is based on 33,726,669 shares of common stock outstanding as of September 4, 2026 plus, for each person, any securities that person has the right to acquire within 60 days of September 4, 2026. Shares Beneficially Percentage Name and Address of Beneficial Owner Owned of Shares Greater than 5% Shareholder: Needham Investment Management, LLC (1) 250 Park Avenue, 10th Floor New York, NY 10177 3,155,000 9.3% Richard H. Witmer, Jr. 16 Fort Hills Lane Greenwich, CT 06831 2,478,026 7.3% Punch & Associates Investment Management, Inc. 7701 France Avenue South, Suite 300 Edina, MN 55435 2,552,455 7.6% Poplar Point Capital Management, LLC 330 Primrose Road, Suite 400 Burlingame, CA 94010 2,329,374 6.9% Directors and Executive Officers: Roy W. Olivier (2) 756,825 2.2% David Kutil (3) 66,802 *% John Regazzi (4) 1,233,500 3.6% Gen. Merrill McPeak (5) 967,941 2.8% Barbara Cooperman (6) 172,100 *% Jeremy Murphy (7) 93,470 *% Kenneth L. Gayron (8) 81,130 *% All Directors and Executive Officers as a group (7 persons) (9) 3,371,768 9.5% * Less than 1% (1) Includes 1,700,000 shares of Common Stock held by Needham Investment Management LLC, of which each of Needham Asset Management, LLC and George A. Needham may be considered a control person, Needham Asset Management LLC, Needham Aggressive Growth Fund, and George A. Needham (the “Needham Investors”). The foregoing information regarding the Needham Investors is based solely on Schedule 13F, filed by the Needham Investment Management, LLC with the SEC on August 14, 2024. (2) Includes shares underlying options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share, and options to purchase 50,000 shares of common stock at an exercise price of $3.13 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.13 per share, and 300,000 shares of unvested
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Table of Contents restricted stock that were granted on October 31, 2022 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP. (3) Includes 43,230 shares of unvested restricted stock. Of this amount, 1,563 shares of the unvested restricted stock were granted on February 21, 2023 and vests over a four-year period, with one fourth vesting after one-year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. Additionally, 11,667 shares of the unvested restricted stock were granted on August 5, 2025 and vests over a three-year period, with one third vesting after one-year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. The remaining 30,000 shares of the unvested restricted stock were granted on January 1, 2026 and vests over a three-year period, with one third vesting after one-year and quarterly thereafter and remains subject to forfeiture if vesting conditions are not met. (4) Includes shares underlying options to purchase 150,000 shares of common stock at an exercise price of $1.05 per share, options to purchase 150,000 shares of common stock at an exercise price of $1.20 per share, options to purchase 100,000 shares of common stock at an exercise price of $2.40 per share, and options to purchase 100,000 shares of common stock at an exercise price of $3.13 per share, options to purchase 100,000 shares of common stock at an exercise price of $2.13 per share, options to purchase 100,000 shares of common stock at an exercise price of $2.10 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.15 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.73 per share and options to purchase 40,000 shares of common stock at an exercise price of $2.79 per share. (5) Includes shares underlying options to purchase 75,000 shares of common stock at an exercise price of $1.05 per share, options to purchase 75,000 shares of common stock at an exercise price of $1.20 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share, options to purchase 50,000 shares of common stock at an exercise price of $3.13 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.13 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.10 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.15, options to purchase 50,000 shares of common stock at an exercise price of $2.73 per share and options to purchase 33,333 shares of common stock at an exercise price of $2.79 per share. (6) Includes shares underlying options to purchase 38,767 shares of common stock at an exercise price of $2.10 per share, options to purchase 50,000 shares of common stock at an exercise price of $2.15, options to purchase 50,000 shares of common stock at an exercise price of $2.73 per share and options to purchase 33,333 shares of common stock at an exercise price of $2.79 per share. (7) Includes shares underlying options to purchase 60,137 shares of common stock at an exercise price of $2.73 per share and options to purchase 33,333 shares of common stock at an exercise price of $2.79 per share. (8) Includes shares underlying options to purchase 47,797 shares of common stock at an exercise price of $2.73 per share and options to purchase 33,333 shares of common stock at an exercise price of $2.79 per share. (9) Includes shares underlying options to purchase 1,820,033 shares of common stock. Equity Compensation Plan Information 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
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Table of Contents 72 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 June 30, 2026, there were 493,244 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 provides information as of June 30, 2026 with respect to the Plans, which are the only compensation plans under which our equity securities are, or have been, authorized for issuance. Number of securitiesremaining availablefor future issuanceNumber of securities to be Weighted average under equityissued upon exercise of exercise price of compensation plansoutstanding options, outstanding options, (excluding securitiesPlan category warrants and rights warrants and rights reflected in column (a)) (a) (b) (c) Equity compensation plans approved by stockholders (2007 Equity Compensation Plan, and 2017 Omnibus Incentive Plan) 2,705,304 $ 2.29 493,244 Equity compensation plans not approved by stockholders — — — Total 2,705,304 493,244 Item 13. Certain Relationships and Related Transactions, and Director Independence Other than the transactions described herein, since July 1, 2024, there has not been, nor is there currently proposed, any transaction or series of similar transactions to which we were or will be a party in which the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year end for the last two completed fiscal years; and in which any director, executive officer, shareholder who beneficially owns more than 5% of our common stock or any member of their immediate family had or will have a direct or indirect material interest. Director Independence Our board of directors currently consists of six members: Mr. Olivier (Chairman), Ms. Cooperman, Mr. Gayron, Gen. McPeak, Mr. Murphy and Mr. Regazzi (Lead Independent Director). Our board of directors has determined that Ms. Cooperman, Mr. Gayron, Gen. McPeak, Mr. Murphy and Mr. Regazzi are independent directors as that term is defined in the applicable rules for companies traded on Nasdaq. Messrs Gayron, Murphy and Regazzi and Gen. McPeak are each members of our Audit Committee, and Ms. Cooperman, Messrs. Gayron and Regazzi and Gen. McPeak are each members of our Compensation Committee. Each of the foregoing directors meets Nasdaq’s independence standards for members of such committees.
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Table of Contents 73 Item 14. Principal Accounting Fees and Services Summary of Principal Accounting Fees for Professional Services Rendered Our independent registered public accounting firm is Wipfli LLP, headquartered at 10000 Innovation Drive, Suite 250, Milwaukee, WI 53226. PCAOB Auditor ID: 344 for the years ended June 30, 2026 and 2025. For the year ended June 30, 2024, our independent registered public accounting firm was Weinberg & Company, P.A. 1925 Century Park E., Suite 1120, Los Angeles, CA 90067. PCAOB Auditor ID: 572. The following table presents the aggregate fees for professional audit services for both firms and other services rendered in the fiscal years ended June 30, 2026 and 2025. For the year ended June 30, 2025, the total of $256,854 was comprised of $200,854 for Weinberg & Company, P.A. and $56,000 for Wipfli LLP. Year Ended Year Ended June 30, 2026 June 30, 2025 Audit Fees $ 202,180 $ 210,920 Audit-Related Fees — — Tax Fees 102,914 45,934 All Other Fees — — Total $ 305,094 $ 256,854 Audit Fees consist of amounts billed for professional services rendered for the audit of our annual consolidated financial statements included in our Annual Reports on Form 10-K, and reviews of our interim consolidated financial statements included in our Quarterly Reports on Form 10-Q, including amendments thereto. Audit-Related Fees consist of fees billed for professional services that are reasonably related to the performance of the audit or review of our consolidated financial statements but are not reported under “Audit Fees.” Tax Fees consist of fees for professional services for tax compliance activities, including the preparation of federal and state tax returns and related compliance matters. All Other Fees consist of amounts billed for services other than those noted above. The audit committee of our board of directors has considered whether the provision of the services described above for the fiscal years ended June 30, 2026 and 2025, is compatible with maintaining the auditor’s independence. All audit and non-audit services that may be provided by our principal accountant to us shall require pre-approval by the audit committee of our board of directors. Further, our auditor shall not provide those services to us specifically prohibited by the SEC, including bookkeeping or other services related to the accounting records or financial statements of the audit client; financial information systems design and implementation; appraisal or valuation services, fairness opinion, or contribution-in-kind reports; actuarial services; internal audit outsourcing services; management functions; human resources; broker-dealer, investment adviser, or investment banking services; legal services and expert services unrelated to the audit; and any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.
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Table of Contents 74 PART IV Item 15. Exhibits and Financial Statement Schedules (a)(1) Financial Statements. The financial statements of Research Solutions, Inc. and its subsidiaries and the independent registered public accounting firm’s report dated September 11, 2026, are incorporated by reference to Item 8 of this report. (a)(2) and (c) Financial Statement Schedules Not required. (a)(3) and (b) Exhibits EXHIBIT INDEX Incorporated by Reference ExhibitNumber Exhibit Description Form Date Number FiledHerewith 2.1 Share Exchange Agreement between Research Solutions, Inc. and Reprints Desk Inc. dated November 13, 2006. SB-2 12/28/2007 2.1 2.2 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 11/27/2023 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 4 Description of the registrant’s common stock. 10-K 9/23/2022 4 10.1 Securities Purchase Agreement dated June 23, 2016, among Research Solutions, Inc. and the Investors signatory thereto. 8-K 6/28/2016 10.1 10.2 Registration Rights Agreement dated June 24, 2016, among Research Solutions, Inc. and the Investors signatory thereto. 8-K 6/28/2016 10.2 10.3 Employment Agreement dated October 4, 2021, between Research Solutions, Inc. and William A. Nurthen. ++ 10-Q 11/12/2021 10.2 10.4 Asset Purchase Agreement dated September 28, 2022, between Reprints Desk, Inc. and FIZ Karlsruhe – Leibniz-Institut für Informationsinfrastruktur GmbH. 10-Q 11/14/2022 10.1 10.5 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 July 28, 2023. ## 8-K 7/31/2023 2.1
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Table of Contents 75 10.6 Cooperation Agreement, dated as of September 15, 2023, by and among Research Solutions, Inc., Peter Derycz, Bristol Investment Fund, Ltd., Bristol Capital Advisors, LLC and Paul Kessler. 8-K 9/20/2023 10.1 10.7 Loan Agreement among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. 8-K 4/17/2024 10.1 10.8 Revolving Line of Credit Note among Reprints Desk, Inc., Research Solutions, Inc., and PNC Bank, National Association, dated as of April 15, 2024. 8-K 4/17/2024 10.2 10.9 Security Agreement between Reprints Desk, Inc. and PNC Bank, National Association, dated as of April 15, 2024. 8-K 4/17/2024 10.3 10.10 Security Agreement between Research Solutions, Inc. and PNC Bank, National Association, dated as of April 15, 2024. 8-K 4/17/2024 10.4 10.11 Employment Agreement, dated October 4, 2024, between Research Solutions, Inc. and Roy W. Olivier. ++ 10-K 9/19/2025 10.11 10.12 Employment Agreement, dated November 4, 2024, between Research Solutions, Inc. and Sefton Cohen. ++ 10-K 9/19/2025 10.12 10.13 Employment Agreement, dated July 30, 2026, between Research Solutions, Inc. and David Kutil. ++ 8-K 8/3/2026 10.1 19.1 Insider Trading Policy 10-K 9/19/2025 19.1 21 List of Subsidiaries. 10-K 9/19/2025 21 23.1 Consent of Wipfli LLP. * 24 Power of Attorney. * 31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer * 31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer * 32.1 Section 1350 Certification of Chief Executive Officer ** * 32.2 Section 1350 Certification of Chief Financial Officer ** * 97.1 Compensation Recovery Policy 10-K 9/19/2025 97.1 99.1 2007 Equity Compensation Plan. ++ SB-2 12/28/2007 10.1 99.2 Amendment No. 1 to 2007 Equity Compensation Plan. ++ DEF 14A 10/29/2012 App. A 99.3 Amendment No. 2 to 2007 Equity Compensation Plan. ++ DEF 14A 10/13/2014 App. A 99.4 Amendment No. 3 to 2007 Equity Compensation Plan. ++ DEF 14A 9/26/2016 App. A 99.5 2017 Omnibus Incentive Plan. ++ DEF 14A 9/26/2017 App. A 99.6 Amendment No. 1 to 2017 Omnibus Incentive Plan. ++ DEF 14A 9/21/2019 App. A 99.7 Amendment No. 2 to 2017 Omnibus Incentive Plan. DEF 14A 9/25/2020 App. A 101.INS Inline XBRL Instance Document 101.SCH Inline XBRL Taxonomy Extension Schema Document
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Table of Contents 76 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase 101.LAB Inline XBRL Taxonomy Extension Label Linkbase 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) ** Furnished herewith ++ Indicates management contract or compensatory plan. ## The Registrant has omitted schedules and exhibits pursuant to Item 6.01(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of the omitted schedules and exhibits to the SEC upon request. Item 16. Form 10-K Summary Not applicable.
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Table of Contents 77 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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: September 11, 2026 Chief Executive Officer and President (Principal Executive Officer) By:/s/ David Kutil David Kutil Date: September 11, 2026 Chief Financial Officer (Principal Financial and Accounting Officer) POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Roy W. Olivier and David Kutil, and each of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution for him or her, and in his or her name in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
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Table of Contents 78 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Roy W. Olivier Roy W. Olivier Chief Executive Officer (Principal Executive Officer), President and Director September 11, 2026 /s/ David Kutil David Kutil Chief Financial Officer (Principal Financial September 11, 2026 and Accounting Officer) and Secretary /s/ Merrill McPeak Merrill McPeak Director September 11, 2026 /s/ John Regazzi John Regazzi Director September 11, 2026 /s/ Barbara J. Cooperman Barbara J. Cooperman Director September 11, 2026 /s/ Jeremy Murphy Jeremy Murphy Director September 11, 2026 /s/ Kenneth L. Gayron Kenneth L. Gayron Director September 11, 2026 September 20, 2024
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Exhibit 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in the Registration Statements of Research Solutions, Inc. and Subsidiaries on Form S-8 (File Nos. 333-169823, 333-185059, 333-200656, 333-214824, 333-221963, 333-235261, 333-250799 and 333-261275), Form S-3 (File Nos: 333-276240 and 333-284847), and Form S-1 (File No. 333-212649) of our report dated September 11, 2026, relating to the consolidated financial statements of Research Solutions, Inc. and Subsidiaries as of and for the years ended June 30, 2026 and 2025 appearing in this Annual Report on Form 10-K of Research Solutions, Inc. and Subsidiaries for the year ended June 30, 2026. Wipfli LLP Radnor, Pennsylvania September 11, 2026
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Exhibit 31.1 RULE 13a-14(a) CERTIFICATION I, Roy W. Olivier, certify that: 1. I have reviewed this annual report on Form 10-K 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(s) 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(s) 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: September 11, 2026 /s/ Roy W. Olivier Roy W. Olivier Chief Executive Officer and President (Principal Executive Officer)
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Exhibit 31.2 RULE 13a-14(a) CERTIFICATION I, David Kutil, certify that: 1. I have reviewed this annual report on Form 10-K 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(s) 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(s) 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: September 11, 2026 /s/ David Kutil David Kutil Chief Financial Officer (Principal Financial and Accounting Officer)
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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 Annual Report of Research Solutions, Inc. (the “Company”) on Form 10-K for the period ending June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roy W. Olivier, President and Chief Executive 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/ Roy W. Olivier Roy W. Olivier Chief Executive Officer and President (Principal Executive Officer) September 11, 2026
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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 Annual Report of Research Solutions, Inc. (the “Company”) on Form 10-K for the period ending June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Kutil, 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/ David Kutil David Kutil Chief Financial Officer (Principal Financial and Accounting Officer) September 11, 2026