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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
November 9, 2023
Research Solutions, Inc.
(Exact name of registrant as specified in its charter)
Nevada
(State or other Jurisdiction of Incorporation)
1-39256 |
|
11-3797644 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
N/A
(Address of Principal Executive Offices and zip code)
(310) 477-0354
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each Class |
Trading Symbol(s) |
Name of each Exchange on which registered |
Common stock, $0.001 par value |
RSSS |
The Nasdaq Stock Market LLC |
Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 2.02. | Results of Operations and Financial Condition. |
On November 9, 2023, the Registrant
announced its financial results for the first quarter ended September 30, 2023. A copy of the press release is being furnished as Exhibit
99.1 to this Current Report on Form 8-K.
The information in this Item
2.02 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as
expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
RESEARCH SOLUTIONS, INC. |
|
|
|
|
Date: November 9, 2023 |
By: |
/s/
William Nurthen |
|
|
William Nurthen |
|
|
Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Research Solutions Reports Fiscal First Quarter
2024 Results
Reports 16% Revenue Increase and ARR over $11.0
Million
HENDERSON, Nev., November 9, 2023 —
Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow
solutions to accelerate research for R&D-driven organizations, reported financial results for its fiscal first quarter ended September
30, 2023.
Fiscal First Quarter 2024 Summary
| · | Total revenue of $10.1 million, a 16% increase from the prior-year quarter. |
| · | Platform revenue up 29% to $2.6 million. Annual Recurring Revenue (“ARR”) of over $11.0 million. |
| · | Gross profit up 20% from prior-year quarter. Total gross margin improved 150 basis points to 40.1%. |
| · | Loss of ($988,000) or ($0.04) per share, compared to net income of $215,000 or $0.01 per diluted share in the prior-year quarter.
This quarter’s loss includes $1.161M in expenses itemized as follows: $339,000 in costs associated with M&A activities, $542,000
in proxy-related expenses and $280,000 in separation costs related to the termination of the Executive Chairman. |
| · | Adjusted EBITDA of ($441,000) compared to $433,000 in the prior-year quarter. The Adjusted EBITDA result includes approximately $1.078M
in costs related to the M&A activities, proxy-related expenses and separation expenses noted above. Without these costs, Adjusted
EBITDA would have been approximately $637,000. |
| · | The company closed its acquisition of Resolute Innovation, Inc. (“ResoluteAI”) on July 28, 2023. The numbers for the quarter
are inclusive of approximately two months of activity from ResoluteAI. |
“Our first quarter results reflect the continued growth
across our platform and transaction offerings and our acquisition of ResoluteAI completed in late July, which helped push our ARR over
$11 million,” said Roy W. Olivier, President and CEO of Research Solutions. “We continue to experience softer growth in our
platform products due to ongoing inflationary pressures and budgetary constraints, however, our profit performance remained strong when
you exclude a number of unique items that impacted our first quarter. Lasty, we continue to be active in the M&A market with additional
potential transactions that we believe will help complete our product set and enhance our growth profile.”
Fiscal First Quarter 2024 Results
Total revenue was $10.1 million, a 16% increase
from $8.7 million in the year-ago quarter as both platform and transaction revenue increased from the prior-year period.
Platform subscription revenue increased 29% to
$2.6 million compared to $2.0 million in the year-ago quarter. The increase was primarily due to an increase in the total number of paid
Platform deployments and the acquisition of ResoluteAI, as well as upsells to existing customers. When consolidating ARR from the ResoluteAI
acquisition, the quarter ended with annual recurring revenue of $11.0 million, up 32% year-over-year (see the company’s definition
of annual recurring revenue below).
Transaction revenue was $7.5 million, compared
to $6.7 million in the first quarter of fiscal 2023. The increase was primarily due to organic growth and higher transaction volumes related
to contracts transferred from FIZ Karlsruhe effective on January 1, 2023. The transaction customer count for the quarter was 1,395, compared
to 1,220 customers in the prior-year quarter (see the company's definition of active customer accounts and transactions below).
Total gross margin improved 150 basis points from
the prior-year quarter to 40.1%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platforms business
as well as increased margins in the transactions business.
Total operating expenses were $5.1 million, compared
to $3.2 million in the first quarter of 2023. This quarter’s results include $339,000 in expenses related to the Company’s
M&A activities, $542,000 in proxy-related expenses and $280,000 in separation costs related to the termination of the Executive Chairman.
Net loss in the first quarter was ($988,000),
or ($0.04) per share, compared to net income of $215,000, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was ($441,000),
compared to $433,000 in the year-ago quarter. The net loss result included the $1.161M of itemized operating costs noted above and the
Adjusted EBITDA result is inclusive of approximately $1.078M of those costs (see definition and further discussion about the presentation
of Adjusted EBITDA, a non-GAAP term, below).
Conference Call
Research Solutions President and CEO Roy W. Olivier
and CFO Bill Nurthen will host the conference call, followed by a question and answer period.
Date: Thursday, November 9, 2023
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-631-891-4304
Conference ID: 10022638
The conference call will be broadcast live and
available for replay until December 9, 2023 by dialing 1-412-317-6671 and using the replay ID 10022638, and via the investor relations
section of the company's website at http://researchsolutions.investorroom.com/.
Fiscal First Quarter Financial and Operational Summary Tables vs.
Prior-Year Quarter
| |
Quarter Ended September 30, | |
| |
2023 | | |
2022 | | |
Change | | |
% Change | |
Revenue: | |
| | |
| | |
| | |
| |
Platforms | |
$ | 2,600,192 | | |
$ | 2,019,967 | | |
$ | 580,225 | | |
| 28.7 | % |
Transactions | |
| 7,460,779 | | |
| 6,664,676 | | |
| 796,103 | | |
| 11.9 | % |
Total Revenue | |
| 10,060,971 | | |
| 8,684,643 | | |
| 1,376,328 | | |
| 15.8 | % |
Gross Profit: | |
| | | |
| | | |
| | | |
| | |
Platforms | |
| 2,217,577 | | |
| 1,789,494 | | |
| 428,083 | | |
| 23.9 | % |
Transactions | |
| 1,813,988 | | |
| 1,559,754 | | |
| 254,234 | | |
| 16.3 | % |
Total Gross Profit | |
| 4,031,565 | | |
| 3,349,248 | | |
| 682,317 | | |
| 20.4 | % |
Gross profit as a % of revenue: | |
| | | |
| | | |
| | | |
| | |
Platforms | |
| 85.3 | % | |
| 88.6 | % | |
| -3.3 | % | |
| | |
Transactions | |
| 24.3 | % | |
| 23.4 | % | |
| 0.9 | % | |
| | |
Total Gross Profit | |
| 40.1 | % | |
| 38.6 | % | |
| 1.5 | % | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 685,016 | | |
| 521,216 | | |
| 163,800 | | |
| 31.4 | % |
Technology and product development | |
| 1,244,579 | | |
| 875,290 | | |
| 369,289 | | |
| 42.2 | % |
General and administrative | |
| 2,542,869 | | |
| 1,519,424 | | |
| 1,023,445 | | |
| 67.4 | % |
Depreciation and amortization | |
| 59,620 | | |
| 5,812 | | |
| 53,808 | | |
| 925.8 | % |
Stock-based compensation | |
| 591,814 | | |
| 175,361 | | |
| 416,453 | | |
| 237.5 | % |
Foreign currency translation loss | |
| 6,620 | | |
| 72,516 | | |
| (65,896 | ) | |
| -90.9 | % |
Total Operating Expenses | |
| 5,130,518 | | |
| 3,169,619 | | |
| 1,960,899 | | |
| 61.9 | % |
Income (loss) from operations | |
| (1,098,952 | ) | |
| 179,629 | | |
| (1,278,581 | ) | |
| -711.8 | % |
Other Income (Expenses): | |
| | | |
| | | |
| | | |
| | |
Other income | |
| 140,311 | | |
| 39,069 | | |
| 101,242 | | |
| 259.1 | % |
Provision for income taxes | |
| (29,402 | ) | |
| (4,133 | ) | |
| (25,269 | ) | |
| 611.4 | % |
Total Other Income (Expenses): | |
| 110,909 | | |
| 34,936 | | |
| 75,973 | | |
| 217.5 | % |
Net income (loss) | |
$ | (988,043 | ) | |
$ | 214,565 | | |
| (1,202,608 | ) | |
| -560.5 | % |
Adjusted EBITDA | |
$ | (440,898 | ) | |
$ | 433,318 | | |
$ | (874,216 | ) | |
| -201.7 | % |
| |
Quarter Ended September 30, | |
| |
2023 | | |
2022 | | |
Change | | |
% Change | |
Platforms: | |
| | | |
| | | |
| | | |
| | |
ARR (Annual recurring revenue): | |
| | | |
| | | |
| | | |
| | |
Beginning of Period | |
$ | 9,444,130 | | |
$ | 7,922,188 | | |
$ | 1,521,942 | | |
| 19.2 | % |
Incremental ARR | |
| 1,576,111 | | |
| 409,582 | | |
| 1,166,529 | | |
| 284.8 | % |
End of Period | |
$ | 11,020,241 | | |
$ | 8,331,770 | | |
$ | 2,688,471 | | |
| 32.3 | % |
Deployments: | |
| | | |
| | | |
| | | |
| | |
Beginning of Period | |
| 835 | | |
| 733 | | |
| 102 | | |
| 13.9 | % |
Incremental Deployments | |
| 45 | | |
| 23 | | |
| 22 | | |
| 95.7 | % |
End of Period | |
| 880 | | |
| 756 | | |
| 124 | | |
| 16.4 | % |
ASP (Average sales price): | |
| | | |
| | | |
| | | |
| | |
Beginning of Period | |
$ | 11,310 | | |
$ | 10,808 | | |
$ | 502 | | |
| 4.6 | % |
End of Period | |
$ | 12,523 | | |
$ | 11,021 | | |
$ | 1,502 | | |
| 13.6 | % |
Transaction Customers: | |
| | | |
| | | |
| | | |
| | |
Corporate customers | |
| 1,090 | | |
| 922 | | |
| 168 | | |
| 18.2 | % |
Academic customers | |
| 305 | | |
| 298 | | |
| 7 | | |
| 2.3 | % |
Total customers | |
| 1,395 | | |
| 1,220 | | |
| 175 | | |
| 14.3 | % |
Active Customer Accounts, Transactions and Annual Recurring Revenue
The company defines active customer accounts as the sum of the total
quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of
customers per month is defined as customers with at least one transaction during the month.
A transaction is an order for a unit of copyrighted content fulfilled
or managed in the Platform.
The company defines annual recurring revenue (“ARR”) as
the value of contracted Platform subscription recurring revenue normalized to a one-year period.
Use of Non-GAAP Measure – Adjusted EBITDA
Research Solutions’ management evaluates and makes operating
decisions using various financial metrics. In addition to the company’s GAAP results, management also considers the non-GAAP measure
of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company’s operating results.
The tables below provide a reconciliation of this non-GAAP financial
measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense,
other income (expense), foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation,
gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted
EBITDA to net income (loss):
| |
Quarter Ended September 30, | |
| |
2023 | | |
2022 | | |
Change | | |
% Change | |
Net Income (loss) | |
$ | (988,043 | ) | |
$ | 214,565 | | |
$ | (1,202,608 | ) | |
| -560.5 | % |
Add (deduct): | |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| (140,311 | ) | |
| (39,069 | ) | |
| (101,242 | ) | |
| 259.1 | % |
Foreign currency translation loss | |
| 6,620 | | |
| 72,516 | | |
| (65,896 | ) | |
| -90.9 | % |
Provision for income taxes | |
| 29,402 | | |
| 4,133 | | |
| 25,269 | | |
| 611.4 | % |
Depreciation and amortization | |
| 59,620 | | |
| 5,812 | | |
| 53,808 | | |
| 925.8 | % |
Stock-based compensation | |
| 591,814 | | |
| 175,361 | | |
| 416,453 | | |
| 237.5 | % |
Gain on sale of disc. ops. | |
| - | | |
| - | | |
| - | | |
| | |
Adjusted EBITDA | |
$ | (440,898 | ) | |
$ | 433,318 | | |
$ | (874,216 | ) | |
| -201.7 | % |
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides
cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints
Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies,
prestigious universities, and emerging businesses rely on Article Galaxy, the company's SaaS research platform, to streamline access
to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com
Important Cautions Regarding Forward-Looking Statements
Certain statements in this press release may contain "forward-looking
statements" regarding future events and our future results. All statements other than statements of historical facts are statements
that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections
about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates,"
"targets," "goals," "projects", "intends," "plans," "believes," "seeks,"
"estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions
are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a
number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ
materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described
in the company's most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form
10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include
statements regarding additional customers, potential acquisitions and the company’s prospects for growth. Readers are cautioned
not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information,
please refer to the company's filings with the Securities and Exchange Commission.
Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets
| |
September 30, | | |
| |
| |
2023 | | |
June 30, | |
| |
(unaudited) | | |
2023 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 9,882,064 | | |
$ | 13,545,333 | |
Accounts receivable, net of allowance of $82,392 and $85,015, respectively | |
| 6,460,188 | | |
| 6,153,063 | |
Prepaid expenses and other current assets | |
| 314,052 | | |
| 400,340 | |
Prepaid royalties | |
| 1,167,538 | | |
| 1,202,678 | |
Total current assets | |
| 17,823,842 | | |
| 21,301,414 | |
| |
| | | |
| | |
Goodwill (provisional) | |
| 3,238,794 | | |
| — | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Property and equipment, net of accumulated depreciation of $891,299 and $881,908, respectively | |
| 91,326 | | |
| 70,193 | |
Intangible assets, net of accumulated amortization of $795,915 and $747,355, respectively ($2,064,706 provisional) | |
| 2,528,259 | | |
| 462,068 | |
Deposits and other assets | |
| 1,033 | | |
| 1,052 | |
Total assets | |
$ | 23,683,254 | | |
$ | 21,834,727 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 8,541,564 | | |
$ | 8,079,516 | |
Deferred revenue | |
| 6,387,470 | | |
| 6,424,724 | |
Total current liabilities | |
| 14,929,034 | | |
| 14,504,240 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Contingent earnout liability | |
| 1,867,043 | | |
| — | |
Total liabilities | |
| 16,796,077 | | |
| 14,504,240 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding | |
| — | | |
| — | |
Common stock; $0.001 par value; 100,000,000 shares authorized; 29,624,085 and 29,487,508 shares issued and outstanding, respectively | |
| 29,624 | | |
| 29,487 | |
Additional paid-in capital | |
| 30,487,415 | | |
| 29,941,873 | |
Accumulated deficit | |
| (23,510,692 | ) | |
| (22,522,649 | ) |
Accumulated other comprehensive loss | |
| (119,170 | ) | |
| (118,224 | ) |
Total stockholders’ equity | |
| 6,887,177 | | |
| 7,330,487 | |
Total liabilities and stockholders’ equity | |
$ | 23,683,254 | | |
$ | 21,834,727 | |
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other
Comprehensive Loss
(Unaudited)
| |
Three Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenue: | |
| | | |
| | |
Platforms | |
$ | 2,600,192 | | |
$ | 2,019,967 | |
Transactions | |
| 7,460,779 | | |
| 6,664,676 | |
Total revenue | |
| 10,060,971 | | |
| 8,684,643 | |
| |
| | | |
| | |
Cost of revenue: | |
| | | |
| | |
Platforms | |
| 382,615 | | |
| 230,473 | |
Transactions | |
| 5,646,791 | | |
| 5,104,922 | |
Total cost of revenue | |
| 6,029,406 | | |
| 5,335,395 | |
Gross profit | |
| 4,031,565 | | |
| 3,349,248 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling, general and administrative | |
| 5,070,897 | | |
| 3,163,807 | |
Depreciation and amortization | |
| 59,620 | | |
| 5,812 | |
Total operating expenses | |
| 5,130,517 | | |
| 3,169,619 | |
| |
| | | |
| | |
Income (loss) from operations | |
| (1,098,952 | ) | |
| 179,629 | |
| |
| | | |
| | |
Other income | |
| 140,311 | | |
| 39,069 | |
| |
| | | |
| | |
Income (loss) from operations before provision for income taxes | |
| (958,641 | ) | |
| 218,698 | |
Provision for income taxes | |
| (29,402 | ) | |
| (4,133 | ) |
| |
| | | |
| | |
Net income (loss) | |
| (988,043 | ) | |
| 214,565 | |
| |
| | | |
| | |
Other comprehensive income (loss): | |
| | | |
| | |
Foreign currency translation | |
| (946 | ) | |
| (5,176 | ) |
Comprehensive income (loss) | |
$ | (988,989 | ) | |
$ | 209,389 | |
| |
| | | |
| | |
Basic income (loss) per common share: | |
| | | |
| | |
Net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.01 | |
Weighted average common shares outstanding | |
| 27,052,445 | | |
| 26,718,171 | |
| |
| | | |
| | |
Diluted income (loss) per common share: | |
| | | |
| | |
Net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.01 | |
Weighted average common shares outstanding | |
| 27,052,445 | | |
| 27,779,841 | |
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
| |
Three Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flow from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | (988,043 | ) | |
$ | 214,565 | |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 59,620 | | |
| 5,812 | |
Fair value of vested stock options | |
| 17,471 | | |
| 40,706 | |
Fair value of vested restricted common stock | |
| 574,343 | | |
| 134,655 | |
Fair value of vested unrestricted common stock | |
| — | | |
| 68,272 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (112,965 | ) | |
| 81,756 | |
Prepaid expenses and other current assets | |
| 109,946 | | |
| 70,908 | |
Prepaid royalties | |
| 35,140 | | |
| 710,640 | |
Accounts payable and accrued expenses | |
| 195,747 | | |
| (1,037,057 | ) |
Deferred revenue | |
| (646,830 | ) | |
| (181,378 | ) |
Net cash provided by (used in) operating activities | |
| (755,571 | ) | |
| 108,879 | |
| |
| | | |
| | |
Cash flow from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (33,825 | ) | |
| (3,681 | ) |
Payment for acquisition, net of cash acquired | |
| (2,718,253 | ) | |
| — | |
Payment for non-refundable deposit for asset acquisition | |
| — | | |
| (297,450 | ) |
Net cash used in investing activities | |
| (2,752,078 | ) | |
| (301,131 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Common stock repurchase | |
| (46,135 | ) | |
| (18,062 | ) |
Payment of contingent acquisition consideration | |
| (110,190 | ) | |
| — | |
Net cash used in financing activities | |
| (156,325 | ) | |
| (18,062 | ) |
| |
| | | |
| | |
Effect of exchange rate changes | |
| 705 | | |
| (5,172 | ) |
Net decrease in cash and cash equivalents | |
| (3,663,269 | ) | |
| (215,486 | ) |
Cash and cash equivalents, beginning of period | |
| 13,545,333 | | |
| 10,603,175 | |
Cash and cash equivalents, end of period | |
$ | 9,882,064 | | |
$ | 10,387,689 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for income taxes | |
$ | 29,402 | | |
$ | 4,133 | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Contingent consideration accrual on asset acquisition | |
$ | 42,989 | | |
$ | — | |
Contact
Steven Hooser or John Beisler
Three Part Advisors
(214) 872-2710
shooser@threepa.com; jbeisler@threepa.com
# # #
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