# EDGAR Filing Document

**Accession Number:** 0001386301
**File Stem:** 0001104659-25-091644
**Filing Date:** 2025-9
**Character Count:** 434763
**Document Hash:** 3f2570b5e59496d50cebe50bbbfc0626
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-091644.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001104659-25-091644

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Research Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001386301
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39256
- **FILM NUMBER:** 251326778

**BUSINESS ADDRESS:**
- **STREET 1:** 10624 S. EASTERN AVE
- **STREET 2:** SUITE A-614
- **CITY:** HENDERSON
- **STATE:** NV
- **ZIP:** 89052
- **BUSINESS PHONE:** 310 477 0354

**MAIL ADDRESS:**
- **STREET 1:** 10624 S. EASTERN AVE
- **STREET 2:** SUITE A-614
- **CITY:** HENDERSON
- **STATE:** NV
- **ZIP:** 89052

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Derycz Scientific Inc
- **DATE OF NAME CHANGE:** 20070112

?xml version='1.0' encoding='ASCII'? RESEARCH SOLUTIONS, INC._June 30, 2025

[**Table of Contents**](#TOC)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

### FORM 10-K

---

| | |
|:---|:---|
| (Mark One) | (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, 2025** | **For the fiscal year ended: June 30, 2025** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the transition period from _____________ to _____________**

**Commission File No. 001-39256**

## RESEARCH SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **11-3797644** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **Address not applicable**<sup>[1](#footnote-2)</sup> | **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 ◻ &nbsp;&nbsp;&nbsp;&nbsp; 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 ◻ &nbsp;&nbsp;&nbsp;&nbsp; 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 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp; 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 ⌧&nbsp;&nbsp;&nbsp;&nbsp; No ◻

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer ◻ | Accelerated filer ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. &nbsp;&nbsp;&nbsp;&nbsp; ◻

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 control over 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.&nbsp;&nbsp;&nbsp;&nbsp; ◻

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 ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of December 31, 2024, the last business day of the registrant's most recently completed second fiscal quarter, was $125,316,583 based on the closing price of $4.15 per share as reported on the Nasdaq as 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 12, 2025** |
| Common Stock, $0.001 par value  | 32828173 |

---

------

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

[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I**](#PARTI_76580) |  |  |
| &nbsp;&nbsp;[Item 1.](#Item1Business_719962) | [Business](#Item1Business_719962) | 4 |
| &nbsp;&nbsp;[Item 1A.](#Item1ARiskFactors_3560) | [Risk Factors](#Item1ARiskFactors_3560) | 10 |
| &nbsp;&nbsp;[Item 1B.](#Item1BUnresolvedStaffComments_605205) | [Unresolved Staff Comments](#Item1BUnresolvedStaffComments_605205) | 19 |
| &nbsp;&nbsp;[Item 1C.](#Item1C) | [Cybersecurity](#Item1C) | 19 |
| &nbsp;&nbsp;[Item 2.](#Item2Properties_434043) | [Properties](#Item2Properties_434043) | 21 |
| &nbsp;&nbsp;[Item 3.](#Item3LegalProceedings_314611) | [Legal Proceedings](#Item3LegalProceedings_314611) | 21 |
| &nbsp;&nbsp;[Item 4.](#Item4MineSafetyDisclosures_140650) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_140650) | 21 |
| [**PART II**](#PARTII_636944) |  |  |
| &nbsp;&nbsp;[Item 5.](#Item5MarketforRegistrantsCommonEquityRel) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquityRel) | 22 |
| &nbsp;&nbsp;[Item 6.](#Item6SelectedFinancialData_93010) | [\[Reserved\]](#Item6SelectedFinancialData_93010) | 23 |
| &nbsp;&nbsp;[Item 7.](#Item7ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussionandAnalysisofF) | 24 |
| &nbsp;&nbsp;[Item 7A.](#Item7AQuantitativeandQualitativeDisclosu) | [Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu) | 34 |
| &nbsp;&nbsp;[Item 8.](#Item8FinancialStatements_261865) | [Financial Statements and Supplementary Data](#Item8FinancialStatements_261865) | 35 |
| &nbsp;&nbsp;[Item 9.](#Item9ChangesinandDisagreementsWithAccoun) | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#Item9ChangesinandDisagreementsWithAccoun) | 63 |
| &nbsp;&nbsp;[Item 9A.](#Item9AControlsandProcedures_252991) | [Controls and Procedures](#Item9AControlsandProcedures_252991) | 63 |
| &nbsp;&nbsp;[Item 9B.](#Item9BOtherInformation_148308) | [Other Information](#Item9BOtherInformation_148308) | 64 |
| &nbsp;&nbsp;[Item 9C.](#item9C) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9C) | 64 |
| [**PART III**](#PARTIII_316743) |  |  |
| &nbsp;&nbsp;[Item 10.](#Item10DirectorsExecutiveOfficersandCorpo) | [Directors, Executive Officers and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo) | 65 |
| &nbsp;&nbsp;[Item 11.](#Item11ExecutiveCompensation_599001) | [Executive Compensation](#Item11ExecutiveCompensation_599001) | 69 |
| &nbsp;&nbsp;[Item 12.](#Item12SecurityOwnershipofCertainBenefici) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertainBenefici) | 73 |
| &nbsp;&nbsp;[Item 13.](#Item13CertainRelationshipsandRelatedTran) | [Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationshipsandRelatedTran) | 75 |
| &nbsp;&nbsp;[Item 14.](#Item14PrincipalAccountingFeesandServices) | [Principal Accounting Fees and Services](#Item14PrincipalAccountingFeesandServices) | 76 |
| [**PART IV**](#PARTIV_134833) |  |  |
| &nbsp;&nbsp;[Item 15.](#Item15ExhibitsandFinancialStatementSched) | [Exhibits and Financial Statement Schedules](#Item15ExhibitsandFinancialStatementSched) | 77 |
| &nbsp;&nbsp;[Item 16.](#Item16Form10KSummary_410304) | [Form 10-K Summary](#Item16Form10KSummary_410304) | 79 |

---

[**Table of Contents**](#TOC)

**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 functional 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.*

[**Table of Contents**](#TOC)

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

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

***Platforms***

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

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

[**Table of Contents**](#TOC)

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

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

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

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

***Transactions***

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

Core to many of our Platform solutions is providing our customers with ways to find and download digital versions of STM articles that are critical to their research. Customers submit orders for the articles they need which we source and electronically deliver to them generally in under an hour, in most cases in seconds. This service is generally known in the industry as single article delivery or document delivery. We also obtain the necessary permission licenses from the content publisher or other rights holder so that our customer's use complies with applicable copyright laws and we are expanding these services to include the use of content in AI applications and for the training of AI models. We

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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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***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 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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**Company Services**

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

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. We derive our revenues from two sources: annual 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").

![Graphic](rsss-20250630x10k001.jpg)

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, 2025 and 2024.

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Approximately 45% and 44% of our content cost for the years ended June 30, 2025 and 2024, 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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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 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 12, 2025, we had 136 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. Though we earned a net income of $1,265,553 for our fiscal year ended June 30, 2025, we incurred a net loss of $3,786,597 for our fiscal year ended June 30, 2024. As of June 30, 2025, we had an accumulated deficit of $25,043,693. We cannot predict if we will 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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***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, 2025 and 2024. 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 45% and 44% of our content cost for the years ended June 30, 2025 and 2024, 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, 2025 and 2024, 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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***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 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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***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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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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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, maturing on April 15, 2026, under which there were no outstanding borrowings as of June 30, 2025. 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, 2025, 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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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 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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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 and investments 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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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 and Security Agreement with PNC Bank, National Association ("PNC") prohibits us from paying cash dividends. 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, 2025 we had issued and outstanding 32,479,993 shares of common stock and we had 3,245,381 shares of common stock reserved for future grants under our equity

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compensation plans and for issuances upon the exercise or conversion of currently outstanding options and convertible securities. As of June 30, 2025, we had no shares of preferred stock issued and outstanding. Accordingly, as of June 30, 2025, we could issue up to 64,274,626 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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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 CTO 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.

***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.

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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, it 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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**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 12, 2025, according to the records of our transfer agent, we had 48 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 Bank 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, 2025, we repurchased 9,734 shares of our common stock from employees 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 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.

During the three months ended June 30, 2024, we repurchased 12,235 shares of our common stock under the repurchase plan at an average price of approximately $2.63 per share for an aggregate amount of $32,178. During the year ended June 30, 2024, we repurchased 198,383 shares of our common stock from employees at an average market price of

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approximately $2.79 per share for an aggregate amount of $554,202. As of June 30, 2024, $346,893 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:

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| | | | |
|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number**<br>**of Shares**<br>**Purchased**<sup>1</sup> | <br>**Average**<br>**Price Paid**<br>**per Share** | **Approximate Dollar Value**<br>**of Shares that May Yet Be**<br>**Purchased Under the** <br>**Plans or Programs** |
| April 1-30, 2025 |  |  | $188500 |
| May 1-31, 2025 |  |  | $188500 |
| June 1-30, 2025 | 9734 | $2.69 | $162316 |
| Total | 9734 | $2.69 |  |

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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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**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, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under "Risk Factors" 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, 2025: Reprints Desk, Inc., a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.

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

***Platforms***

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

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

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

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

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

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

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

***Transactions***

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

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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 financial statements because they inherently involve significant judgments and uncertainties.

***Revenue Recognition***

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

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. We derive our revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our

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cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform.

![Graphic](rsss-20250630x10k003.jpg)

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 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 they occur. We recognize stock-based compensation within the consolidated statements of operations and comprehensive income (loss) with classification depending on the nature of the services rendered.

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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 sheet 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 $182,324 and $68,579 as of June 30, 2025 and 2024, respectively. We added provisions and reserve adjustments of approximately $163,000 and $99,000 in the years ended June 30, 2025 and 2024, respectively. We had write-offs of approximately $49,000 and $80,000 in the years ended June 30, 2025 and 2024, respectively.

***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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**Comparison of the Years Ended June 30, 2025 and 2024**

***Results of Operations***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Platforms | $18955695 | $13956517 | $4999178 | 35.8% |
| &nbsp;&nbsp;Transactions | 30102286 | 30667382 | (565096) | (1.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 49057981 | 44623899 | 4434082 | 9.9% |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;Platforms | 2371540 | 2067203 | 304337 | 14.7% |
| &nbsp;&nbsp;Transactions | 22490490 | 22916530 | (426040) | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 24862030 | 24983733 | (121703) | (0.5)% |
| Gross profit: |  |  |  |  |
| &nbsp;&nbsp;Platforms | 16584155 | 11889314 | 4694841 | 39.5% |
| &nbsp;&nbsp;Transactions | 7611796 | 7750852 | (139056) | (1.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | 24195951 | 19640166 | 4555785 | 23.2% |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;Sales and marketing | 5360356 | 3442503 | 1917853 | 55.7% |
| &nbsp;&nbsp;Technology and product development | 5631344 | 5442382 | 188962 | 3.5% |
| &nbsp;&nbsp;General and administrative | 7936644 | 8511697 | (575053) | (6.8)% |
| &nbsp;&nbsp;Depreciation and amortization | 1245362 | 836271 | 409091 | 48.9% |
| &nbsp;&nbsp;Stock-based compensation expense | 1723561 | 2155461 | (431900) | (20.0)% |
| &nbsp;&nbsp;Foreign currency transaction loss (gain) | (202527) | 21395 | (223922) | (1046.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 21694740 | 20409709 | 1285031 | 6.3% |
| Income (loss) from operations | 2501211 | (769543) | 3270754 | 425.0% |
| &nbsp;&nbsp;Other income | 595679 | 333088 | 262591 | 78.8% |
| &nbsp;&nbsp;Change in fair value of contingent earnout liability | (1748526) | (3237071) | 1488545 | 46.0% |
| Income (loss) before provision for income taxes | 1348364 | (3673526) | 5021890 | 136.7% |
| Provision for income taxes | (82811) | (113071) | 30260 | 26.8% |
| Net income (loss) | $1265553 | $(3786597) | $5052150 | 133.4% |

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***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| *Revenue:* |  |  |  |  |
| &nbsp;&nbsp;Platforms | $18955695 | $13956517 | $4999178 | 35.8% |
| &nbsp;&nbsp;Transactions | 30102286 | 30667382 | (565096) | (1.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $49057981 | $44623899 | $4434082 | 9.9% |

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Total revenue increased $4,434,082, or 9.9%, for the year ended June 30, 2025 compared to the prior year, due to the following:

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Impact** | **Impact** | **Key Drivers** |
| Platforms | ↑ | $4999178 | Increased due to additional deployments to new and existing customers, expansion from existing customers and additional revenue from a full year of the Scite acquisition. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year for commercial customers and monthly or annual 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 | ↓ | $(565096) | Decreased primarily due to lower volume of paid orders. |

---

***Cost of Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| *Cost of Revenue:* |  |  |  |  |
| &nbsp;&nbsp;Platforms | $2371540 | $2067203 | $304337 | 14.7% |
| &nbsp;&nbsp;Transactions | 22490490 | 22916530 | (426040) | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | $24862030 | $24983733 | $(121703) | (0.5)% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **% Change \*** |
| *As a percentage of revenue:* |  |  |  |
| &nbsp;&nbsp;Platforms | 12.5% | 14.8% | (2.3)% |
| &nbsp;&nbsp;Transactions | 74.7% | 74.7% | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 50.7% | 56.0% | (5.3)% |

---

\* The difference between current and prior period cost of revenue as a percentage of revenue

Total cost of revenue as a percentage of revenue decreased 5.3%, from 56.0% for the previous year to 50.7%, for the year ended June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Impact as percentage**  | **Impact as percentage**  | |
| <br>**Category** | **of revenue** | **of revenue** | <br>**Key Drivers** |
| Platforms | ↓ | 2.3%  | Decreased primarily due to proportionally lower personnel and hosting costs. |
| Transactions |  | —%  | No material change. |

---

[**Table of Contents**](#TOC)

***Gross Profit***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| *Gross Profit:* |  |  |  |  |
| &nbsp;&nbsp;Platforms | $16584155 | $11889314 | $4694841 | 39.5% |
| &nbsp;&nbsp;Transactions | 7611796 | 7750852 | (139056) | (1.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | $24195951 | $19640166 | $4555785 | 23.2% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **% Change\*** |
| *As a percentage of revenue:* |  |  |  |
| &nbsp;&nbsp;Platforms | 87.5% | 85.2% | 2.3% |
| &nbsp;&nbsp;Transactions | 25.3% | 25.3% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 49.3% | 44.0% | 5.3% |

---

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

***Operating Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| *Operating Expenses:* |  |  |  |  |
| &nbsp;&nbsp;Sales and marketing | $5360356 | $3442503 | $1917853 | 55.7% |
| &nbsp;&nbsp;Technology and product development | 5631344 | 5442382 | 188962 | 3.5% |
| &nbsp;&nbsp;General and administrative | 7936644 | 8511697 | (575053) | (6.8)% |
| &nbsp;&nbsp;Depreciation and amortization | 1245362 | 836271 | 409091 | 48.9% |
| &nbsp;&nbsp;Stock-based compensation expense | 1723561 | 2155461 | (431900) | (20.0)% |
| &nbsp;&nbsp;Foreign currency transaction loss (gain) | (202527) | 21395 | (223922) | (1046.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $21694740 | $20409709 | $1285031 | 6.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **Impact** | **Impact** | **Key Drivers** |
| Sales and marketing | **↑** | $1917853 | Increased primarily due to greater personnel costs, including a new CRO, consulting and training expenses and marketing discretionary advertising spend, most of which is related to the additional cost base associated with the Scite acquisition. |
| Technology and product development | **↑** | $188962 | Increased primarily due to greater software development personnel costs and increased technology subscription costs, most of which are related to the additional cost base associated with the Scite acquisition. |
| General and administrative | ↓ | $575053 | Decreased primarily due to lower legal expenses. Personnel and consulting costs also decreased, partially offset by greater recruiting expenses. |

---

***Provision for Income Taxes***

During the years ended June 30, 2025 and 2024 we recorded a provision for income taxes of $82,811 and $113,071, respectively, a decrease of $30,260, which was largely due to a decrease in income tax related to our ResSol LA subsidiary.

[**Table of Contents**](#TOC)

***Net Income (Loss)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| *Net Income (Loss):* |  |  |  |  |
| &nbsp;&nbsp;Net income (loss): | $1265553 | $(3786597) | $5052150 | 133.4% |

---

Net income increased $5,052,150 or 133.4%, for the year ended June 30, 2025 compared to the prior year, primarily due to increased gross profit, partially offset by increase in sales and marketing expenses and a decrease in the net estimated earn out liability associated with the Scite acquisition completed in fiscal year 2024, due to change of estimated fair value.

**Liquidity and Capital Resources**

---

| | | |
|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** |
| **Consolidated Statements of Cash Flow Data:** |  |  |
| Net cash provided by operating activities | $7023166 | $3550954 |
| Net cash used in investing activities | (19261) | (10095256) |
| Net cash used in financing activities | (877884) | (905851) |
| Effect of exchange rate changes | 1260 | 4851 |
| Net increase (decrease) in cash and cash equivalents | 6127281 | (7445302) |
| Cash and cash equivalents, beginning of period | 6100031 | 13545333 |
| Cash and cash equivalents, end of period | $12227312 | $6100031 |

---

***Liquidity***

As of June 30, 2025, we had cash and cash equivalents of $12,227,312 compared to $6,100,031 as of June 30, 2024, an increase of $6,127,281. This increase was primarily due to cash provided by operating activities.

***Operating Activities***

Net cash provided by operating activities was $7,023,166 for the year ended June 30, 2025 and resulted primarily from an adjustment to 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.

Net cash provided by operating activities was $3,550,954 for the year ended June 30, 2024 and resulted primarily from restricted common stock expense of $1,994,362, an increase in deferred revenue of $921,879 and an increase in accounts payable and accrued expenses of $560,027, partially offset by an increase in accounts receivable of $344,020.

***Investing Activities***

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.

Net cash used in investing activities was $10,095,256 for the year ended June 30, 2024 and resulted primarily from the payment for the Scite acquisition of $7,305,493 and the payment for the ResoluteAI acquisition of $2,718,253.

[**Table of Contents**](#TOC)

***Financing Activities***

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.

Net cash used in financing activities was $905,851 for the year ended June 30, 2024 and resulted from repurchase of common stock of $554,202 and the payment of contingent acquisition consideration of $351,649 pertaining to FIZ acquisition.

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, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of June 30, 2025.

**Non-GAAP Measure – Adjusted EBITDA**

In addition to our GAAP results, we present Adjusted EBITDA as a supplemental measure of our performance. However, Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income (loss), income (loss) from operations or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. We define Adjusted EBITDA as net income (loss), plus interest expense, other (income) expense including any change in fair value of contingent earnout liability, foreign currency transaction loss (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 (loss) for the year ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  | **Years Ended June 30,**  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| Net income (loss) | $1265553 | $(3786597) | $5052150 | 133.4% |
| &nbsp;&nbsp;Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;Other (income) expense | 1152847 | 2903983 | (1751136) | (60.3)% |
| &nbsp;&nbsp;Foreign currency transaction loss (gain) | (202527) | 21395 | (223922) | (1046.6)% |
| &nbsp;&nbsp;Provision for income taxes | 82811 | 113071 | (30260) | (26.8)% |
| &nbsp;&nbsp;Depreciation and amortization | 1245362 | 836271 | 409091 | 48.9% |
| &nbsp;&nbsp;Stock-based compensation | 1723561 | 2155461 | (431900) | (20.0)% |
| Adjusted EBITDA | $5267607 | $2243584 | $3024023 | 134.8% |

---

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

[**Table of Contents**](#TOC)

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.

[**Table of Contents**](#TOC)

**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 Financial Statements**

We have audited the accompanying consolidated balance sheet of Research Solutions, Inc. and Subsidiaries (the "Company"), as of June 30, 2025 and the related consolidated statements of operations and other comprehensive income (loss), changes in stockholders' equity, and cash flows for the year 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, 2025, and the results of its operations and its cash flows for the year 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 audit. 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 audit 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 audit, 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 audit 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 2025.

/s/ Wipfli LLP

Radnor, Pennsylvania

September 19, 2025

PCAOB ID: 344

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and Board of Directors

Research Solutions, Inc. and Subsidiaries

Henderson, Nevada

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Research Solutions, Inc. and Subsidiaries (the "Company") as of June 30, 2024, the related consolidated statements of operations and other comprehensive loss, changes in stockholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024, and the result of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. 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 audit 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 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 audit 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 audit included performing procedures to assess the risks of material misstatement of the 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 financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that; (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of Developed Technology Asset Acquired and Contingent Earnout Liability Related to Acquisitions of ResoluteAI and Scite*

As described in Note 9 to the consolidated financial statements, in July 2023 and December 2023, the Company completed the acquisitions of ResoluteAI and Scite, respectively, for total consideration of $25.9 million, including contingent consideration of $9 million. In connection with the acquisitions, the Company acquired $10.9 million of intangible assets, including $10.8 million for developed technology assets. The developed technology assets were valued using the multi-period excess earnings method under the income approach. The present value of projected future cash flows included significant judgment and assumptions regarding projected future revenues, projected expenses, and the discount rate for

[**Table of Contents**](#TOC)

the technology asset. The fair value of the contingent earnout liability is calculated using Monte Carlo simulation based on corresponding projected recurring revenue, as defined in the acquisition agreements.

We identified the valuation of the acquired developed technology assets and the contingent earnout liabilities in connection with the acquisitions of ResoluteAI and Scite as a critical audit matter because of the significant judgement by management when developing the fair value estimate of the developed technology assets acquired and the contingent earnout liability. This required a high degree of auditor judgment and an increased extent of effort, when performing procedures to evaluate the reasonableness of management's assumptions related to projected future revenues, projected expenses, and the discount rate for the technology asset.

The primary procedures we performed to address this critical audit matter included:

● We evaluated the appropriateness of the valuation methods used to determine the respective fair values.

● We assessed the reasonableness of forecasted revenue and costs including comparing the forecasts prepared by management to historical revenue and costs.

● We performed procedures to verify the mathematical accuracy of the calculations used by management.

● We examined the acquisition agreements to identify relevant terms of the acquisitions.

● We assessed the appropriateness of the presentation and disclosure of these accounting elements in the financial statements.

We have served as the Company's auditor from 2006 through 2024.

/s/ Weinberg & Company P.A.

Los Angeles, California

September 20, 2024

PCAOB ID: 572

[**Table of Contents**](#TOC)

**Research Solutions, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **June 30,** <br>**2024** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $12227312 | $6100031 |
| &nbsp;&nbsp;Accounts receivable, net of allowance of $182,324 and $68,579, respectively | 7191234 | 6879800 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 580257 | 643553 |
| &nbsp;&nbsp;Prepaid royalties | 925 | 1067237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 19999728 | 14690621 |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;Property and equipment, net of accumulated depreciation of $964,883 and $922,558, respectively | 60769 | 88011 |
| &nbsp;&nbsp;Intangible assets, net of accumulated amortization of $2,736,773 and $1,535,310, respectively | 9686241 | 10764261 |
| &nbsp;&nbsp;Goodwill | 16372979 | 16315888 |
| &nbsp;&nbsp;Deposits and other assets | 957 | 981 |
| **Total assets** | $46120674 | $41859762 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable and accrued expenses | $7443757 | $8843612 |
| &nbsp;&nbsp;Deferred revenue | 10702120 | 9023848 |
| &nbsp;&nbsp;Contingent earnout liability, current portion | 7363152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 25509029 | 17867460 |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;Contingent earnout liability, long-term portion | 6683488 | 12298114 |
| **Total liabilities** | 32192517 | 30165574 |
| **Commitments and contingencies** |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding |  |  |
| &nbsp;&nbsp;Common stock; $0.001 par value; 100,000,000 shares authorized; 32,479,993 and 32,295,373 shares issued and outstanding, respectively | 32480 | 32295 |
| &nbsp;&nbsp;Additional paid-in capital | 39059557 | 38089958 |
| &nbsp;&nbsp;Accumulated deficit | (25043693) | (26309246) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (120187) | (118819) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 13928157 | 11694188 |
| **Total liabilities and stockholders' equity** | $46120674 | $41859762 |

---

See notes to consolidated financial statements

[**Table of Contents**](#TOC)

**Research Solutions, Inc. and Subsidiaries**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Revenue: |  |  |
| &nbsp;&nbsp;Platforms | $18955695 | $13956517 |
| &nbsp;&nbsp;Transactions | 30102286 | 30667382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 49057981 | 44623899 |
| Cost of revenue: |  |  |
| &nbsp;&nbsp;Platforms | 2371540 | 2067203 |
| &nbsp;&nbsp;Transactions | 22490490 | 22916530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 24862030 | 24983733 |
| Gross profit | 24195951 | 19640166 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 20449378 | 19573438 |
| &nbsp;&nbsp;Depreciation and amortization | 1245362 | 836271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 21694740 | 20409709 |
| Income (loss) from operations | 2501211 | (769543) |
| &nbsp;&nbsp;Other income | 595679 | 333088 |
| &nbsp;&nbsp;Change in fair value of contingent earnout liability | (1748526) | (3237071) |
| Income (loss) before provision for income taxes | 1348364 | (3673526) |
| Provision for income taxes | (82811) | (113071) |
| Net income (loss) | 1265553 | (3786597) |
| **Other comprehensive income (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (1368) | (595) |
| Comprehensive income (loss) | $1264185 | $(3787192) |
| Basic income (loss) per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per share | $0.04 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding | 30681187 | 28863949 |
| Diluted income (loss) per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per share | $0.04 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding | 31503972 | 28863949 |

---

See notes to consolidated financial statements

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**Research Solutions, Inc. and Subsidiaries**

**Consolidated Statements of Changes in Stockholders' Equity**

**For the Years Ended June 30, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | **Other**<br>**Comprehensive**<br>**Loss** | **Total**<br>**Stockholders'**<br>**Equity** |
| **Balance, July 1, 2023** | 29487508 | $29487 | $29941873 | $(22522649) | $(118224) | $7330487 |
| &nbsp;&nbsp;Stock options expense |  |  | 140150 |  |  | 140150 |
| &nbsp;&nbsp;Restricted common stock expense |  |  | 1994362 |  |  | 1994362 |
| &nbsp;&nbsp;Grant of restricted common stock | 405000 | 405 | (405) |  |  |  |
| &nbsp;&nbsp;Forfeited restricted common stock | (200000) | (200) | 200 |  |  |  |
| &nbsp;&nbsp;Repurchase of common stock | (198383) | (198) | (554004) |  |  | (554202) |
| &nbsp;&nbsp;Common stock issued upon exercise of stock options | 72234 | 72 | (72) |  |  |  |
| &nbsp;&nbsp;Common stock issued for acquisition of Scite | 2729014 | 2729 | 6546905 |  |  | 6549634 |
| &nbsp;&nbsp;Modification cost of accelerated vesting of restricted common stock |  |  | 20949 |  |  | 20949 |
| &nbsp;&nbsp;Net loss for the period |  |  |  | (3786597) |  | (3786597) |
| &nbsp;&nbsp;Foreign currency translation |  |  |  |  | (595) | (595) |
| **Balance, June 30, 2024** | 32295373 | 32295 | 38089958 | (26309246) | (118819) | 11694188 |
| &nbsp;&nbsp;Stock options expense |  |  | 205457 |  |  | 205457 |
| &nbsp;&nbsp;Restricted common stock expense |  |  | 1518104 |  |  | 1518104 |
| &nbsp;&nbsp;Grant of restricted common stock | 590000 | 590 | (590) |  |  |  |
| &nbsp;&nbsp;Forfeited restricted common stock | (318584) | (319) | 319 |  |  |  |
| &nbsp;&nbsp;Repurchase of common stock | (310330) | (310) | (934267) |  |  | (934577) |
| &nbsp;&nbsp;Common stock issued upon exercise of stock options | 223534 | 224 | 180576 |  |  | 180800 |
| &nbsp;&nbsp;Net income for the period |  |  |  | 1265553 |  | 1265553 |
| &nbsp;&nbsp;Foreign currency translation |  |  |  |  | (1368) | (1368) |
| **Balance, June 30, 2025** | 32479993 | $32480 | $39059557 | $(25043693) | $(120187) | $13928157 |

---

See notes to consolidated financial statements

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**Research Solutions, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Cash flow from operating activities:** |  |  |
| &nbsp;&nbsp;Net income (loss) | $1265553 | $(3786597) |
| &nbsp;&nbsp;Adjustment to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1245362 | 836271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options expense | 205457 | 140150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted common stock expense | 1518104 | 1994362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modification cost of accelerated vesting of restricted common stock |  | 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to contingent earnout liability | 1748526 | 3237071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (341434) | (344020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 63296 | (164579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid royalties | 1066312 | 135441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1426282) | 560027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1678272 | 921879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 7023166 | 3550954 |
| **Cash flow from investing activities:** |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (19261) | (71510) |
| &nbsp;&nbsp;Payment for acquisition of Resolute, net of cash acquired |  | (2718253) |
| &nbsp;&nbsp;Payment for acquisition of Scite, net of cash acquired |  | (7305493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (19261) | (10095256) |
| **Cash flow from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from the exercise of stock options | 180800 |  |
| &nbsp;&nbsp;Common stock repurchase | (934577) | (554202) |
| &nbsp;&nbsp;Payment of contingent acquisition consideration | (124107) | (351649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (877884) | (905851) |
| Effect of exchange rate changes | 1260 | 4851 |
| Net increase (decrease) in cash and cash equivalents | 6127281 | (7445302) |
| Cash and cash equivalents, beginning of period | 6100031 | 13545333 |
| Cash and cash equivalents, end of period | $12227312 | $6100031 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;Cash paid for income taxes | $82811 | $113071 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;Contingent consideration accrual on asset acquisition | $31359 | $32022 |

---

See notes to consolidated financial statements

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#### RESEARCH SOLUTIONS, INC. AND SUBSIDIARIES

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**For the Years Ended June 30, 2025 and 2024**

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

#### Organization
Research Solutions, Inc. (the "Company," "Research Solutions," "we," "us" or "our") was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with five wholly owned subsidiaries: Reprints Desk, Inc., ("Reprints Desk") a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.

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

***Platforms***

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

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

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

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

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

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

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

***Transactions***

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

Core to many of our Platform solutions is providing our customers with ways to find and download digital versions of STM articles that are critical to their research. Customers submit orders for the articles they need which we

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

These estimates and assumptions include estimates for reserves of uncollectible accounts, the valuation of goodwill and intangible assets related to the Company's acquisitions, accruals for contingent earnout liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets.

#### 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.

#### Fair Value of Financial Instruments
Under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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.

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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, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;Assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;Liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Scite contingent earnout liability | $— |  | $14046640 | $14046640 | $— |  | $12298114 | $12298114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $— | $— | $14046640 | $14046640 | $— | $— | $12298114 | $12298114 |

---

During the years ended June 30, 2025 and 2024, a change in fair value of the Scite contingent liability of $1,748,526 and $5,104,114, respectively, were recognized as loss in the accompanying consolidated statements of operations and comprehensive income (loss). During the year ended June 30, 2024, the Company recorded a $1,867,043 gain on the change in ResoluteAI earnout liability, which was reduced to zero.

Our contingent earnout liability related to the Scite acquisition, which is further discussed in Note 9 to the consolidated financial statements, is in the "Level 3" category for valuation purposes. For the year ended June 30, 2024, the contingent earnout liability fair value was estimated with the assistance of a valuation specialist, using a Monte Carlo simulation of discounted future cash flows based on management's forecast and a 10% discount rate. Due to the uncertainty of the significant unobservable inputs into the Monte Carlo simulation, actual results may differ under different estimates and assumptions. For the year ended June 30, 2025, the contingent earnout liability fair value was estimated using the ending business to consumer annual recurring revenue figures as of June 30, 2025 and a 9% discount rate.

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.

#### 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 $182,324 and $68,579 as of June 30, 2025 and 2024, respectively. The Company added provisions and reserve adjustments of approximately $163,000 and $99,000 in the years ended June 30, 2025 and 2024, respectively. The Company had write-offs of approximately $49,000 and $80,000 in the years ended June 30, 2025 and 2024, respectively.

#### 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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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 $426,658 and $630,680 at June 30, 2025 and 2024, respectively, was held by Reprints Desk in accounts at financial institutions.

The Company has no customers that represent 10% of revenue or more for the years ended June 30, 2025 and 2024.

The Company has no customers that represent 10% of accounts receivable at June 30, 2025 and 2024.

The following table summarizes vendor concentrations for content cost:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**  | **Year Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Vendor A | 27% | 26% |
| Vendor B | 10% | 10% |

---

***Software Costs***

Based on its nature, the Company's software development costs are expensed as incurred. The finalization of the Company's project development process precipitates the rapid commercialization and deployment of new products and enhancements. The Company continuously reviews its projects, processes and the nature of its software development costs to determine if there are changes that would meet the requirements for capitalization under 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, 2025 and 2024 were $2,530,959 and $2,433,400, respectively and were included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss).

***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, 2025 and 2024 were $1,630,259 and $770,629, respectively, and were included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss).

#### 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. Leasehold improvements are amortized over the shorter of the useful lives of the related assets, or the lease term. 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.

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, 2025 and 2024, the Company did not recognize any impairments for its property and equipment.

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#### 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 (loss). For the years ended June 30, 2025 and 2024, the Company did not recognize any impairments for its long-lived assets.

#### Revenue Recognition
The Company accounts for revenue in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from two sources: annual or monthly licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform. In the years ended June 30, 2025 and 2024, the Company recognized revenue of $6,448,940 and $4,898,368 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 were $6,424,724 and $6,153,063 as of June 30, 2023, respectively.

![Graphic](rsss-20250630x10k006.jpg)

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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#### 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**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2025** | **2024** | **2024** |
| United States | $28213701 | 57.5% | $26481085 | 59.3% |
| Europe | 15689693 | 32.0% | 13962285 | 31.3% |
| Rest of World | 5154587 | 10.5% | 4180529 | 9.4% |
| Total | $49057981 | 100% | $44623899 | 100% |

---

***Accounts Receivable by Geographical Region***

The following table summarizes accounts receivable by geographical region:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2025** | **2024** | **2024** |
| United States | $4033807 | 56.1% | $4125696 | 60.0% |
| Europe | 2413906 | 33.6% | 2082900 | 30.2% |
| Rest of World | 743521 | 10.3% | 671204 | 9.8% |
| Total | $7191234 | 100% | $6879800 | 100% |

---

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

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

#### Cost of Revenue

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

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#### 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.

The CODM regularly reviews revenue, certain significant expense categories, net income (loss) 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.

---

| | | |
|:---|:---|:---|
|  | **Years ended June 30,** | **Years ended June 30,** |
|  | **2025** | **2024** |
| Revenue | $49057981 | $44623899 |
| Cost of revenue | 24862030 | 24983733 |
| Gross profit | 24195951 | 19640166 |
| Gross profit margin | 49.3% | 44.0% |
| Selling, general and administrative expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 5360356 | 3442503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology and product development | 5631344 | 5442382 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 7936644 | 8511697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1723561 | 2155461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction loss (gain) | (202527) | 21395 |
| Total selling, general and administrative expenses | 20449378 | 19573438 |
| Depreciation and amortization  | 1245362 | 836271 |
| Net income (loss) | $1265553 | $(3786597) |

---

Segment net income (loss) includes other income, change in fair value of contingent earnout liability and income taxes.

The CODM also reviews the following balance sheet items at period-end as part of performance monitoring and resource allocation decisions:

---

| | | |
|:---|:---|:---|
|  | **Years ended June 30,** | **Years ended June 30,** |
|  | **2025** | **2024** |
| Cash and cash equivalents | $12227312 | $6100031 |
| Current assets, excluding cash and cash equivalents | 7772416 | 8590590 |
| Long term assets | 26120946 | 27169141 |
| Total segment assets | $46120674 | $41859762 |

---

The Company applied the provisions of ASU 2023-07 retrospectively and has included comparative information for the year ended June 30, 2024. Because the Company operates as a single reportable segment, the amounts above reconcile directly to the corresponding consolidated financial statement line items. There was no impact on previously reported consolidated net income (loss), financial position or cash flows.

#### Business Combinations
The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from

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acquired technology, and customer relationships, useful lives, and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. 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.

#### Intangible Assets
The Company has intangible assets that were initially recorded at their fair value at the time of acquisition. The finite-lived intangible assets consist of developed technology, customer relationships, customer lists and intellectual property licenses. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful life of three to ten years.

#### Goodwill
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of the business acquired. As of June 30, 2025, goodwill that arose from acquisitions of ResoluteAI and Scite (see Note 9) was $16,372,979. Under ASC 350 Intangibles-Goodwill and Other, goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually, or whenever events or circumstances indicate a potential impairment. The Company's impairment testing is performed annually at June 30 of each fiscal year. The Company operates in a single reporting unit at a consolidated level. Impairment of goodwill is determined by comparing the fair value of the Company's reporting unit to the carrying value of the underlying net assets in the reporting unit. If the fair value of the reporting unit is determined to be less than the carrying value of its net assets, goodwill is deemed impaired and an impairment loss is recognized to the extent that the carrying value of goodwill exceeds the difference between the fair value of the reporting unit and the fair value of its other assets and liabilities.

#### 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 (loss) with classification depending on the nature of the services rendered.

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

#### Foreign Currency
The accompanying consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America and ResSoL

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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 gain of $202,527 and a loss of $21,395 for the years ended June 30, 2025 and 2024, respectively. Cash denominated in Euros, British Pounds and Japanese Yen with an aggregate US Dollar equivalent of $426,658, and $630,680 at June 30, 2025 and 2024, respectively, was held in accounts at financial institutions.

#### Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding shares of unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive. Basic and diluted net loss per common share is the same for the year ended June 30, 2024 because all stock options and unvested restricted common stock are anti-dilutive.

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Net income (loss) available to common shareholders | $1265553 | $(3786597) |
| Weighted average commons shares - basic | 30681187 | 28863949 |
| Dilutive effect of outstanding stock options | 822785 |  |
| Weighted average commons shares - diluted | 31503972 | 28863949 |
| Net income (loss) per common share: |  |  |
| Basic | $0.04  | $(0.13) |
| Diluted | $0.04  | $(0.13) |

---

Weighted average stock options excluded due to anti-dilution were 645,770 and 2,676,971 during the years ended June 30, 2025 and 2024. Shares of unvested restricted stock that were considered antidilutive were 1,223,342 and 1,815,711 during the years ended June 30, 2025 and 2024, respectively.

#### 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.

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#### Recently Issued Accounting Pronouncements
In November 2023, the FASB amended ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU expands annual and interim segment disclosure requirements by requiring disclosure of significant segment expenses that are regularly provided to the CODM and are included in each reported measure of segment profit or loss. The amendments also require disclosure of an amount for "other segment items" and additional interim information about segment profit or loss and assets. The Company has a single reportable segment. Upon adoption of ASU 2023-07, the Company is required to provide annual and interim disclosures of significant expense categories such as cost of goods sold, selling and general and administrative expenses when those amounts are regularly provided to the CODM, as well as a description of other segment items. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application to all prior periods presented. The Company adopted this accounting pronouncement for the year ended June 30, 2025. Because ASU 2023-07 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 December 2023, the FASB amended ASC 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, "Improvements to Income Tax Disclosures"). This ASU requires additional disclosures related to the rate reconciliation, income taxes paid and other amendments intended to enhance effectiveness and comparability. The amendment is effective for the Company beginning with its fiscal year 2026 annual disclosures. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its annual disclosures.

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

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

#### Note 3. Property and Equipment
Property and equipment consists of the following as of June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **June 30,** <br>**2024** |
| Computer equipment | $702611 | $687307 |
| Software | 282080 | 282080 |
| Furniture and fixtures | 40961 | 41182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 1025652 | 1010569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (964883) | (922558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net, Property and equipment | $60769 | $88011 |

---

Depreciation expense for the years ended June 30, 2025 and 2024 was $43,899 and $48,316, respectively.

#### Note 4. Intangible Assets
Intangible assets consist of an asset purchase agreement with FIZ Karlsruhe-Leibniz-Institut für Informationsinfrastruktur GmbH ("FIZ") effective September 22, 2022, developed technology and customer relationships acquired in the acquisition of ResoluteAI effective July 28, 2023 and Scite effective December 1, 2023, and are stated at cost less accumulated amortization. On September 30, 2022, Reprints Desk made a non-refundable payment of $297,450

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(€300,000) (the "Base Amount") to FIZ as initial consideration for the asset purchase. In September 2023, Reprints Desk paid $64,578 in contingent consideration for customers that have their Sold Contracts assumed by Reprints Desk in comparison to the trailing twelve months of revenue of all Sold Contracts (the "Base Amount Plus"). As of June 30, 2025, $31,359 in contingent consideration was recorded as a liability since it was unpaid, for customers that placed an order and have consented to have their contract assumed by Reprints Desk (the "Bonus Amount"). The Bonus Amount payments made were $124,107 for the year ended June 30, 2025. The Bonus Amount is based upon the collectable service fee that FIZ would have received from these customers. Contingent consideration for the Bonus Amount will continue to be paid in arrears through the quarter ending December 31, 2025.

The developed technology, customer relationships and customer lists are being amortized over the estimated average useful lives of 3 to 10 years. At acquisition, the weighted average amortization period of total intangible assets acquired was 10 years and the weighted average amortization period of developed technology acquired was 10 years. The Company does not have any intangible assets deemed to have indefinite lives. Amortization expense for the years ended June 30, 2025 and 2024 was $1,201,463 and $787,955, respectively. Amortization expense expected to be recognized is approximately $1,172,000 annually in 2026 through 2030 and approximately $3,826,000 thereafter.

Intangible assets consist of the following as of June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **June 30,** <br>**2024** |
| Developed technology | $10800000 | $10800000 |
| Customer relationships | 170000 | 170000 |
| Customer lists | 1436589 | 1313146 |
| Intellectual property licenses | 16425 | 16425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 12423014 | 12299571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated amortization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed technology | (1776667) | (696666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | (59493) | (24395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer lists  | (884188) | (797824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual property licenses | (16425) | (16425) |
| Net, Intangible assets | $9686241 | $10764261 |

---

#### 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, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of June 30, 2025 and 2024, respectively.

#### 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

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(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, 2025, there were 506,577 shares available for grant under the 2017 Plan, and no shares were available for grant under the 2007 Plan. All incentive stock award grants prior to the adoption of the 2017 Plan on November 21, 2017 were made under the 2007 Plan, and all incentive stock award grants after the adoption of the 2017 Plan on November 21, 2017 were made under the 2017 Plan. The 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** | **All Options** | **Vested Options** | **Vested Options** | **Unvested Options** | **Unvested Options** |
|  | <br>**Shares** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price** | <br>**Shares** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price** | <br>**Shares** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price** |
| Outstanding at July 1, 2023 | 2909574 | $1.87 | 2865593 | $1.86 | 43981 | $2.47 |
| &nbsp;&nbsp;Granted | 257934 | 2.73 |  |  | 257934 | 2.73 |
| &nbsp;&nbsp;Options vesting |  |  | 42729 | 2.47 | (42729) | 2.47 |
| &nbsp;&nbsp;Exercised | (373883) | 1.99 | (373883) | 1.99 |  |  |
| &nbsp;&nbsp;Forfeited | (5000) | 2.67 | (4583) | 2.67 | (417) | 2.67 |
| Outstanding at June 30, 2024 | 2788625 | $1.93 | 2529856 | $1.85 | 258769 | $2.73 |
| &nbsp;&nbsp;Granted | 260000 | 2.79 |  |  | 260000 | 2.79 |
| &nbsp;&nbsp;Options vesting |  |  | 151295 | 2.73 | (151295) | 2.73 |
| &nbsp;&nbsp;Exercised | (309821) | 1.44 | (309821) | 1.44 |  |  |
| &nbsp;&nbsp;Forfeited |  |  |  |  |  |  |
| Outstanding at June 30, 2025 | 2738804 | $2.06 | 2371330 | $1.96 | 367474 | $2.77 |

---

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, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Years Ended**  | **Years Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Expected dividend yield | —% | —% |
| Risk-free interest rate | 4.26% | 4.00% |
| Expected life (in years) | 6 | 5 |
| Expected volatility | 46.3% | 50.3% |

---

The weighted average remaining contractual life of all options outstanding as of June 30, 2025 was 4.88 years. The remaining contractual life for options vested and exercisable at June 30, 2025 was 4.23 years. Furthermore, 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, 2025, the Company granted 260,000 options to directors with a fair value of $364,000 which amount will be amortized over the vesting period. The total stock options expense during the 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 (loss). As of June 30, 2025, the amount of unvested

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compensation related to the unvested options was $414,864 which will be recorded as an expense in future weighted average vesting periods of 1.08 years. 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.

During the year ended June 30, 2024, the Company granted 257,934 options to directors with a fair value of $340,473 which amount will be amortized over the vesting period. The total stock options expense during the year ended June 30, 2024 was $140,150 and was included in selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income (loss). As of June 30, 2024, the amount of unvested compensation related to the unvested options was $256,321 which will be recorded as an expense in future weighted average vesting periods of 1.25 years. During the year ended June 30, 2024, the Company issued 72,234 net shares of common stock upon the exercise of options underlying 373,883 shares of common stock. The aggregate intrinsic value of options exercised during the year ended June 30, 2024 was $189,081.

Additional information regarding stock options outstanding and exercisable as of June 30, 2025 is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Option**<br>**Exercise**<br>**Price** | <br>**Options**<br>**Outstanding** | **Remaining**<br>**Contractual**<br>**Life (in years)** | <br>**Options**<br>**Exercisable** |
| $0.70 - 0.90 | 240000 | 0.10 - 0.43 | 240000 |
| 1.05 - 1.59 | 557000 | 0.90 - 2.86 | 557000 |
| 2.10 - 2.99 | 1725804 | 3.38 - 9.38 | 1358330 |
| 3.13 - 3.50 | 216000 | 4.37 - 4.62 | 216000 |
| Total | 2738804 |  | 2371330 |

---

#### Restricted Common Stock
During the year ended June 30, 2024, the Company issued an additional 405,000 shares of restricted stock to employees with an aggregate fair value of $925,900. Of this amount, 155,000 shares vest over a three-year period, with a one-year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The aggregate fair value of these stock awards was $417,700 based on the market price of our common stock ranging from $2.24 to $2.73 per share on the date of grant, which will be amortized over the range of a three-year vesting period. The remaining 250,000 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").

During the year ended June 30, 2025, the Company issued an additional 590,000 shares of restricted stock to employees with an aggregate fair value of $1,309,240. The shares were granted, under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP.

The LTEBP replaced the previous restricted stock compensation program for executives. It spans 5 years and 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:

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

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

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

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

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

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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 fair value of restricted common stock vested were $1,689,256 and $1,994,362 during the years ended June 30, 2025 and 2024, respectively. The total restricted common stock expense related to amortization of the fair value of the restricted stock awards were $1,518,104 and $1,994,362 during the years ended June 30, 2025 and 2024, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). As of June 30, 2025, the amount of unrecognized compensation related to issuances of restricted common stock was $724,167, which will be recognized as an expense in future weighted average vesting periods of 0.75 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 32,479,993 shares issued and outstanding on the consolidated balance sheets, 1,399,210 shares are subject to vesting and are not considered outstanding for accounting purposes.

The following table summarizes restricted common stock activity:

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| | | |
|:---|:---|:---|
|  | <br>**Number of**<br>**Shares** | **Weighted**<br>**Average**<br>**Grant Date**<br>**Fair Value** |
| Non-vested, June 30, 2023 | 2477794 | $1.52 |
| &nbsp;&nbsp;Granted | 405000 | 2.29 |
| &nbsp;&nbsp;Vested | (725068) | 1.70 |
| &nbsp;&nbsp;Forfeited | (200000) | 1.40 |
| Non-vested, June 30, 2024 | 1957726 | $1.57 |
| &nbsp;&nbsp;Granted | 590000 | 2.22 |
| &nbsp;&nbsp;Vested | (829932) | 2.04 |
| &nbsp;&nbsp;Forfeited | (318584) | 1.41 |
| Non-vested, June 30, 2025 | 1399210 | $1.61 |

---

#### 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

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$1,500,000 and the Repurchase Price Cap to a price no greater than $5.50 per share. The actual number of shares repurchased will be determined by applicable employees in their discretion and will depend on their evaluation of market conditions and other factors. As of June 30, 2024, $346,893 remained under the current authorization to repurchase our outstanding common stock from our employees.

During the years ended June 30, 2025 and 2024, the Company repurchased 310,330 and 198,383 shares of our common stock under the repurchase plan at an average price of approximately $3.01 and $2.79 per share, respectively, for an aggregate amount of $934,577 and $554,202, respectively. 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:

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| | | | |
|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number**<br>**of Shares**<br>**Purchased** | <br>**Average**<br>**Price Paid**<br>**per Share** | **Approximate Dollar Value**<br>**of Shares that May Yet Be**<br>**Purchased Under the**<br>**Plans or Programs** |
| September 2023 | 18603 | $2.48 | $104960 |
| December 2023 | 8501 | $2.66 | 82347 |
| March 2024 | 159044 | $2.85 | 379071 |
| June 2024 | 12235 | $2.63 | 346893 |
| &nbsp;&nbsp;Year ended June 30, 2024 | 198383 | $2.79 | $346893 |
| September 2024 | 5757 | $2.82 | $330774 |
| December 2024 | 48132 | $3.93 | 891615 |
| March 2025 | 246707 | $2.85 | 188500 |
| June 2025 | 9734 | $2.69 | 162316 |
| &nbsp;&nbsp;Year ended June 30, 2025 | 310330 | $3.01 | $162316 |

---

#### 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 (loss) before provision of income taxes are as follows:

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| | | |
|:---|:---|:---|
|  | Years Ended  | Years Ended  |
|  | June 30,  | June 30,  |
|  | 2025 | 2024 |
| United States | $1299850 | $(3819973) |
| Foreign | 48514 | 146447 |
| Total income (loss) before provision for income taxes | $1348364 | $(3673526) |

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The provision for income taxes consists of the following for the years ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Years Ended  | Years Ended  |
|  | June 30,  | June 30,  |
|  | 2025 | 2024 |
| Current |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State | 33613 | 21143 |
| &nbsp;&nbsp;Foreign | 49198 | 91928 |
| Deferred |  |  |
| &nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;Foreign |  |  |
| Provision for income tax expense | $82811 | $113071 |

---

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

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| | | |
|:---|:---|:---|
|  | Years Ended  | Years Ended  |
|  | June 30,  | June 30,  |
|  | 2025 | 2024 |
| Federal income tax rate  | 21.0% | 21.0% |
| State tax, net of federal benefit  | 2.4% | 1.7% |
| Change in earnout | 22.9% | —% |
| Adjustment to prior year | (157.2)% | —% |
| Executive compensation | (11.6)% | —% |
| Other permanent differences  | 3.1% | (70.5)% |
| Foreign rate differential | 2.9% | —% |
| Tax credits | (15.3)% | —% |
| Change in valuation allowance  | 137.9% | 44.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective income tax rate  | 6.1% | (2.9)% |

---

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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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, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | June 30, <br>2025 | June 30, <br>2024 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Federal net operating loss carryforward | $3475943 | $3512478 |
| &nbsp;&nbsp;State net operating loss carryforward | 479222 | 531098 |
| &nbsp;&nbsp;Stock based compensation | 1164121 | 1440562 |
| &nbsp;&nbsp;Tax attributes | 196809 |  |
| &nbsp;&nbsp;Research costs | 1713966 |  |
| &nbsp;&nbsp;Other | 63948 | 34571 |
| Total deferred tax assets | 7094009 | 5518709 |
| Deferred tax liability: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | (2102792) | (2386241) |
| Net deferred tax assets | 4991217 | 3132468 |
| &nbsp;&nbsp;Less valuation allowance | (4991217) | (3132468) |
|  | $— | $— |

---

The Company has provided a valuation allowance on the deferred tax assets at June 30, 2025 and 2024 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, 2025 and 2024 was an increase of $1,858,749 and a decrease of $1,649,876, respectively.

At June 30, 2025 and 2024, the Company had federal NOL carryforwards of approximately $16,552,000 and $16,726,000, respectively, and state NOL carryforwards of approximately $7,502,000 and $7,748,000, 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, 2025, approximately $1,300,000 of federal NOLs are subject to the 20-year carryforward period and expire in 2038. The remaining federal NOLs at June 30, 2025 can be carried forward indefinitely; however, of these NOLs, approximately $11,808,000 relate to companies acquired in prior years and are subject to annual limitations under IRC Section 382. State NOLs will begin to expire in 2026.

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.

As of June 30, 2025 and 2024, 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, 2025 and 2024, the Company has no accrued interest or penalties related to uncertain tax positions.

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**Note 9. Acquisitions**

***ResoluteAI***

***Scite***

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

The total purchase consideration for Scite, net of cash acquired, was approximately $21.1 million. The consideration included an initial payment of $7.2 million in cash, $6.5 million in stock, a holdback of $0.2 million and a contingent earnout that had an initial fair value of $7.2 million. The Company's revaluations of the earnout resulted in a fair value of $12.3 million at June 30, 2024 and $14.0 million at June 30, 2025.

The following sets out the unaudited pro forma operating results for the year ended June 30, 2025 and 2024 for the Company had the Scite acquisition occurred as of July 1, 2023. These amounts include amortization of intangible assets:

---

| | | |
|:---|:---|:---|
|  | **Pro Forma (Unaudited)** | **Pro Forma (Unaudited)** |
|  | **Years ended June 30,** | **Years ended June 30,** |
|  | **2025** | **2024** |
| Revenue | $49057981 | $46083535 |
| Cost of revenue | 24862030 | 25091938 |
| Gross profit | 24195951 | 20991597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 21694740 | 21572819 |
| Income (loss) from operations | 2501211 | (581222) |
| &nbsp;&nbsp;Other expense | (1152847) | (2902981) |
| Income (loss) from operations before provision for income taxes | 1348364 | (3484203) |
| Provision for income taxes | (82811) | (113071) |
| Pro Forma Net income (loss) | $1265553 | $(3597274) |
| Pro Forma Net income (loss) per weighted average share, basic and diluted | $0.04  | $(0.12) |

---

The Company utilized the acquisition method of accounting for the acquisition in accordance with ASC 805, Business Combinations, and allocated the purchase price to ResoluteAI's and Scite's tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair values as of the date of acquisition. The fair value assigned to the developed technology and customer relationships were determined using the multi-period excess earnings method, which

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estimates the direct cash flow expected to be generated from the existing customers acquired. The cash flows were based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model, as well as the weighted average cost of capital.

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

As of June 30, 2025, management has finalized its valuation analysis related to the Resolute and Scite acquisitions. The following table represents the Company's allocation of the total purchase consideration to the fair value of tangible assets, identifiable intangible assets, and assumed liabilities of ResoluteAI and Scite on the date of acquisition:

---

| | | |
|:---|:---|:---|
| ***In thousands***  | **ResoluteAI** | **Scite** |
| **Fair value of consideration** |  |  |
| Cash | $2774 | $7217 |
| Holdback cash paid | 125 | 175 |
| Common Stock (2,729,014 shares at $2.40 per share) |  | 6549 |
| Contingent earn-out | 1867 | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchase price | 4766 | 21135 |
| **Allocation of the consideration to the fair value of assets acquired and liabilities assumed:** |  |  |
| Cash and cash equivalents | 59 |  |
| Accounts receivable | 132 | 109 |
| Prepaid expenses | 43 |  |
| Accounts payable and accrued expenses | (33) | (27) |
| Deferred revenue | (649) | (997) |
| Other current liabilities | (60) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net tangible assets | (508) | (933) |
| Intangible assets: |  |  |
| Developed technology | 2000 | 8800 |
| Customer relationships | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net identifiable intangible assets | 2100 | 8870 |
| Goodwill | 3174 | 13198 |
| Fair value of net assets acquired | $4766 | $21135 |

---

#### Note 10. Subsequent Events
***Stock Options***

On August 1, 2025, the Company issued 9,905 shares of common stock upon the exercise of stock options underlying 15,000 shares of common stock on a cashless basis.

On August 15, 2025, the Company issued 8,351 shares of common stock upon the exercise of stock options underlying 23,500 shares of common stock on a cashless basis.

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***Restricted Common Stock***

On August 5, 2025, the Company issued 95,000 shares of restricted stock to an employee. These shares vest over a three year period, with a one year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The aggregate value of the stock award was $247,950 based on the market price of our common stock of $2.61 per share on the date of grant, which will be amortized over the three-year vesting period.

***Scite Earn-out***

On July 2, 2025, the Company finalized the calculation of the earnout for former shareholders of Scite at $15.4 million. 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. The first installment payment of common stock, resulted in 264,924 shares of the Company's common stock being issued in August 2025.

***Income Taxes***

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted and includes a variety of changes to U.S. income tax and related laws. Among other things, the OBBBA makes changes to certain business-related exclusions, deductions, and credits. The effect of the OBBBA will be recorded in the first quarter of fiscal 2026, as a change in tax law is accounted for in the period of enactment. The new tax law has multiple effective dates, with certain provisions effective in 2025 and others in the future. While the Company continues to assess the impact of the tax provisions of the OBBBA on its consolidated financial statements, the tax provisions of the OBBBA are not currently expected to have a material impact on the Company's financial position or statement of operations.

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**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, 2025, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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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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, 2025, 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, 2025.

**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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**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 12, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Date of Appointment** |
| Roy W. Olivier (1) | 66 | President and Chief Executive Officer, and Chairman of the Board | March 29, 2021 |
| William Nurthen | 52 | Chief Financial Officer and Secretary | October 4, 2021 |
| Sefton Cohen | 55 | Chief Revenue Officer | November 4, 2024 |
| John Regazzi (2) | 77 | Lead Independent Director | June 22, 2015 |
| Barbara J. Cooperman (3) | 70 | Director | February 8, 2022 |
| Gen. Merrill McPeak (4)  | 89 | Director | November 5, 2010 |
| Jeremy Murphy (5) | 42 | Director | November 14, 2023 |
| Kenneth L. Gayron (6) | 55 | Director | December 4, 2023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman of the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Lead Independent Director and member of the Audit Committee, the Compensation Committee, and the Nominating and Governance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Chair of the Compensation Committee and member of the Nominating and Governance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Member of Audit Committee, Compensation Committee, and Nominating and Governance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Chair of the Nominating and Governance Committee and member of the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 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 the Company's 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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***William Nurthen – Chief Financial Officer and Secretary***

Mr. Nurthen was appointed as Chief Financial Officer and Secretary on October 4, 2021. He brings more than twenty years of experience which includes financial leadership roles at both publicly traded and private companies across multiple industries. Prior to joining Research Solutions, Mr. Nurthen served in Chief Financial Officer roles for Endeavor Business Media, a B2B media publisher, and ARI Network Services, Inc. (formerly on the Nasdaq), a SaaS marketing company. Mr. Nurthen has also held prior CFO roles in investment banking, biotechnology, and information technology. He holds a Master of Business Administration from the Kellogg School of Management at Northwestern University and a Bachelor of Business Administration from the University of Notre Dame.

***Sefton Cohen – Chief Revenue Officer***

Mr. Cohen was appointed as Chief Revenue Officer on November 4, 2024. Mr. Cohen is a seasoned sales leader with over two decades of experience in the technology industry. He has a proven track record of launching, revitalizing, and scaling sales, marketing, and services for US and EMEA based public and private companies. Mr. Cohen has helped make markets and delivered multimillion-dollar new revenue streams for early stage, and accelerated growth stage companies. In addition to organically growing these companies, Mr. Cohen's leadership has enabled them to raise capital from Tier One Venture Capital and Private Equity firms and achieve successful exits. Mr. Cohen has degrees from Franklin & Marshall College (BA) and Columbia Business School (MBA).

***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

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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.

***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 current COO & President at ClickTripz, 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 ClickTripz, 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. 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

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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.

**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, 2025 indicates that all filing requirements applicable to our officers, directors, and greater than ten percent beneficial owners were complied with except as follows: Gen. McPeak 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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**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, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name and principle**<br>**Position** | <br>**Fiscal** <br>**Year** | <br>**Salary**<br>**($)** | <br>**Bonus**<br>**($)** | **Stock**<br>**awards**<br>**($)** | **All other**<br>**compensation**<br>**($)** | <br>**Total**<br>**($)** |
| Roy W. Olivier | 2025 | 420833 | 198956 |  | 21200 | 640989 |
| President and Chief Executive Officer, and Director | 2024 | 400000 | 188600 |  | 19215 | 607815 |
| William Nurthen | 2025 | 354167 | 140324 |  | 22773 | 517264 |
| Chief Financial Officer and Secretary | 2024 | 333333 | 155875 | 111200<br><sup>(1)</sup> | 19082 | 619490 |
| Sefton Cohen | 2025 | 225392 | 173583 | 777240<br><sup>(2)</sup> | 9213 | 1185428 |
| Chief Revenue Officer | 2024 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the grant date fair value of 50,000 shares of restricted stock granted on December 6, 2023 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 0.68 to 2.25 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 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.

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termination. Mr. Olivier may terminate the agreement at any time, with or without reason, upon thirty (30) days advance written notice.

***William Nurthen***

On October 4, 2021, we entered into an executive employment agreement with Mr. Nurthen which has an indefinite period. Under the terms of the executive employment agreement, Mr. Nurthen has agreed to serve as our Chief Financial Officer on an at-will basis. The agreement provides for a base salary of $284,000 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.

***Sefton Cohen***

On November 4, 2024, we entered into an executive employment agreement with Mr. Cohen. Under the terms of the executive employment agreement, Mr. Cohen has agreed to serve as Chief Revenue Officer on an at-will basis. The term of the agreement is indefinite unless terminated by either party subject to the provisions of the employment agreement. The agreement provides for a base salary of $340,000 per year, subject to adjustment from time to time, and participation in a bonus plan based upon company sales and retention, and executive bonus plan as determined by the Board.

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**Outstanding Equity at Fiscal Year Ended June 30, 2025**

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, 2025.

**Outstanding Equity Awards at Fiscal Year Ended June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name** | **Number of**<br>**securities**<br>**underlying**<br>**unexercised**<br>**options/warrants**<br>**exercisable (#)** | **Number of**<br>**securities**<br>**underlying**<br>**unexercised**<br>**options/warrants**<br>**unexercisable (#)** | <br>**Option/**<br>**Warrant**<br>**exercise**<br>**price ($)** | <br>**Option/**<br>**Warrant**<br>**expiration**<br>**date (1)** | <br>**Stock Awards:**<br>**Number of**<br>**shares of stock** <br>**that have not**<br>**vested (#)** | <br>**Stock Awards:**<br>**Market value of**<br>**shares of stock**<br>**that have not**<br>**vested ($)** |
| Roy W. Olivier | 50000 |  | $2.40 | 11/13/2028 |  |  |
|  | 50000 |  | $3.13 | 11/12/2029 |  |  |
|  | 50000 |  | $2.13 | 11/17/2030 |  |  |
|  |  |  |  |  | 300000<br><sup>(1)</sup> | 384000<br><sup>(2)</sup> |
| William Nurthen |  |  |  |  | 6250<br><sup>(3)</sup> | $16313<br><sup>(4)</sup> |
|  |  |  |  |  | 180000<br><sup>(5)</sup> | $230400<br><sup>(6)</sup> |
|  |  |  |  |  | 30000<br><sup>(7)</sup> | $61300<br><sup>(8)</sup> |
| Sefton Cohen |  |  |  |  | 204000<br><sup>(9)</sup> | $425000<br><sup>(10)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The restricted stock was granted on October 4, 2021 and vest over a four year period, with a one year cliff vesting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Based on a market closing price per share of common stock of $2.61 on October 4, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The restricted stock was granted on December 6, 2023 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 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 0.68 to 2.25 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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**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, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**Fiscal**<br>**Year** | **Fees**<br>**earned**<br>**or paid**<br>**in cash**<br>**($)** | **Warrant**<br>**and**<br>**Option**<br>**Awards**<br>**($)** | <br>**Total ($)** |
| John Regazzi (1) | 2025 | 46500 | 84000 | 130500 |
|  | 2024 | 36000 | 66000 | 102000 |
| Gen. Merrill McPeak (2) | 2025 | 27000 | 70000 | 97000 |
|  | 2024 | 18000 | 66000 | 84000 |
| Barbara J. Cooperman (3) | 2025 | 27000 | 70000 | 97000 |
|  | 2024 | 18000 | 66000 | 84000 |
| Jeremy Murphy (4) | 2025 | 27000 | 70000 | 97000 |
|  | 2024 | 15000 | 79381 | 94381 |
| Kenneth L. Gayron (5) | 2025 | 27000 | 70000 | 97000 |
|  | 2024 | 10500 | 63092 | 73592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Outstanding equity awards as of June 30, 2025 consists of options to purchase 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, options to purchase 150,000 shares of common stock at an exercise price of $1.05 per share and options to purchase 150,000 shares of common stock at an exercise price of $0.70 per share.

(2)Outstanding equity awards as of June 30, 2025 consists of options to purchase 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, options to purchase 75,000 shares of common stock at an exercise price of $1.05 per share and options to purchase 75,000 shares of common stock at an exercise price of $0.70 per share.

(3)Outstanding equity awards as of June 30, 2025 consists of options to purchase 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, 2025 consists of options to purchase 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, 2025 consists of options to purchase 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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**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth certain information, as of September 12, 2025, 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 12, 2025. 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 32,828,173 shares of common stock outstanding as of September 12, 2025 plus, for each person, any securities that person has the right to acquire within 60 days of September 12, 2025.

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| | | |
|:---|:---|:---|
| <br>**Name and Address of Beneficial Owner** | **Shares**<br>**Beneficially**<br>**Owned** | <br>**Percentage**<br>**of Shares** |
| **Greater than 5% Shareholder:** |  |  |
| Needham Investment Management, LLC (1)<br>250 Park Avenue, 10th Floor<br>New York, NY 10177 | 2930000 | 8.9% |
| Richard H. Witmer, Jr.<br>16 Fort Hills Lane<br>Greenwich, CT 06831 | 2608448 | 7.9% |
| Punch & Associates Investment Management, Inc.<br>7701 France Avenue South, Suite 300<br>Edina, MN 55435 | 2418100 | 7.4% |
| Poplar Point Capital Management, LLC<br>330 Primrose Road, Suite 400<br>Burlingame, CA 94010 | 1777401 | 5.5% |
| **Directors and Executive Officers:** |  |  |
| Roy W. Olivier (2) | 758253 | 2.3% |
| William Nurthen (3) | 380607 | 1.2% |
| Sefton Cohen (4) | 279933 | \*% |
| John Regazzi (5) | 1176833 | 3.5% |
| Gen. Merrill McPeak (6) | 917941 | 2.8% |
| Barbara Cooperman (7) | 122100 | \*% |
| Jeremy Murphy (8) | 40091 | \*% |
| Kenneth L. Gayron (9) | 31864 | \*% |
| All Directors and Executive Officers as a group (8 persons) (10) | 3707622 | 11.1% |

---

\* Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes 216,250 shares of unvested restricted stock. Of this amount, 6,250 shares of the restricted stock vests over a four-year period, with a one-year cliff vesting period and remains subject to forfeiture if vesting conditions are not met. The remaining 210,000 shares of unvested restricted stock were granted on October 31, 2022 and December 6, 2023 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes 204,000 shares of unvested restricted stock that were granted on November 12, 2024 under the 2017 Plan, as restricted stock awards to key management in accordance with the LTEBP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes shares underlying options to purchase 150,000 shares of common stock at $0.70 per share, 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 and options to purchase 33,333 shares of common stock at an exercise price of $2.73 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes options to purchase 75,000 shares of common stock at an exercise price of $0.70 per share, 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 and options to purchase 33,333 shares of common stock at an exercise price of $2.73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 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 and options to purchase 33,333 shares of common stock at an exercise price of $2.73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Includes shares underlying options to purchase 40,091 shares of common stock at an exercise price of $2.73 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Includes shares underlying options to purchase 31,864 shares of common stock at an exercise price of $2.73 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Includes shares underlying options to purchase 1,785,721 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

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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, 2025, there were 506,577 shares available for grant under the 2017 Plan, and no shares were available for grant under the 2007 Plan. All incentive stock award grants prior to the adoption of the 2017 Plan on November 21, 2017 were made under the 2007 Plan, and all incentive stock award grants after the adoption of the 2017 Plan on November 21, 2017 were made under the 2017 Plan.

The following table provides information as of June 30, 2025 with respect to the Plans, which are the only compensation plans under which our equity securities are, or have been, authorized for issuance.

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| | | | |
|:---|:---|:---|:---|
| <br>**Plan category** | <br>**Number of securities to be**<br>**issued upon exercise of**<br>**outstanding options,**<br>**warrants and rights** | <br><br>**Weighted average**<br>**exercise price of**<br>**outstanding options,**<br>**warrants and rights** | **Number of securities**<br>**remaining available**<br>**for future issuance**<br>**under equity**<br>**compensation plans**<br>**(excluding securities**<br>**reflected in column (a))** |
|  | (a) | (b) | (c) |
| Equity compensation plans approved by stockholders (2007 Equity Compensation Plan, and 2017 Omnibus Incentive Plan) | 2738804 | $2.06 | 506577 |
| Equity compensation plans not approved by stockholders |  |  |  |
| &nbsp;&nbsp;Total | 2738804 |  | 506577 |

---

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Other than the transactions described herein, since July 1, 2022, 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. 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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**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 year ended June 30, 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, 2025 and 2024. 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** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024** |
| Audit Fees | $210920 | $182587 |
| Audit-Related Fees |  |  |
| Tax Fees | 45934 | 30550 |
| All Other Fees |  |  |
| &nbsp;&nbsp;Total | $256854 | $213137 |

---

*Audit Fees c*onsist 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, 2025 and 2024, 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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**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 19, 2025, 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** | **Incorporated by Reference** | **Incorporated by Reference** |  |
| **Exhibit**<br>**Number** | **Exhibit Description** | **Form** | **Date** | **Number** | **Filed Herewith** |
| 2.1 | [Share Exchange Agreement between Research Solutions, Inc. and Reprints Desk Inc. dated November 13, 2006.](https://www.sec.gov/Archives/edgar/data/1386301/000141188607000054/ex2_1.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465923121108/tm2331467d1_ex2-1.htm) | 8-K | 11/27/2023 | 2.1 |  |
| 3.1.1 | [Articles of Incorporation.](https://www.sec.gov/Archives/edgar/data/1386301/000141188607000054/ex3-1.htm) | SB-2 | 12/28/2007 | 3.1 |  |
| 3.1.2 | [Articles of Merger Effective March 4, 2013.](https://www.sec.gov/Archives/edgar/data/1386301/000114420413013164/v337280_ex3-1.htm) | 8-K | 3/6/2013 | 3.1 |  |
| 3.2 | [Amended and Restated Bylaws.](https://www.sec.gov/Archives/edgar/data/1386301/000114420412056546/v325883_ex3-2.htm) | 8-K | 10/17/2012 | 3.2 |  |
| 4 | [Description of the registrant's common stock.](https://www.sec.gov/Archives/edgar/data/1386301/000155837022014600/rsss-20220630xex4.htm) | 10-K | 9/23/2022 | 4 |  |
| 10.1 | [Securities Purchase Agreement dated June 23, 2016, among Research Solutions, Inc. and the Investors signatory thereto.](https://www.sec.gov/Archives/edgar/data/1386301/000114420416110183/v443046_ex10-1.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000114420416110183/v443046_ex10-2.htm) | 8-K | 6/28/2016 | 10.2 |  |
| 10.3 | [Employment Agreement dated October 4, 2021, between Research Solutions, Inc. and William A. Nurthen. ++](https://www.sec.gov/Archives/edgar/data/1386301/000155837021015657/rsss-20210930xex10d2.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000155837022017737/rsss-20220930xex10d1.htm) | 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. ##](https://www.sec.gov/Archives/edgar/data/1386301/000110465923085676/tm2322397d1_ex2-1.htm) | 8-K | 7/31/2023 | 2.1 |  |

---

[**Table of Contents**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465923102246/tm2326552d1_ex10-1.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465924048029/tm2411927d1_ex10-1.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465924048029/tm2411927d1_ex10-2.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465924048029/tm2411927d1_ex10-3.htm) | 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.](https://www.sec.gov/Archives/edgar/data/1386301/000110465924048029/tm2411927d1_ex10-4.htm) | 8-K | 4/17/2024 | 10.4 |
| 10.11 | [Employment Agreement, dated October 4, 2024, between Research Solutions, Inc. and Roy W. Olivier. ++](rsss-20250630xex10d11.htm) |  |  | \* |
| 10.12 | [Employment Agreement, dated November 4, 2024, between Research Solutions, Inc. and Sefton Cohen. ++](rsss-20250630xex10d12.htm) |  |  | \* |
| 19.1 | [Insider Trading Policy](rsss-20250630xex19d1.htm) |  |  | \* |
| 21 | [List of Subsidiaries.](rsss-20250630xex21.htm)  |  |  | \* |
| 23.1 | [Consent of Weinberg and Company, P.A.](rsss-20250630xex23d1.htm)  |  |  | \* |
| 23.2 | [Consent of Wipfli LLP.](rsss-20250630xex23d2.htm) |  |  | \* |
| 24 | [Power of Attorney.](#POA) |  |  | \* |
| 31.1 | [Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer](rsss-20250630xex31d1.htm)  |  |  |  |
| 31.2 | [Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer](rsss-20250630xex31d2.htm)  |  |  |  |
| 32.1 | [Section 1350 Certification of Chief Executive Officer \*](rsss-20250630xex32d1.htm) |  |  | \* |
| 32.2 | [Section 1350 Certification of Chief Financial Officer \*](rsss-20250630xex32d2.htm) |  |  | \* |
| 97.1 | [Compensation Recovery Policy](rsss-20250630xex97d1.htm) |  |  | \* |
| 99.1 | [2007 Equity Compensation Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000141188607000054/ex10-1.htm) | SB-2 | 12/28/2007 | 10.1 |
| 99.2 | [Amendment No. 1 to 2007 Equity Compensation Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000114420412056979/v326071_pre14a.htm) | DEF 14A | 10/29/2012 | App. A |
| 99.3 | [Amendment No. 2 to 2007 Equity Compensation Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000114420414060779/v391128_def14a.htm) | DEF 14A | 10/13/2014 | App. A |
| 99.4 | [Amendment No. 3 to 2007 Equity Compensation Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000114420416125300/v449379_def14a.htm) | DEF 14A  | 9/26/2016 | App. A |
| 99.5 | [2017 Omnibus Incentive Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000114420417049772/v475812_def14a.htm) | DEF 14A | 9/26/2017 | App. A |
| 99.6 | [Amendment No. 1 to 2017 Omnibus Incentive Plan. ++](https://www.sec.gov/Archives/edgar/data/1386301/000114420419045472/tv529826_def14a.htm) | DEF 14A | 9/21/2019 | App. A |
| 99.7 | [Amendment No. 2 to 2017 Omnibus Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1386301/000110465920108906/tm2031693d1_def14a.htm) | DEF 14A | 9/25/2020 | App. A |
| 101.INS | Inline XBRL Instance Document |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  |  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |  |  |  |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 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.

[**Table of Contents**](#TOC)

**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.** | **RESEARCH SOLUTIONS, INC.** |
|  | By: | /s/ Roy W. Olivier |
|  |  | Roy W. Olivier |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: September 19, 2025 |  | Chief Executive Officer and President<br>(Principal Executive Officer) |
|  | By: | /s/ William Nurthen |
|  |  | William Nurthen |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: September 19, 2025 |  | 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 William Nurthen, 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.

[**Table of Contents**](#TOC)

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.

---

| | | |
|:---|:---|:---|
| September 20, 2024<br>|  |  |
| Signature | Title | Date |
| /s/ Roy W. Olivier |  |  |
| Roy W. Olivier | Chief Executive Officer (Principal Executive Officer), President and Director | September 19, 2025 |
| /s/ William Nurthen |  |  |
| William Nurthen | Chief Financial Officer (Principal Financial | September 19, 2025 |
|  | and Accounting Officer) and Secretary |  |
| /s/ Merrill McPeak |  |  |
| Merrill McPeak | Director | September 19, 2025 |
| /s/ John Regazzi |  |  |
| John Regazzi | Director | September 19, 2025 |
| /s/ Barbara J. Cooperman |  |  |
| Barbara J. Cooperman | Director | September 19, 2025 |
| /s/ Jeremy Murphy |  |  |
| Jeremy Murphy | Director | September 19, 2025 |
| /s/ Kenneth L. Gayron |  |  |
| Kenneth L. Gayron | Director | September 19, 2025 |

---

## Exhibit 10.11

#### Exhibit 10.11

#### EMPLOYMENT AGREEMENT
This Employment Agreement (the "***Agreement***"), effective as of October 4, 2024 (the "***Effective Date***"), is entered into by and between Roy W. Olivier, an individual ("***you***" or "***your***"), and Research Solutions, Inc., a Nevada corporation (the "***Company***").

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.*At-Will Employment.*** Your employment with the Company will be "at-will" at all times, and either you or the Company may terminate such employment at any time and for any reason, with or without Cause (as defined below), in each case subject to the terms and provisions of this Agreement. The terms of <u>Sections</u><u> </u><u>7</u> through <u>14</u> and <u>Section 17</u> shall each survive any termination or expiration of this Agreement or of your employment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Base Salary**. During your employment as CEO and President under this Agreement, you will be paid an annual base salary at least equal to $425,000 (the "***Base Salary***") for your services as CEO and President, payable in the time and manner that the Company customarily pays its employees. Your Base Salary shall also be reviewed annually by the Board and may be adjusted by the Board in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Bonus Compensation**. You are eligible to participate in the Company's executive bonus plans as determined by the Board.

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.*Employee Benefit Programs.*** You will be eligible to participate in all employee benefit programs and perquisites in a manner commensurate with similarly situated employees of the Company and its controlled affiliates, subject to satisfying the applicable eligibility requirements. The Company may amend, modify or terminate these benefits at any time and for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.*Consequences of Termination of Employment.*** Unless the Company and you otherwise agree in writing, upon termination of your employment as CEO and President for any reason, you shall be deemed to have immediately resigned from all positions as an officer (and/or director, if applicable) with the Company (and its respective affiliates) as of your last day of employment (the "***Termination Date***"). Upon termination of your employment as CEO and President for any reason, you shall receive payment or benefits from the Company covering the following: (i) all unpaid salary and unpaid vacation accrued through the Termination Date, (ii) any payments/benefits to which you are entitled under the express terms of any applicable Company employee benefit plan, (iii) any unreimbursed valid business expenses for which you have submitted (or timely submit) properly documented reimbursement requests in accordance with <u>Section 4</u>, and (iv) your then outstanding equity compensation awards will be governed by their applicable terms (collectively, (i) through (iv) are the "***Accrued Pay***"). You may also be eligible for other post-employment payments and benefits as provided in this Agreement. For purposes of this Agreement, "***Qualifying Termination***" means (1) either (a) a termination of your employment as CEO and President without Cause by the Company, or (b) your resignation as CEO and President for Good Reason, <u>and</u> (2) that you have timely complied with the release of claims requirements of <u>Section 6(e)</u>. For the avoidance of doubt, a termination of your employment due to death or Disability is addressed in <u>Section 6(d)</u> below and will not be considered a Qualifying Termination.

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

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

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

------

out any reasonable directive of the Board concerning the operations of the Company or its affiliates;

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

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

Prior to your termination for Cause, you will be provided with written notice from the Company describing the conduct forming the basis for the alleged Cause. To the extent curable (as determined by the Board in its discretion), you will have an opportunity of thirty (30) days to cure such conduct and consequences before the Company may terminate you for Cause. Any termination for "Cause" will not limit any other right or remedy the Company may have under this Agreement or otherwise.

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

For the avoidance of doubt, terminations of employment due to death or Disability, which are addressed in <u>Section 6(d)</u> below, are not terminations for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Qualifying Termination**. The Company may terminate your employment as CEO and President without Cause at any time and for any reason with notice or you may resign your employment as CEO and President for Good Reason upon thirty (30) days advance written notice. If your employment as CEO and President is terminated due to a Qualifying Termination, then you will be eligible to receive the items set forth below subject to your timely compliance with <u>Section</u><u> </u><u>6(e)</u> and further provided that no payments for such Qualifying Termination shall be made until on or after the date of a "separation from service" within the meaning of Code Section 409A.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Subject to <u>Section 10</u> below, the Company shall provide you with cash payments over the eighteen (18)-month period following your Termination Date (the

------

"***Severance Period***") equal in the aggregate to your then current annual Base Salary (prior to any reduction giving rise to Good Reason) pro-rated for the Severance Period. The cash payments provided by this subpart (iii) shall be paid to you in substantially equal installments payable under regular payroll practices over the Severance Period, provided that once such payments commence, they will include any unpaid amounts accrued from your Termination Date;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has breached a material provision of this

Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company's requirement that you relocate your principal

workplace from Winter Park, Florida.

------

For the avoidance of doubt, this <u>Section</u><u> </u><u>6(b)</u> does not apply to terminations of employment due to death or Disability which are addressed in <u>Section 6(d)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Voluntary Termination**. In the event you voluntarily terminate your employment with the Company as CEO and President without Good Reason, you will be entitled to receive only your Accrued Pay. You will be entitled to no other compensation from the Company in connection with your role as CEO and President. The Company requests that you provide at least thirty (30) days' advance written notice of your intention to resign without Good Reason. In the event that you provide to the Company with such thirty (30) days' advance written notice the Company shall have the option, in its sole discretion, to make your termination effective at any time prior to the end of such notice period as long as the Company pays you all compensation to which you are entitled up through the last day of the thirty (30)-day notice period. For the avoidance of doubt, this <u>Section</u><u> </u><u>6(c)</u> does not apply to terminations of employment due to death or Disability which are addressed in <u>Section 6(d)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Death or Disability**. In the event your employment with the Company as its CEO and President is terminated as a result of your death or is terminated by the Company due to your Disability, then you or your estate will be eligible to receive: (i) your Accrued Pay and

(ii) the Earned Bonus (if applicable and to the extent not previously paid in respect of the immediately preceding fiscal year). For purposes of this Agreement, "***Disability***" is defined to occur when you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for more than ninety (90) consecutive days or more than one hundred and twenty days (120) in any twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Release of Claims**. As a condition to receiving (and continuing to receive) the payments and benefits provided in <u>Section</u><u> </u><u>6(b)</u>, you must (i) within not later than forty-five

(45) days after your Termination Date, execute (and not subsequently revoke) and deliver to the Company a general release of claims (the "***Release***") in a form acceptable to the Company, and

(ii) remain in full compliance with such Release.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**Termination of Benefits**. In the event that, during the Severance Period, (i) you breach any of the provisions of the Confidentiality Agreement, or (ii) you directly or indirectly become employed by or undertake any independent contractor relationship with, or otherwise provide services in any capacity to, or become a holder of more than two percent (2%) of the voting equity interests of, a Competitor, then the Board may, in its sole and absolute discretion, terminate all remaining payments contemplated by <u>Sections</u><u> </u><u>6(b)(ii)</u>, <u>6(b)(iii)</u> and <u>6(b)(v)</u>, immediately upon prior written notice. For purposes of this Agreement, "***Competitor***" means any entity that, as its principal business, enables the discovery, acquisition and management of scholarly journal articles, book chapters and other content in scientific, technical and medical research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.*Confidential*** ***Information*** ***and*** ***Inventions*** ***Assignment*** ***Agreement; Confidentiality.*** You agree and acknowledge that the terms of the Confidential Information and

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Inventions Assignment Agreement (the "***Confidentiality Agreement***") that you previously executed shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.*Assignability; Binding Nature.*** Commencing on the Effective Date, this Agreement will be binding upon you and the Company and your respective successors, heirs, and assigns. This Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject to the limitations of this Agreement, may be transferred by will or operation of law. No rights or obligations of the Company under this Agreement may be assigned or transferred except in the event of a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and assumes the Company's obligations under this Agreement contractually or as a matter of law Your rights and obligations under this Agreement shall not be transferable by you by assignment or otherwise provided, however, that if you die, all amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.*Governing Law; Arbitration.*** This Agreement will be deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of the state of Florida. Any controversy or claim relating to this Agreement or any breach thereof, and any claims you may have arising from or relating to your employment with the Company, will be settled solely and finally by arbitration as provided in the Confidentiality Agreement provided that this <u>Section</u><u> </u><u>9</u> shall not be construed to eliminate or reduce any right the Company or you may otherwise have to obtain a temporary restraining order or a preliminary or permanent injunction to enforce any of the covenants contained in this Agreement before the matter can be heard in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.*Taxes.*** Anything to the contrary notwithstanding, all payments made by the Company hereunder to you or your estate or beneficiaries will be subject to tax withholding pursuant to any applicable laws or regulations. This Agreement and its payments and benefits are intended to comply with (or be exempt from) the requirements of Section 409A of the Code and will be interpreted and administered in accordance with such intention. In the event this Agreement or any benefit paid to you hereunder is deemed to be subject to Section 409A of the Code, you consent to the Company adopting such conforming amendments or taking such actions as the Company deems necessary, in its reasonable discretion, to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A. Notwithstanding any provision in the Agreement to the contrary, if upon your "separation from service" within the meaning of Code Section 409A, you are then a "specified employee" (as defined in Code Section 409A), then to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of "nonqualified deferred compensation" subject to Code Section 409A payable as a result of and within six (6) months following such "separation from service" under this Agreement until the earlier of (i) the first business day of the seventh month following your "separation from service," or (ii) ten (10) days after the Company receives written notification of your death. Any such delayed payments shall be made without interest. Additionally, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement of eligible

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expenses or in-kind benefits shall be made promptly, subject to the Company's applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. The Company will have no liability to you or any other person if any amounts paid or payable are subject to the additional tax and/or penalties and/or interest under Code Section 409A. To the extent any amount constituting "nonqualified deferred compensation" subject to Code Section 409A would become payable by reason of a Change of Control, it shall become payable only if the event or circumstances constituting the Change of Control would also constitute a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the Company's assets, within the meaning of Code Section 409A. For purposes of Code Section 409A, each payment made to you under this Agreement will be designated as a separate payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.*Entire Agreement.*** Except as otherwise specifically provided in this Agreement, this Agreement (and its Exhibits) contains all the legally binding understandings and agreements between you and the Company pertaining to the subject matter of this Agreement and supersedes all such agreements, whether oral or in writing, previously entered into between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  ***Covenants.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**General**. As a condition of this Agreement and also to your receipt of any post-employment benefits, you agree that you will fully and timely comply with all of the covenants set forth in this <u>Section</u><u> </u><u>12(a)</u> (which shall survive your termination of employment and termination or expiration of this Agreement):

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

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

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

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

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pocket expenses incurred in connection with such cooperation if such cooperation occurs after your Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Administrative**. You also agree that you will fully and timely comply with all of the covenants set forth in this <u>Section</u><u> </u><u>12(b)</u> (which shall survive your termination of employment and termination or expiration of this Agreement):

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Non-Competition; Non-Solicitation**. You acknowledge and agree that the nature of your position gives you access to and knowledge of Confidential Information (as defined in the Confidentiality Agreement) and places you in a position of trust and confidence with the Company. You further acknowledge and agree that the Confidential Information is of great competitive importance and commercial value to the Company, and that improper use or disclosure by you is likely to result in unfair or unlawful competitive activity. Because of the Company's legitimate business interest as described in this Agreement and the good and valuable consideration offered to you, the receipt and sufficiency of which you hereby acknowledge, during the two (2)- year period following your Termination Date, you agree and covenant not to (i) contribute your knowledge and/or services, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, contractor, agent, partner, director, stockholder, officer, volunteer, intern, or any other similar capacity to any Competitor within any jurisdiction in which the Company conducted business as of the Termination Date, or (ii) divert or attempt to divert from the Company any business of any kind, including without limitation, the solicitation of or interference with any of its customers, clients, members, business partners or suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Equitable Relief**. You acknowledge that in the event of (i) a violation of any of the covenants contained in <u>Section</u><u> </u><u>12</u> of this Agreement or (ii) the termination by the Company of your employment for Cause as provided in <u>Section</u><u> </u><u>6(a)</u>, the Company would as a result sustain irreparable harm for which monetary damages are insufficient, and, therefore, you agree that in addition to any other remedies which the Company may have, the Company shall be entitled to seek equitable relief including specific performance and injunctions restraining you from committing or continuing any such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.*Offset***. Notwithstanding the provisions of <u>Section 6(f)</u>, any severance or other payments or benefits made to you under this Agreement may be reduced, in the Company's reasonable discretion, by any amounts you owe to the Company or as will be needed to satisfy any future co-payments you would need to make for continuing post-termination benefits, provided

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however that any such offsets do not violate Code Section 409A or any other provision of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.*Notice.*** Any notice that the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight courier service, email, facsimile or registered or certified mail, return receipt requested, addressed to you at your address of record with the Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, facsimile or by registered or certified mail, return receipt requested, addressed to the Company's Secretary at its principal office, or at such other office as the Company may from time to time designate in writing. The date of actual delivery of any notice under this <u>Section 14</u> shall be deemed to be the date of delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.*Waiver; Severability.*** No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to by you and the Company in writing. No waiver by you or the Company of the breach of any condition or provision of this Agreement will be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time. Except as expressly provided herein to the contrary, failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder will not be deemed to constitute a waiver thereof. In the event any portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions shall be unaffected thereby and will remain in full force and effect to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.*Voluntary Agreement.*** You acknowledge that you have been advised to review this Agreement with your own legal counsel and other advisors of your choosing and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with your attorney and other advisors and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this matter. You further represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and that you are fully aware of the legal and binding effect of this Agreement. This Agreement is executed voluntarily by you and without any duress or undue influence on the part or behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.*Clawback***. If the Company is required to restate any of its financial statements, then the Board shall be entitled to recover or require reimbursement of any annual bonus made to you, less applicable taxes withheld.

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

#### AGREED:
**RESEARCH SOLUTIONS, INC.** **ROY W. OLIVIER**

BY:

NAME: Barbara J. Cooperman

TITLE: Compensation Committee Chair

&nbsp;&nbsp;&nbsp;&nbsp;(signature)

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## Exhibit 10.12

#### Exhibit 10.12

#### EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into effective as of the November 4, 2024, by and between Reprints Desk, Inc. *dba* "Research Solutions" ("RSSS") (with all of RSSS' subsidiaries and affiliates, collectively, "we," "our" or "us") and **Sefton Cohen**, our new employee (referred to in this Agreement as "you" and "your").

RECITALS

A.In the course of your employment, and to enable you to perform your duties with customers and with other employees, we will openly share certain valuable Trade Secrets and Confidential Information (as such terms are defined below) with you. Such information is protected by this Agreement and such disclosure does not alter or remove the confidential nature of this information;

B.You understand and agree that we have made a substantial investment of time, effort and expense to establish and maintain favorable customer relationships in order to market our products and services and enhance our business;

C.Your responsibility is to perform the duties of your position and to develop and maintain professional relationships with our customers. It is essential that you develop and maintain personal contacts and personal relationships with those customers with whom you come in contact. Our business is not only judged by the quality of our products and services, but also by your attitude, the interest you take in your work and your overall performance as an individual. We expect all of these to have a positive effect on your co-workers and our customers; and

D.Execution of this Agreement is a condition of your employment with us and receipt of the benefits we are offering to you and outlined in <u>Exhibit A</u>, attached hereto.

NOW, THEREFORE, in consideration of the promises and the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Employment Relationship.** We agree to employ you, and you agree to accept employment with us, upon the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Duties.** You shall assume the responsibilities and perform the duties of your position and shall perform such additional duties as directed or assigned by your supervisor or members of our management. Your position description, performance objectives and duties may be revised from time to time at our sole discretion. You agree to devote your full time and energy to the furtherance of our business, and further agree not to perform services in any advisory or other capacity for any individual, firm, company, or corporation other than us ("Outside Work") if such work or services would violate the terms of this Agreement. If you are in doubt whether the performance by you of any particular Outside Work might violate the terms of this Agreement, you should discuss such matter with your manager or an appropriate member of the leadership team. It is not our intent to prevent you from performing Outside Work that would not violate the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Compensation.** We shall pay you, in exchange for all the services to be rendered by

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you, the compensation described in <u>Exhibit A</u>, attached hereto (the "Employee Compensation"), as determined and modified by us in our sole discretion from time to time. Except as set forth on <u>Exhibit A</u>, our obligation to pay you any Employee Compensation shall cease upon termination, for whatever reason, of your employment with us. Your annual salary shall be prorated for partial calendar years of service to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Terms, Conditions and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Your employment with us is at will and may be terminated at any time, with or without Cause (as defined in <u>Exhibit A</u>) and with or without notice, by either you or by us. This also means that we may change the status, terms and conditions of your employment (including, without limitation, continued employment, discipline, termination, demotion, promotion, transfer, compensation, benefits, duties, and locations of work) at any time with or without cause, except for the at-will nature of the employment relationship. No employee of ours has the authority to enter into any agreement for employment for a specified period of time or to make any representation or agreements to the contrary, except in a written document signed by you and our Chief Executive Officer. In the event of your termination by you or by us, with or without Cause, all of our obligations under this Agreement shall terminate immediately except with respect to the benefits or payments to which you are entitled by law or contract through the date of your termination. For the avoidance of doubt, you shall only be eligible for the severance benefits provided in <u>Exhibit A</u> in the event of a termination by us without Cause or within twelve (12) months following a Change in Control (as defined in the Research Solutions, Inc. 2017 Omnibus Incentive Plan) and provided the requirements set forth in <u>Exhibit A</u> are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of your death, all of our obligations under this Agreement shall terminate immediately except with respect to benefits or payments to which you are entitled by law or contract after death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon termination of your employment, or at any time requested by us, you shall return immediately to us all of our documents, records and other property, and all copies thereof, within your possession, custody or control, including, but not limited to, any materials containing any Trade Secrets (defined below) or Confidential Information (defined below) or any portion thereof. Upon termination of your employment, or at any time requested by us, you further agree to destroy such records maintained by you on your own computer equipment. Notwithstanding the previous provisions, you will retain your personal employment records that we have provided to you during your employment by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Without limitation to the previous provisions, you acknowledge and agree that any accounts, registrations, logins, or other means of contact you use primarily in the course of performing your duties for us, shall be owned by us and must be returned to us immediately upon termination of your employment or upon our request. If, notwithstanding the previous sentence, you are deemed to have any ownership interest in such accounts, registrations, logins, or means of contact, you hereby assign, and agree that the ownership of any current or future such accounts, registrations, logins, or means of contact shall be automatically assigned, without further consideration, to us. You agree to perform, during or after your employment, such further acts as may be necessary or desirable to transfer, perfect and defend our ownership of such accounts, registrations, logins, and means of contact that are reasonably requested by us. Notwithstanding the previous provisions, to the extent we so consent in writing at the time of termination, you may retain any such accounts, registrations, logins, or means of contact upon termination of your employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Business Ideas.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)We will own, and you hereby assign to us and agree to assign to us, all rights in all Business Ideas (as defined below). All Business Ideas which are or form the basis for copyrightable works are "works made for hire" as that term is defined by United States copyright law, and to the extent such Business Ideas are not, you hereby assign and agree to assign all such Business Ideas to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The term "Business Ideas" means all ideas, designs, modifications, formulations, specifications, concepts, know-how, trade secrets, discoveries, inventions, data, software, developments, and copyrightable works, whether or not patentable or registrable which are: (i) related to any business that we are known to be engaged in (a "Current Business"), or related to a Current Business and contemplated by us; (ii) originated or developed during your working hours with us; or (iii) originated or developed, in whole or in part, using materials, labor, facilities, or equipment furnished by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)While employed by us, you will promptly disclose all Business Ideas to us. Such disclosure may be made by you by providing a description of such Business Ideas in writing to your manager or to an appropriate member of our executive team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)At any time during or after your employment by us, you will promptly execute all documents which we may reasonably require to perfect our patent, copyright and other rights to such Business Ideas throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the sake of clarity, the previous provisions do not apply to any Business Ideas for which no equipment, supplies, facility or Trade Secret or Confidential Information of ours were used and which were developed entirely on your own time, and (i) which do not relate (a) directly to the business of ours or (b) to our actual or demonstrably anticipated research or development; or (ii) which do not result from any work performed by you for us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Need for Restrictions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You acknowledge and agree that (i) our business and customer relationships are significant assets of ours which have been established and maintained by a substantial investment of time, effort and expense by us; (ii) you, by virtue of your employment with us, will have unique and extensive exposure to our most confidential business plans, strategies and operating techniques as well as to our customers; and (iii) you would be able to compete unfairly with us which would cause a loss in revenue that could injure our business and cause other damages, unless you are subject to the restrictions contained in Sections 5, 7, 9, 10, 11, 12 and 13, and such other restrictions as may be set forth in this Agreement, and you agree that we would not extend employment to you (including, without limitation, the severance benefit protections outlined in <u>Exhibit A</u>), or provide you with access to our Confidential Information, Trade Secrets, or customers, unless you agree to such restrictions. You agree such restrictions, including, but not limited to, the time period and customer parameters of such restrictions, are fair and reasonably required for the protection of our interests, and that the post-employment term of the restrictions contained in this Agreement shall survive following the end of your employment with us. You also acknowledge and agree that such restrictions will not unduly interfere with your ability to earn a livelihood or using general skills and knowledge gained while employed by us, in the event of, and after, the end of your employment with us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Finally, nothing in this Agreement shall have the purpose or effect of limiting your

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ability to disclose or discuss information related to sexual assault or sexual harassment disputes that arise after the date you sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During your employment with us, you agree to not directly or indirectly, use or disclose any Confidential Information or Trade Secrets (as defined below) except in the interest and for the benefit of us. Upon termination of your employment with us, for any reason, you will not directly or indirectly, use or disclose any Trade Secrets of ours. For a period of twenty-four (24) months following your termination of employment with us, for any reason, you will not, directly or indirectly, use or disclose any Confidential Information of ours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, third-party information provided to us pursuant to the terms of a confidentiality arrangement or agreement is considered to be Confidential Information.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding the previous section, the term "Confidential Information" shall not include, and the obligations set forth in this Agreement shall not apply to, any information which: (i) can be demonstrated by you to have been known by you prior to your employment by us; (ii) is or becomes generally available to the public through no act or omission of yours; (iii) is obtained by you in good faith from a third party who discloses such information to you on a non-confidential basis without violating any obligation of confidentiality or secrecy relating to the information disclosed; or (iv) is independently developed by you outside the scope of your employment without use of Confidential Information or Trade Secrets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Nothing in this Agreement shall limit or supersede any common law, statutory or other protections of Trade Secrets where such protections provide us with greater rights or protections for a longer duration than provided in this Agreement. With respect to the disclosure of a Trade Secret and in accordance with 18 U.S.C. § 1833, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, provided that, the information is disclosed solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed

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in a lawsuit or other proceeding filed under seal so that it is not disclosed to the public. You are further notified that if you file a lawsuit for retaliation by us for reporting a suspected violation of law, you may disclose our Trade Secrets to your attorney and use the Trade Secret information in the court proceeding, provided that you file any document containing the Trade Secret under seal so that it is not disclosed to the public, and you and your attorney do not disclose the Trade Secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Confidential Information of Others.** You warrant and represent to us that you are not subject to any employment, consulting or services agreement, or any restrictive covenants or agreements of any type, which would conflict with, or prohibit you from fully carrying out your duties as described under the terms of this Agreement. Further, you warrant and represent to us that you have not and will not retain or use, for our benefit, any confidential information, records, trade secrets, or other property of a former employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Provisions Applicable if You Reside in Certain States.** You may be required to accept a replacement agreement based on our requirements for a new state which becomes your place of residence in the future. Depending on your state of residence, an updated agreement may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Non-Solicitation of Employees**. During your employment by us and for a period of eighteen (18) months following the termination of your employment with us, for any reason, you shall not, directly or indirectly, encourage any employee of ours to terminate their employment with us or solicit such an individual for employment away from us in any manner which would end or diminish that employee's services to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Non-Competition During and After Employment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**During Employment**. While we employ you, you shall not, directly or indirectly, compete against us, or, directly or indirectly, divert or attempt to divert business from us anywhere we do business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Restrictions Relating to Products or Services Under Development by Us**. For a period of eighteen (18) months following the termination of your employment with us, for any reason, you agree not to, directly or indirectly, develop, market or sell, or attempt to develop, market or sell, on behalf of any Competitor in the Territory, any product or service that is under development by us during the twelve (12) month period prior to the termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Restricted Services**. For a period of eighteen (18) months following the termination of your employment with us, for any reason, you agree not to, directly or indirectly, provide Restricted Services (defined below) to any Competitor (defined below) in the Territory (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The term "Restricted Services" means employment duties and functions of the type provided by you to us during the twelve (12) month period prior to the termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The term "Competitor" means (1) any entity that, as its principal business, enables the discovery, acquisition and management of scholarly journal articles, book

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chapters and other content in scientific, technical and medical research; or (2) any entity that provides offerings of the type sold or serviced by us during the twelve (12) month period prior to the termination of your employment in the vertical markets where we sold or serviced our products or services during the twelve (12) month period prior to the termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The term "Territory" means worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Exclusions**. The restrictions outlined in this Section 11 do not prohibit you from providing Restricted Services to a Competitor (including, without limitation, any entity, sole proprietorship, or vertical market) if you are exclusively servicing a subsidiary, division or department of such Competitor that does not: (i) enable the discovery, acquisition and management of scholarly journal articles, book chapters and other content in scientific, technical and medical research; or (ii) provide offerings of the type sold or serviced by us during the twelve (12) month period prior to the termination of your employment in the vertical markets where we sold or serviced our products or services during the twelve (12) month period prior to the termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Customer Non-Solicitation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For a period of eighteen (18) months following the termination of your employment with us, for any reason, you agree not to, directly or indirectly, solicit or attempt to solicit any business from any Restricted Customer (defined below) in any manner which competes with the services or products sold, developed, marketed, managed, or provided by you on behalf of us during the twelve (12) months preceding termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The term "Restricted Customer" means any individual or entity (i) for whom/which we provided services or products, and (ii) with whom/which you had contact on behalf of us, or about whom/which you acquired non-public information in connection with your employment with us, in the case of both (i) and (ii), above, during the twelve (12) months preceding the termination of your employment. The term "Restricted Customer" shall not include any individual or entity whom/which, through no direct or indirect act or omission of yours, terminated its business relationship with us more than six (6) months prior to the termination of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Non-Disparagement.** You agree not to engage at any time in any form of conduct or make any statements or representations, or direct any other person or entity to engage in any conduct or make any statements or representations, that disparage, criticize or otherwise impair the reputation our reputation (including through news media, with industry analysts or on social media outlets such as X, Facebook, LinkedIn, Glassdoor, etc.). Nothing contained in this Section shall preclude you from providing truthful information pursuant to subpoena or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Equitable Relief.** The parties to this Agreement acknowledge that a breach by you of any of the terms or conditions of this Agreement will result in irrevocable harm to us and that the remedies at law for such breach may not adequately compensate us for damages suffered. Accordingly, you agree that in the event of such breach, we shall be entitled to injunctive relief or such other equitable remedy as a court of competent jurisdiction may provide (without the necessity of posting bond or other security). Nothing contained in this Agreement will be construed to limit our right to any remedies at law, including the recovery of damages for breach of this Agreement. If we bring any action for injunctive relief or recovery of damages or to enforce

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any of the terms, covenants or conditions contained in this Agreement and are the prevailing party, we shall be entitled to recover reasonable attorney's fees from you, in addition to costs and necessary disbursements, incurred in such action, to the extent allowed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Severability / Modification.** If any provision of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, such holding shall not affect the enforceability of any other provision of this Agreement, and all other provisions shall continue in full force and effect. In the event any provision of this Agreement is determined by a court of competent jurisdiction to be overbroad, unreasonable or unenforceable, the court may, as allowed by applicable law, revise the specific terms of this Agreement to the fullest extent permitted by law to make such terms reasonable and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall not be amended or modified except by a writing executed by both parties, and, with respect to your at-will employment status, any modification must be signed by both you and our Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall be binding upon and inure to our benefit and our successors and assigns. We may assign this Agreement and any of our rights or obligations hereunder. Due to the personal nature of this Agreement, you shall not have the right to assign your rights or obligations under this Agreement without our prior written consent. You hereby agree that, at our request and expense, you will consent to any such assignment by us and will promptly execute any assignments or other documents necessary to effectuate any such assignment to our successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)You agree, during the term of any restriction contained in this Agreement, to disclose this Agreement to any entity or individual which offers employment or engagement, as applicable, to you. You further agree that we may send a copy of this Agreement to, or otherwise make the provisions of this Agreement known to, any of your potential or future employers or any other party to whom you are contemplating rendering services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Agreement and Exhibits A, B and C incorporated herein, represent the entire understanding of the parties concerning the subject matter of this Agreement, and supersede all prior communications, agreements and understandings, whether oral or written, relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)All communications required or otherwise provided under this Agreement shall be in writing and hand delivered, or sent via email to your manager or appropriate member of the executive team. All notices shall be deemed effective when personally received by hand delivery or email by the recipient, or on the date of actual receipt, as evidenced by courier record, or by similar document.

If to: Reprints Desk, Inc. *dba* Research Solutions10624 S Eastern Ave.

Ste. A-614

Henderson, NV 89052

Attn: Human Resources

If to you: Sefton Cohen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 Greens Farms Road

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Port, CT 06880

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Governing Law.** This Agreement shall be governed by and construed in accordance with the substantive and procedural laws of the state of Connecticut.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Consideration.** Execution of this Agreement is a condition of your employment with us, and your employment by us constitutes the consideration for your undertakings hereunder. As additional consideration, we will provide you the severance benefit protections set forth in <u>Exhibit A</u>.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first indicated above.

**Reprints Desk, Inc. *dba* Research Solutions** **EMPLOYEE**

By: ________________________________By: ________________________________

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**EXHIBIT A**<br>**EMPLOYEE COMPENSATION**

**PAYROLL DATA:** 

Full-TimeExempt

Position/Title: Chief Revenue Officer

Position Manager: President and Chief Executive Officer

Hourly $ NA

Annual Salary $340,000.00

If Applicable:

Commission Plan: NA

Management Bonus: $260,000.00 on-target

Long-Term Equity: 340,000 shares per Restricted Stock Award Agreement

**SEVERANCE BENEFITS:**

If, during the term of this Agreement, your employment is terminated by us without Cause (defined below) or within twelve (12) months following a Change in Control (as defined in the Research Solutions, Inc. 2017 Omnibus Incentive Plan), you will be eligible to receive (i) Severance Pay (defined below and based on when your termination occurs), (ii) any accrued but unpaid bonus, including a pro-rata bonus for the fiscal year of termination (determined by multiplying the amount of such bonus which would otherwise be due for the full fiscal year (but for your termination) by a fraction, the numerator of which is the actual number of days you were employed by us during the fiscal year in which the termination occurs and the denominator of which is 365), less any payment previously made by us, if any, with respect to the current fiscal year's Bonus Plan, payable at the same time bonuses for such year are paid to other senior executives, provided you have executed (and not revoked, if applicable) the written severance agreement described below at the time of payment, otherwise payment shall be made as described in the written severance agreement, and (iii) if you are covered by our group health insurance plan on the date of termination and you elect to participate, in a timely manner, in such plan in accordance with the mandates of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), medical, dental and other welfare benefits for a period of up to nine (9) months at the standard company-employee pay rates, which shall cease if you become eligible for benefits with a new employer.

For purposes of this Agreement, "Severance Pay" shall mean: (A) if your employment is terminated by us without Cause on or before the one (1) year anniversary date of your employment with us or within twelve (12) months following a Change in Control, continued payment of your then current base salary for a period of nine (9) months following the date of termination; or (B) if your employment is terminated by us without Cause after the one (1) year anniversary date of your employment with us, continued payment of your then current base salary for a period of six (6) months following the date of termination. The Severance Pay shall be paid in accordance with our normal payroll practices, subject to applicable tax withholdings, commencing on our first regularly scheduled payroll date that occurs at least five (5) business days after the severance agreement referenced below becomes effective and irrevocable, with any amounts otherwise payable prior to such date (but for any consideration/revocation requirements related to such release) to be made in a lump sum on such date.

Receipt and payment of the severance benefits set forth in this Exhibit A is contingent upon your execution (and decision not to revoke, if applicable) of a written severance agreement (in a form satisfactory to us) containing, among other things, a general release of claims against us and any of our subsidiaries, affiliates and any predecessors, which agreement must become effective and irrevocable within sixty (60) calendar days of your last day of employment with us.

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For purposes of this Agreement, "Cause" shall be determined by us and shall mean that you have engaged in any of the following: (i) you have materially breached this Agreement or any other agreement to which you and us or our affiliates are parties or have materially breached any other obligation or duty owed to us or our affiliates; (ii) you have committed gross negligence, willful misconduct or any violation of law in the performance of your duties for us or any of our affiliates; (iii) you have failed to follow reasonable instructions from us concerning our or our affiliates' operations or business; (iv) you have committed a crime the circumstances of which substantially relate to your employment duties with us or our affiliates; (v) you have misappropriated funds or property of ours or our affiliates; or (vi) you have attempted to obtain a personal profit from any transaction in which we or our affiliate(s) have an interest, and which constitutes a corporate opportunity of ours or our affiliate(s), or which is adverse to the interests of ours or our affiliate(s), unless the transaction was approved in writing by us after full disclosure of all details relating to such transaction.

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**EXHIBIT B** 

**CONFLICT OF INTEREST GUIDELINES** 

It is the policy of Research Solutions, Inc., to conduct its affairs in strict compliance with the letter and spirit of the law and to adhere to the highest principles of business ethics. Accordingly, all officers, employees and independent contractors must avoid activities which are in conflict, or give the appearance of being in conflict, with these principles and with the interests of the Company. The following are potentially compromising situations which must be avoided. Any exceptions must be reported to the President and written approval for continuation must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Revealing confidential information to outsiders or misusing confidential information. Unauthorized divulging of information is a violation of this policy whether or not for personal gain and whether or not harm to the Company is intended. (The Agreement, to which this Exhibit B is attached, elaborates on this principle and is a binding agreement.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accepting or offering substantial gifts, excessive entertainment, favors or payments which may be deemed to constitute undue influence or otherwise be improper or embarrassing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Participating in civic or professional organizations that might involve divulging confidential information of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Initiating or approving personnel actions affecting reward or punishment of employees or applicants where there is a family relationship or is or appears to be a personal or social involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Initiating or approving any form of personal or social harassment of employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Investing or holding outside directorship in suppliers, customers, or competing companies, including financial speculations, where such investment or directorship might influence in any manner a decision or course of action of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Borrowing from or lending to employees, customers or suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Acquiring real estate of interest to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Improperly using or disclosing to the Company any proprietary information or trade secrets of any former or concurrent employer or other person or entity with whom obligations of confidentiality exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Unlawfully discussing prices, costs, customers, sales or markets with competing companies or their employees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Making any unlawful agreement with distributors with respect to prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Improperly using or authorizing the use of any inventions which are the subject of patent claims of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Engaging in any conduct which is not in the best interest of the Company.

Each officer, employee and independent contractor must take every necessary action to ensure compliance with these guidelines and to bring problem areas to the attention of higher management for review. Violations of this conflict of interest policy may result in discharge without warning.

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**EXHIBIT C** 

**THE FOREIGN CORRUPT PRACTICES ACT OF 1977**

The Foreign Corrupt Practices Act of 1977 (the "<u>Act</u>") amended the federal securities laws to expand the authority of the federal government to deal with improper business practices and, perhaps more significantly, to create new powers to determine just what constitutes such improper practices.

**THE ACT**

The Act, to which Research Solutions, Inc. (the "<u>Company</u>") will be subject once it becomes a publicly owned corporation, was enacted to deter illegal corporate payments by: (1) prohibiting certain payments or promises to foreign officials (anti-bribery provisions), (2) requiring corporations to keep adequate records of the disposition of their assets, and (3) making corporations responsible for internal monitoring of their accounting practices. In summary, the provisions of the Act in each of these areas are as follows:

**ANTI-BRIBERY PROVISIONS**

This portion of the Act makes it a criminal offense for an employee (or an officer, director, agent or shareholder of the corporation) to make an offer, payment or gift of any money or other item of value, directly or indirectly, to (i) a foreign official, (ii) a foreign political party, (iii) a party official or (iv) a candidate for foreign political office for the "corrupt" purpose of obtaining or retaining business for the Company or for the purpose of directing business to any other person. The term "corrupt" is construed to prohibit any activity, including the provision of meals, lodging or entertainment, which is meant to influence the recipient and which is done for the stated illegal purposes. This highly publicized provision carries with it prosecution of officers, directors, employees or agents resulting in fines of up to $100,000 or imprisonment of up to five years, or both.

The Act does provide a narrow exception for payments to a foreign official, foreign political party, or party official intended to hasten or secure the performance of a "routine governmental action." Such "routine governmental actions" are those ordinarily performed by a foreign official in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. obtaining permits, licenses, or other official documents to qualify a person to do business in a foreign country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. processing governmental papers, such as visas and work orders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. providing police protection, mail pick-up and delivery, or scheduling inspections associated with contract performance or inspections related to transit of goods across country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. providing phone service, power and water supply, loading and unloading cargo, or protecting perishable products or commodities from deterioration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. actions of a similar nature.

In addition, the Act provides two affirmative defenses to charges of violations. First, it is a defense to a charge if the payment or promise was lawful under the written laws and regulations of the country in which the recipient is located. Finally, "reasonable and bona fide expenditures" made to foreign officials do not violate the Act. For example, the Company may reimburse foreign officials for the cost of travel and lodging in connection with (i) the promotion, demonstration, or explanation of products or services, or (ii) the execution or performance of a contract with a foreign government.

**RECORD-KEEPING PROVISIONS**

Pursuant to Exchange Act Section 13(b)(2)(A), Research Solutions, Inc., is required to make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company. The purpose of this requirement is to prevent the occurrence of the following types of abuses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Records that accurately record the existence of a transaction but which fail to reveal the illegal or improper purpose of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Records that fail to record improper transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Records that are falsified to conceal improper transactions which are otherwise correctly recorded.

**INTERNAL ACCOUNTING CONTROL PROVISIONS**

Pursuant to Exchange Act Section 13(b)(2)(B), the Company must devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that the following objectives are achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Transactions are executed in accordance with management's general and specific authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Transactions are recorded in a way which will permit the preparation of proper financial statements and will maintain accountability for assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Access to assets is permitted only in accordance with management's general and specific authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Audits are conducted at reasonable intervals and appropriate action is taken with respect to any deficiencies in accountability for assets.

**RESEARCH SOLUTIONS, INC.**

It is the policy of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The use of Company funds or assets for any unlawful or improper purpose is strictly prohibited. No payment shall be made to, or for the benefit of, government employees for the purpose of, or otherwise in connection with, the securing of sales to or obtaining favorable action by a government agency. Gifts of substantial value to or lavish entertainment of government employees are prohibited since they can be construed as attempts to influence government decisions in matters affecting the Company's operation. Any entertaining of public officials, or the furnishing of assistance in the form of transportation or other services should be of such nature that the official's integrity or reputation will not be compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The offer, payment or promise to transfer in the future company funds or assets or the delivery of gifts or anything else of value to foreign officials, foreign political parties or officials or candidates of foreign political parties is strictly prohibited for the purpose of influencing any act or decision of any such person in their official capacity, including the decision to fail to perform their official functions or to use such persons or party's influence with a foreign government or instrumentality in order to affect or to influence any act or decision of such government or instrumentality in order to assist the Company in obtaining or retaining business for or with, or directing business to any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All records must truly reflect the transactions they record. All assets and liabilities shall be recorded in the regular books of account. No undisclosed or unrecorded fund or asset shall be established for any purpose. No false or artificial entries shall be made in the books and records for any reason. No payment shall be approved or made with the intention or understanding that any part of such payment is to be used for any purpose other than that any part of such payment is to be used for any purpose other than that described by the document supporting the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No political contribution shall be made, directly or indirectly, with corporate funds or assets regardless of whether the contributions are legal under the laws of the country in which they are made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any employee who learns of or suspects a violation of this policy should promptly report the matter to the President, Chief Financial Officer or Internal Auditor, as appropriate in the circumstances. All managers shall be responsible for the enforcement of and compliance with this policy, including the necessary distribution to insure employee knowledge and compliance.

32055176.1 16

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## Exhibit 19.1

**Exhibit 19.1**

#### RESEARCH SOLUTIONS, INC.<br>AMENDED AND RESTATED Policy PROHIBITING INSIDER TRADING <br>AND UNAUTHORIZED DISCLOSURE OF<br>INFORMATION TO OTHERS<br>(Effective July 1, 2025)
**Introduction**

Federal and state securities laws prohibit any person who is aware of material nonpublic information about a company from trading in securities of that company. These laws also prohibit a person from disclosing material nonpublic information to other persons who may trade on the basis of that information (also referred to in this policy as "tipping").

Our board of directors has adopted this policy to promote compliance with these laws and to protect our company from the serious liabilities and penalties that can result from violations of these laws.

It is your responsibility to comply with the securities laws and this policy. If you have questions about this policy, please contact our Compliance Officer. Information on how to contact the Compliance Officer is set forth under the heading "Company Assistance."

This policy is effective as of the date set forth at the top of this page and supersedes any previous insider trading policy and any supplemental insider trading policy of the Company. In the event of any conflict or inconsistency between this policy and any other materials previously distributed by the Company, this policy shall govern.

**Persons subject to this policy**

If you are an employee, officer or director of the Company or any of its subsidiaries, then this policy applies to you. The Compliance Officer may also determine from time to time that other persons who may have access to material nonpublic information due to their activities with the Company shall be subject to this policy.

It also applies to your family members who reside with you, anyone else who lives with you and any other person or entity whose transactions in Company securities are directed by you or are subject to your influence or control. You are responsible for making sure that these other persons and entities comply with this policy.

In addition, you are responsible for complying with applicable law as then in force and effect. Accordingly, in the event of any conflict or inconsistency between this policy and applicable law, or any omission from this policy, you are not excused from complying with applicable law.

Furthermore, our directors, executive officers and certain other designated persons who have access to material nonpublic information about us are subject to supplemental requirements

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that impose additional restrictions on their trading in Company securities, as set forth below under the heading "Supplemental Requirements for Designated Persons."

**Core trading and disclosure restrictions**

The following trading and disclosure restrictions apply to all of our employees, officers and directors:

● If you have material nonpublic information regarding us, you must not trade or advise anyone else to trade in our securities until such information has been publicly disclosed.

● If you have material nonpublic information regarding any other company that you obtained from your employment or relationship with us, you must not trade or advise anyone else to trade in the securities of that other company until such information has been publicly disclosed.

● Do not share material nonpublic information with people in our company whose jobs do not require them to have the information.

● Do not disclose any nonpublic information, material or otherwise, concerning the Company to anyone outside the Company unless required as part of your duties and the person receiving the information has a reason to know the information for Company business purposes.

**Transactions covered by this policy**

This policy applies to any purchase or sale of Company securities, including our common stock, options to purchase our common stock, any other type of securities that we may issue, such as preferred stock, convertible debentures and warrants, as well as exchange-traded options, other derivative securities, and puts, calls and short sales involving Company securities.

Notwithstanding this general rule, certain transactions are prohibited as discussed under the heading "Additional restrictions and guidance." In addition, certain transactions under Company benefit plans are not prohibited by this policy as discussed under the heading "Exceptions to this policy for certain transactions under Company benefit plans."

**Additional restrictions and guidance**

This section addresses certain types of transactions that may expose you and our company to significant risks.

***Short sales***. Short sales (i.e., the sale of a security that must be borrowed to make delivery) and "selling short against the box" (i.e., a sale with a delayed delivery) with respect to Company securities are prohibited under this policy. Short sales may signal to the market possible bad news about our company or a general lack of confidence in our company's prospects, and an expectation that the value of Company securities will decline. In addition, short sales are effectively a bet against our company's success and may reduce the seller's incentive to improve our company's performance. Short sales may also create a suspicion that the seller is engaged in insider trading.

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***Derivative securities and hedging transactions***. You are prohibited from engaging in transactions in publicly-traded options, such as puts and calls, and other derivative securities with respect to Company securities. This prohibition extends to any hedging or similar transaction designed to decrease the risks associated with holding Company securities. Stock options, stock appreciation rights and other securities issued pursuant to Company benefit plans or other compensatory arrangements with the Company are also subject to this prohibition; provided, however, as described in the "Exceptions to this policy for certain transactions under Company benefit plans" section of this policy, you are not prohibited from exercising any stock options issued under any of the Company's benefit plans or other compensatory arrangements in accordance with the terms of such plans or arrangements.

Transactions in derivative securities may reflect a short-term and speculative interest in Company securities and may create the appearance of impropriety, even where a transaction does not involve trading on inside information. Trading in derivatives may also focus attention on short-term performance at the expense of our company's long-term objectives. In addition, the application of securities laws to derivatives transactions can be complex, and persons engaging in derivatives transactions may subject themselves to an increased risk of violating securities laws.

***Using Company securities as collateral for loans***. You may not pledge Company securities as collateral for loans. If you default on the loan, the lender may sell the pledged securities as collateral in a foreclosure sale. The sale, even though not initiated at your request, is still considered a sale for your benefit and, if made at a time when you are aware of material nonpublic information or otherwise are not permitted to trade in Company securities, may result in inadvertent insider trading violations, violations of Section 16 ("Section 16") of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulation Blackout Trading Restriction ("Reg. BTR") (for officers and directors), violations of this policy and unfavorable publicity for you and our company.

***Holding Company securities in margin accounts***. You may not hold Company securities in margin accounts. Under typical margin arrangements, if you fail to meet a margin call, the broker may be entitled to sell securities held in the margin account without your consent. The sale, even though not initiated at your request, is still considered a sale for your benefit and, if made at a time when you are aware of material nonpublic information or are otherwise not permitted to trade, may result in inadvertent insider trading violations, Section 16 and Reg. BTR violations (for officers and directors), violations of this policy and unfavorable publicity for you and our company.

***Placing open orders with brokers***. Except in accordance with an approved trading plan (as discussed below), you should exercise caution when placing open orders, such as limit orders or stop orders, with brokers, particularly where the order is likely to remain outstanding for an extended period of time. If you are subject to the blackout window, open orders should be canceled prior to entering a blackout window, as this may result in the execution of a trade at a time when you are aware of material nonpublic information or otherwise are not permitted to trade in Company securities, which may result in inadvertent insider trading violations, Section 16 and Reg. BTR violations (for officers and directors), violations of this policy and unfavorable publicity for you and our company. If you are subject to blackout periods or pre-clearance requirements, you should so inform any broker with whom you place any open order at the time it is placed.

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**Definition of material nonpublic information**

***Material information.*** Information about our company is "material" if there is a substantial likelihood that a reasonable shareholder or investor would consider it important in making a decision to buy, sell or hold our securities, or if the disclosure of the information would be expected to significantly alter the total mix of the information in the marketplace about us. In simple terms, material information is any type of information that could reasonably be expected to affect the market price of our securities. Both positive and negative information may be material.

The following list, while not exhaustive, identifies several types of information or events that are more likely to be considered material. The Securities and Exchange Commission ("SEC") emphasizes, however, that materiality must be judged on a case-by-case basis:

● customer or licensing developments;

● financial results and forecasts;

● major new products or technologies;

● establishment of, or developments in, joint ventures or similar collaborations;

● strategic plans;

● significant write-offs;

● potential mergers, acquisitions, tender offers or the sale of assets of the Company or a subsidiary thereof;

● potential acquisitions of additional products or technologies;

● notice of issuance of patents, the acquisition of other material intellectual property rights or other significant intellectual property developments;

● significant changes or developments in the Company's industry;

● new major contracts, suppliers, or finance sources, or the loss thereof;

● significant pricing changes;

● events regarding the Company's securities (*e.g.*, defaults on senior securities, calls of securities for redemption, repurchase plans, stock splits, public or private equity/debt offerings, or changes in Company dividend policies or amounts);

● significant changes in control or senior management;

● significant changes in compensation policy;

● bankruptcies or receiverships;

● actual or threatened major litigation, or a major development in or the resolution of such litigation; and

● change in auditors or a notification that the Company can no longer rely on an auditor's report.

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***Nonpublic information.*** Nonpublic information is information that is not generally available to the investing public. If you are aware of material nonpublic information, you may not trade until the information has been widely disclosed to the public (for example, through a press release or an SEC filing) and the market has had sufficient time to absorb the information. For purposes of this policy, information will generally be considered public after the second full trading day following the Company's public release of the information. For example, if we issued a press release on a Tuesday, the first day that trading could occur would be on Friday.

If you are not sure whether information is material or nonpublic, consult with the Compliance Officer for guidance before engaging in any transaction in Company securities.

**Unauthorized disclosure of information**

You are prohibited from disclosing to anyone inside or outside the Company any nonpublic information obtained at or through the Company, except when such disclosure is part of your regular duties and is needed to enable the Company to carry out its business properly and effectively.

We are subject to laws that govern the timing of our disclosures of material information to the public and others. Pursuant to our company's Corporate Disclosure Policy, only certain designated employees may discuss the Company with the news media, securities analysts and investors. All inquiries from outsiders regarding material nonpublic information about the Company should be forwarded to the Company's Chief Executive Officer and Chief Financial Officer. Accordingly, when an inquiry is made by an outsider, the following response will generally be appropriate:

"As to these types of matters, the Company's spokesperson is its Chief Executive Officer. If there is any comment, he/she would be the one to contact."

The following procedures are appropriate in protecting the confidentiality of Company information: (i) avoid discussions of confidential matters in places where they might be overheard or otherwise disseminated; (ii) mark sensitive documents "confidential" and use sealed envelopes marked "confidential"; (iii) secure confidential documents and restrict the copying of sensitive documents; (iv) provide instructions to receptionists regarding outside inquiries; (v) use code names for sensitive projects; (vi) use passwords to restrict computer access; and (vii) do not use any Internet message boards or similar medium available to the public to post any unauthorized messages regarding the Company or our business, financial condition, employees, clients or other matters related to us.

**Consequences of violating insider trading laws or this policy**

The consequences of violating the securities laws or this policy can be severe. They include the following:

***Civil and criminal penalties.*** As of the effective date of this policy, potential penalties for insider trading violations under U.S. federal securities laws include:

● civil fines of up to three times the profit made or loss avoided;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● criminal fines of up to $5 million for individuals and $25 million for entities;

● imprisonment for up to 20 years;

● damages in a private lawsuit;

● disgorging any profits made or losses avoided;

● a bar against serving as an officer or director of a public company; and

● an injunction against future violations.

Civil and criminal penalties also apply to tipping. The SEC has imposed large penalties in tipping cases even when the disclosing person did not trade or gain any benefit from another person's trading.

In addition, the Company and/or the supervisors of a person who violates these laws may also be subject to civil or criminal penalties if they did not take appropriate steps to prevent illegal trading.

***Company Discipline.*** If you violate this policy or insider trading or tipping laws, you may be subject to disciplinary action by the Company, up to and including termination for cause. A violation of our company policy is not necessarily the same as a violation of law and we may determine that specific conduct violates this policy, whether or not the conduct also violates the law. We are not required to await the filing or conclusion of a civil or criminal action against an alleged violator before taking disciplinary action.

***Reporting Of Violations.*** Any employee, officer or director who violates this policy or any federal or state laws governing insider trading or tipping, or knows of any such violation by any other employee, officer or director, must report the violation immediately to the Compliance Officer.

**Exceptions to this policy for certain transactions under Company benefit plans**

Certain transactions in Company securities under Company benefit plans are not prohibited by this policy. These are:

***Stock Option Exercises.*** This policy does not apply to your exercise of an employee stock option. It also does not apply to your election to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This policy does apply, however, to sales of shares received upon exercise of an option in the open market.

***Restricted Stock Unit/Restricted Stock Awards.*** This policy does not apply to the vesting of restricted stock or restricted stock units, or the surrender of shares of stock to the Company or the retention and withholding from delivery of shares of stock by the Company upon vesting of restricted stock or restricted stock units in satisfaction of tax withholding obligations in a manner permitted by the applicable incentive award agreement or the Company's incentive award plan pursuant to which the restricted stock or restricted stock unit was granted. This policy does apply, however, to any open market sale of shares resulting from the vesting of restricted stock or restricted stock units.

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***401(k) Plan.*** This policy does not apply to purchases of Company stock in a 401(k) plan resulting from your periodic contribution of money to the plan through a payroll deduction election. This policy does apply, however, to certain elections you may make under a 401(k) plan, including (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund, (b) an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund, (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance, and (d) your election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund.

**Exceptions to this policy for transactions under SEC Rule 10b5-1 trading plans**

The SEC has enacted rules that provide an affirmative defense against alleged violations of U.S. federal insider trading laws for transactions pursuant to trading plans that meet certain requirements. In general, these rules, as set forth in Rule 10b5-1 under the Exchange Act, provide for an affirmative defense if you enter into a contract, provide instructions or adopt a written plan for trading securities when you are not aware of material nonpublic information. The contract, instructions or plan must (i) specify the date, price and amount of the transaction, (ii) specify an objective method for determining the date, price and amount of the transaction and/or (iii) place any subsequent discretion for determining the date, price and amount of the transaction in another person who is not, at the time of the transaction, aware of material nonpublic information.

Transactions made pursuant to a written trading plan that complies with the affirmative defense set forth in Rule 10b5-1 and is approved by the Compliance Officer, are not subject to the restrictions in this policy against trades made while aware of material nonpublic information or to the pre-clearance procedures or blackout periods established under this policy. If you desire to implement a trading plan, you must first pre-clear the plan with the Compliance Officer, who must consult with the Company's outside securities counsel prior to pre-clearing the plan. In approving a trading plan, the Compliance Officer may, in furtherance of the objectives expressed in this policy, impose criteria in addition to those set forth in Rule 10b5-1. You should therefore confer with the Compliance Officer prior to entering into any trading plan.

The SEC rules regarding trading plans are complex and must be complied with completely to be effective. The description provided above is only a summary, and the Company strongly advises that you consult with your legal advisor if you intend to adopt a trading plan. While trading plans are subject to review and approval by the Compliance Officer, the individual adopting the trading plan is ultimately responsible for compliance with Rule 10b5-1 and ensuring that the trading plan complies with this policy.

Trading plans must be filed with the Compliance Officer and must be accompanied by an executed certificate stating that the trading plan complies with Rule 10b5-1 and any other criteria established by the Company. The Company may publicly disclose information regarding trading plans that you may enter.

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**Supplemental Requirements for Designated Persons**

We will notify you if you are subject to the supplemental requirements in this section (the "Supplemental Requirements"). We refer to persons subject to the Supplemental Requirements as "Designated Persons." **Your execution of the Certification that is attached to this Policy constitutes your agreement to comply with the Supplemental Requirements, where applicable.**

***Persons subject to Supplemental Requirements***

The Supplemental Requirements apply to:

● each director of our company;

● each officer of our company who has been designated by our board of directors as an "executive officer" for purposes of the reporting requirements and trading restrictions of Section 16; and

● any additional persons that the Compliance Officer may from time to time designate as being subject to the Supplemental Requirements because of their position with our company and access to material nonpublic information.

If you are a Designated Person, then the Supplemental Requirements also apply to your family members who reside with you, anyone else who lives with you and any other person or entity whose transactions in Company securities are directed by you or are subject to your influence or control. You are responsible for making sure that these other persons and entities comply with the Supplemental Requirements.

***Additional trading restrictions that apply to Designated Persons***

If you are a Designated Person, you are subject to the following restrictions:

● **You may not trade in Company securities outside of a trading window.** For purposes of the Supplemental Requirements, a "trading window" will commence at the close of business on the second trading day following the public disclosure of the Company's financial results for a particular fiscal quarter or year and continue through the twentieth day of the third month of the immediately following fiscal quarter. For example, for the second quarter of the Company's fiscal year, the trading window would start at the close of business on the second trading day following the release of the Company's second quarter financial results and end on March 20. For the Company's fiscal year end release of financial results, the trading window would start at the close of business on the second trading day following the release of the Company's fiscal year financial results and end on September 20. For purposes of clarity, in the event that the Company releases its financial results for a particular fiscal quarter or year prior to the opening of trading on the morning of a particular trading day, that day shall be deemed the first trading day for purposes of the Supplemental Requirements. For example, if the Company releases its financial results for a particular fiscal quarter or year prior to the opening of trading on a Tuesday morning

------

that is otherwise a normal trading day (i.e., not a federal holiday), the trading window would start at the close of business on the following trading day, Wednesday.

● **Even during a trading window, you may not trade during a blackout period.** You may not trade in Company securities during any special blackout periods that the Compliance Officer may designate with the prior written approval of the Chief Executive Officer (or the Compensation Committee of our board of directors, if the Chief Executive Officer is unavailable). The Compliance Officer will advise you in writing of when a special blackout period commences and ends. You may not disclose to any outside third party that a special blackout period has been designated.

● **You may not trade during a trading window without prior approval.** During a trading window, you may trade in Company securities only after obtaining the approval of the Compliance Officer. If you decide to engage in a transaction involving Company securities during a trading window, you must notify the Compliance Officer in writing of the amount and nature of the proposed trade(s) at least two business days prior to the proposed transaction, and certify in writing that you are not in possession of material nonpublic information concerning the Company. You must not engage in the transaction unless and until the Compliance Officer provides approval in writing. Any determination by the Compliance Officer to disapprove a proposed trade will require the concurrence of the Chief Executive Officer (or the Compensation Committee of our board of directors, if the Chief Executive Officer is unavailable). The foregoing functions of the Compliance Officer will be undertaken by the Chief Executive Officer in the case of proposed trades by the Compliance Officer. Proposed trades by the Chief Executive Officer will require approval by any of (i) the Compliance Officer; or (ii) the Compensation Committee of our board of directors. The existence of these approval procedures does not in any way obligate the Compliance Officer to approve any transaction.

● **Except as permitted by SEC rules, you may not trade in Company equity securities during a pension plan blackout period.** If you are an executive officer or director, you may not trade or transfer during any pension fund blackout period any equity security of the Company that you acquired in connection with your service as an officer or director, except to the extent such trade or transfer is permitted by SEC rules. A pension plan blackout period is generally any period of more than three consecutive business days under an individual account plan during which purchases or sales of Company equity securities are prohibited under the plan (whether by us or a fiduciary of the plan), excluding certain regularly scheduled blackouts and blackouts imposed solely in connection with certain corporate transactions such as mergers. Any profits made by you in violation of this proscription are recoverable by us. We will notify plan participants, directors, officers and the SEC in advance of any pension plan blackout period.

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***Exceptions to the Supplemental Requirements***

The trading restrictions in the Supplemental Requirements do not apply to those transactions discussed under the heading "Exceptions to this policy for certain transactions under Company benefit plans."

In addition, specific exceptions to the Supplemental Requirements may be made when the person requesting approval does not possess material non-public information, personal circumstances warrant the exception and the exception would not otherwise contravene the law or the purposes of the Supplemental Requirements. Any request for an exception should be directed to the Compliance Officer.

**Company Assistance**

If you have a question about this policy or whether it applies to a particular transaction, contact our Compliance Officer for additional guidance. We have designated the Company's Chief Financial Officer as the Compliance Officer. The Compliance Officer's telephone number is (310) 477-0354. The Compliance Officer will regularly consult with the Company's outside securities counsel with respect to transactions and other matters covered by this policy.

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**CERTIFICATION**

I hereby acknowledge receipt of the Research Solutions, Inc. Amended and Restated Policy Prohibiting Insider Trading and Unauthorized Disclosure of Information to Others and agree to abide by its terms and conditions.

<br>Signature

<br>Print Name

<br>Date of Signature

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## Ex-21

**Exhibit 21**

**LIST OF SUBSIDIARIES OF RESEARCH SOLUTIONS, INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reprints Desk, Inc. a wholly owned subsidiary incorporated under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reprints Desk Latin America S. de R.L. de C.V., a wholly owned subsidiary formed under the laws of Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. RESSOL LA, S. DE R.L. DE C.V., a wholly owned subsidiary formed under the laws of Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Resolute Innovation, Inc., a wholly owned subsidiary of Reprints Desk, Inc., incorporated under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Scite, LLC, a wholly owned subsidiary formed under the laws of the State of Delaware.

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the previously filed Registration Statements of Research Solutions, Inc. on Form S-8 (File Nos. 333-169823, 333-185059, 333-200656, 333-214824, 333-221963, 333-235261, 333-250799 and 333-261275), on Form S-3 (File Nos. 333-276240 and 333-284847) and on Form S-1 (File No. 333-212649) of our report dated September 20, 2024, relating to the consolidated financial statements of Research Solutions, Inc. and Subsidiaries as of and for the fiscal year ended June 30, 2024, which appears in this Form 10-K.

/s/ Weinberg & Company

Weinberg & Company P.A.

Los Angeles, California

September 19, 2025

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## Exhibit 23.2

**Exhibit 23.2**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

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 19, 2025, relating to the consolidated financial statements of Research Solutions, Inc. and Subsidiaries as of and for the year ended June 30, 2025 appearing in this Annual Report on Form 10-K of Research Solutions, Inc. and Subsidiaries for the year ended June 30, 2025.

Wipfli LLP

Radnor, Pennsylvania

September 19, 2025

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## Exhibit 31.1

**Exhibit 31.1**

**RULE 13a-14(a) CERTIFICATION**

I, Roy W. Olivier, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Research Solutions, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:&nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 | /s/ Roy W. Olivier |
|  | Roy W. Olivier |
|  | Chief Executive Officer and President |
|  | (Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**RULE 13a-14(a) CERTIFICATION**

I, William Nurthen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Research Solutions, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| 3<br>|  |
| Date:&nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 | /s/ William Nurthen |
|  | William Nurthen |
|  | Chief Financial Officer (Principal Financial and Accounting Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

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

 **AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Research Solutions, Inc. (the "Company") on Form 10-K for the period ending June 30, 2025, 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:

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

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

---

| |
|:---|
| /s/ Roy W. Olivier |
| Roy W. Olivier |
| Chief Executive Officer and President<br>(Principal Executive Officer) |
| September 19, 2025 |

---

------

## Exhibit 32.2

**Exhibit 32.2**

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

 **AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Research Solutions, Inc. (the "Company") on Form 10-K for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Nurthen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

---

| |
|:---|
| /s/ William Nurthen |
| William Nurthen |
| Chief Financial Officer <br>(Principal Financial and Accounting Officer) |
| September 19, 2025 |

---

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## Exhibit 97.1

**Exhibit 97.1**

**RESEARCH SOLUTIONS, INC.**

**COMPENSATION RECOVERY POLICY**

**November 14, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Introduction</u> 

The Board of Directors (the "**Board**") of Research Solutions, Inc. (the "**Company**") believes that it is in the best interests of the Company and its stockholders to adopt this Compensation Recovery Policy (the "**Policy**"), effective as of the date set forth above (the "**Effective Date**"), in accordance with the applicable rules of The Nasdaq Stock Market (the "**Nasdaq Rules**"), and Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended ("**Rule 10D-1**", together with the Nasdaq Rules, the "**Listing Standards**"). This Policy provides for the recovery of erroneously awarded Incentive-Based Compensation from executive officers in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u> 

As used in this Policy, the following definitions shall apply:

● "**Accounting Restatement**" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under applicable securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error was left uncorrected in the current period or the error correction was recognized in the current period.

● "**Administrator**" shall have the meaning as set forth in Section 3.

● "**Applicable Period**" means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year). The "**date on which the Company is required to prepare an Accounting Restatement**" is the earlier to occur of (a) the date the Administrator concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement or (b) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement, in each case regardless of if or when the restated financial statements are filed.

● "**Board**" shall have the meaning as set forth in Section 1.

● "**Company**" shall have the meaning as set forth in Section 1.

● "**Covered Executive(s)**" shall have the meaning as set forth in Section 4.

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● "**Effective Date**" shall have the meaning as set forth in Section 1.

● **"Erroneously Awarded Compensation**" shall have the meaning as set forth in Section 5.

● "**Executive Officers**" shall mean the Chief Executive Officer, President, Chief Financial Officer or other principal accounting officer or controller, Chief Operating Officer, Chief Product Officer, any other officer in charge of a principal business unit, division or function, any other officer who performs a significant policy-making function for the Company, and any executive officer as defined in Item 4.01(b) of Regulation S-K.

● "**Exchange Act**" shall mean the Securities Exchange Act of 1934, as amended.

● "**Financial Reporting Measure**" shall mean any measure that is determined and presented in accordance with the accounting principles used in preparing financial statements, or any measure derived wholly or in part from the Company's financial information. Financial Reporting Measures include but are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return; revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization; funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return on assets); earnings measures (e.g., earnings per share); sales per square foot or same store sales, where sales is subject to an Accounting Restatement; revenue per user, or average revenue per user, where revenue is subject to an Accounting Restatement; cost per employee, where cost is subject to an Accounting Restatement; any of such financial reporting measures relative to a peer group, where the Company's financial reporting measure is subject to an Accounting Restatement; and tax basis income. A Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with the SEC.

● "**Incentive-Based Compensation**" shall mean compensation that is granted, earned, or vested based wholly or in part on the attainment of a Financial Reporting Measure, including, but not limited to :

- Annual bonuses and other short- and long-term cash incentives.

- Stock options.

- Stock appreciation rights.

- Restricted stock.

- Restricted stock units.

- Performance shares.

- Performance units.

● "**Listing Standards**" shall have the meaning as set forth in Section 1.

● "**Nasdaq Rules**" shall have the meaning as set forth in Section 1.

● "**Policy**" shall have the meaning as set forth in Section 1.

● "**Rule 10D-1**" shall have the meaning as set forth in Section 1.

● "**SEC**" means the United States Securities and Exchange Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Administration</u> 

This Policy shall be administered by the Board (and for purposes of Section 5(c), a majority of then-serving independent directors) or, if so designated by the Board, the Compensation Committee of the Board (as applicable, the "**Administrator**"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy and for the Company's compliance with applicable laws, Listing Standards, regulations or rules. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board or such other committees of the Board, such as the Audit Committee, as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Covered Executives</u> 

This Policy applies to the Company's current and former Executive Officers, as determined by the Administrator in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Administrator (the "**Covered Executive(s)**").

For clarity, the term "Covered Executive(s)" does not apply to individuals before they began service as an Executive Officer or who did not serve as an Executive Officer at any time during the Applicable Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Recovery of Erroneously-Awarded Compensation</u> 

In the event of the Company is required to prepare an Accounting Restatement, the Company and the Administrator will reasonably promptly recover the excess Incentive-Based Compensation (the "**Erroneously Awarded Compensation**") received by the Covered Executive(s) in accordance with the Nasdaq Rules and Rule 10D-1, as calculated pursuant to Section 5(a) below. Such recovery pursuant to an Accounting Restatement will be made without regard to any individual knowledge or responsibility related to the Accounting Restatement. Notwithstanding the foregoing, if the Company is required to undertake an Accounting Restatement, the Company will not be required to recover the Erroneously Awarded Compensation if the Administrator, after a thorough review of all relevant facts, determines it will be impracticable to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amount Subject to Recovery</u> 

The amount of Erroneously Awarded Compensation subject to recovery under the Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that would have been received by the Covered Executive had it been determined based on the restated amounts, as determined by the Administrator. The Administrator shall compute the Erroneously Awarded

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Compensation without regard to any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation. If the Administrator cannot determine the amount of excess Incentive-Based Compensation received by the Covered Executive based on the information in the Accounting Restatement, the Administrator will make its determination using a reasonable estimate of the effect of the Accounting Restatement.

Incentive-Based Compensation is "*received*" for purposes of this Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

For clarity, Incentive-Based Compensation does not include salaries, bonuses paid in satisfaction of subjective standards, non-equity incentive plan awards earned by satisfying strategic or operational measures, wholly time-based stock options or other equity awards, and discretionary bonuses or compensation paid on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Method of Recoupment/Recovery</u> 

After an Accounting Restatement and a determination that recovery of excess Incentive-Based Compensation is required, the Administrator shall promptly notify each Covered Executive with a written notice containing the amount of any Erroneously Awarded Compensation and the procedure the Administrator will follow in recovering the amount. The Administrator, in its sole discretion, shall determine the method for recovering the Erroneously Awarded Compensation, which may include, without limitation:

● requiring reimbursement of cash Incentive-Based Compensation previously paid;

● seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

● subject to compliance with applicable law, offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

● forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder;

● cancelling outstanding vested or unvested equity awards; and/or

● taking any other remedial and recovery action permitted by law, as determined by the Administrator.

The Company shall not accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of a Covered Executive's obligations hereunder, unless otherwise provided for in this Policy or as may be allowed by the relevant securities laws and Listing Standards.

In the event that the Covered Executive has already reimbursed the Company for any Erroneously Awarded Compensation received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy.

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The Company shall take all actions reasonable and appropriate to recover the Erroneously Awarded Compensation from the applicable Covered Executive in the event the Covered Executive fails to repay the Erroneously Awarded Compensation to the Company when due. The Covered Executive shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>When Recovery is Impracticable</u> 

For purposes of this Policy, it is impracticable for the Administrator to exercise its authority to seek recovery of the Erroneously Awarded Compensation if:

● The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Administrator must make a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover and provide that documentation to The Nasdaq Stock Market;

● Recovery would violate the laws of the United States where such laws were adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of the laws of the United States, the Administrator must satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards ; or

● Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Indemnification</u> 

The Company shall not be permitted to insure or indemnify any Covered Executive against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company's enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-Based Compensation that is granted, paid or awarded to a Covered Executive from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administrator Indemnification</u> 

Any members of the Administrator, any other members of the Board and any officer and/or employee of the Company who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination or interpretation. The foregoing sentence shall not

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limit any other rights to indemnification of the members of the Board and any officer and/or employee of the Company under applicable law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendment; Termination</u> 

The Board may amend, modify, supplement or delete all or any portion of this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the SEC under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Other Recoupment Rights; Company Claims</u> 

The Board intends that this Policy will be applied to the fullest extent of the law. The Administrator may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company. Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against a Covered Executive arising out of or resulting from any actions or omissions by the Covered Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Acknowledgment by Covered Executives; Condition to Eligibility for Incentive-Based Compensation</u> 

The Company will provide notice and seek acknowledgement of this Policy from each Covered Executive in the form attached hereto as <u>Exhibit A</u>, provided that the failure to provide such notice or obtain such acknowledgement will not affect the applicability of or enforceability of this Policy. After the Effective Date, the Company must receive the Covered Executive's acknowledgement as a condition to such Covered Executive's eligibility to receive Incentive-Based Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Disclosure Requirements</u> 

The Company shall file all disclosures with respect to this Policy required by applicable SEC filings and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Successors</u> 

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

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**EXHIBIT A**

**COMPENSATION RECOVERY POLICY ACKNOWLEDGEMENT** 

I, the undersigned, agree and acknowledge that I am fully bound by, and subject to, all of the terms and conditions of the Research Solutions, Inc. Compensation Recovery Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the "**Policy**"). In the event of any inconsistency between the Policy and the terms of any employment agreement to which I am a party, the terms of any compensation plan, program or agreement under which any compensation has been granted, awarded, earned or paid, any indemnification agreement to which I am subject, or any corporate document obligating the Company to indemnify me in accordance with its terms, the terms of the Policy shall govern. In the event it is determined by the Administrator that any amounts granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement. Any capitalized terms used in this Compensation Recovery Policy Acknowledgment without definition shall have the meaning set forth in the Policy.

By: ____________________________[Name][Title] Date: ____________________________

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