Research Solutions (RSSS) 10-Q 13 May 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2021	May 07, 2021
Document And Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	Research Solutions, Inc.
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	RSSS
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,352,008
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001386301
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 11,233,562	$ 9,311,556
Accounts receivable, net of allowance of $56,042 and $88,485, respectively	5,013,089	4,449,260
Prepaid expenses and other current assets	317,220	241,747
Prepaid royalties	743,513	720,367
Total current assets	17,307,384	14,722,930
Other assets:
Property and equipment, net of accumulated depreciation of $819,607 and $804,999, respectively	15,165	11,276
Deposits and other assets	878	6,155
Right of use asset, net of accumulated amortization of $463,022 and $390,691, respectively	0	72,331
Total assets	17,323,427	14,812,692
Current liabilities:
Accounts payable and accrued expenses	7,558,319	6,349,845
Deferred revenue	4,601,473	3,524,507
Lease liability, current portion	0	79,326
Total current liabilities	12,159,792	9,953,678
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock; $0.001 par value; 100,000,000 shares authorized; 26,352,008 and 26,032,263 shares issued and outstanding, respectively	26,352	26,032
Additional paid-in capital	26,631,985	26,134,819
Accumulated deficit	(21,373,012)	(21,176,799)
Accumulated other comprehensive loss	(121,690)	(125,038)
Total stockholders' equity	5,163,635	4,859,014
Total liabilities and stockholders' equity	$ 17,323,427	$ 14,812,692

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Allowance for doubtful accounts	$ 56,042	$ 88,485
Accumulated depreciation property and equipment	$ 819,607	$ 804,999
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	26,352,008	26,032,263
Common Stock, Shares, Outstanding	26,352,008	26,032,263
Use Rights
Accumulated depreciation right of use asset	$ 463,022	$ 390,691

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 8,340,532	$ 8,047,406	$ 23,538,692	$ 23,172,957
Cost of revenue:
Total cost of revenue	5,637,892	5,508,392	15,994,894	16,043,608
Gross profit	2,702,640	2,539,014	7,543,798	7,129,349
Operating expenses:
Selling, general and administrative	2,650,504	2,544,659	7,728,990	7,956,446
Depreciation and amortization	2,066	5,510	8,828	19,908
Total operating expenses	2,652,570	2,550,169	7,737,818	7,976,354
Income (loss) from operations	50,070	(11,155)	(194,020)	(847,005)
Other income	250	23,662	884	75,738
Income (loss) from operations before provision for income taxes	50,320	12,507	(193,136)	(771,267)
Provision for income taxes	(572)	(561)	(3,077)	(7,861)
Income (loss) from continuing operations	49,748	11,946	(196,213)	(779,128)
Gain from sale of discontinued operations	0	0	0	117,445
Net income (loss)	49,748	11,946	(196,213)	(661,683)
Other comprehensive income (loss):
Foreign currency translation	(3,333)	(14,677)	3,348	(16,702)
Comprehensive income (loss)	$ 46,415	$ (2,731)	$ (192,865)	$ (678,385)
Basic income (loss) per common share:
Income (loss) per share from continuing operations	$ 0	$ 0	$ (0.01)	$ (0.03)
Income per share from discontinued operations	0	0	0	0
Net income (loss) per share	$ 0	$ 0	$ (0.01)	$ (0.03)
Basic weighted average common shares outstanding	26,027,665	24,960,394	25,966,072	24,411,888
Diluted income (loss) per common share:
Income (loss) per share from continuing operations	$ 0	$ 0	$ (0.01)	$ (0.03)
Income per share from discontinued operations	0	0	0	0
Net income (loss) per share	$ 0	$ 0	$ (0.01)	$ (0.03)
Diluted weighted average common shares outstanding	26,565,892	25,717,403	25,966,072	24,411,888
Platforms
Revenue:
Total revenue	$ 1,344,183	$ 1,017,789	$ 3,706,406	$ 2,824,059
Cost of revenue:
Total cost of revenue	233,696	177,919	654,651	490,897
Transactions
Revenue:
Total revenue	6,996,349	7,029,617	19,832,286	20,348,898
Cost of revenue:
Total cost of revenue	$ 5,404,196	$ 5,330,473	$ 15,340,243	$ 15,552,711

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Loss	Total
Balance at Jun. 30, 2019	$ 24,376	$ 23,631,481	$ (20,514,557)	$ (109,585)	$ 3,031,715
Balance (in shares) at Jun. 30, 2019	24,375,948
Fair value of vested stock options	$ 0	552,902	0	0	552,902
Fair value of vested restricted common stock	$ 97	255,543	0	0	255,640
Fair value of vested restricted common stock (in shares)	96,478
Repurchase of common stock	$ (95)	(268,442)	0	0	(268,537)
Repurchase of common stock (in shares)	(96,400)
Repurchase of stock options and warrants					0
Common stock issued upon exercise of stock options	$ 157	(157)	0	0	0
Common stock issued upon exercise of stock options (in shares)	158,546
Common stock issued upon exercise of warrants	$ 1,500	1,873,500	0	0	1,875,000
Common stock issued upon exercise of warrants (in shares)	1,500,000
Net loss for the period	$ 0	0	(661,683)	0	(661,683)
Foreign currency translation	0	0	0	(16,702)	(16,702)
Balance at Mar. 31, 2020	$ 26,035	26,044,827	(21,176,240)	(126,287)	4,768,335
Balance (in shares) at Mar. 31, 2020	26,034,572
Balance at Jun. 30, 2019	$ 24,376	23,631,481	(20,514,557)	(109,585)	3,031,715
Balance (in shares) at Jun. 30, 2019	24,375,948
Balance at Jun. 30, 2020	$ 26,032	26,134,819	(21,176,799)	(125,038)	4,859,014
Balance (in shares) at Jun. 30, 2020	26,032,263
Balance at Dec. 31, 2019	$ 24,476	24,098,311	(21,188,186)	(111,610)	2,822,991
Balance (in shares) at Dec. 31, 2019	24,475,556
Fair value of vested stock options	$ 0	56,712	0	0	56,712
Fair value of vested restricted common stock	$ 13	85,513	0	0	85,526
Fair value of vested restricted common stock (in shares)	12,500
Repurchase of common stock	$ (25)	(69,138)	0	0	(69,163)
Repurchase of common stock (in shares)	(25,150)
Common stock issued upon exercise of stock options	$ 71	(71)	0	0	0
Common stock issued upon exercise of stock options (in shares)	71,666
Common stock issued upon exercise of warrants	$ 1,500	1,873,500	0	0	1,875,000
Common stock issued upon exercise of warrants (in shares)	1,500,000
Net loss for the period	$ 0	0	11,946	0	11,946
Foreign currency translation	0	0	0	(14,677)	(14,677)
Balance at Mar. 31, 2020	$ 26,035	26,044,827	(21,176,240)	(126,287)	4,768,335
Balance (in shares) at Mar. 31, 2020	26,034,572
Balance at Jun. 30, 2020	$ 26,032	26,134,819	(21,176,799)	(125,038)	4,859,014
Balance (in shares) at Jun. 30, 2020	26,032,263
Fair value of vested stock options	$ 0	504,936	0	0	504,936
Fair value of vested restricted common stock	$ 163	280,985	0	0	281,148
Fair value of vested restricted common stock (in shares)	163,553
Repurchase of common stock	$ (67)	(150,319)	0	0	(150,386)
Repurchase of common stock (in shares)	(67,417)
Repurchase of stock options and warrants	$ 0	(308,313)	0	0	(308,313)
Common stock issued upon exercise of stock options	$ 159	88,691	0	0	$ 88,850
Common stock issued upon exercise of stock options (in shares)	158,609				274,520
Common stock issued upon exercise of warrants	$ 65	81,186	0	0	$ 81,251
Common stock issued upon exercise of warrants (in shares)	65,000
Net loss for the period	$ 0	0	(196,213)	0	(196,213)
Foreign currency translation	0	0	0	3,348	3,348
Balance at Mar. 31, 2021	$ 26,352	26,631,985	(21,373,012)	(121,690)	5,163,635
Balance (in shares) at Mar. 31, 2021	26,352,008
Balance at Dec. 31, 2020	$ 26,266	26,709,401	(21,422,760)	(118,357)	5,194,550
Balance (in shares) at Dec. 31, 2020	26,266,008
Fair value of vested stock options	$ 0	85,151	0	0	85,151
Fair value of vested restricted common stock	$ 20	94,174	0	0	94,194
Fair value of vested restricted common stock (in shares)	20,079
Repurchase of common stock	$ (11)	(23,101)	0	0	(23,112)
Repurchase of common stock (in shares)	(10,750)
Repurchase of stock options and warrants	$ 0	(308,313)	0	0	(308,313)
Common stock issued upon exercise of stock options	$ 77	74,673	0	0	74,750
Common stock issued upon exercise of stock options (in shares)	76,671
Net loss for the period	$ 0	0	49,748	0	49,748
Foreign currency translation	0	0	0	(3,333)	(3,333)
Balance at Mar. 31, 2021	$ 26,352	$ 26,631,985	$ (21,373,012)	$ (121,690)	$ 5,163,635
Balance (in shares) at Mar. 31, 2021	26,352,008

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flow from operating activities:
Net loss	$ (196,213)	$ (661,683)
Adjustment to reconcile net loss to net cash provided by operating activities:
Gain from sale of discontinued operations	0	(117,445)
Depreciation and amortization	8,828	19,908
Amortization of lease right	72,331	89,462
Fair value of vested stock options	504,936	552,902
Fair value of vested restricted common stock	281,148	255,640
Changes in operating assets and liabilities:
Accounts receivable	(563,829)	(618,324)
Prepaid expenses and other current assets	(75,473)	133,871
Prepaid royalties	(23,146)	(566,379)
Deposits and other assets	5,360	8,094
Accounts payable and accrued expenses	1,208,474	1,311,842
Deferred revenue	1,076,966	991,981
Lease liability	(79,326)	(95,738)
Net cash provided by operating activities	2,220,056	1,304,131
Cash flow from investing activities:
Purchase of property and equipment	(11,853)	0
Net cash used in investing activities	(11,853)	0
Cash flow from financing activities:
Proceeds from the exercise of stock options	88,850	0
Proceeds from the exercise of warrants	81,251	1,875,000
Common stock repurchase and retirement	(150,386)	(268,537)
Repurchase of stock options and warrants	(308,313)	0
Net cash provided by (used in) financing activities	(288,598)	1,606,463
Effect of exchange rate changes	2,401	(14,424)
Net increase in cash and cash equivalents	1,922,006	2,896,170
Cash and cash equivalents, beginning of period	9,311,556	5,353,090
Cash and cash equivalents, end of period	11,233,562	8,249,260
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 3,077	$ 7,861

Organization, Nature of Busines

Organization, Nature of Business and Basis of Presentation	9 Months Ended
	Mar. 31, 2021
Organization, Nature of Business and Basis of Presentation
Organization, Nature of Business and Basis of Presentation	Note 1. Organization, Nature of Business and Basis of Presentation Organization Research Solutions, Inc. (the “Company,” “Research Solutions,” “we,” “us” or “our”) was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with two wholly owned subsidiaries: Reprints Desk, Inc., a Delaware corporation and Reprints Desk Latin America S. de R.L. de C.V, an entity organized under the laws of Mexico. Nature of Business We provide two service offerings to our customers: annual licenses that allow customers to access and utilize certain premium features of our cloud based software-as-a-service (“SaaS”) research intelligence platform (“Platforms”) and the transactional sale of published scientific, technical, and medical (“STM”) content managed, sourced and delivered through the Platform (“Transactions”). Platforms and Transactions are packaged as a single solution that enable life science and other research intensive organizations to speed up research and development activities with faster, single sourced access and management of content and data used throughout the intellectual property development lifecycle. Platforms Our cloud-based SaaS research intelligence platform consists of proprietary software and Internet-based interfaces sold to customers for an annual subscription fee. Legacy functionality allows customers to initiate orders, route orders for the lowest cost acquisition, manage transactions, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. Customers can also enhance the information resources they already own or license and collaborate around bibliographic information. Additional functionality has recently been added to our Platform in the form of interactive app-like gadgets. An alternative to manual data filtering, identification and extraction, gadgets are designed to gather, augment, and extract data across a variety of formats, including bibliographic citations, tables of contents, RSS feeds, PDF files, XML feeds, and web content. We are rapidly developing new gadgets in order to build an ecosystem of gadgets. Together, these gadgets will provide researchers with an “all in one” toolkit, delivering efficiencies in core research workflows and knowledge creation processes. Our Platform is deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platform through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platform can also be configured to satisfy a customer’s individual preferences. We leverage our Platform’s efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage. Transactions Our Platform provides our customers with a single source to the universe of published STM content that includes over 70 million existing STM articles and over one million newly published STM articles each year. STM content is sold to our customers on a transaction basis. Researchers and knowledge workers in life science and other research-intensive organizations generally require single copies of published STM journal articles for use in their research activities. These individuals are our primary users. Our Platform allows customers to find and download digital versions of STM articles that are critical to their research. Customers submit orders for the articles they need which we source and electronically deliver to them generally in under an hour. 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. We have arrangements with hundreds of content publishers that allow us to distribute their content. The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of minutes. Principles of Consolidation The accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended June 30, 2020 filed with the SEC. The condensed consolidated balance sheet as of June 30, 2020 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer’s financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required. Cash denominated in Euros with a US Dollar equivalent of $114,525 and $134,175 at March 31, 2021 and June 30, 2020, respectively, was held by Reprints Desk in accounts at financial institutions located in Europe. The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2021 and 2020. The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2021 and June 30, 2020. The following table summarizes vendor concentrations: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Vendor A 22 % 19 % 19 % 21 % Vendor B 13 % 13 % 13 % 13 % Vendor C * * * * * Less than 10% Revenue Recognition The Company accounts for revenue in accordance ASU 2014‑09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The Company adopted the guidance of ASC 606 on July 1, 2018. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud based SaaS research intelligence platform (“Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”). 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 Platform. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue. Transactions We charge a transactional service fee for the electronic delivery of single articles, and a corresponding copyright fee for the permitted use of the content. We recognize revenue from single article delivery services upon delivery to the customer provided all other revenue recognition criteria have been met. 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 to a lesser extent managed hosting providers and other third-party service and data providers. Transactions Cost of Transaction revenue consists primarily of the respective copyright fee for the permitted use of the content, less a discount in most cases, and to a much lesser extent, personnel costs of our operations team and third-party service providers. Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees for services. The Company accounts for such grants issued and vesting based on ASC 718, whereby the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company recognizes the fair value of stock-based compensation within its Statements of Operations with classification depending on the nature of the services rendered. Under ASC 718, Repurchase or Cancellation of equity awards, the amount of cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date. Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost. Foreign Currency The accompanying condensed consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities. Gains and losses from foreign currency transactions, which result from a change in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, are included in selling, general and administrative expenses and amounted to a loss of $6,648 and $8,648 for the three months ended March 31, 2021 and 2020, respectively and a gain of $35,070 and a loss of $15,315 for the nine months ended March 31, 2021 and 2020, respectively. Cash denominated in Euros with a US Dollar equivalent of $114,525 and $134,175 at March 31, 2021 and June 30, 2020, respectively, was held in accounts at financial institutions located in Europe. The following table summarizes the exchange rates used: Nine Months Ended Year Ended March 31, June 30, 2021 2020 2020 2019 Period end Euro : US Dollar exchange rate 1.17 1.10 1.12 1.14 Average period Euro : US Dollar exchange rate 1.18 1.11 1.14 1.14 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.04 0.05 Average period Mexican Peso : US Dollar exchange rate 0.05 0.05 0.05 0.05 Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding shares of unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive. At March 31, 2021 potentially dilutive securities include options to acquire 3,261,203 shares of common stock, warrants to acquire 220,000 shares of common stock and unvested restricted common stock of 241,197. At March 31, 2020 potentially dilutive securities include options to acquire 3,324,580 shares of common stock, warrants to acquire 385,000 shares of common stock and unvested restricted common stock of 219,926. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period. Basic and diluted net loss per common share is the same for the nine months ended March 31, 2021 and 2020 because all stock options, warrants, and unvested restricted common stock are anti-dilutive. For the three months ended March 31, 2021 and 2020, the calculation of diluted earnings per share includes unvested restricted common stock, stock options and warrants, calculated under the treasury stock method. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification improvements will be material to its financial position, results of operations and cash flows. 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.

Line of Credit

Line of Credit	9 Months Ended
	Mar. 31, 2021
Line of Credit
Line of Credit	Note 3. Line of Credit The Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) on July 23, 2010, which, as amended, provides for a revolving line of credit for the lesser of $2,500,000, or 80% of eligible accounts receivable. The line of credit matures on February 14, 2022, and is subject to certain financial and performance covenants with which we were in compliance as of March 31, 2021. Financial covenants include maintaining an adjusted quick ratio of unrestricted cash and net accounts receivable, divided by current liabilities plus debt less deferred revenue of at least 1.15 to 1.0, and maintaining tangible net worth of $1,500,000, plus 50% of net income for the fiscal quarter ended from and after December 31, 2017, plus 50% of the dollar value of equity issuances after October 1, 2017 and the principal amount of subordinated debt. The line of credit bears interest at an annual rate equal to the greater of 1% above the prime rate and 5.5%. The interest rate on the line of credit was 5.5% as of March 31, 2021. The line of credit is secured by the Company’s consolidated assets. There were no outstanding borrowings under the line as of March 31, 2021 and June 30, 2020, respectively. As of March 31, 2021, there was approximately $1,888,000 of available credit.

Lease Obligations

Lease Obligations	9 Months Ended
	Mar. 31, 2021
Lease Obligations
Lease Obligations	Note 4. Lease Obligations On December 30, 2016, the Company entered into a 48 month non-cancellable lease for its office facilities that will require monthly payments ranging from $10,350 to $11,475 through January 2021. In accounting for the lease, the Company adopted ASU 2016‑02, Leases which requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. The Company classified the lease as an operating lease and determined that the value of the lease assets and liability at the inception of the lease was $463,000 using a discount rate of 3.75%. During the nine months ended March 31, 2021, the Company made payments of $79,326 towards the lease liability. As of March 31, 2021 and June 30, 2020, lease liability amounted to $0 and $79,326, respectively. ASU 2016‑02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Rent expense, including real estate taxes, for the nine months ended March 31, 2021 and 2020 was $35,065 and $97,275, respectively. The right of use asset at June 30, 2020 was $72,331. During the nine months ended March 31, 2021, the Company reflected amortization of right of use asset of $72,331 related to this lease, resulting in a net asset balance of $0 as of March 31, 2021. On October 8, 2019, the Company entered into an agreement to sublease its office facilities from November 1, 2019 through January 31, 2021, the end of the lease term, for $8,094 per month with one month of abated rent. The Company recorded rent income of $56,658 during the nine months ended March 31, 2021. This amount is reflected as an offset to rent expense that is included in general and administrative expenses in the accompanying statements of operations.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2021
Stockholders’ Equity
Stockholders' Equity	Note 5. Stockholders’ Equity Stock Options In December 2007, we established the 2007 Equity Compensation Plan (the “2007 Plan”) and in November 2017 we established the 2017 Omnibus Incentive Plan (the “2017 Plan”), collectively (the “Plans”). The Plans were approved by our board of directors and stockholders. The purpose of the Plans is to grant stock and options to purchase our common stock, and other incentive awards, to our employees, directors and key consultants. On November 10, 2016, the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2007 Plan increased from 5,000,000 to 7,000,000. On November 21, 2017, the Company’s stockholders approved the adoption of the 2017 Plan (previously adopted by our board of directors on September 14, 2017), which authorized a maximum of 1,874,513 shares of common stock that may be issued pursuant to awards granted under the 2017 Plan. On November 17, 2020, the Company's stockholders approved an increase in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 2,374,513 to 3,374,513. Upon adoption of the 2017 Plan we ceased granting incentive awards under the 2007 Plan and commenced granting incentive awards under the 2017 Plan. The shares of our common stock underlying cancelled and forfeited awards issued under the 2017 Plan may again become available for grant under the 2017 Plan. Cancelled and forfeited awards issued under the 2007 Plan that were cancelled or forfeited prior to November 21, 2017 became available for grant under the 2007 Plan. As of March 31, 2021, there were 1,129,483 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 immediately or over three years, with a one year cliff vesting period, and have a term of ten years. Stock-based compensation cost is measured at the grant date, based on the fair value of the awards that are ultimately expected to vest, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The following table summarizes vested and unvested stock option activity: All Options Vested Options Unvested Options Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at June 30, 2020 3,327,580 $ 1.56 3,081,745 $ 1.50 245,835 $ 2.34 Granted 478,143 2.27 250,000 2.13 228,143 2.43 Options vesting — — 136,749 2.27 (136,749) 2.27 Exercised (274,520) 1.34 (274,520) 1.34 — — Forfeited/Repurchased (270,000) 1.38 (246,250) 1.32 (23,750) 1.99 Outstanding at March 31, 2021 3,261,203 $ 1.70 2,947,724 $ 1.62 313,479 $ 2.47 The weighted average remaining contractual life of all options outstanding as of March 31, 2021 was 5.64 years. The remaining contractual life for options vested and exercisable at March 31, 2021 was 5.27 years. Furthermore, the aggregate intrinsic value of options outstanding as of March 31, 2021 was $2,328,000, and the aggregate intrinsic value of options vested and exercisable at March 31, 2021 was $2,318,659, in each case based on the fair value of the Company’s common stock on March 31, 2021. During the nine months ended March 31, 2021, the Company granted 478,143 options to employees with a fair value of $571,170 which amount will be amortized over the vesting period. The total fair value of options that vested during the nine months ended March 31, 2021 was $504,936 and is included in selling, general and administrative expenses in the accompanying statement of operations. As of March 31, 2021, the amount of unvested compensation related to stock options was $351,799 which will be recorded as an expense in future periods as the options vest. During the nine months ended March 31, 2021, the Company issued 158,609 net shares of common stock upon the exercise of options underlying 274,520 shares of common stock, resulting in net cash proceeds of $88,850. On March 31, 2021 the Company repurchased options underlying 243,750 shares of stock from a former director for $213,312.50. The entire amount was charged to equity. The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes option pricing model of the stock options granted during the nine months ended March 31, 2021 and 2020. Nine Months Ended March 31, 2021 2020 Expected dividend yield 0 % 0 % Risk-free interest rate 0.37% - 0.73 % 1.37% - 1.69 % Expected life (in years) 5 - 6 5 - 6 Expected volatility 57 - 63 % 62 - 64 % Additional information regarding stock options outstanding and exercisable as of March 31, 2021 is as follows: Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.59 8,150 1.25 8,150 0.60 5,000 1.25 5,000 0.65 6,150 1.25 6,150 0.70 225,000 4.68 225,000 0.77 49,500 2.33 49,500 0.80 16,000 4.39 16,000 0.90 25,667 3.06 25,667 0.97 6,000 1.25 6,000 1.00 28,249 2.68 28,249 1.02 2,000 1.25 2,000 1.05 315,529 5.26 315,529 1.07 33,898 1.54 33,898 1.09 75,000 4.37 75,000 1.10 105,000 4.25 105,000 1.15 128,400 1.85 128,400 1.20 274,000 6.30 274,000 1.25 32,000 1.87 32,000 1.30 243,000 0.93 243,000 1.50 185,000 1.73 185,000 1.59 25,000 7.12 25,000 1.80 94,050 2.38 94,050 1.85 17,800 2.05 17,800 1.95 200,000 7.26 183,332 2.13 216,708 9.64 200,000 2.40 388,667 7.63 364,166 2.45 173,000 9.35 — 2.49 88,435 9.09 29,167 2.50 20,000 8.13 13,333 2.99 8,000 9.12 — 3.13 258,000 8.62 254,000 3.50 8,000 8.87 3,333 Total Warrants The following table summarizes warrant activity: Weighted Average Number of Exercise Warrants Price Outstanding, June 30, 2020 385,000 $ 1.24 Granted — — Exercised (65,000) 1.25 Repurchased (100,000) 1.25 Expired/Cancelled — — Outstanding, March 31, 2021 220,000 $ 1.24 Exercisable, June 30, 2020 385,000 $ 1.24 Exercisable, March 31, 2021 220,000 $ 1.24 The intrinsic value for all warrants outstanding as of March 31, 2021 was $238,400, based on the fair value of the Company’s common stock on March 31, 2021. During the nine months ended March 31, 2021, certain holders of warrants to purchase shares of the Company's common stock at a per share exercise price of $1.25 exercised those warrants to purchase 65,000 shares of common stock, generating gross proceeds to the Company of $81,251. On March 31, 2021 the Company repurchased warrants underlying 100,000 shares of stock from a former director for $95,000. The entire amount was charged to equity. Additional information regarding warrants outstanding and exercisable as of March 31, 2021 is as follows: Remaining Warrant Warrants Contractual Warrants Exercise Price Outstanding Life (in years) Exercisable $ 1.19 50,000 0.73 50,000 1.25 170,000 0.23 170,000 Total 220,000 220,000 Restricted Common Stock Prior to July 1, 2020, the Company issued 2,277,366 shares of restricted common stock to employees valued at $2,709,318, of which 1,871,187 shares have vested, 214,324 shares with fair value of $188,203 have been forfeited, and $1,785,857 has been recognized as an expense. The balance of the non-vested shares of restricted common stock was 191,855 at June 30, 2020. During the nine months ended March 31, 2021, the Company issued an additional 163,553 shares of restricted stock to employees. 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 fair value of the stock awards was $393,996 based on the market price of our common stock price of $2.41 per share on the date of grant, which will be amortized over the three-year vesting period. The total fair value of restricted common stock vesting during the nine months ended March 31, 2021 was $281,148 and is included in selling, general and administrative expenses in the accompanying statements of operations. As of March 31, 2021, the amount of unvested compensation related to issuances of restricted common stock was $507,145, which will be recognized as an expense in future periods as the shares vest. When calculating basic net income (loss) 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. The following table summarizes restricted common stock activity: Weighted Average Number of Grant Date Shares Fair Value Fair Value Non-vested, June 30, 2020 191,855 $ 394,297 $ 2.51 Granted 163,553 393,996 2.41 Vested (114,211) (281,148) 2.34 Forfeited — — — Non-vested, March 31, 2021 241,197 $ 507,145 $ 2.52 Common Stock Repurchase and Retirement Effective as of February 9, 2021, the Compensation Committee of our Board of Directors authorized the repurchase, during calendar year 2021 on the last day of each trading window and otherwise in accordance with our insider trading policies, of up to $400,000 of outstanding common stock (at prices no greater than $4.00 per share) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards. 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 nine months ended March 31, 2021, the Company repurchased 67,417 shares of our common stock from employees at an average market price of approximately $2.23 per share for an aggregate amount of $150,386. As of December 31, 2020, the 2020 plan has expired. The shares of common stock were surrendered by employees to cover tax withholding obligations with respect to the vesting of restricted stock. Shares repurchased are retired and deducted from common stock for par value and from additional paid in capital for the excess over par value.

Contingencies

Contingencies	9 Months Ended
	Mar. 31, 2021
Contingencies
Contingencies	Note 6. Contingencies COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. To date, we have not experienced any significant changes in our business that would have a significant negative impact on our consolidated statements of operations or cash flows. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer’s financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required. Cash denominated in Euros with a US Dollar equivalent of $114,525 and $134,175 at March 31, 2021 and June 30, 2020, respectively, was held by Reprints Desk in accounts at financial institutions located in Europe. The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2021 and 2020. The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2021 and June 30, 2020. The following table summarizes vendor concentrations: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Vendor A 22 % 19 % 19 % 21 % Vendor B 13 % 13 % 13 % 13 % Vendor C * * * * * Less than 10%
Revenue Recognition	Revenue Recognition The Company accounts for revenue in accordance ASU 2014‑09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The Company adopted the guidance of ASC 606 on July 1, 2018. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud based SaaS research intelligence platform (“Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”). 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 Platform. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue. Transactions We charge a transactional service fee for the electronic delivery of single articles, and a corresponding copyright fee for the permitted use of the content. We recognize revenue from single article delivery services upon delivery to the customer provided all other revenue recognition criteria have been met.
Deferred Revenue	Deferred Revenue Contract liabilities, such as deferred revenue, exist where the Company has the obligation to transfer services to a customer for which the entity has received consideration, or when the consideration is due, from the customer. Cash payments received or due in advance of performance are recorded as deferred revenue. Deferred revenue is primarily comprised of cloud-based software subscriptions which are generally billed in advance. The deferred revenue balance is presented as a current liability on the Company's consolidated balance sheets.
Cost of Revenue	Cost of Revenue Platforms Cost of Platform revenue consists primarily of personnel costs of our operations team, and to a lesser extent managed hosting providers and other third-party service and data providers. Transactions Cost of Transaction revenue consists primarily of the respective copyright fee for the permitted use of the content, less a discount in most cases, and to a much lesser extent, personnel costs of our operations team and third-party service providers.
Stock-Based Compensation	Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees for services. The Company accounts for such grants issued and vesting based on ASC 718, whereby the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company recognizes the fair value of stock-based compensation within its Statements of Operations with classification depending on the nature of the services rendered. Under ASC 718, Repurchase or Cancellation of equity awards, the amount of cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date. Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost.
Foreign Currency	Foreign Currency The accompanying condensed consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities. Gains and losses from foreign currency transactions, which result from a change in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, are included in selling, general and administrative expenses and amounted to a loss of $6,648 and $8,648 for the three months ended March 31, 2021 and 2020, respectively and a gain of $35,070 and a loss of $15,315 for the nine months ended March 31, 2021 and 2020, respectively. Cash denominated in Euros with a US Dollar equivalent of $114,525 and $134,175 at March 31, 2021 and June 30, 2020, respectively, was held in accounts at financial institutions located in Europe. The following table summarizes the exchange rates used: Nine Months Ended Year Ended March 31, June 30, 2021 2020 2020 2019 Period end Euro : US Dollar exchange rate 1.17 1.10 1.12 1.14 Average period Euro : US Dollar exchange rate 1.18 1.11 1.14 1.14 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.04 0.05 Average period Mexican Peso : US Dollar exchange rate 0.05 0.05 0.05 0.05
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding shares of unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive. At March 31, 2021 potentially dilutive securities include options to acquire 3,261,203 shares of common stock, warrants to acquire 220,000 shares of common stock and unvested restricted common stock of 241,197. At March 31, 2020 potentially dilutive securities include options to acquire 3,324,580 shares of common stock, warrants to acquire 385,000 shares of common stock and unvested restricted common stock of 219,926. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period. Basic and diluted net loss per common share is the same for the nine months ended March 31, 2021 and 2020 because all stock options, warrants, and unvested restricted common stock are anti-dilutive. For the three months ended March 31, 2021 and 2020, the calculation of diluted earnings per share includes unvested restricted common stock, stock options and warrants, calculated under the treasury stock method.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification improvements will be material to its financial position, results of operations and cash flows. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Schedule of vendor concentrations	Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Vendor A 22 % 19 % 19 % 21 % Vendor B 13 % 13 % 13 % 13 % Vendor C * * * * * Less than 10%
Schedule Of foreign currency exchange rate	Nine Months Ended Year Ended March 31, June 30, 2021 2020 2020 2019 Period end Euro : US Dollar exchange rate 1.17 1.10 1.12 1.14 Average period Euro : US Dollar exchange rate 1.18 1.11 1.14 1.14 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.04 0.05 Average period Mexican Peso : US Dollar exchange rate 0.05 0.05 0.05 0.05

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2021
Stockholders’ Equity
Schedule of vested and unvested stock option activity	The following table summarizes vested and unvested stock option activity: All Options Vested Options Unvested Options Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at June 30, 2020 3,327,580 $ 1.56 3,081,745 $ 1.50 245,835 $ 2.34 Granted 478,143 2.27 250,000 2.13 228,143 2.43 Options vesting — — 136,749 2.27 (136,749) 2.27 Exercised (274,520) 1.34 (274,520) 1.34 — — Forfeited/Repurchased (270,000) 1.38 (246,250) 1.32 (23,750) 1.99 Outstanding at March 31, 2021 3,261,203 $ 1.70 2,947,724 $ 1.62 313,479 $ 2.47
Schedule of valuation assumptions	The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes option pricing model of the stock options granted during the nine months ended March 31, 2021 and 2020. Nine Months Ended March 31, 2021 2020 Expected dividend yield 0 % 0 % Risk-free interest rate 0.37% - 0.73 % 1.37% - 1.69 % Expected life (in years) 5 - 6 5 - 6 Expected volatility 57 - 63 % 62 - 64 %
Schedule of additional information regarding stock options outstanding and exercisable	Additional information regarding stock options outstanding and exercisable as of March 31, 2021 is as follows: Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.59 8,150 1.25 8,150 0.60 5,000 1.25 5,000 0.65 6,150 1.25 6,150 0.70 225,000 4.68 225,000 0.77 49,500 2.33 49,500 0.80 16,000 4.39 16,000 0.90 25,667 3.06 25,667 0.97 6,000 1.25 6,000 1.00 28,249 2.68 28,249 1.02 2,000 1.25 2,000 1.05 315,529 5.26 315,529 1.07 33,898 1.54 33,898 1.09 75,000 4.37 75,000 1.10 105,000 4.25 105,000 1.15 128,400 1.85 128,400 1.20 274,000 6.30 274,000 1.25 32,000 1.87 32,000 1.30 243,000 0.93 243,000 1.50 185,000 1.73 185,000 1.59 25,000 7.12 25,000 1.80 94,050 2.38 94,050 1.85 17,800 2.05 17,800 1.95 200,000 7.26 183,332 2.13 216,708 9.64 200,000 2.40 388,667 7.63 364,166 2.45 173,000 9.35 — 2.49 88,435 9.09 29,167 2.50 20,000 8.13 13,333 2.99 8,000 9.12 — 3.13 258,000 8.62 254,000 3.50 8,000 8.87 3,333 Total
Schedule of warrant activity	The following table summarizes warrant activity: Weighted Average Number of Exercise Warrants Price Outstanding, June 30, 2020 385,000 $ 1.24 Granted — — Exercised (65,000) 1.25 Repurchased (100,000) 1.25 Expired/Cancelled — — Outstanding, March 31, 2021 220,000 $ 1.24 Exercisable, June 30, 2020 385,000 $ 1.24 Exercisable, March 31, 2021 220,000 $ 1.24
Schedule of additional information regarding warrants outstanding and exercisable	Additional information regarding warrants outstanding and exercisable as of March 31, 2021 is as follows: Remaining Warrant Warrants Contractual Warrants Exercise Price Outstanding Life (in years) Exercisable $ 1.19 50,000 0.73 50,000 1.25 170,000 0.23 170,000 Total 220,000 220,000
Schedule of restricted common stock activity	The following table summarizes restricted common stock activity: Weighted Average Number of Grant Date Shares Fair Value Fair Value Non-vested, June 30, 2020 191,855 $ 394,297 $ 2.51 Granted 163,553 393,996 2.41 Vested (114,211) (281,148) 2.34 Forfeited — — — Non-vested, March 31, 2021 241,197 $ 507,145 $ 2.52

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Details)	Mar. 31, 2021subsidiaryOffering
Organization, Nature of Business and Basis of Presentation
Number of subsidiaries | subsidiary	2
Number of service offerings | Offering	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Content costs (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Customer
Number of customers	0	0	0	0
Revenue | Customer | Minimum
Concentration percentage	10.00%	10.00%	10.00%	10.00%
Accounts receivable
Number of customers	0	0	0	0
Accounts receivable | Customer | Minimum
Concentration percentage			10.00%		10.00%
Cost of Goods and Service Benchmark | Supplier Concentration | Vendor A
Concentration percentage	22.00%	19.00%	19.00%	21.00%
Cost of Goods and Service Benchmark | Supplier Concentration | Vendor B
Concentration percentage	13.00%	13.00%	13.00%	13.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Exchange rates (Details)	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Euro to US Dollar
Period end exchange rate	1.17	1.10	1.12	1.14
Average period exchange rate	1.18	1.11	1.14	1.14
Mexican Peso to US Dollar
Period end exchange rate	0.05	0.04	0.04	0.05
Average period exchange rate	0.05	0.05	0.05	0.05

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)itemshares	Mar. 31, 2020USD ($)shares	Jun. 30, 2020USD ($)
FDIC insured amount | $	$ 250,000		$ 250,000
Number of revenue sources | item	2		2
Foreign currency transaction loss | $	$ 6,648	$ 8,648	$ 35,070	$ (15,315)
Restricted common stock
Antidilutive securities amount | shares			241,197	219,926
Europe financial institutions
Deposits | $	$ 114,525		$ 114,525		$ 134,175
Employee stock options
Antidilutive securities amount | shares			3,261,203	3,324,580
Employee stock options | Warrant
Antidilutive securities amount | shares			220,000	385,000

Line of Credit (Details)

Line of Credit (Details)	Jul. 23, 2010USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)
Approximate available credit		$ 1,888,000
Silicon Valley Bank
Percentage of eligible accounts receivable	80.00%
Covenants ratio		1.15
Tangible net worth		$ 1,500,000
Percentage of net income		50.00%
Percentage of dollar value of equity issuances		50.00%
Interest at an annual rate		1.00%
Interest rate on the line of credit		5.50%
Outstanding borrowings under line of credit		$ 0	$ 0
Silicon Valley Bank | Maximum
Line of credit amount	$ 2,500,000

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)	Oct. 08, 2019	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Dec. 30, 2016
Number of months non-cancellable lease for office space					48 months
Operating lease amount		$ 463,000
Discount rate		3.75%
Payment amount toward lease liability		$ 79,326
Lease liability		0		$ 79,326
Rent expense including real estate taxes		35,065	$ 97,275
Right of use asset		0		$ 72,331
Amortization of lease right		72,331	$ 89,462
Sublease income per month	$ 8,094
Rental income		$ 56,658
Minimum
Monthly payment amount office lease					$ 10,350
Maximum
Monthly payment amount office lease					$ 11,475

Stockholders' Equity - Vested a

Stockholders' Equity - Vested and unvested stock option (Details)	9 Months Ended
	Mar. 31, 2021$ / sharesshares
Outstanding beginning balance (in shares) | shares	3,327,580
Granted (in shares) | shares	478,143
Exercised (in shares) | shares	(274,520)
Forfeited/Repurchased (in shares) | shares	(270,000)
Outstanding ending balance (in shares) | shares	3,261,203
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 1.56
Granted Weighted Average Exercise Price | $ / shares	2.27
Exercised Weighted Average Exercise Price | $ / shares	1.34
Forfeited/Repurchased Weighted Average Exercise Price | $ / shares	1.38
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 1.70
Vested Options
Outstanding beginning balance (in shares) | shares	3,081,745
Granted (in shares) | shares	250,000
Options vesting (in shares) | shares	136,749
Exercised (in shares) | shares	(274,520)
Forfeited/Repurchased (in shares) | shares	(246,250)
Outstanding ending balance (in shares) | shares	2,947,724
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 1.50
Granted Weighted Average Exercise Price | $ / shares	2.13
Options vesting Weighted Average Exercise Price | $ / shares	2.27
Exercised Weighted Average Exercise Price | $ / shares	1.34
Forfeited/Repurchased Weighted Average Exercise Price | $ / shares	1.32
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 1.62
Unvested Options
Outstanding beginning balance (in shares) | shares	245,835
Granted (in shares) | shares	228,143
Options vesting (in shares) | shares	136,749
Forfeited/Repurchased (in shares) | shares	(23,750)
Outstanding ending balance (in shares) | shares	313,479
Outstanding beginning balance Weighted Average Exercise Price | $ / shares	$ 2.34
Granted Weighted Average Exercise Price | $ / shares	2.43
Options vesting Weighted Average Exercise Price | $ / shares	2.27
Forfeited/Repurchased Weighted Average Exercise Price | $ / shares	1.99
Outstanding ending balance Weighted Average Exercise Price | $ / shares	$ 2.47

Stockholders' Equity - Estimate

Stockholders' Equity - Estimate the fair values (Details)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Expected dividend yield	0.00%	0.00%
Minimum
Risk-free interest rate	0.37%	1.37%
Expected life (in years)	5 years	5 years
Expected volatility	57.00%	62.00%
Maximum
Risk-free interest rate	0.73%	1.69%
Expected life (in years)	6 years	6 years
Expected volatility	63.00%	64.00%

Stockholders' Equity - Stock op

Stockholders' Equity - Stock options outstanding and exercisable (Details)	9 Months Ended
	Mar. 31, 2021$ / sharesshares
Range One
Option Exercise Price | $ / shares	$ 0.59
Options Outstanding	8,150
Remaining Contractual Life (in years)	1 year 3 months
Options Exercisable	8,150
Range Two
Option Exercise Price | $ / shares	$ 0.60
Options Outstanding	5,000
Remaining Contractual Life (in years)	1 year 3 months
Options Exercisable	5,000
Range Three
Option Exercise Price | $ / shares	$ 0.65
Options Outstanding	6,150
Remaining Contractual Life (in years)	1 year 3 months
Options Exercisable	6,150
Range Four
Option Exercise Price | $ / shares	$ 0.70
Options Outstanding	225,000
Remaining Contractual Life (in years)	4 years 8 months 5 days
Options Exercisable	225,000
Range Five
Option Exercise Price | $ / shares	$ 0.77
Options Outstanding	49,500
Remaining Contractual Life (in years)	2 years 3 months 29 days
Options Exercisable	49,500
Range Six
Option Exercise Price | $ / shares	$ 0.80
Options Outstanding	16,000
Remaining Contractual Life (in years)	4 years 4 months 21 days
Options Exercisable	16,000
Range Seven
Option Exercise Price | $ / shares	$ 0.90
Options Outstanding	25,667
Remaining Contractual Life (in years)	3 years 22 days
Options Exercisable	25,667
Range Eight
Option Exercise Price | $ / shares	$ 0.97
Options Outstanding	6,000
Remaining Contractual Life (in years)	1 year 3 months
Options Exercisable	6,000
Range Nine
Option Exercise Price | $ / shares	$ 1
Options Outstanding	28,249
Remaining Contractual Life (in years)	2 years 8 months 5 days
Options Exercisable	28,249
Range Ten
Option Exercise Price | $ / shares	$ 1.02
Options Outstanding	2,000
Remaining Contractual Life (in years)	1 year 3 months
Options Exercisable	2,000
Range Eleven
Option Exercise Price | $ / shares	$ 1.05
Options Outstanding	315,529
Remaining Contractual Life (in years)	5 years 3 months 4 days
Options Exercisable	315,529
Range Twelve
Option Exercise Price | $ / shares	$ 1.07
Options Outstanding	33,898
Remaining Contractual Life (in years)	1 year 6 months 15 days
Options Exercisable	33,898
Range Thirteen
Option Exercise Price | $ / shares	$ 1.09
Options Outstanding	75,000
Remaining Contractual Life (in years)	4 years 4 months 13 days
Options Exercisable	75,000
Range Fourteen
Option Exercise Price | $ / shares	$ 1.10
Options Outstanding	105,000
Remaining Contractual Life (in years)	4 years 3 months
Options Exercisable	105,000
Range Fifteen
Option Exercise Price | $ / shares	$ 1.15
Options Outstanding	128,400
Remaining Contractual Life (in years)	1 year 10 months 6 days
Options Exercisable	128,400
Range Sixteen
Option Exercise Price | $ / shares	$ 1.20
Options Outstanding	274,000
Remaining Contractual Life (in years)	6 years 3 months 18 days
Options Exercisable	274,000
Range Seventeen
Option Exercise Price | $ / shares	$ 1.25
Options Outstanding	32,000
Remaining Contractual Life (in years)	1 year 10 months 13 days
Options Exercisable	32,000
Range Eighteen
Option Exercise Price | $ / shares	$ 1.30
Options Outstanding	243,000
Remaining Contractual Life (in years)	11 months 5 days
Options Exercisable	243,000
Range Nineteen
Option Exercise Price | $ / shares	$ 1.50
Options Outstanding	185,000
Remaining Contractual Life (in years)	1 year 8 months 23 days
Options Exercisable	185,000
Range Twenty
Option Exercise Price | $ / shares	$ 1.59
Options Outstanding	25,000
Remaining Contractual Life (in years)	7 years 1 month 13 days
Options Exercisable	25,000
Range Twenty One
Option Exercise Price | $ / shares	$ 1.80
Options Outstanding	94,050
Remaining Contractual Life (in years)	2 years 4 months 17 days
Options Exercisable	94,050
Range Twenty Two
Option Exercise Price | $ / shares	$ 1.85
Options Outstanding	17,800
Remaining Contractual Life (in years)	2 years 18 days
Options Exercisable	17,800
Range Twenty Three
Option Exercise Price | $ / shares	$ 1.95
Options Outstanding	200,000
Remaining Contractual Life (in years)	7 years 3 months 4 days
Options Exercisable	183,332
Range Twenty Four
Option Exercise Price | $ / shares	$ 2.13
Options Outstanding	216,708
Remaining Contractual Life (in years)	9 years 7 months 21 days
Options Exercisable	200,000
Range Twenty Five
Option Exercise Price | $ / shares	$ 2.40
Options Outstanding	388,667
Remaining Contractual Life (in years)	7 years 7 months 17 days
Options Exercisable	364,166
Range Twenty Six
Option Exercise Price | $ / shares	$ 2.45
Options Outstanding	173,000
Remaining Contractual Life (in years)	9 years 4 months 6 days
Range Twenty Seven
Option Exercise Price | $ / shares	$ 2.49
Options Outstanding	88,435
Remaining Contractual Life (in years)	9 years 1 month 2 days
Options Exercisable	29,167
Range Twenty Eight
Option Exercise Price | $ / shares	$ 2.50
Options Outstanding	20,000
Remaining Contractual Life (in years)	8 years 1 month 17 days
Options Exercisable	13,333
Range Twenty Nine
Option Exercise Price | $ / shares	$ 2.99
Options Outstanding	8,000
Remaining Contractual Life (in years)	9 years 1 month 13 days
Range Thirty
Option Exercise Price | $ / shares	$ 3.13
Options Outstanding	258,000
Remaining Contractual Life (in years)	8 years 7 months 13 days
Options Exercisable	254,000
Range Thirty One
Option Exercise Price | $ / shares	$ 3.50
Options Outstanding	8,000
Remaining Contractual Life (in years)	8 years 10 months 13 days
Options Exercisable	3,333
Range Thirty Two
Options Outstanding	3,261,203
Options Exercisable	2,947,724

Stockholders' Equity - Warrant

Stockholders' Equity - Warrant activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Non-vested, Ending balance	220,000
Exercisable	220,000
Warrant
Non-vested, Beginning balance	385,000
Exercised	(65,000)
Non-vested, Ending balance	220,000	385,000
Exercisable	220,000	385,000
Repurchased	(100,000)
Outstanding, Beginning balance Weighted Average Exercise Price	$ 1.24
Exercised Weighted Average Exercise Price	1.25
Repurchased	1.25
Outstanding, Ending Balance Weighted Average Exercise Price	$ 1.24	$ 1.24
Exercisable, Weighted Average Exercise Price		$ 1.24

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants outstanding and exercisable (Details)	9 Months Ended
	Mar. 31, 2021$ / sharesshares
Warrants Outstanding	220,000
Warrants Exercisable	220,000
Range One
Warrant Exercise Price | $ / shares	$ 1.19
Warrants Outstanding	50,000
Remaining Contractual Life (in years)	8 months 23 days
Warrants Exercisable	50,000
Range Two
Warrant Exercise Price | $ / shares	$ 1.25
Warrants Outstanding	170,000
Remaining Contractual Life (in years)	2 months 23 days
Warrants Exercisable	170,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted common stock activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Non-vested, Ending balance	220,000
Restricted common stock
Non-vested, Beginning balance	191,855
Granted Number of shares	163,553
Vested, Number of shares	(114,211)
Forfeited, Number of shares		(188,203)
Non-vested, Ending balance	241,197	191,855
Non-vested, Beginning balance	$ 394,297
Granted, Fair Value	393,996
Vested, Fair Value	(281,148)
Forfeited, Fair Value		$ 214,324
Non-vested, Ending balance	$ 507,145	$ 394,297
Non-vested, Beginning Balance Weighted Average Grant Date Fair Value	$ 2.51
Granted Weighted Average Grant Date Fair Value	2.41
Vested Weighted Average Grant Date Fair Value	2.34
Non-vested, Ending Balance Weighted Average Grant Date Fair Value	$ 2.52	$ 2.51

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Feb. 09, 2021	Nov. 12, 2019	Nov. 21, 2017	Nov. 10, 2016
Weighted average remaining contractual life of all options outstanding			5 years 7 months 21 days
Remaining contractual life for options vested and exercisable			5 years 3 months 7 days
Aggregate intrinsic value of options outstanding	$ 2,328,000		$ 2,328,000
Aggregate intrinsic value of options vested and exercisable	2,318,659		$ 2,318,659
Granted (in shares)			478,143
Fair value of vested stock options	85,151	$ 56,712	$ 504,936	$ 552,902
Amount of unvested compensation related to stock options	$ 351,799		351,799
Proceeds from the exercise of stock options			$ 88,850	0
Exercise price	$ 1.25		$ 1.25
Number of shares from exercised warrants			65,000
Proceeds from the exercise of warrants			$ 81,251	1,875,000
Fair value of vested restricted common stock	$ 94,194	85,526	$ 281,148	255,640
Balance of non-vested shares	220,000		220,000
Repurchase of common stock	$ 23,112	69,163	$ 150,386	268,537
Repurchased warrants underlying	100,000		100,000
Warrants repurchase value			$ 95,000
The Plans
Vesting period			3 years
Number of year(s) cliff vesting period			1 year
Term number of years			10 years
2007 Plan
Number of shares that may be issued pursuant to awards granted	0		0
2017 Plan
Number of shares that may be issued pursuant to awards granted	1,129,483		1,129,483					1,874,513
Common Stock
Granted (in shares)			158,609
Fair value of vested stock options	$ 0	$ 0	$ 0	$ 0
Number of shares available from stock options			274,520
Proceeds from the exercise of stock options			$ 88,850
Number of shares of restricted common stock issued	20,079	12,500	163,553	96,478
Fair value of vested restricted common stock	$ 20	$ 13	$ 163	$ 97
Amount of repurchased shares	10,750	25,150	67,417	96,400
Repurchase of common stock	$ 11	$ 25	$ 67	$ 95
Warrant
Intrinsic value of warrant	$ 238,400		$ 238,400
Employee
Granted (in shares)			478,143
Fair value of stock options granted			$ 571,170
Stock repurchased average price per share			$ 2.23
Repurchase of common stock			$ 150,386
Restricted common stock
Vesting period			3 years
Number of year(s) cliff vesting period			1 year
Number of shares of restricted common stock issued			163,553		2,277,366
Fair value of vested restricted common stock			$ 393,996		$ 2,709,318
Number of shares vested					1,871,187
Number of shares forfeited					$ 214,324
Fair value of forfeited stock					188,203
Amount recognized as expense related to stock issuance					$ 1,785,857
Balance of non-vested shares	241,197		241,197		191,855
Fair value of restricted common stock			$ 281,148
Non-vested stock	$ 507,145		507,145		$ 394,297
Restricted common stock | Common Stock
Fair value of restricted common stock			$ 281,148
Unvested Options
Granted (in shares)			228,143
Employee stock options
Amount of repurchased shares			243,750
Repurchase of common stock			$ 213,312.50
Minimum
Number of shares that may be issued pursuant to awards granted									5,000,000
Minimum | 2017 Plan
Number of shares that may be issued pursuant to awards granted							2,374,513
Maximum
Number of shares that may be issued pursuant to awards granted									7,000,000
Stock repurchased average price per share			$ 2.41
Amount of stock authorized for repurchase						$ 400,000
Share price						$ 4
Maximum | 2017 Plan
Number of shares that may be issued pursuant to awards granted							3,374,513