Research Solutions (RSSS) 10-Q12 Nov 212022 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Nov. 05, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-39256
Entity Registrant Name	RESEARCH SOLUTIONS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	11-3797644
Entity Address, Address Line One	Address not applicable1
Entity Address, City or Town	N/A
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	N/A
City Area Code	310
Local Phone Number	477-0354
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	RSSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,744,119
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001386301
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 10,871,336	$ 11,004,337
Accounts receivable, net of allowance of $47,695 and $51,495, respectively	4,702,686	4,717,453
Prepaid expenses and other current assets	207,813	270,252
Prepaid royalties	265,156	904,921
Total current assets	16,046,991	16,896,963
Other assets:
Property and equipment, net of accumulated depreciation of $825,050 and $824,123, respectively	21,187	20,755
Deposits and other assets	876	906
Total assets	16,069,054	16,918,624
Current liabilities:
Accounts payable and accrued expenses	6,461,726	6,687,188
Deferred revenue	4,438,591	4,804,351
Total current liabilities	10,900,317	11,491,539
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; 26,594,119 and 26,498,215 shares issued and outstanding, respectively	26,594	26,498
Additional paid-in capital	27,098,585	26,982,052
Accumulated deficit	(21,833,890)	(21,461,888)
Accumulated other comprehensive loss	(122,552)	(119,577)
Total stockholders' equity	5,168,737	5,427,085
Total liabilities and stockholders' equity	$ 16,069,054	$ 16,918,624

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 47,695	$ 51,495
Accumulated depreciation property and equipment	$ 825,050	$ 824,123
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	26,594,119	26,498,215
Common Stock, Shares, Outstanding	26,594,119	26,498,215

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 7,742,504	$ 7,748,425
Cost of revenue:
Total cost of revenue	5,082,129	5,298,849
Gross profit	2,660,375	2,449,576
Operating expenses:
Selling, general and administrative	3,023,987	2,428,938
Depreciation and amortization	2,896	3,723
Total operating expenses	3,026,883	2,432,661
Income (loss) from operations	(366,508)	16,915
Other income	276	235
Income (loss) from operations before provision for income taxes	(366,232)	17,150
Provision for income taxes	(5,770)	(2,505)
Net income (loss)	(372,002)	14,645
Other comprehensive income (loss):
Foreign currency translation	(2,975)	1,165
Comprehensive income (loss)	$ (374,977)	$ 15,810
Income (loss) per common share:
Basic	$ (0.01)	$ 0
Diluted	$ (0.01)	$ 0
Weighted average common shares outstanding:
Basic	26,277,116	25,898,900
Diluted	26,277,116	26,511,180
Platforms
Revenue:
Total revenue	$ 1,509,874	$ 1,141,688
Cost of revenue:
Total cost of revenue	245,656	203,952
Transactions
Revenue:
Total revenue	6,232,630	6,606,737
Cost of revenue:
Total cost of revenue	$ 4,836,473	$ 5,094,897

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Loss [Member]	Total
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	77,627	0	0	77,627
Fair value of vested restricted common stock	$ 120	93,044	0	0	93,164
Fair value of vested restricted common stock (in shares)	120,000
Repurchase of common stock	$ (25)	(58,370)	0	0	(58,395)
Repurchase of common stock (in shares)	(25,500)
Common stock issued upon exercise of stock options	$ 64	14,036	0	0	14,100
Common stock issued upon exercise of stock options (in shares)	63,950
Net income (loss) for the period	$ 0	0	14,645	0	14,645
Foreign currency translation	0	0	0	1,165	1,165
Balance at Sep. 30, 2020	$ 26,191	26,261,156	(21,162,154)	(123,873)	5,001,320
Balance (in shares) at Sep. 30, 2020	26,190,713
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 Jun. 30, 2021	$ 26,498	26,982,052	(21,461,888)	(119,577)	5,427,085
Balance (in shares) at Jun. 30, 2021	26,498,215
Fair value of vested stock options	$ 0	71,999	0	0	71,999
Fair value of vested restricted common stock	$ 116	98,995	0	0	99,111
Fair value of vested restricted common stock (in shares)	115,909
Repurchase of common stock	$ (22)	(54,459)	0	0	(54,481)
Repurchase of common stock (in shares)	(21,365)
Common stock issued upon exercise of stock options	$ 2	(2)	0	0	$ 0
Common stock issued upon exercise of stock options (in shares)	1,360				5,834
Net income (loss) for the period	$ 0	0	(372,002)	0	$ (372,002)
Foreign currency translation	0	0	0	(2,975)	(2,975)
Balance at Sep. 30, 2021	$ 26,594	$ 27,098,585	$ (21,833,890)	$ (122,552)	$ 5,168,737
Balance (in shares) at Sep. 30, 2021	26,594,119

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash flow from operating activities:
Net income (loss)	$ (372,002)	$ 14,645
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,896	3,723
Amortization of lease right	0	30,778
Fair value of vested stock options	71,999	77,627
Fair value of vested restricted common stock	99,111	93,164
Changes in operating assets and liabilities:
Accounts receivable	14,767	(5,831)
Prepaid expenses and other current assets	62,439	1,366
Prepaid royalties	639,765	(322,191)
Accounts payable and accrued expenses	(225,462)	1,032,896
Deferred revenue	(365,760)	31,072
Lease liability	0	(33,776)
Net cash provided by (used in) operating activities	(72,247)	923,473
Cash flow from investing activities:
Purchase of property and equipment	(3,643)	(4,304)
Net cash used in investing activities	(3,643)	(4,304)
Cash flow from financing activities:
Proceeds from the exercise of stock options	0	14,100
Common stock repurchase	(54,481)	(58,395)
Net cash used in financing activities	(54,481)	(44,295)
Effect of exchange rate changes	(2,630)	903
Net increase (decrease) in cash and cash equivalents	(133,001)	875,777
Cash and cash equivalents, beginning of period	11,004,337	9,311,556
Cash and cash equivalents, end of period	10,871,336	10,187,333
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 5,770	$ 2,505

Organization, Nature of Busines

Organization, Nature of Business and Basis of Presentation	3 Months Ended
Organization, Nature of Business and Basis of Presentation	Sep. 30, 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: a cloud-based software-as-a-service (“SaaS”) research platform (“Platforms”) typically sold via annual auto-renewing license agreements and the sale of published scientific, technical, and medical (“STM”) content sold as individual articles (“Transactions”) either stand alone or via the Platform. When customers utilize the Platform to purchase Transactions it is packaged as a single solution that enables life science and other research intensive organizations to accelerate their research and development activities with faster, access and management of STM articles used throughout the intellectual property development lifecycle. The Platform typically delivers a ROI to the customer via more effectively managing Transaction costs and saving researchers time during the research process. Platforms Our cloud-based SaaS research 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 components. An alternative to manual data filtering, identification and extraction, the apps 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 continue to develop new apps in order to build an ecosystem of apps. Together, these apps 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; in many cases under one minute. 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, 2021 filed with the SEC. The condensed consolidated balance sheet as of June 30, 2021 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	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 $68,567 and $88,807 at September 30, 2021 and June 30, 2021, 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 months ended September 30, 2021 and 2020. The following table summarizes accounts receivable concentrations: As of September 30, June 30, 2021 2021 Customer A 18 % 14 % The following table summarizes vendor concentrations: Three Months Ended September 30, 2021 2020 Vendor A 19 % 18 % Vendor B 13 % 13 % Revenue Recognition The Company accounts 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. 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. Revenue by Geographical Region The following table summarizes revenue by geographical region: Three Months Ended September 30, 2021 2020 United States $ 4,512,006 58.3 % $ 4,347,646 56.1 % Europe 2,658,962 34.3 % 2,804,885 36.2 % Rest of World 571,536 7.4 % 595,894 7.7 % Total $ 7,742,504 100 % $ 7,748,425 100 % Accounts Receivable by Geographical Region The following table summarizes accounts receivable by geographical region: As of September 30, 2021 As of June 30, 2021 United States $ 2,658,100 56.5 % $ 2,798,224 59.3 % Europe 1,852,354 39.4 % 1,650,030 35.0 % Rest of World 192,232 4.1 % 269,199 5.7 % Total $ 4,702,686 100 % $ 4,717,453 100 % 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 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 $11,243 and a gain of $24,249 for the three months ended September 30, 2021 and 2020, respectively. Cash denominated in Euros with a US Dollar equivalent of $68,567 and $88,807 at September 30, 2021 and June 30, 2021, respectively, was held in accounts at financial institutions located in Europe. The following table summarizes the exchange rates used: Three Months Ended Year Ended September 30, June 30, 2021 2020 2021 2020 Period end Euro : US Dollar exchange rate 1.16 1.17 1.19 1.12 Average period Euro : US Dollar exchange rate 1.18 1.16 1.19 1.11 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.05 0.04 Average period Mexican Peso : US Dollar exchange rate 0.05 0.04 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 September 30, 2021 potentially dilutive securities include options to acquire 3,316,695 shares of common stock, warrants to acquire 50,000 shares of common stock and unvested restricted common stock of 298,583. At September 30, 2020 potentially dilutive securities include options to acquire 3,340,580 shares of common stock, warrants to acquire 385,000 shares of common stock and unvested restricted common stock of 259,238. 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 three months ended September 30, 2021 because all stock options, warrants, and unvested restricted common stock are anti-dilutive. For the three months ended September 30, 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	3 Months Ended
Line of Credit	Sep. 30, 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 September 30, 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 September 30, 2021. The line of credit is secured by the Company’s consolidated assets. There were no outstanding borrowings under the line as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 2021, there was approximately $1,890,000 of available credit.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2021
Stockholders' Equity
Stockholders' Equity	Note 4. Stockholders’ Equity Stock Options In December 2007, we established the 2007 Equity Compensation Plan (the “2007 Plan”) and in November 2017 we established the 2017 Omnibus Incentive Plan (the “2017 Plan”), collectively (the “Plans”). The Plans were approved by our board of directors and stockholders. The purpose of the Plans is to grant stock and options to purchase our common stock, and other incentive awards, to our employees, directors and key consultants. On November 10, 2016, the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2007 Plan increased from 5,000,000 to 7,000,000. On November 21, 2017, the Company’s stockholders approved the adoption of the 2017 Plan (previously adopted by our board of directors on September 14, 2017), which authorized a maximum of 1,874,513 shares of common stock that may be issued pursuant to awards granted under the 2017 Plan. 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 September 30, 2021, there were 919,991 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, 2021 3,258,408 $ 1.68 2,930,474 $ 1.60 327,934 $ 2.46 Granted 64,121 2.66 — — 64,121 2.66 Options vesting — — 98,000 2.46 (98,000) 2.46 Exercised (5,834) 2.40 (5,834) 2.40 — — Forfeited — — — — — — Repurchased — — — — — — Outstanding at September 30, 2021 3,316,695 $ 1.70 3,022,640 $ 1.63 294,055 $ 2.47 The weighted average remaining contractual life of all options outstanding as of September 30, 2021 was 5.28 years. The remaining contractual life for options vested and exercisable at September 30, 2021 was 5.09 years. Furthermore, the aggregate intrinsic value of options outstanding as of September 30, 2021 was $3,167,497, and the aggregate intrinsic value of options vested and exercisable at September 30, 2021 was $3,115,487, in each case based on the fair value of the Company’s common stock on September 30, 2021. During the three months ended September 30, 2021, the Company granted 64,121 options to employees with a fair value of $88,550 which amount will be amortized over the vesting period. The total fair value of options that vested during the three months ended September 30, 2021 was $71,999 and is included in selling, general and administrative expenses in the accompanying statement of operations. As of September 30, 2021, the amount of unvested compensation related to stock options was $357,141 which will be recorded as an expense in future periods as the options vest. During the three months ended September 30, 2021, the Company issued 1,360 net shares of common stock upon the exercise of 5,834 options on a cashless basis. 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 three months ended September 30, 2021 and 2020. Three Months Ended September 30, 2021 2020 Expected dividend yield 0 % 0 % Risk-free interest rate 0.92 - 1.01 % 0.37 % Expected life (in years) 6 6 Expected volatility 56 % 63 % Additional information regarding stock options outstanding and exercisable as of September 30, 2021 is as follows: Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.59 8,150 0.75 8,150 0.60 5,000 0.75 5,000 0.65 6,150 0.75 6,150 0.70 225,000 4.18 225,000 0.77 49,500 1.83 49,500 0.80 16,000 3.89 16,000 0.90 25,667 2.56 25,667 0.97 6,000 0.75 6,000 1.00 28,249 2.18 28,249 1.02 2,000 0.75 2,000 1.05 315,529 4.76 315,529 1.07 33,898 1.04 33,898 1.09 75,000 3.87 75,000 1.10 105,000 3.75 105,000 1.15 128,400 1.35 128,400 1.20 274,000 5.80 274,000 1.25 32,000 1.37 32,000 1.30 243,000 0.43 243,000 1.50 185,000 1.22 185,000 1.59 25,000 6.61 25,000 1.80 94,050 1.88 94,050 1.85 17,800 1.55 17,800 1.95 200,000 6.76 200,000 2.13 216,708 9.14 200,000 2.17 36,000 9.62 — 2.40 332,833 7.13 331,999 2.43 61,250 9.68 31,250 2.45 173,000 8.85 72,083 2.49 88,435 8.59 56,250 2.50 20,000 7.63 16,666 2.64 30,882 9.85 — 2.67 33,194 9.97 — 2.99 8,000 8.62 4,000 3.13 208,000 8.12 205,333 3.50 8,000 8.37 4,666 Total 3,316,695 3,022,640 Warrants The following table summarizes warrant activity: Weighted Average Number of Exercise Warrants Price Outstanding, June 30, 2021 50,000 $ 1.19 Granted — — Exercised — — Repurchased — — Expired/Cancelled — — Outstanding, September 30, 2021 50,000 $ 1.19 Exercisable, June 30, 2021 50,000 $ 1.19 Exercisable, September 30, 2021 50,000 $ 1.19 The intrinsic value for all warrants outstanding as of September 30, 2021 was $71,500, based on the fair value of the Company’s common stock on September 30, 2021. Additional information regarding warrants outstanding and exercisable as of September 30, 2021 is as follows: Remaining Warrant Warrants Contractual Warrants Exercise Price Outstanding Life (in years) Exercisable $ 1.19 50,000 0.22 50,000 Total 50,000 50,000 Restricted Common Stock Prior to July 1, 2021, the Company issued 2,473,176 shares of restricted common stock to employees valued at $3,173,312, of which 2,013,600 shares have vested, 214,324 shares with fair value of $188,203 have been forfeited, and $2,503,156 has been recognized as an expense. The balance of the non-vested shares of restricted common stock was 245,252 at June 30, 2021, with an aggregate fair value of $481,953. During the three months ended September 30, 2021, the Company issued an additional 115,909 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 $306,000 based on the market price of our common stock price of $2.64 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 three months ended September 30, 2021 was $99,111 and is included in selling, general and administrative expenses in the accompanying statements of operations. As of September 30, 2021, the amount of unvested compensation related to issuances of restricted common stock was $688,842, 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, 2021 245,252 $ 481,953 $ 2.47 Granted 115,909 306,000 2.64 Vested (62,578) (99,111) 2.52 Forfeited — — — Non-vested, September 30, 2021 298,583 $ 688,842 $ 2.53 Common Stock Repurchases 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. As of June 30, 2021, $349,263 remained under the current authorization to repurchase our outstanding common stock from our employees. During the three months ended September 30, 2021, the Company repurchased 21,365 shares of our common stock from employees at an average market price of approximately $2.55 per share for an aggregate amount of $54,481. As of September 30, 2021, $294,782 remains 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.

Contingencies

Contingencies	3 Months Ended
Contingencies	Sep. 30, 2021
Contingencies
Contingencies	Note 5. 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.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events
Subsequent Events	Note 6. Subsequent Events On October 4, 2021, the Company issued William Nurthen 100,000 shares of restricted stock in connection with his employment with the Company. These shares will vest over a four year period. On November 5, 2021, the Company issued 50,000 shares of common stock upon the exercise of warrants for $59,500 in proceeds.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 $68,567 and $88,807 at September 30, 2021 and June 30, 2021, 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 months ended September 30, 2021 and 2020. The following table summarizes accounts receivable concentrations: As of September 30, June 30, 2021 2021 Customer A 18 % 14 % The following table summarizes vendor concentrations: Three Months Ended September 30, 2021 2020 Vendor A 19 % 18 % Vendor B 13 % 13 %
Revenue Recognition	Revenue Recognition The Company accounts 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. 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. Revenue by Geographical Region The following table summarizes revenue by geographical region: Three Months Ended September 30, 2021 2020 United States $ 4,512,006 58.3 % $ 4,347,646 56.1 % Europe 2,658,962 34.3 % 2,804,885 36.2 % Rest of World 571,536 7.4 % 595,894 7.7 % Total $ 7,742,504 100 % $ 7,748,425 100 % Accounts Receivable by Geographical Region The following table summarizes accounts receivable by geographical region: As of September 30, 2021 As of June 30, 2021 United States $ 2,658,100 56.5 % $ 2,798,224 59.3 % Europe 1,852,354 39.4 % 1,650,030 35.0 % Rest of World 192,232 4.1 % 269,199 5.7 % Total $ 4,702,686 100 % $ 4,717,453 100 %
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 $11,243 and a gain of $24,249 for the three months ended September 30, 2021 and 2020, respectively. Cash denominated in Euros with a US Dollar equivalent of $68,567 and $88,807 at September 30, 2021 and June 30, 2021, respectively, was held in accounts at financial institutions located in Europe. The following table summarizes the exchange rates used: Three Months Ended Year Ended September 30, June 30, 2021 2020 2021 2020 Period end Euro : US Dollar exchange rate 1.16 1.17 1.19 1.12 Average period Euro : US Dollar exchange rate 1.18 1.16 1.19 1.11 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.05 0.04 Average period Mexican Peso : US Dollar exchange rate 0.05 0.04 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 September 30, 2021 potentially dilutive securities include options to acquire 3,316,695 shares of common stock, warrants to acquire 50,000 shares of common stock and unvested restricted common stock of 298,583. At September 30, 2020 potentially dilutive securities include options to acquire 3,340,580 shares of common stock, warrants to acquire 385,000 shares of common stock and unvested restricted common stock of 259,238. 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 three months ended September 30, 2021 because all stock options, warrants, and unvested restricted common stock are anti-dilutive. For the three months ended September 30, 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)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2021
Summary of Significant Accounting Policies
Schedule of accounts receivable concentrations	As of September 30, June 30, 2021 2021 Customer A 18 % 14 %
Schedule of vendor concentration risk percentage	Three Months Ended September 30, 2021 2020 Vendor A 19 % 18 % Vendor B 13 % 13 %
Schedule Of foreign currency exchange rate	The following table summarizes the exchange rates used: Three Months Ended Year Ended September 30, June 30, 2021 2020 2021 2020 Period end Euro : US Dollar exchange rate 1.16 1.17 1.19 1.12 Average period Euro : US Dollar exchange rate 1.18 1.16 1.19 1.11 Period end Mexican Peso : US Dollar exchange rate 0.05 0.04 0.05 0.04 Average period Mexican Peso : US Dollar exchange rate 0.05 0.04 0.05 0.05
Schedule of revenue by geographical region	Three Months Ended September 30, 2021 2020 United States $ 4,512,006 58.3 % $ 4,347,646 56.1 % Europe 2,658,962 34.3 % 2,804,885 36.2 % Rest of World 571,536 7.4 % 595,894 7.7 % Total $ 7,742,504 100 % $ 7,748,425 100 %
Schedule of accounts receivable by geographical region	As of September 30, 2021 As of June 30, 2021 United States $ 2,658,100 56.5 % $ 2,798,224 59.3 % Europe 1,852,354 39.4 % 1,650,030 35.0 % Rest of World 192,232 4.1 % 269,199 5.7 % Total $ 4,702,686 100 % $ 4,717,453 100 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 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, 2021 3,258,408 $ 1.68 2,930,474 $ 1.60 327,934 $ 2.46 Granted 64,121 2.66 — — 64,121 2.66 Options vesting — — 98,000 2.46 (98,000) 2.46 Exercised (5,834) 2.40 (5,834) 2.40 — — Forfeited — — — — — — Repurchased — — — — — — Outstanding at September 30, 2021 3,316,695 $ 1.70 3,022,640 $ 1.63 294,055 $ 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 three months ended September 30, 2021 and 2020. Three Months Ended September 30, 2021 2020 Expected dividend yield 0 % 0 % Risk-free interest rate 0.92 - 1.01 % 0.37 % Expected life (in years) 6 6 Expected volatility 56 % 63 %
Schedule of additional information regarding stock options outstanding and exercisable	Additional information regarding stock options outstanding and exercisable as of September 30, 2021 is as follows: Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.59 8,150 0.75 8,150 0.60 5,000 0.75 5,000 0.65 6,150 0.75 6,150 0.70 225,000 4.18 225,000 0.77 49,500 1.83 49,500 0.80 16,000 3.89 16,000 0.90 25,667 2.56 25,667 0.97 6,000 0.75 6,000 1.00 28,249 2.18 28,249 1.02 2,000 0.75 2,000 1.05 315,529 4.76 315,529 1.07 33,898 1.04 33,898 1.09 75,000 3.87 75,000 1.10 105,000 3.75 105,000 1.15 128,400 1.35 128,400 1.20 274,000 5.80 274,000 1.25 32,000 1.37 32,000 1.30 243,000 0.43 243,000 1.50 185,000 1.22 185,000 1.59 25,000 6.61 25,000 1.80 94,050 1.88 94,050 1.85 17,800 1.55 17,800 1.95 200,000 6.76 200,000 2.13 216,708 9.14 200,000 2.17 36,000 9.62 — 2.40 332,833 7.13 331,999 2.43 61,250 9.68 31,250 2.45 173,000 8.85 72,083 2.49 88,435 8.59 56,250 2.50 20,000 7.63 16,666 2.64 30,882 9.85 — 2.67 33,194 9.97 — 2.99 8,000 8.62 4,000 3.13 208,000 8.12 205,333 3.50 8,000 8.37 4,666 Total 3,316,695 3,022,640
Schedule of warrant activity	The following table summarizes warrant activity: Weighted Average Number of Exercise Warrants Price Outstanding, June 30, 2021 50,000 $ 1.19 Granted — — Exercised — — Repurchased — — Expired/Cancelled — — Outstanding, September 30, 2021 50,000 $ 1.19 Exercisable, June 30, 2021 50,000 $ 1.19 Exercisable, September 30, 2021 50,000 $ 1.19
Schedule of additional information regarding warrants outstanding and exercisable	Additional information regarding warrants outstanding and exercisable as of September 30, 2021 is as follows: Remaining Warrant Warrants Contractual Warrants Exercise Price Outstanding Life (in years) Exercisable $ 1.19 50,000 0.22 50,000 Total 50,000 50,000
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, 2021 245,252 $ 481,953 $ 2.47 Granted 115,909 306,000 2.64 Vested (62,578) (99,111) 2.52 Forfeited — — — Non-vested, September 30, 2021 298,583 $ 688,842 $ 2.53

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Details)	Sep. 30, 2021subsidiaryitem
Organization, Nature of Business and Basis of Presentation
Number of subsidiaries \| subsidiary	2
Number of service offerings \| item	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentrations (Details) - customer	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Revenue \| Customer A
Number of customers	0	0
Revenue \| Customer Concentration Risk \| Minimum \| Customer A
Concentration percentage	10.00%	10.00%
Accounts receivable \| Customer Concentration Risk \| Customer A
Concentration percentage	18.00%		14.00%
Content costs from vendors \| Supplier Concentration \| Vendor A
Concentration percentage	19.00%	18.00%
Content costs from vendors \| Supplier Concentration \| Vendor B
Concentration percentage	13.00%	13.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Exchange rates (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Euro to US Dollar
Period end exchange rate	1.16	1.17	1.19	1.12
Average period exchange rate	1.18	1.16	1.19	1.11
Mexican Peso to US Dollar
Period end exchange rate	0.05	0.04	0.05	0.04
Average period exchange rate	0.05	0.04	0.05	0.05

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Revenues	$ 7,742,504	$ 7,748,425
Percentage of revenue	100.00%	100.00%
Accounts receivable
Revenues	$ 4,702,686		$ 4,717,453
Percentage of revenue	100.00%		100.00%
United States
Revenues	$ 4,512,006	$ 4,347,646
Percentage of revenue	58.30%	56.10%
United States \| Accounts receivable
Revenues	$ 2,658,100		$ 2,798,224
Percentage of revenue	56.50%		59.30%
Europe
Revenues	$ 2,658,962	$ 2,804,885
Percentage of revenue	34.30%	36.20%
Europe \| Accounts receivable
Revenues	$ 1,852,354		$ 1,650,030
Percentage of revenue	39.40%		35.00%
Rest of World
Revenues	$ 571,536	$ 595,894
Percentage of revenue	7.40%	7.70%
Rest of World \| Accounts receivable
Revenues	$ 192,232		$ 269,199
Percentage of revenue	4.10%		5.70%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)itemshares	Sep. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)
FDIC insured amount \| $	$ 250,000
Number of revenue sources \| item	2
Foreign currency transaction gain (loss) \| $	$ (11,243)	$ 24,249
Percentage of revenue	100.00%	100.00%
Restricted Common Stock [Member]
Antidilutive securities amount \| shares	298,583	259,238
Accounts receivable
Percentage of revenue	100.00%		100.00%
Europe financial institutions
Deposits \| $	$ 68,567		$ 88,807
United States
Percentage of revenue	58.30%	56.10%
United States \| Accounts receivable
Percentage of revenue	56.50%		59.30%
Europe
Percentage of revenue	34.30%	36.20%
Europe \| Accounts receivable
Percentage of revenue	39.40%		35.00%
Rest of World
Percentage of revenue	7.40%	7.70%
Rest of World \| Accounts receivable
Percentage of revenue	4.10%		5.70%
Employee stock options
Antidilutive securities amount \| shares	3,316,695	3,340,580
Employee stock options \| Warrant
Antidilutive securities amount \| shares	50,000	385,000

Line of Credit (Details)

Line of Credit (Details) - Silicon Valley Bank	Jul. 23, 2010USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Line of credit amount	$ 2,500,000
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
Approximate available credit		$ 1,890,000

Stockholders' Equity - Vested a

Stockholders' Equity - Vested and unvested stock option (Details)	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Outstanding beginning balance (in shares) \| shares	3,258,408
Granted (in shares) \| shares	64,121
Exercised (in shares) \| shares	(5,834)
Outstanding ending balance (in shares) \| shares	3,316,695
Outstanding beginning balance Weighted Average Exercise Price \| $ / shares	$ 1.68
Granted Weighted Average Exercise Price \| $ / shares	2.66
Exercised Weighted Average Exercise Price \| $ / shares	2.40
Outstanding ending balance Weighted Average Exercise Price \| $ / shares	$ 1.70
Vested Options [Member]
Outstanding beginning balance (in shares) \| shares	2,930,474
Options vesting (in shares) \| shares	98,000
Exercised (in shares) \| shares	(5,834)
Outstanding ending balance (in shares) \| shares	3,022,640
Outstanding beginning balance Weighted Average Exercise Price \| $ / shares	$ 1.60
Options vesting Weighted Average Exercise Price \| $ / shares	2.46
Exercised Weighted Average Exercise Price \| $ / shares	2.40
Outstanding ending balance Weighted Average Exercise Price \| $ / shares	$ 1.63
Unvested Options [Member]
Outstanding beginning balance (in shares) \| shares	327,934
Granted (in shares) \| shares	64,121
Options vesting (in shares) \| shares	98,000
Outstanding ending balance (in shares) \| shares	294,055
Outstanding beginning balance Weighted Average Exercise Price \| $ / shares	$ 2.46
Granted Weighted Average Exercise Price \| $ / shares	2.66
Options vesting Weighted Average Exercise Price \| $ / shares	2.46
Outstanding ending balance Weighted Average Exercise Price \| $ / shares	$ 2.47

Stockholders' Equity - Estimate

Stockholders' Equity - Estimate the fair values (Details)	3 Months Ended
Stockholders' Equity - Estimate the fair values (Details)	Sep. 30, 2021	Sep. 30, 2020
Expected dividend yield	0.00%	0.00%
Minimum
Risk-free interest rate	0.92%	0.37%
Expected life (in years)	6 years	6 years
Expected volatility	56.00%	63.00%
Maximum
Risk-free interest rate	1.01%

Stockholders' Equity - Stock op

Stockholders' Equity - Stock options outstanding and exercisable (Details)	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Options Outstanding	3,316,695
Options Exercisable	3,022,640
Range One
Option Exercise Price \| $ / shares	$ 0.59
Options Outstanding	8,150
Remaining Contractual Life (in years)	9 months
Options Exercisable	8,150
Range Two
Option Exercise Price \| $ / shares	$ 0.60
Options Outstanding	5,000
Remaining Contractual Life (in years)	9 months
Options Exercisable	5,000
Range Three
Option Exercise Price \| $ / shares	$ 0.65
Options Outstanding	6,150
Remaining Contractual Life (in years)	9 months
Options Exercisable	6,150
Range Four
Option Exercise Price \| $ / shares	$ 0.70
Options Outstanding	225,000
Remaining Contractual Life (in years)	4 years 2 months 4 days
Options Exercisable	225,000
Range Five
Option Exercise Price \| $ / shares	$ 0.77
Options Outstanding	49,500
Remaining Contractual Life (in years)	1 year 9 months 29 days
Options Exercisable	49,500
Range Six
Option Exercise Price \| $ / shares	$ 0.80
Options Outstanding	16,000
Remaining Contractual Life (in years)	3 years 10 months 20 days
Options Exercisable	16,000
Range Seven
Option Exercise Price \| $ / shares	$ 0.90
Options Outstanding	25,667
Remaining Contractual Life (in years)	2 years 6 months 21 days
Options Exercisable	25,667
Range Eight
Option Exercise Price \| $ / shares	$ 0.97
Options Outstanding	6,000
Remaining Contractual Life (in years)	9 months
Options Exercisable	6,000
Range Nine
Option Exercise Price \| $ / shares	$ 1
Options Outstanding	28,249
Remaining Contractual Life (in years)	2 years 2 months 4 days
Options Exercisable	28,249
Range Ten
Option Exercise Price \| $ / shares	$ 1.02
Options Outstanding	2,000
Remaining Contractual Life (in years)	9 months
Options Exercisable	2,000
Range Eleven
Option Exercise Price \| $ / shares	$ 1.05
Options Outstanding	315,529
Remaining Contractual Life (in years)	4 years 9 months 3 days
Options Exercisable	315,529
Range Twelve
Option Exercise Price \| $ / shares	$ 1.07
Options Outstanding	33,898
Remaining Contractual Life (in years)	1 year 14 days
Options Exercisable	33,898
Range Thirteen
Option Exercise Price \| $ / shares	$ 1.09
Options Outstanding	75,000
Remaining Contractual Life (in years)	3 years 10 months 13 days
Options Exercisable	75,000
Range Fourteen
Option Exercise Price \| $ / shares	$ 1.10
Options Outstanding	105,000
Remaining Contractual Life (in years)	3 years 9 months
Options Exercisable	105,000
Range Fifteen
Option Exercise Price \| $ / shares	$ 1.15
Options Outstanding	128,400
Remaining Contractual Life (in years)	1 year 4 months 6 days
Options Exercisable	128,400
Range Sixteen
Option Exercise Price \| $ / shares	$ 1.20
Options Outstanding	274,000
Remaining Contractual Life (in years)	5 years 9 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 4 months 13 days
Options Exercisable	32,000
Range Eighteen
Option Exercise Price \| $ / shares	$ 1.30
Options Outstanding	243,000
Remaining Contractual Life (in years)	5 months 4 days
Options Exercisable	243,000
Range Nineteen
Option Exercise Price \| $ / shares	$ 1.50
Options Outstanding	185,000
Remaining Contractual Life (in years)	1 year 2 months 19 days
Options Exercisable	185,000
Range Twenty
Option Exercise Price \| $ / shares	$ 1.59
Options Outstanding	25,000
Remaining Contractual Life (in years)	6 years 7 months 9 days
Options Exercisable	25,000
Range Twenty One
Option Exercise Price \| $ / shares	$ 1.80
Options Outstanding	94,050
Remaining Contractual Life (in years)	1 year 10 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)	1 year 6 months 18 days
Options Exercisable	17,800
Range Twenty Three
Option Exercise Price \| $ / shares	$ 1.95
Options Outstanding	200,000
Remaining Contractual Life (in years)	6 years 9 months 3 days
Options Exercisable	200,000
Range Twenty Four
Option Exercise Price \| $ / shares	$ 2.13
Options Outstanding	216,708
Remaining Contractual Life (in years)	9 years 1 month 20 days
Options Exercisable	200,000
Range Twenty Five
Option Exercise Price \| $ / shares	$ 2.17
Options Outstanding	36,000
Remaining Contractual Life (in years)	9 years 7 months 13 days
Range Twenty Six
Option Exercise Price \| $ / shares	$ 2.40
Options Outstanding	332,833
Remaining Contractual Life (in years)	7 years 1 month 17 days
Options Exercisable	331,999
Range Twenty Seven
Option Exercise Price \| $ / shares	$ 2.43
Options Outstanding	61,250
Remaining Contractual Life (in years)	9 years 8 months 4 days
Options Exercisable	31,250
Range Twenty Eight
Option Exercise Price \| $ / shares	$ 2.45
Options Outstanding	173,000
Remaining Contractual Life (in years)	8 years 10 months 6 days
Options Exercisable	72,083
Range Twenty Nine
Option Exercise Price \| $ / shares	$ 2.49
Options Outstanding	88,435
Remaining Contractual Life (in years)	8 years 7 months 2 days
Options Exercisable	56,250
Range Thirty
Option Exercise Price \| $ / shares	$ 2.50
Options Outstanding	20,000
Remaining Contractual Life (in years)	7 years 7 months 17 days
Options Exercisable	16,666
Range Thirty One
Option Exercise Price \| $ / shares	$ 2.64
Options Outstanding	30,882
Remaining Contractual Life (in years)	9 years 10 months 6 days
Range Thirty Two
Option Exercise Price \| $ / shares	$ 2.67
Options Outstanding	33,194
Remaining Contractual Life (in years)	9 years 11 months 19 days
Range Thirty Three
Option Exercise Price \| $ / shares	$ 2.99
Options Outstanding	8,000
Remaining Contractual Life (in years)	8 years 7 months 13 days
Options Exercisable	4,000
Range Thirty Four
Option Exercise Price \| $ / shares	$ 3.13
Options Outstanding	208,000
Remaining Contractual Life (in years)	8 years 1 month 13 days
Options Exercisable	205,333
Range Thirty Five
Option Exercise Price \| $ / shares	$ 3.50
Options Outstanding	8,000
Remaining Contractual Life (in years)	8 years 4 months 13 days
Options Exercisable	4,666

Stockholders' Equity - Warrant

Stockholders' Equity - Warrant activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Non-vested, Ending balance	50,000
Exercisable	50,000
Warrant
Non-vested, Beginning balance	50,000
Non-vested, Ending balance	50,000	50,000
Exercisable	50,000	50,000
Outstanding, Beginning balance Weighted Average Exercise Price	$ 1.19
Outstanding, Ending Balance Weighted Average Exercise Price	$ 1.19	$ 1.19
Exercisable, Weighted Average Exercise Price		$ 1.19

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants outstanding and exercisable (Details)	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Warrants Outstanding	50,000
Warrants Exercisable	50,000
Range One
Warrant Exercise Price \| $ / shares	$ 1.19
Warrants Outstanding	50,000
Remaining Contractual Life (in years)	2 months 19 days
Warrants Exercisable	50,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted common stock activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Non-vested, Ending balance	50,000
Restricted common stock
Non-vested, Beginning balance	245,252
Granted Number of shares	115,909
Vested, Number of shares	(62,578)
Forfeited, Number of shares		(214,324)
Non-vested, Ending balance	298,583	245,252
Non-vested, Beginning balance	$ 481,953
Granted, Fair Value	306,000
Vested, Fair Value	(99,111)
Forfeited, Fair Value		$ 188,203
Non-vested, Ending balance	$ 688,842	$ 481,953
Non-vested, Beginning Balance Weighted Average Grant Date Fair Value	$ 2.47
Granted Weighted Average Grant Date Fair Value	2.64
Vested Weighted Average Grant Date Fair Value	2.52
Non-vested, Ending Balance Weighted Average Grant Date Fair Value	$ 2.53	$ 2.47

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Nov. 17, 2020	Nov. 21, 2017	Nov. 10, 2016
Weighted average remaining contractual life of all options outstanding	5 years 3 months 10 days
Remaining contractual life for options vested and exercisable	5 years 1 month 2 days
Aggregate intrinsic value of options outstanding	$ 3,167,497
Aggregate intrinsic value of options vested and exercisable	$ 3,115,487
Granted (in shares)	64,121
Fair value of vested stock options	$ 71,999	$ 77,627
Amount of unvested compensation related to stock options	357,141
Fair value of vested restricted common stock	$ 99,111	93,164
Balance of non-vested shares	50,000
Amount of stock authorized for repurchase			$ 349,263
Repurchase of common stock	$ 54,481	58,395
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
2017 Plan
Number of shares that may be issued pursuant to awards granted	919,991				1,874,513
Common Stock
Granted (in shares)	1,360
Fair value of vested stock options	$ 0	$ 0
Number of shares available from stock options	5,834
Number of shares of restricted common stock issued	115,909	120,000
Fair value of vested restricted common stock	$ 116	$ 120
Amount of repurchased shares	21,365	25,500
Repurchase of common stock	$ 22	$ 25
Warrant
Intrinsic value of warrant	$ 71,500
Employee
Granted (in shares)	64,121
Fair value of stock options granted	$ 88,550
Stock repurchased average price per share	$ 2.55
Amount of stock authorized for repurchase		$ 294,782
Repurchase of common stock	$ 54,481
Restricted common stock
Vesting period	3 years		3 years
Number of year(s) cliff vesting period	1 year
Number of shares of restricted common stock issued	115,909		2,473,176
Fair value of vested restricted common stock	$ 306,000		$ 3,173,312
Number of shares vested			$ 2,013,600
Forfeited, Number of shares			(214,324)
Forfeited, Fair Value			$ 188,203
Amount recognized as expense related to stock issuance			$ 2,503,156
Balance of non-vested shares	298,583		245,252
Non-vested stock	$ 688,842		$ 481,953
Fair value of restricted common stock	99,111
Restricted common stock \| Common Stock
Fair value of restricted common stock	$ 99,111
Unvested Options [Member]
Granted (in shares)	64,121
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	$ 2.64
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

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 05, 2021	Oct. 04, 2021	Sep. 30, 2021	Jun. 30, 2021
Subsequent Event
Common stock issued upon exercise of warrants	50,000
Proceeds from the exercise of warrants	$ 59,500
Restricted common stock
Vesting period			3 years	3 years
Number of shares of restricted common stock issued			115,909	2,473,176
Restricted common stock \| Subsequent Event
Vesting period		4 years
Number of shares of restricted common stock issued		100,000