Research Solutions, Inc. (RSSS) is a SaaS and transaction-processing business serving the research and academic market, operating two revenue segments: Platforms (subscription, ~86% of revenue, ~87-88% gross margin) and Transactions (per-article fulfillment, ~26% gross margin). The filing covers the quarter and nine months ended March 31, 2026. Under a liquidation lens, MFFAIS reports a cash liquidation value of approximately -$11.3M, a liquid liquidation value of approximately -$5.7M, and an operating liquidation value of approximately -$5.7M. These negative figures reflect the standard asymmetry between haircut assets and face-value liabilities. The company's asset base is heavily weighted toward intangibles and goodwill arising from the Scite and Resolute Innovation acquisitions (2023), which receive a 0% recovery haircut under the liquidation framework. Cash of $12.1M at March 31, 2026 (versus $12.2M at June 30, 2025, essentially flat) is the primary recoverable asset pool. No long-term debt is outstanding; the company has a $500K revolving credit facility with PNC Bank (undrawn as of the reporting date, matures April 2027). The largest balance-sheet liabilities that do not extinguish on windup include deferred revenue, which increased by approximately $460K during the nine-month period per the operating activities discussion, and a contingent earnout liability associated with the Scite acquisition. During the nine months, the company paid $3.77M in contingent acquisition consideration (Scite earn-out), materially reducing that liability from the prior-year level; the prior year's nine-month operating cash flow was inflated by a $2.81M non-cash adjustment related to the Scite earn-out fair value increase, which does not recur in the current period. Net income improved from a loss of $1.09M in the prior nine-month period to income of $2.16M in the current period, driven by gross margin expansion (51.5% vs. 48.8%) and a reduction in stock-based compensation expense (-56.4% nine-month comparison) and G&A. The filing does not separately disclose goodwill or intangible asset balances in XBRL tags available in TAG_CONTEXT; these concepts are discussed implicitly through amortization charges ($945K for nine months) but are not XBRL-tagged in this submission. The contingent earnout liability balance and the operating lease right-of-use asset and liability are referenced in MD&A but are also absent from TAG_CONTEXT. Absent tagged balance-sheet line items, precise liquidation arithmetic cannot be performed from XBRL alone; the MFFAIS-derived figures are the operative estimates. The recovery posture is negative and structurally driven by unrecoverable intangible assets from the 2023 acquisitions.
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