2024 Q3 Form 10-Q Financial Statement

#000155837024012246 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.292M $1.965M
YoY Change 6.36% -12.82%
Cost Of Revenue $853.0K $831.0K
YoY Change -1.61% -21.6%
Gross Profit $1.439M $1.134M
YoY Change 11.72% -5.03%
Gross Profit Margin 62.78% 57.71%
Selling, General & Admin $719.0K $670.0K
YoY Change -59.85% -69.22%
% of Gross Profit 49.97% 59.08%
Research & Development $399.0K $399.0K
YoY Change -26.38% -31.33%
% of Gross Profit 27.73% 35.19%
Depreciation & Amortization $6.000K
YoY Change -87.76%
% of Gross Profit 0.53%
Operating Expenses $3.200M $3.188M
YoY Change -38.08% -38.34%
Operating Profit -$1.761M -$2.054M
YoY Change -54.61% -48.34%
Interest Expense $4.000K
YoY Change -55.56%
% of Operating Profit
Other Income/Expense, Net $109.0K $59.00K
YoY Change 883.33%
Pretax Income -$1.575M -$1.580M
YoY Change -55.4% -54.71%
Income Tax $6.000K $15.00K
% Of Pretax Income
Net Earnings -$1.581M -$1.595M
YoY Change -55.26% -54.34%
Net Earnings / Revenue -68.98% -81.17%
Basic Earnings Per Share -$3.11 -$0.06
Diluted Earnings Per Share -$3.11 -$0.06
COMMON SHARES
Basic Shares Outstanding 29.39M 23.46M
Diluted Shares Outstanding 508.9K 25.22M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.053M
YoY Change -76.94%
Cash & Equivalents $743.0K $1.053M
Short-Term Investments
Other Short-Term Assets $51.00K $55.00K
YoY Change -45.74% -50.89%
Inventory $2.934M $3.246M
Prepaid Expenses
Receivables $1.300M $1.400M
Other Receivables $15.00K
Total Short-Term Assets $5.338M $6.087M
YoY Change -27.86% -42.27%
LONG-TERM ASSETS
Property, Plant & Equipment $43.00K $48.00K
YoY Change -38.57% -92.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $29.00K
YoY Change 0.0% -49.12%
Total Long-Term Assets $277.0K $306.0K
YoY Change -35.28% -76.61%
TOTAL ASSETS
Total Short-Term Assets $5.338M $6.087M
Total Long-Term Assets $277.0K $306.0K
Total Assets $5.615M $6.393M
YoY Change -28.26% -46.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.105M $1.030M
YoY Change 43.98% -35.67%
Accrued Expenses $1.643M $1.895M
YoY Change -39.9% -25.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.025M $3.201M
YoY Change -9.94% -27.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $157.0K
YoY Change -77.89%
Total Long-Term Liabilities $157.0K
YoY Change -77.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.025M $3.201M
Total Long-Term Liabilities $157.0K
Total Liabilities $4.128M $3.358M
YoY Change -12.98% -34.34%
SHAREHOLDERS EQUITY
Retained Earnings -$640.9M -$639.4M
YoY Change 1.11% 1.43%
Common Stock $29.00K
YoY Change 866.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.487M $3.035M
YoY Change
Total Liabilities & Shareholders Equity $5.615M $6.393M
YoY Change -28.26% -46.06%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$1.581M -$1.595M
YoY Change -55.26% -54.34%
Depreciation, Depletion And Amortization $6.000K
YoY Change -87.76%
Cash From Operating Activities -$1.357M
YoY Change -79.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.00K
YoY Change -98.93%
NET CHANGE
Cash From Operating Activities -1.357M
Cash From Investing Activities 0.000
Cash From Financing Activities 24.00K
Net Change In Cash -1.333M
YoY Change -69.81%
FREE CASH FLOW
Cash From Operating Activities -$1.357M
Capital Expenditures $0.00
Free Cash Flow -$1.357M
YoY Change -79.74%

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rsls Adjustments To Additional Paid In Capital Stock Offering Costs
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rsls Stock And Warrants Issued During Period Value Institutional Exercise Of Warrants
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CY2023Q2 us-gaap Stockholders Equity
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us-gaap Depreciation
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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rsls Increase Decrease In Warrant Liability
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Productive Assets
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Warrant Exercises
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us-gaap Proceeds From Warrant Exercises
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Income Taxes Paid Net
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:22.5pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates. The Company reviews its estimates on an ongoing basis or as new information becomes available to ensure that these estimates appropriately reflect changes in its business.</p>
CY2024Q2 rsls Working Capital
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PrepaidInsurance
110000
CY2024Q2 rsls Prepaid Professional Services
PrepaidProfessionalServices
45000
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7000
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CY2024Q2 us-gaap Prepaid Advertising
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41000
CY2024Q2 us-gaap Prepaid Taxes
PrepaidTaxes
15000
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PrepaidTaxes
47000
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
55000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
126000
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
306000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2024Q2 us-gaap Employee Related Liabilities Current
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636000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
701000
CY2023Q4 rsls Accrued Legal Liabilities Current
AccruedLegalLiabilitiesCurrent
200000
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
723000
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CY2024Q2 us-gaap Accrued Income Taxes Current
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CY2024Q2 us-gaap Accrued Professional Fees Current
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2024Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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200000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
202000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
250000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent
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103000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Operating Lease Payments
OperatingLeasePayments
54000
us-gaap Operating Lease Payments
OperatingLeasePayments
228000
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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231000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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15000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
216000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2024Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
24000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15598392
rsls Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
10870000
rsls Class Of Warrant Or Right Cancelled In Period
ClassOfWarrantOrRightCancelledInPeriod
1968
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4726424
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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Rule10b51ArrAdoptedFlag
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Rule10b51ArrTrmntdFlag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
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R5.htm Edgar Link pending
R6.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
rsls-20240630.xsd Edgar Link pending
rsls-20240630x10q.htm Edgar Link pending
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rsls-20240630_pre.xml Edgar Link unprocessable
rsls-20240630x10q_htm.xml Edgar Link completed
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0001558370-24-012246-index.html Edgar Link pending
0001558370-24-012246.txt Edgar Link pending
0001558370-24-012246-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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R1.htm Edgar Link pending
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