Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission File Number: 1-8601

CreditRiskMonitor.com, Inc.

(Exact name of registrant as specified in its charter)

Nevada		36-2972588
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

704 Executive Boulevard, Suite A

Valley Cottage, New York  10989

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: [phone]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑    No ☐

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

Large accelerated filer ☐		Accelerated filer	☐
Non-accelerated filer   ☑		Smaller reporting company	☑	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.        ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).   Yes ☐    No ☑

The Company’s common stock is traded on the OTC Markets. There were 10,722,401 shares of common stock $.01 par value outstanding as of August 12, 2024.

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CREDITRISKMONITOR.COM, INC.

INDEX

			Page
PART I. FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Condensed Balance Sheets – June 30, 2024 (Unaudited) and December 31, 2023	2
		Condensed Statements of Operations for the Three Months Ended June 30, 2024 and 2023 (Unaudited)	3
		Condensed Statements of Operations for the Six Months Ended June 30, 2024 and 2023 (Unaudited)	4
		Condensed Statements of Stockholders’ Equity for the Three Months Ended June 30, 2024 and 2023 (Unaudited)	5
		Condensed Statements of Stockholders’ Equity for the Six Months Ended June 30, 2024 and 2023 (Unaudited)	6
		Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited)	7
		Notes to Condensed Financial Statements (Unaudited)	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
	Item 4.	Controls and Procedures	16
PART II. OTHER INFORMATION
	Item 6.	Exhibits	17
SIGNATURES			18

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PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

CREDITRISKMONITOR.COM, INC.

CONDENSED BALANCE SHEETS

JUNE 30, 2024 AND DECEMBER 31, 2023

		June 30, 2024				December 31, 2023
		(Unaudited)				(Note 1)
ASSETS
Current assets:
Cash and cash equivalents		$	12,357,343			$	11,004,937
Held-to-maturity securities			3,593,803				3,494,958
Accounts receivable, net of allowance of $30,000			3,557,247				3,941,182
Other current assets			1,048,380				788,722
Total current assets			20,556,773				19,229,799
Held-to-maturity securities			700,000				700,000
Property and equipment, net			560,835				557,634
Operating lease right-to-use asset			1,507,125				1,612,512
Goodwill			1,954,460				1,954,460
Other assets			18,110				18,110
Total assets		$	25,297,303			$	24,072,515
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Unexpired subscription revenue		$	11,363,217			$	10,272,352
Accounts payable			78,808				141,956
Current portion of operating lease liability			220,632				211,488
Accrued expenses			1,981,359				2,105,019
Total current liabilities			13,644,016				12,730,815
Deferred taxes on income, net			350,605				350,605
Unexpired subscription revenue, less current portion			187,827				68,523
Operating lease liability, less current portion			1,442,763				1,554,686
Total liabilities			15,625,211				14,704,629
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 5,000,000 shares; none issued			-				-
Common stock, $0.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares			107,224				107,224
Additional paid-in capital			30,055,386				30,007,773
Accumulated deficit			(20,490,518	)			(20,747,111	)
Total stockholders’ equity			9,672,092				9,367,886
Total liabilities and stockholders’ equity		$	25,297,303			$	24,072,515

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

		2024				2023
Operating revenues		$	4,933,767			$	4,682,499
Operating expenses:
Data and product costs			2,173,184				1,934,425
Selling, general and administrative expenses			2,685,333				2,252,514
Depreciation and amortization			100,894				94,566
Total operating expenses			4,959,411				4,281,505
(Loss) income from operations			(25,644	)			400,994
Other income			195,735				192,569
Income before income taxes			170,091				593,563
Provision for income taxes			(40,905	)			(142,212	)
Net income		$	129,186			$	451,351
Net income per share – Basic and diluted		$	0.01			$	0.04
Weighted average number of common shares outstanding –
Basic			10,722,401				10,722,401
Diluted			10,757,061				10,807,318

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

		2024				2023
Operating revenues		$	9,742,474			$	9,273,243
Operating expenses:
Data and product costs			4,360,878				3,854,796
Selling, general and administrative expenses			5,249,019				4,611,555
Depreciation and amortization			194,063				192,087
Total operating expenses			9,803,960				8,658,438
(Loss) income from operations			(61,486	)			614,805
Other income			397,495				333,547
Income before income taxes			336,009				948,352
Provision for income taxes			(79,416	)			(221,721	)
Net income		$	256,593			$	726,631
Net income per share – Basic and diluted		$	0.02			$	0.07
Weighted average number of common shares outstanding –
Basic			10,722,401				10,722,401
Diluted			10,761,722				10,802,176

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

		Common Stock								Additional Paid-in Capital				Accumulated Deficit				Total Stockholders’ Equity
		Shares				Amount
Balance April 1, 2023			10,722,401			$	107,224			$	29,932,576			$	(22,166,884	)		$	7,872,916
Net income			-				-				-				451,351				451,351
Stock-based compensation			-				-				25,623				-				25,623
Balance June 30, 2023			10,722,401			$	107,224			$	29,958,199			$	(21,715,533	)		$	8,349,890
Balance April 1, 2024			10,722,401			$	107,224			$	30,032,766			$	(20,619,704	)		$	9,520,286
Net income			-				-				-				129,186				129,186
Stock-based compensation			-				-				22,620				-				22,620
Balance June 30, 2024			10,722,401			$	107,224			$	30,055,386			$	(20,490,518	)		$	9,672,092

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

		Common Stock								Additional Paid-in Capital				Accumulated Deficit				Total Stockholders’ Equity
		Shares				Amount
Balance January 1, 2023			10,722,401			$	107,224			$	29,904,675			$	(22,442,164	)		$	7,569,735
Net income			-				-				-				726,631				726,631
Stock-based compensation			-				-				53,524				-				53,524
Balance June 30, 2023			10,722,401			$	107,224			$	29,958,199			$	(21,715,533	)		$	8,349,890
Balance January 1, 2024			10,722,401			$	107,224			$	30,007,773			$	(20,747,111	)		$	9,367,886
Net income			-				-				-				256,593				256,593
Stock-based compensation			-				-				47,613				-				47,613
Balance June 30, 2024			10,722,401			$	107,224			$	30,055,386			$	(20,490,518	)		$	9,672,092

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

		2024				2023
Cash flows from operating activities:
Net income		$	256,593			$	726,631
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of bond discount			(87,915	)			(77,349	)
Depreciation and amortization			194,063				192,087
Operating lease right-to-use asset, net			2,609				6,742
Stock-based compensation			47,613				53,524
Changes in operating assets and liabilities:
Accounts receivable			383,935				584,564
Other current assets			(259,658	)			(304,955	)
Unexpired subscription revenue			1,210,169				130,136
Accounts payable			(63,148	)			(154,216	)
Accrued expenses			(123,660	)			(495,743	)
Net cash provided by operating activities			1,560,601				661,421
Cash flows from investing activities:
Proceeds from held-to-maturity securities			1,890,000				2,170,000
Purchase of held-to-maturity securities			(1,900,931	)			(2,132,272	)
Purchase of property and equipment			(197,264	)			(115,817	)
Net cash used in investing activities			(208,195	)			(78,089	)
Net increase in cash and cash equivalents			1,352,406				583,332
Cash and cash equivalents at beginning of period			11,004,937				9,866,628
Cash and cash equivalents at end of period		$	12,357,343			$	10,449,960

See accompanying notes to condensed financial statements.

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CREDITRISKMONITOR.COM, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

(1) Overview and Basis of Presentation

CreditRiskMonitor.com, Inc. (the “Company”) provides interactive business-to-business SaaS subscription products designed specifically for credit and supply chain managers. These products are sold predominantly to corporations located in the United States.

 

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures required by generally accepted accounting principles (“GAAP”) in the United States for complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited condensed financial statements reflect all material adjustments, including normal recurring accruals, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented, and have been prepared in a manner consistent with the audited financial statements for the fiscal year ended December 31, 2023.

The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results for an entire fiscal year.

The December 31, 2023 condensed balance sheet has been derived from the audited financial statements at that date, but does not include all disclosures required by GAAP. These condensed financial statements should be read in conjunction with the audited financial statements and the footnotes for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.

(2) Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The guidance is effective for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for annual periods beginning after December 15, 2024, and the adoption of this standard is not anticipated to have a significant impact on the Company’s consolidated financial statements other than adding new disclosures, which the Company is currently evaluating.

(3) Revenue Recognition

The Company applies FASB Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers (“ASC 606”), to recognize revenue. ASC 606 requires an entity to apply the following five-step approach: (1) identify the contract(s) with a customer; (2) identify each performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation; and (5) recognize revenue when or as each performance obligation is satisfied. The Company’s primary source of revenue is subscription income which is recognized ratably over the subscription term.

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(4) Stock-Based Compensation

The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”), to account for stock-based compensation.

The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and six months ended June 30:

 

		3 Months Ended June 30,								6 Months Ended June 30,
		2024				2023				2024				2023
Data and product costs		$	7,956			$	10,213			$	15,551			$	20,486
Selling, general and administrative expenses			14,664				15,410				32,062				33,038
		$	22,620			$	25,623			$	47,613			$	53,524

(5) Fair Value Measurements

The Company’s cash, cash equivalents and marketable securities are stated at fair value. The carrying value of accounts receivable, other current assets, accrued expenses, and accounts payable approximates fair market value because of the short maturity of these financial instruments.

The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

All held-to-maturity securities as of June 30, 2024 were US Treasury securities. Investments in these government securities are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy.

The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of June 30, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.

		June 30, 2024
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	12,357,343			$	-			$	-			$	12,357,343
Held-to-maturity securities			4,293,803				-				-				4,293,803
		$	16,651,146			$	-			$	-			$	16,651,146

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	11,004,937			$	-			$	-			$	11,004,937
Held-to-maturity securities			4,194,958				-				-				4,194,958
		$	15,199,895			$	-			$	-			$	15,199,895

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of June 30, 2024.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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(6) Marketable Securities

Based upon the Company’s intent and ability to hold its US Treasury securities to maturity (which maturities range up to 22 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Accrued bond interest receivable as of June 30, 2024 is $11,699.

The following table summarizes the cost and fair value of marketable securities at June 30, 2024 as follows:

		Amortized Cost				Gross Unrealized Gain (Loss)				Fair Value
Held-to-maturity securities
US Treasury securities		$	4,293,803			$	83,197			$	4,377,000

Maturities of marketable securities were as follows at June 30, 2024:

Held-to-maturity securities:
Due in one year or less		$	3,593,803
Due in 12 – 24 months			700,000
		$	4,293,803

The Company’s investments in marketable securities consist primarily of investments in US Treasury securities. Market values were determined for each individual security in the investment portfolio.

Management evaluates securities for other-than-temporary impairment at least on an annual basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that no other-than-temporary impairment exists as of June 30, 2024.

(7) Net Income per Share

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.

	3 Months Ended June 30,								6 Months Ended June 30,
	2024				2023				2024				2023
Weighted average number of common shares outstanding – basic			10,722,401				10,722,401				10,722,401				10,722,401
Potential shares exercisable under stock option plans			227,357				335,137				257,679				305,236
LESS: Shares which could be repurchased under treasury stock method			(192,697	)			(250,220	)			(218,358	)			(225,461	)
Weighted average number of common shares outstanding – diluted			10,757,061				10,807,318				10,761,722				10,802,176

For the three and six months ended June 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 645,050 and 615,050 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

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For the three and six months ended June 30, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 392,600 and 423,900 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

(8) Commitments and Contingencies

From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the condensed financial statements of the Company.

(9) Related Party Transactions

On May 1, 2023, the Company’s Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President. Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020. Mr. Flum is the son of Jerome S. Flum, the Company’s former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.

(10) Supplemental Disclosures of Noncash Investing Activities

For the six months ended June 30, 2024, there was a noncash transfer of deposits from operating activities to property and equipment in the amount of $155,700.

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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Environment

The continuing uncertainty in the worldwide financial system has negatively impacted general business conditions. It is possible that a weakened economy could adversely affect our subscribers’ discretionary spending for financial risk information, or even their solvency, but we cannot predict whether or to what extent this will occur.

Our strategic priorities and plans for 2024 are to continue to build on the improvement initiatives underway to achieve sustainable, profitable growth.

Financial Condition, Liquidity and Capital Resources

The following table presents selected financial information and statistics as June 30, 2024 and December 31, 2023 (dollars in thousands):

		June 30,				December 31,
		2024				2023
Cash and cash equivalents		$	12,357			$	11,005
Held-to-maturity securities		$	3,594			$	3,495
Accounts receivable, net		$	3,557			$	3,941
Working capital		$	6,913			$	6,499
Cash ratio			0.91				0.86
Quick ratio			1.43				1.45
Current ratio			1.51				1.51

As of June 30, 2024, the Company had $12.4 million in cash and cash equivalents, an increase of approximately $1.4 million from December 31, 2023. This increase was primarily the result of cash provided by operating activities of approximately $1.6 million offset by the net cash used in investing activities totaling approximately $0.2 million.

The main component of current liabilities at June 30, 2024 was unexpired subscription revenue of approximately $11.4 million, which should not require significant future cash outlay, as this is annual reoccurring revenue, other than the cost of preparation and delivery of the applicable commercial credit reports, which cost much less than the unexpired subscription revenue shown. Unexpired subscription revenue is recognized as income over the subscription term, which approximates 12 months.

The Company has no bank lines of credit or other currently available credit sources.

The Company believes that its existing balances of cash and cash equivalents and cash generated from operations will be sufficient to satisfy its anticipated cash requirements through at least the next 12 months and the foreseeable future. Moreover, the Company has no long-term debt. However, the Company’s liquidity could be negatively affected if it were to make an acquisition or license products or technologies, which may necessitate the need to raise additional capital through future debt or equity financing. Additional financing may not be available at all or on terms favorable to the Company.

Off-Balance Sheet Arrangements

The Company is not a party to any off-balance sheet arrangements.

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Results of Operations

		3 Months Ended June 30,
		2024								2023
		Amount				% of Total Operating Revenues				Amount				% of Total Operating Revenues
Operating revenues		$	4,933,767				100	%		$	4,682,499				100	%
Operating expenses:
Data and product costs			2,173,184				44	%			1,934,425				41	%
Selling, general and administrative expenses			2,685,333				55	%			2,252,514				48	%
Depreciation and amortization			100,894				2	%			94,566				2	%
Total operating expenses			4,959,411				101	%			4,281,505				91	%
(Loss) income from operations			(25,644	)			(1	%)			400,994				9	%
Other income			195,735				4	%			192,569				4	%
Income before income taxes			170,091				3	%			593,563				13	%
Provision for income taxes			(40,905	)			0	%			(142,212	)			(3	%)
Net income		$	129,186				3	%		$	451,351				10	%

Operating revenues increased approximately $251 thousand, or 5%, for the second quarter of fiscal 2024 compared to the same period of fiscal 2023. This overall revenue growth resulted from an increase in SaaS subscription product revenue, attributable to increased sales to new and existing subscribers, as well as related price increases for subscriptions.

Data and product costs increased approximately $239 thousand, or 12%, for the second quarter of 2024 compared to the same period of fiscal 2023. This increase was due primarily to (1) higher salary and related employee benefits due to new hires and pay raises to staff, (2) additional data subscriptions for new service offerings including the SupplyChainMonitor™ product, and (3) higher costs of third-party content, due to price increases instituted by some of the Company’s major suppliers.

Selling, general and administrative expenses increased approximately $433 thousand, or 19%, for the second quarter of fiscal 2024 compared to the same period of fiscal 2023. This increase was due to higher salary expenses from new hires, higher commissions being paid out in 2024 due to sales of newer product offerings, pay raises, and sales enablement software.

Other income increased approximately $3 thousand for the second quarter of fiscal 2024 compared to the same period of fiscal 2023. This increase was minimal due to limited changes in interest rate policy and a continuation of the strategy comprised of money market funds and held-to-maturity holdings as compared to fiscal 2023.

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		6 Months Ended June 30,
		2024								2023
		Amount				% of Total Operating Revenues				Amount				% of Total Operating Revenues
Operating revenues		$	9,742,474				100	%		$	9,273,243				100	%
Operating expenses:
Data and product costs			4,360,878				45	%			3,854,796				42	%
Selling, general and administrative expenses			5,249,019				54	%			4,611,555				50	%
Depreciation and amortization			194,063				2	%			192,087				2	%
Total operating expenses			9,803,960				101	%			8,658,438				94	%
(Loss) income from operations			(61,486	)			(1	%)			614,805				6	%
Other income			397,495				4	%			333,547				4	%
Income before income taxes			336,009				3	%			948,352				10	%
Provision for income taxes			(79,416	)			(1	%)			(221,721	)			(2	%)
Net income		$	256,593				2	%		$	726,631				8	%

Operating revenues increased approximately $469 thousand, or 5%, for the first half of fiscal 2024 compared to the same period of fiscal 2023. This overall revenue growth resulted from price increases, and an increase in subscription service revenue from sales to new and existing subscribers.

Data and product costs increased approximately $506 thousand, or 13%, for the first half of 2024 compared to the same period of fiscal 2023. This increase was due primarily to: (1) higher salary and related employee benefits due to new hires and pay raises to staff, (2) additional or expanded data coverage costs, and (3) higher costs of third-party content, due to inflationary increases instituted by some of the Company’s suppliers.

Selling, general and administrative expenses increased approximately $637 thousand, or 14%, for the first half of fiscal 2024 compared to the same period of fiscal 2023. This increase was primarily due to higher salary and related employee benefits to new hires and staff, higher commissions on newer product offerings, and sales enablement software.

Other income increased approximately $64 thousand for the first half of fiscal 2024 compared to the same period of fiscal 2023. This increase was primarily due to an increase in interest earned on a higher cash and marketable security balance.

Future Operations

The Company over time intends to expand its operations by expanding the breadth and depth of its product and service offerings and introducing new and complementary products. Gross margins attributable to new business areas may be lower than those associated with the Company’s existing business activities.

The Company’s current and future expense levels are based largely on its investment plans and estimates of future revenues. To a large extent, these costs do not vary with revenue. Sales and operating results generally depend on the Company’s ability to attract and retain subscribers as well as the volume and timing of the subscriptions for the Company’s products, which are difficult to forecast. The Company may be unable to adjust spending in a timely manner to compensate for any unexpected revenue shortfall. Accordingly, any significant shortfall in revenues in relation to the Company’s planned expenditures would have an immediate adverse effect on the Company’s business, prospects, financial condition and results of operations. Further, as a strategic response to changes in the competitive environment, the Company may from time to time make certain pricing, service, marketing or acquisition decisions that could have a material adverse effect on its business, prospects, financial condition and results of operations.

14

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Index

Achieving greater profitability depends on the Company’s ability to generate and sustain increased revenue levels. The Company believes that its success will depend in large part on its ability to (i) increase its brand awareness, (ii) provide its subscribers with outstanding value, thus encouraging renewals, and (iii) achieve sufficient sales volume to realize economies of scale. Accordingly, the Company intends to continue to increase the size of its sales force and service staff as well as invest in product development, operating infrastructure, marketing and promotion. The Company believes that these expenditures will help it to sustain the revenue growth it has experienced over the last several years. We anticipate that sales and marketing expenses will continue to increase in dollar amount and as a percentage of revenues into 2025 and future periods as the Company continues to expand its business on a worldwide basis. Further, the Company expects that product development expenses will also continue to increase in dollar amount and may increase as a percentage of revenues into 2025 and future periods because it expects to employ more development personnel on average compared to prior periods and build the infrastructure required to support the development of new and improved products and services. However, as some of these expenditures are discretionary in nature, the Company expects that the actual amounts incurred will be in line with its projections of future cash flows in order not to negatively impact its future liquidity and capital needs. There can be no assurance that the Company will be able to achieve these objectives within a meaningful time frame.

The Company expects to experience fluctuations in its future quarterly operating results due to a variety of factors, some of which are outside the Company’s control. Factors that may adversely affect the Company’s quarterly operating results include, among others, (i) the Company’s ability to retain existing subscribers, attract new subscribers at a steady rate and maintain customer satisfaction, (ii) the Company’s ability to maintain gross margins in its existing business and in future product lines and markets, (iii) the development of new services and products by the Company and its competitors, (iv) price competition, (v) the Company’s ability to obtain products and services from its vendors, including information suppliers, on commercially reasonable terms, (vi) the Company’s ability to upgrade and develop its systems and infrastructure, and adapt to technological change, (vii) the Company’s ability to attract and retain personnel in a timely and effective manner, (viii) the Company’s ability to manage effectively its development of new business segments and markets, (ix) the Company’s ability to successfully manage the integration of operations and technology of acquisitions or other business combinations, (x) technical difficulties, system downtime, cybersecurity breaches, or Internet brownouts, (xi) the amount and timing of operating costs and capital expenditures relating the Company’s business, operations and infrastructure, (xii) governmental regulation and taxation policies, (xiii) disruptions in service by common carriers due to strikes or otherwise, (xiv) risks of fire or other casualty, (xv) litigation costs or other unanticipated expenses, (xvi) interest rate risks and inflationary pressures, and (xvii) general economic conditions and economic conditions specific to the Internet and online commerce.

Due to the foregoing factors, the Company believes that period-to-period comparisons of its revenues and operating results are not necessarily meaningful and should not be relied on as an indication of future performance.

Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain forward-looking statements, including statements regarding future prospects, industry trends, competitive conditions and litigation issues. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes”, “expects”, “anticipates”, “plans” or words of similar meaning are intended to identify forward-looking statements. This notice is intended to take advantage of the “safe harbor” provided by the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Among others, factors that could cause actual results to differ materially from the Company’s beliefs or expectations are those listed under “Business Environment” and “Results of Operations” and other factors referenced herein or from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission reports. The Company disclaims any intention or obligation to revise any forward-looking statement, whether as a result of new information, a future event or otherwise.

15

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Index

Item 4.

Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective to ensure that all material information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to them as appropriate to allow timely decisions regarding required disclosure and that all such information is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations of the Effectiveness of Internal Control

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

16

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Index

PART II. OTHER INFORMATION

Item 6.

Exhibits

	31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
	101.SCH	Inline XBRL Taxonomy Extension Schema Document
	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
	104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

17

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Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CREDITRISKMONITOR.COM, INC.
	(REGISTRANT)
Date: August 12, 2024	By: /s/ Jennifer Gerold
	Jennifer Gerold
	Chief Financial Officer
	(Principal Accounting Officer)

18

---

---

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Flum, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of CreditRiskMonitor.com, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 12, 2024	By: /s/ Michael Flum
		Michael Flum
		Chief Executive Officer and President

---

---

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jennifer Gerold, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of CreditRiskMonitor.com, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 12, 2024	By: /s/ Jennifer Gerold
		Jennifer Gerold
		Chief Financial Officer

---

---

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CreditRiskMonitor.com, Inc. on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Flum, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

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

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By: /s/ Michael Flum
		Michael Flum
		Chief Executive Officer and President
August 12, 2024

 

This certification is being furnished to the SEC with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section.

---

---

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CreditRiskMonitor.com, Inc. on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jennifer Gerold, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

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

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By: /s/ Jennifer Gerold
		Jennifer Gerold
		Chief Financial Officer
August 12, 2024

This certification is being furnished to the SEC with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section.

---

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	1-8601
Entity Registrant Name	CreditRiskMonitor.com, Inc.
Entity Central Index Key	0000315958
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	36-2972588
Entity Address, Address Line One	704 Executive Boulevard
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Valley Cottage
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10989
City Area Code	845
Local Phone Number	230-3000
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		10,722,401

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 12,357,343	$ 11,004,937
Held-to-maturity securities	3,593,803	3,494,958
Accounts receivable, net of allowance of $30,000	3,557,247	3,941,182
Other current assets	1,048,380	788,722
Total current assets	20,556,773	19,229,799
Held-to-maturity securities	700,000	700,000
Property and equipment, net	560,835	557,634
Operating lease right-to-use asset	1,507,125	1,612,512
Goodwill	1,954,460	1,954,460
Other assets	18,110	18,110
Total assets	25,297,303	24,072,515
Current liabilities:
Unexpired subscription revenue	11,363,217	10,272,352
Accounts payable	78,808	141,956
Current portion of operating lease liability	220,632	211,488
Accrued expenses	1,981,359	2,105,019
Total current liabilities	13,644,016	12,730,815
Deferred taxes on income, net	350,605	350,605
Unexpired subscription revenue, less current portion	187,827	68,523
Operating lease liability, less current portion	1,442,763	1,554,686
Total liabilities	15,625,211	14,704,629
Stockholders' equity:
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued	0	0
Common stock, $.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares	107,224	107,224
Additional paid-in capital	30,055,386	30,007,773
Accumulated deficit	(20,490,518)	(20,747,111)
Total stockholders' equity	9,672,092	9,367,886
Total liabilities and stockholders' equity	$ 25,297,303	$ 24,072,515

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance	$ 30,000	$ 30,000
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	32,500,000	32,500,000
Common stock, issued (in shares)	10,722,401	10,722,401
Common stock, outstanding (in shares)	10,722,401	10,722,401

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED STATEMENTS OF OPERATIONS [Abstract]
Operating revenues	$ 4,933,767	$ 4,682,499	$ 9,742,474	$ 9,273,243
Operating expenses:
Data and product costs	2,173,184	1,934,425	4,360,878	3,854,796
Selling, general and administrative expenses	2,685,333	2,252,514	5,249,019	4,611,555
Depreciation and amortization	100,894	94,566	194,063	192,087
Total operating expenses	4,959,411	4,281,505	9,803,960	8,658,438
(Loss) income from operations	(25,644)	400,994	(61,486)	614,805
Other income	195,735	192,569	397,495	333,547
Income before income taxes	170,091	593,563	336,009	948,352
Provision for income taxes	(40,905)	(142,212)	(79,416)	(221,721)
Net income	$ 129,186	$ 451,351	$ 256,593	$ 726,631
Net income per share - Basic (in dollars per share)	$ 0.01	$ 0.04	$ 0.02	$ 0.07
Net income per share - Diluted (in dollars per share)	$ 0.01	$ 0.04	$ 0.02	$ 0.07
Weighted average number of common shares outstanding - Basic (in shares)	10,722,401	10,722,401	10,722,401	10,722,401
Weighted average number of common shares outstanding - Diluted (in shares)	10,757,061	10,807,318	10,761,722	10,802,176

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2022	$ 107,224	$ 29,904,675	$ (22,442,164)	$ 7,569,735
Balance (in shares) at Dec. 31, 2022	10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	726,631	726,631
Stock-based compensation	0	53,524	0	53,524
Balance at Jun. 30, 2023	$ 107,224	29,958,199	(21,715,533)	8,349,890
Balance (in shares) at Jun. 30, 2023	10,722,401
Balance at Mar. 31, 2023	$ 107,224	29,932,576	(22,166,884)	7,872,916
Balance (in shares) at Mar. 31, 2023	10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	451,351	451,351
Stock-based compensation	0	25,623	0	25,623
Balance at Jun. 30, 2023	$ 107,224	29,958,199	(21,715,533)	8,349,890
Balance (in shares) at Jun. 30, 2023	10,722,401
Balance at Dec. 31, 2023	$ 107,224	30,007,773	(20,747,111)	$ 9,367,886
Balance (in shares) at Dec. 31, 2023	10,722,401			10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	256,593	$ 256,593
Stock-based compensation	0	47,613	0	47,613
Balance at Jun. 30, 2024	$ 107,224	30,055,386	(20,490,518)	$ 9,672,092
Balance (in shares) at Jun. 30, 2024	10,722,401			10,722,401
Balance at Mar. 31, 2024	$ 107,224	30,032,766	(20,619,704)	$ 9,520,286
Balance (in shares) at Mar. 31, 2024	10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	129,186	129,186
Stock-based compensation	0	22,620	0	22,620
Balance at Jun. 30, 2024	$ 107,224	$ 30,055,386	$ (20,490,518)	$ 9,672,092
Balance (in shares) at Jun. 30, 2024	10,722,401			10,722,401

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 256,593	$ 726,631
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of bond discount	(87,915)	(77,349)
Depreciation and amortization	194,063	192,087
Operating lease right-to-use asset, net	2,609	6,742
Stock-based compensation	47,613	53,524
Changes in operating assets and liabilities:
Accounts receivable	383,935	584,564
Other current assets	(259,658)	(304,955)
Unexpired subscription revenue	1,210,169	130,136
Accounts payable	(63,148)	(154,216)
Accrued expenses	(123,660)	(495,743)
Net cash provided by operating activities	1,560,601	661,421
Cash flows from investing activities:
Proceeds from held-to-maturity securities	1,890,000	2,170,000
Purchase of held-to-maturity securities	(1,900,931)	(2,132,272)
Purchase of property and equipment	(197,264)	(115,817)
Net cash used in investing activities	(208,195)	(78,089)
Net increase in cash and cash equivalents	1,352,406	583,332
Cash and cash equivalents at beginning of period	11,004,937	9,866,628
Cash and cash equivalents at end of period	$ 12,357,343	$ 10,449,960

Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Overview and Basis of Presentation [Abstract]
Overview and Basis of Presentation	(1) Overview and Basis of Presentation CreditRiskMonitor.com, Inc. (the “Company”) provides interactive business-to-business SaaS subscription products designed specifically for credit and supply chain managers. These products are sold predominantly to corporations located in the United States.   The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures required by generally accepted accounting principles (“GAAP”) in the United States for complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited condensed financial statements reflect all material adjustments, including normal recurring accruals, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented, and have been prepared in a manner consistent with the audited financial statements for the fiscal year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results for an entire fiscal year. The December 31, 2023 condensed balance sheet has been derived from the audited financial statements at that date, but does not include all disclosures required by GAAP. These condensed financial statements should be read in conjunction with the audited financial statements and the footnotes for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2024
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The guidance is effective for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for annual periods beginning after December 15, 2024, and the adoption of this standard is not anticipated to have a significant impact on the Company’s consolidated financial statements other than adding new disclosures, which the Company is currently evaluating.

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue Recognition [Abstract]
Revenue Recognition	(3) Revenue Recognition The Company applies FASB Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers (“ASC 606”), to recognize revenue. ASC 606 requires an entity to apply the following five-step approach: (1) identify the contract(s) with a customer; (2) identify each performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation; and (5) recognize revenue when or as each performance obligation is satisfied. The Company’s primary source of revenue is subscription income which is recognized ratably over the subscription term.

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	(4) Stock-Based Compensation The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”), to account for stock-based compensation. The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and six months ended June 30:        3 Months Ended June 30,     6 Months Ended June 30,       2024     2023     2024     2023                             Data and product costs   $ 7,956     $ 10,213     $ 15,551     $ 20,486   Selling, general and administrative expenses     14,664       15,410       32,062       33,038                                         $ 22,620     $ 25,623     $ 47,613     $ 53,524

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	(5) Fair Value Measurements The Company’s cash, cash equivalents and marketable securities are stated at fair value. The carrying value of accounts receivable, other current assets, accrued expenses, and accounts payable approximates fair market value because of the short maturity of these financial instruments. The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. All held-to-maturity securities as of June 30, 2024 were US Treasury securities. Investments in these government securities are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of June 30, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.     June 30, 2024       Level 1     Level 2     Level 3     Total                             Cash and cash equivalents   $ 12,357,343     $ -     $ -     $ 12,357,343   Held-to-maturity securities     4,293,803       -       -       4,293,803       $ 16,651,146     $ -     $ -     $ 16,651,146       December 31, 2023       Level 1     Level 2     Level 3     Total                             Cash and cash equivalents   $ 11,004,937     $ -     $ -     $ 11,004,937   Held-to-maturity securities     4,194,958       -       -       4,194,958       $ 15,199,895     $ -     $ -     $ 15,199,895   The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of June 30, 2024. The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Marketable Securities [Abstract]
Marketable Securities	(6) Marketable Securities Based upon the Company’s intent and ability to hold its US Treasury securities to maturity (which maturities range up to 22 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Accrued bond interest receivable as of June 30, 2024 is $11,699. The following table summarizes the cost and fair value of marketable securities at June 30, 2024 as follows:     Amortized Cost     Gross Unrealized Gain (Loss)     Fair Value                       Held-to-maturity securities                   US Treasury securities   $ 4,293,803     $ 83,197     $ 4,377,000   Maturities of marketable securities were as follows at June 30, 2024: Held-to-maturity securities:       Due in one year or less   $ 3,593,803   Due in 12 – 24 months     700,000       $ 4,293,803   The Company’s investments in marketable securities consist primarily of investments in US Treasury securities. Market values were determined for each individual security in the investment portfolio. Management evaluates securities for other-than-temporary impairment at least on an annual basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that no other-than-temporary impairment exists as of June 30, 2024.

Net Income per Share	6 Months Ended
	Jun. 30, 2024
Net Income per Share [Abstract]
Net Income per Share	(7) Net Income per Share Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.   3 Months Ended June 30,   6 Months Ended June 30,     2024   2023   2024   2023                     Weighted average number of common shares outstanding – basic     10,722,401       10,722,401       10,722,401       10,722,401   Potential shares exercisable under stock option plans     227,357       335,137       257,679       305,236   LESS: Shares which could be repurchased under treasury stock method     (192,697 )     (250,220 )     (218,358 )     (225,461 )                                   Weighted average number of common shares outstanding – diluted     10,757,061       10,807,318       10,761,722       10,802,176   For the three and six months ended June 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 645,050 and 615,050 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value. For the three and six months ended June 30, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 392,600 and 423,900 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(8) Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the condensed financial statements of the Company.

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	(9) Related Party Transactions On May 1, 2023, the Company’s Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President. Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020. Mr. Flum is the son of Jerome S. Flum, the Company’s former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.

Supplemental Disclosures of Noncash Investing Activities	6 Months Ended
	Jun. 30, 2024
Supplemental Disclosures of Noncash Investing Activities [Abstract]
Supplemental Disclosures of Noncash Investing Activities	(10) Supplemental Disclosures of Noncash Investing Activities For the six months ended June 30, 2024, there was a noncash transfer of deposits from operating activities to property and equipment in the amount of $155,700.

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Stock-based Compensation Expense for Stock Options	The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and six months ended June 30:        3 Months Ended June 30,     6 Months Ended June 30,       2024     2023     2024     2023                             Data and product costs   $ 7,956     $ 10,213     $ 15,551     $ 20,486   Selling, general and administrative expenses     14,664       15,410       32,062       33,038                                         $ 22,620     $ 25,623     $ 47,613     $ 53,524

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements [Abstract]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis	The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of June 30, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.     June 30, 2024       Level 1     Level 2     Level 3     Total                             Cash and cash equivalents   $ 12,357,343     $ -     $ -     $ 12,357,343   Held-to-maturity securities     4,293,803       -       -       4,293,803       $ 16,651,146     $ -     $ -     $ 16,651,146       December 31, 2023       Level 1     Level 2     Level 3     Total                             Cash and cash equivalents   $ 11,004,937     $ -     $ -     $ 11,004,937   Held-to-maturity securities     4,194,958       -       -       4,194,958       $ 15,199,895     $ -     $ -     $ 15,199,895

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Marketable Securities [Abstract]
Cost and Fair Value of Marketable Securities	The following table summarizes the cost and fair value of marketable securities at June 30, 2024 as follows:     Amortized Cost     Gross Unrealized Gain (Loss)     Fair Value                       Held-to-maturity securities                   US Treasury securities   $ 4,293,803     $ 83,197     $ 4,377,000
Maturities of Marketable Securities	Maturities of marketable securities were as follows at June 30, 2024: Held-to-maturity securities:       Due in one year or less   $ 3,593,803   Due in 12 – 24 months     700,000       $ 4,293,803

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Net Income per Share [Abstract]
Computation of Basic and Diluted Net Income per Share	Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.   3 Months Ended June 30,   6 Months Ended June 30,     2024   2023   2024   2023                     Weighted average number of common shares outstanding – basic     10,722,401       10,722,401       10,722,401       10,722,401   Potential shares exercisable under stock option plans     227,357       335,137       257,679       305,236   LESS: Shares which could be repurchased under treasury stock method     (192,697 )     (250,220 )     (218,358 )     (225,461 )                                   Weighted average number of common shares outstanding – diluted     10,757,061       10,807,318       10,761,722       10,802,176

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	$ 22,620	$ 25,623	$ 47,613	$ 53,524
Data and Product Costs [Member]
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	7,956	10,213	15,551	20,486
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	$ 14,664	$ 15,410	$ 32,062	$ 33,038

Fair Value Measurements (Details) - Recurring [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	$ 12,357,343	$ 11,004,937
Held-to-maturity securities	4,293,803	4,194,958
Fair Value	16,651,146	15,199,895
Level 1 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	12,357,343	11,004,937
Held-to-maturity securities	4,293,803	4,194,958
Fair Value	16,651,146	15,199,895
Level 2 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Fair Value	0	0
Level 3 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Fair Value	$ 0	$ 0

Marketable Securities, Cost and Fair Value of Marketable Securities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Fair Value [Abstract]
Amortized Cost	$ 3,593,803	$ 3,494,958
Accrued bond interest receivable	11,699
US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Fair Value [Abstract]
Amortized Cost	4,293,803
Gross Unrealized Gain (Loss)	83,197
Fair Value	$ 4,377,000

Marketable Securities, Maturities of Marketable Securities (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date [Abstract]
Due in one year or less	$ 3,593,803
Due in 12 - 24 months	700,000
Held-to-maturity securities	4,293,803
Other-than-temporary impairment loss	$ 0

Net Income per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income per Share [Abstract]
Weighted average number of common shares outstanding - basic (in shares)	10,722,401	10,722,401	10,722,401	10,722,401
Potential shares exercisable under stock option plans (in shares)	227,357	335,137	257,679	305,236
Less: Shares which could be repurchased under treasury stock method (in shares)	(192,697)	(250,220)	(218,358)	(225,461)
Weighted average number of common shares outstanding - diluted (in shares)	10,757,061	10,807,318	10,761,722	10,802,176
Stock Options [Member]
Antidilutive Securities Excluded from Computation [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	645,050	392,600	615,050	423,900

Supplemental Disclosures of Noncash Investing Activities (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Supplemental Disclosures of Noncash Investing Activities [Abstract]
Noncash transfer of prepaids	$ 155,700

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