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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Risk Monitor Com Inc (QX) | USOTC:CRMZ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.10 | 2.05 | 2.20 | 0.00 | 21:00:01 |
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)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
None
|
N/A
|
N/A
|
Large accelerated filer ☐
|
Accelerated filer
|
☐
|
||
Non-accelerated filer ☑
|
Smaller reporting company
|
☑
|
Emerging growth company ☐
|
Page
|
|||
PART I. FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements
|
||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2.
|
11
|
||
Item 4.
|
15
|
||
PART II. OTHER INFORMATION
|
|||
Item 6.
|
17
|
||
18
|
2020
|
2019
|
|||||||
Operating revenues
|
$
|
4,037,456
|
$
|
3,673,241
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,514,659
|
1,421,290
|
||||||
Selling, general and administrative expenses
|
2,110,280
|
1,962,150
|
||||||
Depreciation and amortization
|
52,931
|
52,667
|
||||||
Total operating expenses
|
3,677,870
|
3,436,107
|
||||||
Income from operations
|
359,586
|
237,134
|
||||||
Other income
|
916
|
40,223
|
||||||
Income before income taxes
|
360,502
|
277,357
|
||||||
Provision for income taxes
|
(79,420
|
)
|
(73,767
|
)
|
||||
Net income
|
$
|
281,082
|
$
|
203,590
|
||||
Net income per share – Basic and diluted
|
$
|
0.03
|
$
|
0.02
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,746,834
|
10,722,401
|
2020
|
2019
|
|||||||
Operating revenues
|
$
|
11,598,210
|
$
|
10,736,581
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
4,556,456
|
4,316,780
|
||||||
Selling, general and administrative expenses
|
6,919,804
|
6,277,294
|
||||||
Depreciation and amortization
|
160,736
|
153,701
|
||||||
Total operating expenses
|
11,636,996
|
10,747,775
|
||||||
Loss from operations
|
(38,786
|
)
|
(11,194
|
)
|
||||
Other income
|
27,017
|
124,322
|
||||||
Income (loss) before income taxes
|
(11,769
|
)
|
113,128
|
|||||
Benefit from (provision for) income taxes
|
123,424
|
(57,536
|
)
|
|||||
Net Income
|
$
|
111,655
|
$
|
55,592
|
||||
Net income per share – Basic and diluted
|
$
|
0.01
|
$
|
0.01
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,730,545
|
10,725,252
|
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance July 1, 2019
|
10,722,401
|
$
|
107,224
|
$
|
29,678,817
|
$
|
(26,948,150
|
)
|
$
|
2,837,891
|
||||||||||
Net income
|
-
|
-
|
-
|
203,590
|
203,590
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
12,465
|
-
|
12,465
|
|||||||||||||||
Balance September 30, 2019
|
10,722,401
|
$
|
107,224
|
$
|
29,691,282
|
$
|
(26,744,560
|
)
|
$
|
3,053,946
|
||||||||||
Balance July 1, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,736,129
|
$
|
(27,288,105
|
)
|
$
|
2,555,248
|
||||||||||
Net income
|
-
|
-
|
-
|
281,082
|
281,082
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
11,810
|
-
|
11,810
|
|||||||||||||||
Balance September 30, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,747,939
|
$
|
(27,007,023
|
)
|
$
|
2,848,140
|
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance January 1, 2019
|
10,722,401
|
$
|
107,224
|
$
|
29,650,760
|
$
|
(26,800,152
|
)
|
$
|
2,957,832
|
||||||||||
Net income
|
-
|
-
|
-
|
55,592
|
55,592
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
40,522
|
-
|
40,522
|
|||||||||||||||
Balance September 30, 2019
|
10,722,401
|
$
|
107,224
|
$
|
29,691,282
|
$
|
(26,744,560
|
)
|
$
|
3,053,946
|
||||||||||
Balance January 1, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,705,673
|
$
|
(27,118,678
|
)
|
$
|
2,694,219
|
||||||||||
Net income
|
-
|
-
|
-
|
111,655
|
111,655
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
42,266
|
-
|
42,266
|
|||||||||||||||
Balance September 30, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,747,939
|
$
|
(27,007,023
|
)
|
$
|
2,848,140
|
|
2020
|
2019
|
||||||
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
111,655
|
$
|
55,592
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
(124,237
|
)
|
74,099
|
|||||
Depreciation and amortization
|
160,736
|
153,701
|
||||||
Operating lease right-to-use asset, net
|
26,389
|
31,935
|
||||||
Stock-based compensation
|
42,266
|
40,522
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
342,641
|
609,260
|
||||||
Other current assets
|
(46,737
|
)
|
39,216
|
|||||
Other assets
|
(72,714
|
)
|
(13,041
|
)
|
||||
Unexpired subscription revenue
|
560,717
|
(166,409
|
)
|
|||||
Accounts payable
|
(89,959
|
)
|
(68,797
|
)
|
||||
Accrued expenses
|
(209,044
|
)
|
(129,771
|
)
|
||||
|
||||||||
Net cash provided by operating activities
|
701,713
|
626,307
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(87,894
|
)
|
(124,856
|
)
|
||||
|
||||||||
Net cash used in investing activities
|
(87,894
|
)
|
(124,856
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank loan
|
1,561,500
|
--
|
||||||
|
||||||||
Net cash provided from financing activities
|
1,561,500
|
--
|
||||||
|
||||||||
Net increase in cash and cash equivalents
|
2,175,319
|
501,451
|
||||||
Cash and cash equivalents at beginning of period
|
8,275,836
|
8,066,899
|
||||||
|
||||||||
Cash and cash equivalents at end of period
|
$
|
10,451,155
|
$
|
8,568,350
|
3 Months Ended
September 30,
|
9 Months Ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Data and product costs
|
$
|
4,282
|
$
|
4,789
|
$
|
15,448
|
$
|
17,198
|
||||||||
Selling, general and administrative expenses
|
7,528
|
7,676
|
26,818
|
23,324
|
||||||||||||
$
|
11,810
|
$
|
12,465
|
$
|
42,266
|
$
|
40,522
|
September 30, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
10,451,155
|
$
|
-
|
$
|
-
|
$
|
10,451,155
|
|
December 31, 2019
|
|||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
8,275,836
|
$
|
-
|
$
|
-
|
$
|
8,275,836
|
3 Months Ended
September 30,
|
9 Months Ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
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
|
320,200
|
--
|
106,733
|
36,533
|
||||||||||||
LESS: Shares which could be repurchased under treasury stock method
|
(295,767
|
)
|
--
|
(98,589
|
)
|
(33,682
|
)
|
|||||||||
Weighted average number of common shares outstanding – diluted
|
10,746,834
|
10,722,401
|
10,730,545
|
10,725,252
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
September 30,
2020
|
December 31,
2019
|
|||||||
Cash and cash equivalents
|
$
|
10,451
|
$
|
8,276
|
||||
Accounts receivable, net
|
$
|
1,945
|
$
|
2,288
|
||||
Working capital
|
$
|
1,359
|
$
|
832
|
||||
Cash ratio
|
0.90
|
0.80
|
||||||
Quick ratio
|
1.07
|
1.03
|
||||||
Current ratio
|
1.12
|
1.08
|
3 Months Ended September 30,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,037,456
|
100.00
|
%
|
$
|
3,673,241
|
100.00
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,514,659
|
37.52
|
%
|
1,421,290
|
38.69
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,110,280
|
52.27
|
%
|
1,962,150
|
53.42
|
%
|
||||||||||
Depreciation and amortization
|
52,931
|
1.31
|
%
|
52,667
|
1.43
|
%
|
||||||||||
Total operating expenses
|
3,677,870
|
91.10
|
%
|
3,436,107
|
93.54
|
%
|
||||||||||
Income from operations
|
359,586
|
8.91
|
%
|
237,134
|
6.46
|
%
|
||||||||||
Other income, net
|
916
|
0.02
|
%
|
40,223
|
1.09
|
%
|
||||||||||
Income before income taxes
|
360,502
|
8.93
|
%
|
277,357
|
7.55
|
%
|
||||||||||
Provision for income taxes
|
(79,420
|
)
|
(1.97
|
%)
|
(73,767
|
)
|
(2.01
|
%)
|
||||||||
Net income
|
$
|
281,082
|
6.96
|
%
|
$
|
203,590
|
5.54
|
%
|
9 Months Ended September 30,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
11,598,210
|
100.00
|
%
|
$
|
10,736,581
|
100.00
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
4,556,456
|
39.29
|
%
|
4,316,780
|
40.20
|
%
|
||||||||||
Selling, general and administrative expenses
|
6,919,804
|
59.66
|
%
|
6,277,294
|
58.47
|
%
|
||||||||||
Depreciation and amortization
|
160,736
|
1.39
|
%
|
153,701
|
1.43
|
%
|
||||||||||
Total operating expenses
|
11,636,996
|
100.34
|
%
|
10,747,775
|
100.10
|
%
|
||||||||||
Loss from operations
|
(38,786
|
)
|
(0.33
|
%)
|
(11,194
|
)
|
(0.10
|
%)
|
||||||||
Other income, net
|
27,017
|
0.23
|
%
|
124,322
|
1.15
|
%
|
||||||||||
Income (loss) before income taxes
|
(11,769
|
)
|
(0.10
|
%)
|
113,128
|
1.05
|
%
|
|||||||||
Benefit from (provision for) income taxes
|
123,424
|
1.06
|
%
|
(57,536
|
)
|
(0.53
|
%)
|
|||||||||
Net Income
|
$
|
111,655
|
0.96
|
%
|
$
|
55,592
|
0.52
|
%
|
Item 6. |
Exhibits
|
CREDITRISKMONITOR.COM, INC.
|
|||
(REGISTRANT)
|
|||
Date: November 10, 2020
|
By:
|
/s/ Steven Gargano
|
|
Steven Gargano
|
|||
Senior Vice President & Chief Financial Officer
|
|||
(Principal Accounting Officer)
|
1 Year Credit Risk Monitor Com (QX) Chart |
1 Month Credit Risk Monitor Com (QX) Chart |
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