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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -4.76% | 2.00 | 2.10 | 2.42 | 2.06 | 2.00 | 2.06 | 1,600 | 21:01:01 |
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 | |||
Item 2.
|
9 | ||
Item 4.
|
13 | ||
PART II. OTHER INFORMATION
|
|||
Item 6.
|
14
|
||
15
|
March 31,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,464,413
|
$
|
10,302,732
|
||||
Available-for-sale securities – municipal bonds
|
--
|
458,237
|
||||||
Accounts receivable, net of allowance of $30,000
|
2,709,365
|
2,557,443
|
||||||
Other current assets
|
537,931
|
589,072
|
||||||
Total current assets
|
13,711,709
|
13,907,484
|
||||||
Property and equipment, net
|
584,748
|
545,675
|
||||||
Operating lease right-to-use asset
|
2,153,726
|
2,200,031
|
||||||
Goodwill
|
1,954,460
|
1,954,460
|
||||||
Other assets
|
73,399
|
84,892
|
||||||
Total assets
|
$
|
18,478,042
|
$
|
18,692,542
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
9,871,354
|
$
|
9,646,407
|
||||
Accounts payable
|
127,238
|
130,089
|
||||||
Current portion of operating lease liability
|
165,673
|
161,874
|
||||||
Current portion of bank loan
|
1,495,812
|
1,299,007
|
||||||
Accrued expenses
|
1,281,375
|
1,822,485
|
||||||
Total current liabilities
|
12,941,452
|
13,059,862
|
||||||
Deferred taxes on income, net
|
277,172
|
333,432
|
||||||
Unexpired subscription revenue, less current portion
|
200,163
|
197,545
|
||||||
Bank loan, less current portion
|
65,688
|
262,493
|
||||||
Operating lease liability, less current portion
|
2,094,780
|
2,137,559
|
||||||
Total liabilities
|
15,579,255
|
15,990,891
|
||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued
|
--
|
--
|
||||||
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
|
29,769,955
|
29,760,533
|
||||||
Accumulated deficit
|
(26,978,392
|
)
|
(27,166,106
|
)
|
||||
Total stockholders’ equity
|
2,898,787
|
2,701,651
|
||||||
Total liabilities and stockholders’ equity
|
$
|
18,478,042
|
$
|
18,692,542
|
2021
|
2020
|
|||||||
Operating revenues
|
$
|
4,132,901
|
$
|
3,708,751
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,627,786
|
1,526,328
|
||||||
Selling, general and administrative expenses
|
2,200,792
|
2,415,258
|
||||||
Depreciation and amortization
|
64,512
|
54,112
|
||||||
Total operating expenses
|
3,893,090
|
3,995,698
|
||||||
Income (loss) from operations
|
239,811
|
(286,947
|
)
|
|||||
Other income
|
3,248
|
22,684
|
||||||
Income (loss) before income taxes
|
243,059
|
(264,263
|
)
|
|||||
(Provision for) benefit from income taxes
|
(55,345
|
)
|
65,915
|
|||||
Net income (loss)
|
$
|
187,714
|
$
|
(198,348
|
)
|
|||
Net income per share – Basic and diluted
|
$
|
0.02
|
$
|
(0.02
|
)
|
|||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,764,640
|
10,722,401
|
|
Common Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders’
Equity
|
||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance January 1, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,705,673
|
$
|
(27,118,678
|
)
|
$
|
2,694,219
|
||||||||||
Net loss
|
-
|
-
|
-
|
(198,348
|
)
|
(198,348
|
)
|
|||||||||||||
Stock-based compensation
|
-
|
-
|
15,228
|
-
|
15,228
|
|||||||||||||||
Balance March 31, 2020
|
10,722,401
|
$
|
107,224
|
$
|
29,720,901
|
$
|
(27,317,026
|
)
|
$
|
2,511,099
|
||||||||||
Balance January 1, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,760,533
|
$
|
(27,166,106
|
)
|
$
|
2,701,651
|
||||||||||
Net income
|
-
|
-
|
-
|
187,714
|
187,714
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
9,422
|
-
|
9,422
|
|||||||||||||||
Balance March 31, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,769,955
|
$
|
(26,978,392
|
)
|
$
|
2,898,787
|
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
187,714
|
$
|
(198,348
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
|
||||||||
Deferred income taxes
|
(56,260
|
) |
(65,915
|
)
|
||||
Depreciation and amortization
|
64,512
|
54,112
|
||||||
Operating lease right-to-use asset, net
|
7,325
|
9,216
|
||||||
Stock-based compensation
|
9,422
|
15,228
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(151,922
|
)
|
92,840
|
|||||
Other current assets
|
10,619
|
(74,327
|
)
|
|||||
Other assets
|
52,015
|
(10,931
|
)
|
|||||
Unexpired subscription revenue
|
227,565
|
604,048
|
||||||
Accounts payable
|
(2,851
|
)
|
49,247
|
|||||
Accrued expenses
|
(541,110
|
)
|
(414,659
|
)
|
||||
Net cash (used in) provided by operating activities
|
(192,971
|
)
|
60,511
|
|||||
Cash flows from investing activities:
|
||||||||
Sale of available-for-sale securities – municipal bonds
|
458,237
|
--
|
||||||
Purchase of property and equipment
|
(103,585
|
)
|
(38,046
|
)
|
||||
Net cash provided by (used in) investing activities
|
354,652
|
(38,046
|
)
|
|||||
Net increase in cash and cash equivalents
|
161,681
|
22,465
|
||||||
Cash and cash equivalents at beginning of period
|
10,302,732
|
8,275,836
|
||||||
Cash and cash equivalents at end of period
|
$
|
10,464,413
|
$
|
8,298,301
|
3 Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Data and product costs
|
$
|
3,851
|
$
|
5,583
|
||||
Selling, general and administrative expenses
|
5,571
|
9,645
|
||||||
$
|
9,422
|
$
|
15,228
|
March 31, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
10,464,413
|
$
|
-
|
$
|
-
|
$
|
10,464,413
|
December 31, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
10,302,732
|
$
|
-
|
$
|
-
|
$
|
10,302,732
|
||||||||
Available-for-sale securities
|
$
|
-
|
$
|
458,237
|
$
|
-
|
$
|
458,237
|
3 Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
|
||||||||
Weighted average number of common shares outstanding – basic
|
10,722,401
|
10,722,401
|
||||||
Potential shares exercisable under stock option plans
|
278,100
|
--
|
||||||
LESS: Shares which could be repurchased under treasury stock method
|
(235,861
|
)
|
--
|
|||||
Weighted average number of common shares outstanding – diluted
|
10,764,640
|
10,722,401
|
March 31,
2021
|
December 31,
2020
|
|||||||
Cash and cash equivalents
|
$
|
10,464
|
$
|
10,303
|
||||
Accounts receivable, net
|
$
|
2,709
|
$
|
2,557
|
||||
Working capital
|
$
|
770 |
$
|
848
|
||||
Cash ratio
|
0.81
|
0.79
|
||||||
Quick ratio
|
1.06
|
0.98
|
||||||
Current ratio
|
1.07
|
1.06
|
3 Months Ended March 31,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,132,901
|
100.00
|
%
|
$
|
3,708,751
|
100.00
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,627,786
|
39.39
|
%
|
1,526,328
|
41.15
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,200,792
|
53.25
|
%
|
2,415,258
|
65.12
|
%
|
||||||||||
Depreciation and amortization
|
64,512
|
1.56
|
%
|
54,112
|
1.46
|
%
|
||||||||||
Total operating expenses
|
3,893,090
|
94.20
|
%
|
3,995,698
|
107.73
|
%
|
||||||||||
Income from operations
|
239,811
|
5.80
|
%
|
(286,947
|
)
|
(7.73
|
%)
|
|||||||||
Other income, net
|
3,248
|
0.08
|
%
|
22,684
|
0.61
|
%
|
||||||||||
Income before income taxes
|
243,059
|
5.88
|
%
|
(264,263
|
)
|
(7.12
|
%)
|
|||||||||
Provision for income taxes
|
(55,345
|
)
|
(1.34
|
%)
|
65,915
|
1.77
|
%
|
|||||||||
Net income
|
$
|
187,714
|
4.54
|
%
|
$
|
(198,348
|
)
|
(5.35
|
%)
|
CREDITRISKMONITOR.COM, INC.
|
|||
|
(REGISTRANT)
|
||
Date: May 14, 2021
|
By:
|
/s/
|
Steven Gargano
|
Steven Gargano
|
|||
Senior Vice President & Chief Financial Officer
|
|||
(Principal Accounting Officer)
|
1 Year Credit Risk Monitor Com (QX) Chart |
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