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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 2.86% | 2.16 | 2.06 | 2.20 | 2.16 | 2.155 | 2.16 | 5,598 | 18:55:07 |
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.
|
11
|
||
PART II. OTHER INFORMATION
|
|||
Item 6.
|
13
|
||
14
|
Item 1.
|
Financial Statements
|
March 31,
2022
|
December 31,
2021
|
|||||||
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,195,390
|
$
|
12,381,521
|
||||
Accounts receivable, net of allowance of $30,000
|
3,118,270
|
2,803,236
|
||||||
Other current assets
|
522,210
|
581,149
|
||||||
Total current assets
|
15,835,870
|
15,765,906
|
||||||
Property and equipment, net
|
582,346
|
606,193
|
||||||
Operating lease right-to-use asset
|
1,963,999
|
2,012,155
|
||||||
Goodwill
|
1,954,460
|
1,954,460
|
||||||
Other assets
|
77,384
|
86,714
|
||||||
Total assets
|
$
|
20,414,059
|
$
|
20,425,428
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
10,053,989
|
$
|
9,520,226
|
||||
Accounts payable
|
170,747
|
358,307
|
||||||
Current portion of operating lease liability
|
181,520
|
177,485
|
||||||
Accrued expenses
|
1,201,576
|
1,745,290
|
||||||
Total current liabilities
|
11,607,832
|
11,801,308
|
||||||
Deferred taxes on income, net
|
401,130
|
407,805
|
||||||
Unexpired subscription revenue, less current portion
|
192,268
|
127,124
|
||||||
Operating lease liability, less current portion
|
1,913,312
|
1,960,127
|
||||||
Total liabilities
|
14,114,542
|
14,296,364
|
||||||
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
|
29,843,574
|
29,824,242
|
||||||
Accumulated deficit
|
(23,651,281
|
)
|
(23,802,402
|
)
|
||||
Total stockholders’ equity
|
6,299,517
|
6,129,064
|
||||||
Total liabilities and stockholders’ equity
|
$
|
20,414,059
|
$
|
20,425,428
|
2022
|
2021
|
|||||||
Operating revenues
|
$
|
4,338,202
|
$
|
4,132,901
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,748,164
|
1,627,786
|
||||||
Selling, general and administrative expenses
|
2,300,849
|
2,200,792
|
||||||
Depreciation and amortization
|
94,209
|
64,512
|
||||||
Total operating expenses
|
4,143,222
|
3,893,090
|
||||||
Income from operations
|
194,980
|
239,811
|
||||||
Other income
|
697
|
3,248
|
||||||
Income before income taxes
|
195,677
|
243,059
|
||||||
Provision for income taxes
|
(44,556
|
)
|
(55,345)
|
|||||
Net income
|
$
|
151,121
|
$
|
187,714
|
||||
Net income per share – Basic and diluted
|
$
|
0.01
|
$
|
0.02
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,748,568
|
10,764,640
|
Common Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders’
Equity |
|||||||||||||||||
Shares | Amount |
|||||||||||||||||||
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
|
||||||||||
Balance January 1, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,824,242
|
$
|
(23,802,402
|
)
|
$
|
6,129,064
|
||||||||||
Net income
|
-
|
-
|
-
|
151,121
|
151,121
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
19,332
|
-
|
19,332
|
|||||||||||||||
Balance March 31, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,843,574
|
$
|
(23,651,281
|
)
|
$
|
6,299,517
|
2022
|
2021
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
151,121
|
$
|
187,714
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Deferred income taxes
|
(6,675)
|
(56,260
|
)
|
|||||
Depreciation and amortization
|
94,209
|
64,512
|
||||||
Operating lease right-to-use asset, net
|
5,377
|
7,325
|
||||||
Stock-based compensation
|
19,332
|
9,422
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(315,035)
|
(151,922)
|
||||||
Other current assets
|
58,939
|
10,619
|
||||||
Other assets
|
9,330
|
52,015
|
||||||
Unexpired subscription revenue
|
598,907
|
227,565
|
||||||
Accounts payable
|
(187,560
|
)
|
(2,851
|
)
|
||||
Accrued expenses
|
(543,714
|
)
|
(541,110
|
)
|
||||
Net cash used in operating activities
|
(115,769)
|
(192,971)
|
||||||
Cash flows from investing activities:
|
||||||||
Sale of available-for-sale securities – municipal bonds
|
-
|
458,237
|
||||||
Purchase of property and equipment
|
(70,362
|
)
|
(103,585
|
)
|
||||
Net cash (used in) provided by investing activities
|
(70,362)
|
354,652
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(186,131)
|
161,681
|
||||||
Cash and cash equivalents at beginning of period
|
12,381,521
|
10,302,732
|
||||||
Cash and cash equivalents at end of period
|
$
|
12,195,390
|
$
|
10,464,413
|
3 Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Data and product
costs
|
$
|
7,288
|
$
|
3,851
|
||||
Selling, general
and administrative expenses
|
12,044
|
5,571
|
||||||
$
|
19,332
|
$
|
9,422
|
March 31, 2022
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
12,195,390
|
$
|
-
|
$
|
-
|
$
|
12,195,390
|
December 31, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
12,381,521
|
$
|
-
|
$
|
-
|
$
|
12,381,521
|
3 Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Weighted average
number of common shares outstanding – basic
|
10,722,401
|
10,722,401
|
||||||
Potential shares
exercisable under stock option plans
|
239,100
|
278,100
|
||||||
LESS: Shares which
could be repurchased under treasury stock method
|
(212,933
|
)
|
(235,861)
|
|||||
Weighted average
number of common shares outstanding – diluted
|
10,748,568
|
10,764,640
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
March 31,
2022
|
December 31,
2021
|
|||||||
Cash and cash equivalents
|
$
|
12,195
|
$
|
12,382
|
||||
Accounts receivable, net
|
$
|
3,118
|
$
|
2,803
|
||||
Working capital
|
$
|
4,228
|
$
|
3,964
|
||||
Cash ratio
|
1.05
|
1.05
|
||||||
Quick ratio
|
1.32
|
1.29
|
||||||
Current ratio
|
1.36
|
1.34
|
3 Months Ended March 31,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,338,202
|
100
|
%
|
$
|
4,132,901
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,748,164
|
40
|
%
|
1,627,786
|
39
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,300,849
|
53
|
%
|
2,200,792
|
53
|
%
|
||||||||||
Depreciation and amortization
|
94,209
|
2
|
%
|
64,512
|
2
|
%
|
||||||||||
Total operating expenses
|
4,143,222
|
95
|
%
|
3,893,090
|
94
|
%
|
||||||||||
Income from operations
|
194,980
|
5
|
%
|
239,811
|
6
|
%
|
||||||||||
Other income, net
|
697
|
0
|
%
|
3,248
|
0
|
%
|
||||||||||
Income before income taxes
|
195,677
|
5
|
%
|
243,059
|
6
|
%
|
||||||||||
Provision for income taxes
|
(44,556
|
)
|
(1
|
%)
|
(55,345
|
)
|
(1
|
%)
|
||||||||
Net income
|
$
|
151,121
|
4
|
%
|
$
|
187,714
|
5
|
%
|
Item 6. |
Exhibits
|
CREDITRISKMONITOR.COM, INC.
|
|||
(REGISTRANT)
|
|||
Date: May 13, 2022
|
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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