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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 0.25% | 2.04 | 2.01 | 2.20 | 2.04 | 2.025 | 2.03 | 1,906 | 21:07:51 |
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
|
|||
Condensed Statements of Operations for the Six Months Ended June 30, 2022 and 2021 (Unaudited) | 4 |
||
5
|
|||
Condensed Statements of Stockholders’ Equity for the Six Months Ended June 30, 2022 and 2021 (Unaudited) | 6 |
||
7
|
|||
8
|
|||
Item 2.
|
10
|
||
Item 4.
|
14
|
||
PART II. OTHER INFORMATION
|
|||
Item 6.
|
15
|
||
16
|
Item 1.
|
Financial Statements
|
June 30,
2022
|
December 31,
2021
|
|||||||
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,627,763
|
$
|
12,381,521
|
||||
Accounts receivable, net of allowance of $30,000
|
3,447,149
|
2,803,236
|
||||||
Other current assets
|
810,289
|
581,149
|
||||||
Total current assets
|
16,885,201
|
15,765,906
|
||||||
Property and equipment, net
|
572,615
|
606,193
|
||||||
Operating lease right-to-use asset
|
1,915,302
|
2,012,155
|
||||||
Goodwill
|
1,954,460
|
1,954,460
|
||||||
Other assets
|
49,136
|
86,714
|
||||||
Total assets
|
$
|
21,376,714
|
$
|
20,425,428
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
10,398,984
|
$
|
9,520,226
|
||||
Accounts payable
|
225,447
|
358,307
|
||||||
Current portion of operating lease liability
|
185,549
|
177,485
|
||||||
Accrued expenses
|
1,461,163
|
1,745,290
|
||||||
Total current liabilities
|
12,271,143
|
11,801,308
|
||||||
Deferred taxes on income, net
|
484,296
|
407,805
|
||||||
Unexpired subscription revenue, less current portion
|
227,467
|
127,124
|
||||||
Operating lease liability, less current portion
|
1,865,964
|
1,960,127
|
||||||
Total liabilities
|
14,848,870
|
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
|
29,859,233
|
29,824,242
|
||||||
Accumulated deficit
|
(23,438,613
|
)
|
(23,802,402
|
)
|
||||
Total stockholders’ equity
|
6,527,844
|
6,129,064
|
||||||
Total liabilities and stockholders’ equity
|
$
|
21,376,714
|
$
|
20,425,428
|
2022
|
2021
|
|||||||
Operating revenues
|
$
|
4,450,017
|
$
|
4,248,179
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,715,574
|
1,573,686
|
||||||
Selling, general and administrative expenses
|
2,342,699
|
2,190,382
|
||||||
Depreciation and amortization
|
107,000
|
66,503
|
||||||
Total operating expenses
|
4,165,273
|
3,830,571
|
||||||
Income from operations
|
284,744
|
417,608
|
||||||
Other income
|
11,090
|
246
|
||||||
Income before income taxes
|
295,834
|
417,854
|
||||||
Provision for income taxes
|
(83,166
|
)
|
(95,146
|
)
|
||||
Net income
|
$
|
212,668
|
$
|
322,708
|
||||
Net income per share – Basic and diluted
|
$
|
0.02
|
$
|
0.03
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,775,373
|
10,792,744
|
2022
|
2021
|
|||||||
Operating revenues
|
$
|
8,788,220
|
$
|
8,381,081
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
3,473,486
|
3,201,472
|
||||||
Selling, general and administrative expenses
|
4,633,801
|
4,391,174
|
||||||
Depreciation and amortization
|
201,209
|
131,016
|
||||||
Total operating expenses
|
8,308,496
|
7,723,662
|
||||||
Income from operations
|
479,724
|
657,419
|
||||||
Other income
|
11,787
|
3,494
|
||||||
Income before income taxes
|
491,511
|
660,913
|
||||||
Provision for income taxes
|
(127,722
|
)
|
(150,491)
|
|||||
Net income
|
$
|
363,789
|
$
|
510,422
|
||||
Net income per share – Basic and diluted
|
$ | 0.03 |
$
|
0.05
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,761,851
|
10,779,726
|
Additional |
Total
|
|||||||||||||||||||
Common Stock |
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’ Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance April 1, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,769,955
|
$
|
(26,978,392
|
)
|
$
|
2,898,787
|
||||||||||
Net income
|
-
|
-
|
-
|
322,708
|
322,708
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
16,968
|
-
|
16,968
|
|||||||||||||||
Balance June 30, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,786,923
|
$
|
(26,655,684
|
)
|
$
|
3,238,463
|
||||||||||
Balance April 1, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,843,574
|
$
|
(23,651,281
|
)
|
$
|
6,299,517
|
||||||||||
Net income
|
-
|
-
|
-
|
212,668
|
212,668
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
15,659
|
-
|
15,659
|
|||||||||||||||
Balance June 30, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,859,233
|
$
|
(23,438,613
|
)
|
$
|
6,527,844
|
Additional | Total | |||||||||||||||||||
Common Stock
|
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance January 1, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,760,533
|
$
|
(27,166,106
|
)
|
$
|
2,701,651
|
||||||||||
Net income
|
-
|
-
|
-
|
510,422
|
510,422
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
26,390
|
-
|
26,390
|
|||||||||||||||
Balance June 30, 2021
|
10,722,401
|
$
|
107,224
|
$
|
29,786,923
|
$
|
(26,655,684
|
)
|
$
|
3,238,463
|
||||||||||
Balance January 1, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,824,242
|
$
|
(23,802,402
|
)
|
$
|
6,129,064
|
||||||||||
Net income
|
-
|
-
|
-
|
363,789
|
363,789
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
34,991
|
-
|
34,991
|
|||||||||||||||
Balance June 30, 2022
|
10,722,401
|
$
|
107,224
|
$
|
29,859,233
|
$
|
(23,438,613
|
)
|
$
|
6,527,844
|
2022
|
2021
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
363,789
|
$
|
510,422
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
76,491
|
(535
|
)
|
|||||
Depreciation and amortization
|
201,209
|
131,016
|
||||||
Operating lease right-to-use asset, net
|
10,755
|
14,652
|
||||||
Stock-based compensation
|
34,991
|
26,390
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(643,913
|
)
|
(387,939
|
)
|
||||
Other current assets
|
(229,139
|
)
|
(215,261
|
)
|
||||
Other assets
|
37,576
|
43,282
|
||||||
Unexpired subscription revenue
|
979,101
|
287,115
|
||||||
Accounts payable
|
(132,860
|
)
|
51,826
|
|||||
Accrued expenses
|
(284,127
|
)
|
(135,409
|
)
|
||||
Net cash provided by operating activities
|
413,873
|
325,559
|
||||||
Cash flows from investing activities:
|
||||||||
Sale of available-for-sale securities – municipal bonds
|
-
|
458,237
|
||||||
Purchase of property and equipment
|
(167,631
|
)
|
(182,734
|
)
|
||||
Net cash (used in) provided by investing activities
|
(167,631
|
)
|
275,503
|
|||||
Net increase in cash and cash equivalents
|
246,242
|
601,062
|
||||||
Cash and cash equivalents at beginning of period
|
12,381,521
|
10,302,732
|
||||||
Cash and cash equivalents at end of period
|
$
|
12,627,763
|
$
|
10,903,794
|
3 Months Ended
June 30,
|
6 Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Data and product costs
|
$ |
3,754
|
$ |
5,393
|
$ |
11,041
|
$ |
9,245
|
||||||||
Selling, general and administrative expenses
|
11,905
|
11,575
|
23,950
|
17,145
|
||||||||||||
$ |
15,659
|
$ |
16,968
|
$ |
34,991
|
$ |
26,390
|
June 30, 2022
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
12,627,763
|
$
|
-
|
$
|
-
|
$
|
12,627,763
|
December 31, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
12,381,521
|
$
|
-
|
$
|
-
|
$
|
12,381,521
|
3 Months Ended
June 30,
|
6 Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
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
|
277,300
|
278,100
|
276,391
|
278,100
|
||||||||||||
LESS: Shares which could be repurchased under treasury stock method | (224,328 | ) | (207,757 | ) | (236,941 | ) | (220,775 | ) | ||||||||
Weighted average number of common shares outstanding – diluted
|
10,775,373
|
10,792,744
|
10,761,851
|
10,779,726
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
June 30,
2022
|
December 31,
2021
|
|||||||
Cash and cash equivalents
|
$
|
12,628
|
$
|
12,382
|
||||
Accounts receivable, net
|
$
|
3,447
|
$
|
2,803
|
||||
Working capital
|
$
|
4,614
|
$
|
3,964
|
||||
Cash ratio
|
1.03
|
1.05
|
||||||
Quick ratio
|
1.31
|
1.29
|
||||||
Current ratio
|
1.38
|
1.34
|
3 Months Ended June 30,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,450,017
|
100
|
%
|
$
|
4,248,179
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,715,574
|
39
|
%
|
1,573,686
|
37
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,342,699
|
52
|
%
|
2,190,382
|
52
|
%
|
||||||||||
Depreciation and amortization
|
107,000
|
2
|
%
|
66,503
|
1
|
%
|
||||||||||
Total operating expenses
|
4,165,273
|
93
|
%
|
3,830,571
|
90
|
%
|
||||||||||
Income from operations
|
284,744
|
7
|
%
|
417,608
|
10
|
%
|
||||||||||
Other income, net
|
11,090
|
0
|
%
|
246
|
0
|
%
|
||||||||||
Income before income taxes
|
295,834
|
7
|
%
|
417,854
|
10
|
%
|
||||||||||
Provision for income taxes
|
(83,166
|
)
|
(2
|
%)
|
(95,146
|
)
|
(2
|
%)
|
||||||||
Net income
|
$
|
212,668
|
5
|
%
|
$
|
322,708
|
8
|
%
|
6 Months Ended June 30,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
8,788,220
|
100
|
%
|
$
|
8,381,081
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
3,473,486
|
40
|
%
|
3,201,472
|
38
|
%
|
||||||||||
Selling, general and administrative expenses
|
4,633,801
|
53
|
%
|
4,391,174
|
52
|
%
|
||||||||||
Depreciation and amortization
|
201,209
|
2
|
%
|
131,016
|
2
|
%
|
||||||||||
Total operating expenses
|
8,308,496
|
95
|
%
|
7,723,662
|
92
|
%
|
||||||||||
Income from operations
|
479,724
|
5
|
%
|
657,419
|
8
|
%
|
||||||||||
Other income, net
|
11,787
|
0
|
%
|
3,494
|
0
|
%
|
||||||||||
Income before income taxes
|
491,511
|
5
|
%
|
660,913
|
8
|
%
|
||||||||||
Provision for income taxes
|
(127,722
|
)
|
(1
|
%)
|
(150,491
|
)
|
(2
|
%)
|
||||||||
Net income
|
$
|
363,789
|
4
|
%
|
$
|
510,422
|
6
|
%
|
Item 4. |
Controls and Procedures
|
Item 6. |
Exhibits
|
CREDITRISKMONITOR.COM, INC.
|
||
(REGISTRANT)
|
||
Date: August 10, 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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