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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -2.38% | 2.05 | 1.90 | 2.19 | 2.05 | 2.02 | 2.02 | 1,085 | 21:10:34 |
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
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Trading Symbol(s)
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Name of each exchange on which registered
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None
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N/A
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N/A
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Large accelerated filer ☐
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Accelerated filer
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☐
|
||
Non-accelerated filer ☑
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Smaller reporting company
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☑
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Emerging growth company ☐
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Page
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PART I. FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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2
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3
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4
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5
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6
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Item 2.
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10 | |
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Item 4.
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13 | |
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PART II. OTHER INFORMATION
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Item 6.
|
14 | |
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15 |
Item 1.
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Financial Statements
|
March 31,
2023
|
December 31,
2022
|
|||||||
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
9,643,897
|
$
|
9,866,628
|
||||
Held-to-maturity securities – treasury bills
|
4,054,252 | 4,028,565 | ||||||
Accounts receivable, net of allowance of $30,000
|
3,412,135
|
3,500,259
|
||||||
Other current assets
|
656,501
|
656,379
|
||||||
Total current assets
|
17,766,785
|
18,051,831
|
||||||
Property and equipment, net
|
593,644
|
481,804
|
||||||
Operating lease right-to-use asset
|
1,766,319
|
1,816,505
|
||||||
Goodwill
|
1,954,460
|
1,954,460
|
||||||
Other assets
|
18,110
|
163,470
|
||||||
Total assets
|
$
|
22,099,318
|
$
|
22,468,070
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
10,496,126
|
$
|
9,980,092
|
||||
Accounts payable
|
122,095
|
245,854
|
||||||
Current portion of operating lease liability
|
198,237
|
193,953
|
||||||
Accrued expenses
|
1,193,657
|
2,216,376
|
||||||
Total current liabilities
|
12,010,115
|
12,636,275
|
||||||
Deferred taxes on income, net
|
332,566
|
332,566
|
||||||
Unexpired subscription revenue, less current portion
|
168,646
|
163,320
|
||||||
Operating lease liability, less current portion
|
1,715,075
|
1,766,174
|
||||||
Total liabilities
|
14,226,402
|
14,898,335
|
||||||
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
|
29,932,576
|
29,904,675
|
||||||
Accumulated deficit
|
(22,166,884
|
)
|
(22,442,164
|
)
|
||||
Total stockholders’ equity
|
7,872,916
|
7,569,735
|
||||||
Total liabilities and stockholders’ equity
|
$
|
22,099,318
|
$
|
22,468,070
|
2023
|
2022
|
|||||||
Operating revenues
|
$
|
4,590,744
|
$
|
4,338,202
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,920,371
|
1,748,164
|
||||||
Selling, general and administrative expenses
|
2,359,041
|
2,300,849
|
||||||
Depreciation and amortization
|
97,521
|
94,209
|
||||||
Total operating expenses
|
4,376,933
|
4,143,222
|
||||||
Income from operations
|
213,811
|
194,980
|
||||||
Other income
|
140,978
|
697
|
||||||
Income before income taxes
|
354,789
|
195,677
|
||||||
Provision for income taxes
|
(79,509
|
)
|
(44,556
|
)
|
||||
Net income
|
$
|
275,280
|
$
|
151,121
|
||||
Net income per share – Basic and diluted
|
$
|
0.03
|
$
|
0.01
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,797,101
|
10,748,568
|
Common Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders’
Equity |
|||||||||||||||||
Shares | Amount |
|||||||||||||||||||
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
|
||||||||||
Balance January 1, 2023
|
10,722,401
|
$
|
107,224
|
$
|
29,904,675
|
$
|
(22,442,164
|
)
|
$
|
7,569,735
|
||||||||||
Net income
|
-
|
-
|
-
|
275,280
|
275,280
|
|||||||||||||||
Stock-based compensation
|
-
|
-
|
27,901
|
-
|
27,901
|
|||||||||||||||
Balance March 31, 2023
|
10,722,401
|
$
|
107,224
|
$
|
29,932,576
|
$
|
(22,166,884
|
)
|
$
|
7,872,916
|
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
275,280
|
$
|
151,121
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Amortization of bond discount
|
(36,932 | ) | - | |||||
Deferred income taxes
|
-
|
(6,675
|
)
|
|||||
Depreciation and amortization
|
97,521
|
94,209
|
||||||
Operating lease right-to-use asset, net
|
3,371
|
5,377
|
||||||
Stock-based compensation
|
27,901
|
19,332
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
93,364
|
(315,035
|
)
|
|||||
Other current assets
|
(10,461
|
)
|
58,939
|
|||||
Other assets
|
-
|
9,330
|
||||||
Unexpired subscription revenue
|
521,358
|
598,907
|
||||||
Accounts payable
|
(123,759
|
)
|
(187,560
|
)
|
||||
Accrued expenses
|
(1,022,718
|
)
|
(543,714
|
)
|
||||
Net cash used in operating activities
|
(175,075
|
)
|
(115,769
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Proceeds from held-to-maturity securities – treasury bills
|
1,450,000 | - | ||||||
Purchase of held-to-maturity securities – treasury bills
|
(1,443,995 | ) | - | |||||
Purchase of property and equipment
|
(53,661
|
)
|
(70,362
|
)
|
||||
Net cash used in investing activities
|
(47,656
|
)
|
(70,362
|
)
|
||||
Net decrease in cash and cash equivalents
|
(222,731
|
)
|
(186,131
|
)
|
||||
Cash and cash equivalents at beginning of period
|
9,866,628
|
12,381,521
|
||||||
Cash and cash equivalents at end of period
|
$
|
9,643,897
|
$
|
12,195,390
|
3 Months Ended
March 31,
|
||||||||
2023
|
2022
|
|||||||
Data and product
costs
|
$
|
10,272
|
$
|
7,288
|
||||
Selling, general
and administrative expenses
|
17,629
|
12,044
|
||||||
$
|
27,901
|
$
|
19,332
|
March 31, 2023
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
9,643,897
|
$
|
-
|
$
|
-
|
$
|
9,643,897
|
||||||||
Held-to-maturity securities |
4,054,252 | - | - | 4,054,252 | ||||||||||||
$ |
13,698,149 | $ |
- | $ |
- | $ |
13,698,149 |
December 31, 2022
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
9,866,628
|
$
|
-
|
$
|
-
|
$
|
9,866,628
|
||||||||
Held-to-maturity securities | 4,028,565 | - | - | 4,028,565 | ||||||||||||
$ |
13,895,193 | $ |
- | $ |
- | $ |
13,895,193 |
Amortized Cost
|
Gross Unrealized Gain (Loss)
|
Fair Value
|
||||||||||
Held-to-maturity securities
|
||||||||||||
US Treasuries
|
$ |
4,054,252
|
$ |
75,748
|
$ |
4,130,000
|
Held-to-maturity securities
|
||||
Due in one year or less
|
$
|
4,054,252
|
3 Months Ended
March 31,
|
||||||||
2023
|
2022
|
|||||||
Weighted average
number of common shares outstanding – basic
|
10,722,401
|
10,722,401
|
||||||
Potential shares
exercisable under stock option plans
|
306,650
|
239,100
|
||||||
LESS: Shares which
could be repurchased under treasury stock method
|
(231,950
|
)
|
(212,933
|
)
|
||||
Weighted average
number of common shares outstanding – diluted
|
10,797,101
|
10,748,568
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
March 31,
2023
|
December 31,
2022
|
|||||||
Cash and cash equivalents
|
$
|
9,644
|
$
|
9,867
|
||||
Held-to-maturity securities
|
$
|
4,054
|
$
|
4,028
|
||||
Accounts receivable, net
|
$
|
3,412
|
$
|
3,500
|
||||
Working capital
|
$
|
5,757
|
$
|
5,416
|
||||
Cash ratio
|
0.80
|
0.78
|
||||||
Quick ratio
|
1.42
|
1.38
|
||||||
Current ratio
|
1.48
|
1.43
|
3 Months Ended March 31,
|
||||||||||||||||
2023
|
2022
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,590,744
|
100
|
%
|
$
|
4,338,202
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,920,371
|
42
|
%
|
1,748,164
|
40
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,359,041
|
51
|
%
|
2,300,849
|
53
|
%
|
||||||||||
Depreciation and amortization
|
97,521
|
2
|
%
|
94,209
|
2
|
%
|
||||||||||
Total operating expenses
|
4,376,933
|
95
|
%
|
4,143,222
|
95
|
%
|
||||||||||
Income from operations
|
213,811
|
5
|
%
|
194,980
|
5
|
%
|
||||||||||
Other income, net
|
140,978
|
3
|
%
|
697
|
0
|
%
|
||||||||||
Income before income taxes
|
354,789
|
8
|
%
|
195,677
|
5
|
%
|
||||||||||
Provision for income taxes
|
(79,509
|
)
|
(2
|
%)
|
(44,556
|
)
|
(1
|
%)
|
||||||||
Net income
|
$
|
275,280
|
6
|
%
|
$
|
151,121
|
4
|
%
|
CREDITRISKMONITOR.COM, INC.
|
||
(REGISTRANT)
|
||
Date: May 12, 2023
|
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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