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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/10/22 Creditriskmonitor Com Inc. 10-Q 6/30/22 34:2.2M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 613K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 17K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 17K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 13K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 13K 11: R1 Document and Entity Information HTML 61K 12: R2 Condensed Balance Sheets HTML 101K 13: R3 Condensed Balance Sheets (Parenthetical) HTML 31K 14: R4 Condensed Statements of Operations HTML 76K 15: R5 Condensed Statements of Stockholders' Equity HTML 43K 16: R6 Condensed Statements of Cash Flows HTML 68K 17: R7 Basis of Presentation HTML 17K 18: R8 Recently Issued Accounting Standards HTML 26K 19: R9 Revenue Recognition HTML 18K 20: R10 Stock-Based Compensation HTML 39K 21: R11 Fair Value Measurements HTML 44K 22: R12 Net Income per Share HTML 36K 23: R13 Commitments and Contingencies HTML 15K 24: R14 Stock-Based Compensation (Tables) HTML 37K 25: R15 Fair Value Measurements (Tables) HTML 39K 26: R16 Net Income per Share (Tables) HTML 34K 27: R17 Stock-Based Compensation (Details) HTML 19K 28: R18 Fair Value Measurements (Details) HTML 25K 29: R19 Net Income per Share (Details) HTML 29K 32: XML IDEA XML File -- Filing Summary XML 49K 30: XML XBRL Instance -- brhc10040261_10q_htm XML 433K 31: EXCEL IDEA Workbook of Financial Reports XLSX 36K 7: EX-101.CAL XBRL Calculations -- crmz-20220630_cal XML 75K 8: EX-101.DEF XBRL Definitions -- crmz-20220630_def XML 82K 9: EX-101.LAB XBRL Labels -- crmz-20220630_lab XML 411K 10: EX-101.PRE XBRL Presentations -- crmz-20220630_pre XML 262K 6: EX-101.SCH XBRL Schema -- crmz-20220630 XSD 40K 33: JSON XBRL Instance as JSON Data -- MetaLinks 138± 190K 34: ZIP XBRL Zipped Folder -- 0001140361-22-029020-xbrl Zip 107K
i Nevada
|
i 36-2972588
|
|
(State or other jurisdiction of incorporation or organization
|
(I.R.S. Employer Identification No.)
|
i 704 Executive Boulevard, i Suite A
|
i Valley Cottage, i New York i 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
|
☐
|
||
i Non-accelerated filer ☑
|
Smaller reporting company
|
i ☑
|
Emerging growth company i ☐
|
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
|
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
i 12,627,763
|
$
|
i 12,381,521
|
||||
Accounts receivable, net of allowance of $ i i 30,000 /
|
i 3,447,149
|
i 2,803,236
|
||||||
Other current assets
|
i 810,289
|
i 581,149
|
||||||
Total current assets
|
i 16,885,201
|
i 15,765,906
|
||||||
Property and equipment, net
|
i 572,615
|
i 606,193
|
||||||
Operating lease right-to-use asset
|
i 1,915,302
|
i 2,012,155
|
||||||
Goodwill
|
i 1,954,460
|
i 1,954,460
|
||||||
Other assets
|
i 49,136
|
i 86,714
|
||||||
Total assets
|
$
|
i 21,376,714
|
$
|
i 20,425,428
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
i 10,398,984
|
$
|
i 9,520,226
|
||||
Accounts payable
|
i 225,447
|
i 358,307
|
||||||
Current portion of operating lease liability
|
i 185,549
|
i 177,485
|
||||||
Accrued expenses
|
i 1,461,163
|
i 1,745,290
|
||||||
Total current liabilities
|
i 12,271,143
|
i 11,801,308
|
||||||
Deferred taxes on income, net
|
i 484,296
|
i 407,805
|
||||||
Unexpired subscription revenue, less current portion
|
i 227,467
|
i 127,124
|
||||||
Operating lease liability, less current portion
|
i 1,865,964
|
i 1,960,127
|
||||||
Total liabilities
|
i 14,848,870
|
i 14,296,364
|
||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $ i i 0.01 /
par value; authorized i i 5,000,000 / shares; i i no / ne
issued
|
i -
|
i -
|
||||||
Common stock, $ i i 0.01 /
par value; authorized i i 32,500,000 / shares; issued and outstanding i i i i 10,722,401 / / /
shares
|
i 107,224
|
i 107,224
|
||||||
Additional paid-in capital
|
i 29,859,233
|
i 29,824,242
|
||||||
Accumulated deficit
|
( i 23,438,613
|
)
|
( i 23,802,402
|
)
|
||||
Total stockholders’ equity
|
i 6,527,844
|
i 6,129,064
|
||||||
Total liabilities and stockholders’ equity
|
$
|
i 21,376,714
|
$
|
i 20,425,428
|
2022
|
2021
|
|||||||
Operating revenues
|
$
|
i 4,450,017
|
$
|
i 4,248,179
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
i 1,715,574
|
i 1,573,686
|
||||||
Selling, general and administrative expenses
|
i 2,342,699
|
i 2,190,382
|
||||||
Depreciation and amortization
|
i 107,000
|
i 66,503
|
||||||
Total operating expenses
|
i 4,165,273
|
i 3,830,571
|
||||||
Income from operations
|
i 284,744
|
i 417,608
|
||||||
Other income
|
i 11,090
|
i 246
|
||||||
Income before income taxes
|
i 295,834
|
i 417,854
|
||||||
Provision for income taxes
|
( i 83,166
|
)
|
( i 95,146
|
)
|
||||
Net income
|
$
|
i 212,668
|
$
|
i 322,708
|
||||
Net income per share – Basic and diluted
|
$
|
i i 0.02 /
|
$
|
i i 0.03 /
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
i 10,722,401
|
i 10,722,401
|
||||||
Diluted
|
i 10,775,373
|
i 10,792,744
|
2022
|
2021
|
|||||||
Operating revenues
|
$
|
i 8,788,220
|
$
|
i 8,381,081
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
i 3,473,486
|
i 3,201,472
|
||||||
Selling, general and administrative expenses
|
i 4,633,801
|
i 4,391,174
|
||||||
Depreciation and amortization
|
i 201,209
|
i 131,016
|
||||||
Total operating expenses
|
i 8,308,496
|
i 7,723,662
|
||||||
Income from operations
|
i 479,724
|
i 657,419
|
||||||
Other income
|
i 11,787
|
i 3,494
|
||||||
Income before income taxes
|
i 491,511
|
i 660,913
|
||||||
Provision for income taxes
|
( i 127,722
|
)
|
( i 150,491)
|
|||||
Net income
|
$
|
i 363,789
|
$
|
i 510,422
|
||||
Net income per share – Basic and diluted
|
$ | i i 0.03 / |
$
|
i i 0.05 /
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
i 10,722,401
|
i 10,722,401
|
||||||
Diluted
|
i 10,761,851
|
i 10,779,726
|
Additional |
Total
|
|||||||||||||||||||
Common Stock |
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’ Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance April 1, 2021
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,769,955
|
$
|
( i 26,978,392
|
)
|
$
|
i 2,898,787
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 322,708
|
i 322,708
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 16,968
|
i -
|
i 16,968
|
|||||||||||||||
Balance June 30, 2021
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,786,923
|
$
|
( i 26,655,684
|
)
|
$
|
i 3,238,463
|
||||||||||
Balance April 1, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,843,574
|
$
|
( i 23,651,281
|
)
|
$
|
i 6,299,517
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 212,668
|
i 212,668
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 15,659
|
i -
|
i 15,659
|
|||||||||||||||
Balance June 30, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,859,233
|
$
|
( i 23,438,613
|
)
|
$
|
i 6,527,844
|
Additional | Total | |||||||||||||||||||
Common Stock
|
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance January 1, 2021
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,760,533
|
$
|
( i 27,166,106
|
)
|
$
|
i 2,701,651
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 510,422
|
i 510,422
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 26,390
|
i -
|
i 26,390
|
|||||||||||||||
Balance June 30, 2021
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,786,923
|
$
|
( i 26,655,684
|
)
|
$
|
i 3,238,463
|
||||||||||
Balance January 1, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,824,242
|
$
|
( i 23,802,402
|
)
|
$
|
i 6,129,064
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 363,789
|
i 363,789
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 34,991
|
i -
|
i 34,991
|
|||||||||||||||
Balance June 30, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,859,233
|
$
|
( i 23,438,613
|
)
|
$
|
i 6,527,844
|
2022
|
2021
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
i 363,789
|
$
|
i 510,422
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
i 76,491
|
( i 535
|
)
|
|||||
Depreciation and amortization
|
i 201,209
|
i 131,016
|
||||||
Operating lease right-to-use asset, net
|
i 10,755
|
i 14,652
|
||||||
Stock-based compensation
|
i 34,991
|
i 26,390
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
( i 643,913
|
)
|
( i 387,939
|
)
|
||||
Other current assets
|
( i 229,139
|
)
|
( i 215,261
|
)
|
||||
Other assets
|
i 37,576
|
i 43,282
|
||||||
Unexpired subscription revenue
|
i 979,101
|
i 287,115
|
||||||
Accounts payable
|
( i 132,860
|
)
|
i 51,826
|
|||||
Accrued expenses
|
( i 284,127
|
)
|
( i 135,409
|
)
|
||||
Net cash provided by operating activities
|
i 413,873
|
i 325,559
|
||||||
Cash flows from investing activities:
|
||||||||
Sale of available-for-sale securities – municipal bonds
|
i -
|
i 458,237
|
||||||
Purchase of property and equipment
|
( i 167,631
|
)
|
( i 182,734
|
)
|
||||
Net cash (used in) provided by investing activities
|
( i 167,631
|
)
|
i 275,503
|
|||||
Net increase in cash and cash equivalents
|
i 246,242
|
i 601,062
|
||||||
Cash and cash equivalents at beginning of period
|
i 12,381,521
|
i 10,302,732
|
||||||
Cash and cash equivalents at end of period
|
$
|
i 12,627,763
|
$
|
i 10,903,794
|
3 Months Ended
June 30,
|
6 Months Ended
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Data and product costs
|
$ |
i 3,754
|
$ |
i 5,393
|
$ |
i 11,041
|
$ |
i 9,245
|
||||||||
Selling, general and administrative expenses
|
i 11,905
|
i 11,575
|
i 23,950
|
i 17,145
|
||||||||||||
$ |
i 15,659
|
$ |
i 16,968
|
$ |
i 34,991
|
$ |
i 26,390
|
June 30, 2022
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
i 12,627,763
|
$
|
i -
|
$
|
i -
|
$
|
i 12,627,763
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
i 12,381,521
|
$
|
i -
|
$
|
i -
|
$
|
i 12,381,521
|
3 Months Ended
June 30,
|
6 Months Ended
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Weighted average number of common shares outstanding – basic
|
i 10,722,401
|
i 10,722,401
|
i 10,722,401
|
i 10,722,401
|
||||||||||||
Potential shares exercisable under stock option plans
|
i 277,300
|
i 278,100
|
i 276,391
|
i 278,100
|
||||||||||||
LESS: Shares which could be repurchased under treasury stock method | ( i 224,328 | ) | ( i 207,757 | ) | ( i 236,941 | ) | ( i 220,775 | ) | ||||||||
Weighted average number of common shares outstanding – diluted
|
i 10,775,373
|
i 10,792,744
|
i 10,761,851
|
i 10,779,726
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
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,
|
||||||||||||||||
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,
|
||||||||||||||||
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
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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CREDITRISKMONITOR.COM, INC.
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(REGISTRANT)
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Date: August 10, 2022
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By: /s/
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Steven Gargano |
Steven Gargano
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Senior Vice President & Chief Financial Officer
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(Principal Accounting Officer)
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This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 8/10/22 | |||
For Period end: | 6/30/22 | |||
4/1/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K | |||
6/30/21 | 10-Q | |||
4/1/21 | ||||
1/1/21 | ||||
List all Filings |