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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/14/23 Creditriskmonitor Com Inc. 10-Q 9/30/23 41:2.6M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 665K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 20K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 20K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 15K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 15K 11: R1 Document and Entity Information HTML 62K 12: R2 Condensed Balance Sheets HTML 106K 13: R3 Condensed Balance Sheets (Parenthetical) HTML 34K 14: R4 Condensed Statements of Operations HTML 77K 15: R5 Condensed Statements of Stockholders' Equity HTML 48K 16: R6 Condensed Statements of Cash Flows HTML 74K 17: R7 Basis of Presentation HTML 19K 18: R8 Recently Issued Accounting Standards HTML 27K 19: R9 Revenue Recognition HTML 20K 20: R10 Stock-Based Compensation HTML 41K 21: R11 Fair Value Measurements HTML 50K 22: R12 Marketable Securities HTML 28K 23: R13 Net Income per Share HTML 38K 24: R14 Commitments and Contingencies HTML 16K 25: R15 Related Party Transactions HTML 19K 26: R16 Supplemental Disclosures of Noncash Investing HTML 15K Activities 27: R17 Stock-Based Compensation (Tables) HTML 39K 28: R18 Fair Value Measurements (Tables) HTML 44K 29: R19 Marketable Securities (Tables) HTML 30K 30: R20 Net Income per Share (Tables) HTML 36K 31: R21 Stock-Based Compensation (Details) HTML 20K 32: R22 Fair Value Measurements (Details) HTML 29K 33: R23 Marketable Securities, Cost and Fair Value of HTML 25K Marketable Securities (Details) 34: R24 Marketable Securities, Maturities of Marketable HTML 18K Securities (Details) 35: R25 Net Income per Share (Details) HTML 30K 36: R26 Supplemental Disclosures of Noncash Investing HTML 15K Activities (Details) 39: XML IDEA XML File -- Filing Summary XML 62K 37: XML XBRL Instance -- ef20012336_10q_htm XML 496K 38: EXCEL IDEA Workbook of Financial Report Info XLSX 45K 7: EX-101.CAL XBRL Calculations -- crmz-20230930_cal XML 85K 8: EX-101.DEF XBRL Definitions -- crmz-20230930_def XML 106K 9: EX-101.LAB XBRL Labels -- crmz-20230930_lab XML 478K 10: EX-101.PRE XBRL Presentations -- crmz-20230930_pre XML 307K 6: EX-101.SCH XBRL Schema -- crmz-20230930 XSD 51K 40: JSON XBRL Instance as JSON Data -- MetaLinks 214± 297K 41: ZIP XBRL Zipped Folder -- 0001140361-23-053144-xbrl Zip 121K
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
|
|
|
|
4
|
|
|
|
5
|
|
|
|
|
|
6 | |||
|
|
7
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
Item 2.
|
12 | |
|
|
|
|
|
Item 4.
|
16 | |
|
|
|
|
PART II. OTHER INFORMATION
|
|
||
|
|
|
|
|
Item 6.
|
17 | |
|
|
|
|
18 |
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
i 11,088,033
|
$
|
i 9,866,628
|
||||
Held-to-maturity securities – treasury bills
|
i 4,143,863 | i 4,028,565 | ||||||
Accounts receivable, net of allowance of $ i i 30,000 /
|
i 2,874,768
|
i 3,500,259
|
||||||
Other current assets
|
i 1,080,939
|
i 656,379
|
||||||
Total current assets
|
i 19,187,603
|
i 18,051,831
|
||||||
Property and equipment, net
|
i 497,462
|
i 481,804
|
||||||
Operating lease right-to-use asset
|
i 1,664,340
|
i 1,816,505
|
||||||
Goodwill
|
i 1,954,460
|
i 1,954,460
|
||||||
Other assets
|
i 18,110
|
i 163,470
|
||||||
Total assets
|
$
|
i 23,321,975
|
$
|
i 22,468,070
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
i 9,867,156
|
$
|
i 9,980,092
|
||||
Accounts payable
|
i 96,139
|
i 245,854
|
||||||
Current portion of operating lease liability
|
i 206,993
|
i 193,953
|
||||||
Accrued expenses
|
i 2,384,449
|
i 2,216,376
|
||||||
Total current liabilities
|
i 12,554,737
|
i 12,636,275
|
||||||
Deferred taxes on income, net
|
i 332,566
|
i 332,566
|
||||||
Unexpired subscription revenue, less current portion
|
i 74,072
|
i 163,320
|
||||||
Operating lease liability, less current portion
|
i 1,609,704
|
i 1,766,174
|
||||||
Total liabilities
|
i 14,571,079
|
i 14,898,335
|
||||||
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 29,980,528
|
i 29,904,675
|
||||||
Accumulated deficit
|
( i 21,336,856
|
)
|
( i 22,442,164
|
)
|
||||
Total stockholders’ equity
|
i 8,750,896
|
i 7,569,735
|
||||||
Total liabilities and stockholders’ equity
|
$
|
i 23,321,975
|
$
|
i 22,468,070
|
2023
|
2022
|
|||||||
Operating revenues
|
$
|
i 4,792,869
|
$
|
i 4,547,708
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
i 1,951,360
|
i 1,644,489
|
||||||
Selling, general and administrative expenses
|
i 2,439,147
|
i 2,230,553
|
||||||
Depreciation and amortization
|
i 96,216
|
i 100,448
|
||||||
Total operating expenses
|
i 4,486,723
|
i 3,975,490
|
||||||
Income from operations
|
i 306,146
|
i 572,218
|
||||||
Other income
|
i 188,083
|
i 54,581
|
||||||
Income before income taxes
|
i 494,229
|
i 626,799
|
||||||
Provision for income taxes
|
( i 115,552
|
)
|
( i 140,822
|
)
|
||||
Net income
|
$
|
i 378,677
|
$
|
i 485,977
|
||||
Net income per share – Basic and diluted
|
$
|
i i 0.04 /
|
$
|
i i 0.05 /
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
i 10,722,401
|
i 10,722,401
|
||||||
Diluted
|
i 10,799,481
|
i 10,758,349
|
2023
|
2022
|
|||||||
Operating revenues
|
$
|
i 14,066,112
|
$
|
i 13,335,927
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
i 5,806,156
|
i 5,117,975
|
||||||
Selling, general and administrative expenses
|
i 7,050,702
|
i 6,864,354
|
||||||
Depreciation and amortization
|
i 288,303
|
i 301,656
|
||||||
Total operating expenses
|
i 13,145,161
|
i 12,283,985
|
||||||
Income from operations
|
i 920,951
|
i 1,051,942
|
||||||
Other income
|
i 521,630
|
i 66,368
|
||||||
Income before income taxes
|
i 1,442,581
|
i 1,118,310
|
||||||
Provision for income taxes
|
( i 337,273
|
)
|
( i 268,544
|
)
|
||||
Net income
|
$
|
i 1,105,308
|
$
|
i 849,766
|
||||
Net income per share – Basic and diluted
|
$ | i i 0.10 / |
$
|
i i 0.08 /
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
i 10,722,401
|
i 10,722,401
|
||||||
Diluted
|
i 10,801,243
|
i 10,760,397
|
Common Stock |
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance July 1, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,859,233
|
$
|
( i 23,438,613
|
)
|
$
|
i 6,527,844
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 485,977
|
i 485,977
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 18,684
|
i -
|
i 18,684
|
|||||||||||||||
Balance September 30, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,877,917
|
$
|
( i 22,952,636
|
)
|
$
|
i 7,032,505
|
||||||||||
Balance July 1, 2023
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,958,199
|
$
|
( i 21,715,533
|
)
|
$
|
i 8,349,890
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 378,677
|
i 378,677
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 22,329
|
i -
|
i 22,329
|
|||||||||||||||
Balance September 30, 2023
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,980,528
|
$
|
( i 21,336,856
|
)
|
$
|
i 8,750,896
|
Common Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
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 849,766
|
i 849,766
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 53,675
|
i -
|
i 53,675
|
|||||||||||||||
Balance September 30, 2022
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,877,917
|
$
|
( i 22,952,636
|
)
|
$
|
i 7,032,505
|
||||||||||
Balance January 1, 2023
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,904,675
|
$
|
( i 22,442,164
|
)
|
$
|
i 7,569,735
|
||||||||||
Net income
|
-
|
i -
|
i -
|
i 1,105,308
|
i 1,105,308
|
|||||||||||||||
Stock-based compensation
|
-
|
i -
|
i 75,853
|
i -
|
i 75,853
|
|||||||||||||||
Balance September 30, 2023
|
i 10,722,401
|
$
|
i 107,224
|
$
|
i 29,980,528
|
$
|
( i 21,336,856
|
)
|
$
|
i 8,750,896
|
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
i 1,105,308
|
$
|
i 849,766
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization of bond discount
|
( i 121,798 | ) | i - | |||||
Deferred income taxes
|
i -
|
i 217,313
|
||||||
Depreciation and amortization
|
i 288,303
|
i 301,656
|
||||||
Operating lease right-to-use asset, net
|
i 8,735
|
i 14,795
|
||||||
Stock-based compensation
|
i 75,853
|
i 53,675
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
i 630,732
|
( i 147,626
|
)
|
|||||
Other current assets
|
( i 434,901
|
)
|
( i 157,112
|
)
|
||||
Other assets
|
i -
|
i 5,530
|
||||||
Unexpired subscription revenue
|
( i 202,185
|
)
|
i 457,968
|
|||||
Accounts payable
|
( i 149,715
|
)
|
( i 172,116
|
)
|
||||
Accrued expenses
|
i 168,073
|
( i 2,494
|
)
|
|||||
Net cash provided by operating activities
|
i 1,368,405
|
i 1,421,355
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from held-to-maturity securities – treasury bills
|
i 3,630,000 | i - | ||||||
Purchase of held-to-maturity securities – treasury bills
|
( i 3,628,741 | ) | i - | |||||
Purchase of property and equipment
|
( i 148,259
|
)
|
( i 196,910
|
)
|
||||
Net cash used in investing activities
|
( i 147,000
|
)
|
( i 196,910
|
)
|
||||
Net increase in cash and cash equivalents
|
i 1,221,405
|
i 1,224,445
|
||||||
Cash and cash equivalents at beginning of period
|
i 9,866,628
|
i 12,381,521
|
||||||
Cash and cash equivalents at end of period
|
$
|
i 11,088,033
|
$
|
i 13,605,966
|
3 Months Ended
September 30,
|
9 Months Ended
|
|||||||||||||||
2022
|
2023
|
2022
|
||||||||||||||
Data and product costs
|
$ |
i 8,489
|
$ |
i 6,792
|
$ |
i 28,974
|
$ |
i 17,834
|
||||||||
Selling, general and administrative expenses
|
i 13,840
|
i 11,892
|
i 46,879
|
i 35,841
|
||||||||||||
$ |
i 22,329
|
$ |
i 18,684
|
$ |
i 75,853
|
$ |
i 53,675
|
September 30, 2023
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
i 11,088,033
|
$
|
i -
|
$
|
i -
|
$
|
i 11,088,033
|
||||||||
Held-to-maturity securities |
i 4,143,863 | i - | i - | i 4,143,863 | ||||||||||||
$ |
i 15,231,896 | $ |
i - | $ |
i - | $ |
i 15,231,896 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
i 9,866,628
|
$
|
i -
|
$
|
i -
|
$
|
i 9,866,628
|
||||||||
Held-to-maturity securities | i 4,028,565 | i - | i - | i 4,028,565 | ||||||||||||
$ |
i 13,895,193 | $ |
i - | $ |
i - | $ |
i 13,895,193 |
Amortized Cost
|
Gross Unrealized Gain (Loss)
|
Fair Value
|
||||||||||
Held-to-maturity securities
|
||||||||||||
US Treasuries
|
$ |
i 4,143,863
|
$ |
i 86,137
|
$ |
i 4,230,000
|
Held-to-maturity securities
|
||||
Due in one year or less
|
$
|
i 4,143,863
|
3 Months Ended
September 30,
|
9 Months Ended
|
|||||||||||||||
2022
|
2023
|
2022
|
||||||||||||||
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 311,950
|
i 237,000
|
i 320,697
|
i 237,692
|
||||||||||||
LESS: Shares which could be repurchased under treasury stock method
|
( i 234,870 | ) | ( i 201,052 | ) | ( i 241,855 | ) | ( i 199,696 | ) | ||||||||
|
||||||||||||||||
Weighted average number of common shares outstanding –
diluted
|
i 10,799,481
|
i 10,758,349
|
i 10,801,243
|
i 10,760,397
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Cash and cash equivalents
|
$
|
11,088
|
$
|
9,867
|
||||
Held-to-maturity securities
|
$
|
4,144
|
$
|
4,028
|
||||
Accounts receivable, net
|
$
|
2,875
|
$
|
3,500
|
||||
Working capital
|
$
|
6,633
|
$
|
5,416
|
||||
Cash ratio
|
0.88
|
0.78
|
||||||
Quick ratio
|
1.44
|
1.38
|
||||||
Current ratio
|
1.53
|
1.43
|
3 Months Ended September 30,
|
||||||||||||||||
2022
|
||||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,792,869
|
100
|
%
|
$
|
4,547,708
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,951,360
|
41
|
%
|
1,644,489
|
36
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,439,147
|
51
|
%
|
2,230,553
|
49
|
%
|
||||||||||
Depreciation and amortization
|
96,216
|
2
|
%
|
100,448
|
2
|
%
|
||||||||||
Total operating expenses
|
4,486,723
|
94
|
%
|
3,975,490
|
87
|
%
|
||||||||||
Income from operations
|
306,146
|
6
|
%
|
572,218
|
13
|
%
|
||||||||||
Other income, net
|
188,083
|
4
|
%
|
54,581
|
1
|
%
|
||||||||||
Income before income taxes
|
494,229
|
10
|
%
|
626,799
|
14
|
%
|
||||||||||
Provision for income taxes
|
(115,552
|
)
|
(2
|
%)
|
(140,822
|
)
|
(3
|
%)
|
||||||||
Net income
|
$
|
378,677
|
8
|
%
|
$
|
485,977
|
11
|
%
|
9 Months Ended September 30,
|
||||||||||||||||
2022
|
||||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
14,066,112
|
100
|
%
|
$
|
13,335,927
|
100
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
5,806,156
|
41
|
%
|
5,117,975
|
38
|
%
|
||||||||||
Selling, general and administrative expenses
|
7,050,702
|
50
|
%
|
6,864,354
|
52
|
%
|
||||||||||
Depreciation and amortization
|
288,303
|
2
|
%
|
301,656
|
2
|
%
|
||||||||||
Total operating expenses
|
13,145,161
|
93
|
%
|
12,283,985
|
92
|
%
|
||||||||||
Income from operations
|
920,951
|
6
|
%
|
1,051,942
|
8
|
%
|
||||||||||
Other income, net
|
521,630
|
4
|
%
|
66,368
|
0
|
%
|
||||||||||
Income before income taxes
|
1,442,581
|
10
|
%
|
1,118,310
|
8
|
%
|
||||||||||
Provision for income taxes
|
(337,273
|
)
|
(2
|
%)
|
(268,544
|
)
|
(2
|
%)
|
||||||||
Net income
|
$
|
1,105,308
|
8
|
%
|
$
|
849,766
|
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
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
CREDITRISKMONITOR.COM, INC.
|
|
(REGISTRANT)
|
|
Date: November 14, 2023
|
By: /s/ Steven Gargano
|
|
Steven Gargano |
|
Senior Vice President & Chief Financial Officer |
|
(Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 11/14/23 | |||
For Period end: | 9/30/23 | |||
7/1/23 | ||||
5/1/23 | 8-K | |||
1/1/23 | ||||
12/31/22 | 10-K | |||
9/30/22 | 10-Q | |||
7/1/22 | ||||
1/1/22 | ||||
List all Filings |