8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 18, 2019

CreditRiskMonitor.com, Inc.

(Exact name of registrant as specified in its charter)

Nevada	1-8601	36-2972588
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

704 Executive Boulevard

Valley Cottage, NY 10989

(Address of principal executive offices, including zip code)

(845) 230-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On March 18, 2019, CreditRiskMonitor.com, Inc. issued a press release relating to, among other things, its financial results for the year ended December 31, 2018. This press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated March 18, 2019.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CREDITRISKMONITOR.COM, INC.
Date: March 18, 2019	By:	/s/	Lawrence Fensterstock
			Lawrence Fensterstock
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

EX-99.1

Exhibit 99.1

NEWS RELEASE

CONTACT:

CreditRiskMonitor.com, Inc.

Jerry Flum, CEO

(845) 230-3030

ir@creditriskmonitor.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor 2018 Operating Results

VALLEY COTTAGE, NY—March 18, 2019—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues for the year ended December 31, 2018 increased to $13.89 million up 4% compared to 2017. The Company reported a pre-tax loss of $192,200 for 2018 compared to $230,700 in the prior year.  Net loss for 2018 was $179,300 compared to net income of $12,100 in the prior year, as the Company recorded a benefit from income taxes of almost $221,000 in 2017 related to the lowering corporate income tax rates from a maximum of 35% to a flat 21% rate effective January 1, 2018. Cash and cash equivalents at the end of 2018 decreased to $8.07 million from the 2017 year-end balance of $8.74 million.

Jerry Flum, CEO, said, “We’re continuing to follow our long-term business strategy of investing in infrastructure and new data content to make our product more attractive, realizing that while this strategy reduces our profitability in the short-term it will enhance our long-term prospects. Additionally, we continue to be debt-free and our strong balance sheet provides us with financial flexibility to manage our company to achieve our long-term goals.”

CREDITRISKMONITOR.COM, INC.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

	2018			2017
Operating revenues	$	13,891,004		$	13,385,068
Operating expenses:
Data and product costs		5,764,535			5,426,779
Selling, general and administrative expenses		8,257,619			8,044,256
Depreciation and amortization		190,156			191,960
Total operating expenses		14,212,310			13,662,995
Loss from operations		(321,306	)		(277,927	)
Other income, net		129,111			47,216
Loss before income taxes		(192,195	)		(230,711	)
Benefit from income taxes		12,863			242,781
Net income (loss)	$	(179,332	)	$	12,070
Net income (loss) per share of common stock:
Basic and diluted	$	(0.02	)	$	0.00

CREDITRISKMONITOR.COM, INC.

BALANCE SHEETS

DECEMBER 31, 2018 AND 2017

	2018			2017
ASSETS
Current assets:
Cash and cash equivalents	$	8,066,899		$	8,735,148
Accounts receivable, net of allowance of $30,000		2,454,585			2,139,707
Other current assets		561,861			530,699
Total current assets		11,083,345			11,405,554
Property and equipment, net		543,762			437,216
Goodwill		1,954,460			1,954,460
Other assets		35,613			23,463
Total assets	$	13,617,180		$	13,820,693
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Unexpired subscription revenue	$	8,738,445		$	8,304,877
Accounts payable		94,767			58,901
Accrued expenses		1,311,218			1,344,526
Total current liabilities		10,144,430			9,708,304
Deferred taxes on income, net		490,381			514,333
Other liabilities		24,537			15,748
Total liabilities		10,659,348			10,238,385
Stockholders’ equity:
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued		-			-
Common stock, $.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares		107,224			107,224
Additional paid-in capital		29,650,760			29,559,784
Accumulated deficit		(26,800,152	)		(26,084,700	)
Total stockholders’ equity		2,957,832			3,582,308
Total liabilities and stockholders’ equity	$	13,617,180		$	13,820,693

About CreditRiskMonitor

CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus like Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.

The Company also collects more than $140 billion of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.

Over 35% of the Fortune 1000 plus over 1,000 other large companies worldwide depend on CreditRiskMonitor’s timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, crowdsourcing of risk professionals as well as the Company’s proprietary FRISK^® and PAYCE^® scores.

Safe Harbor Statement

Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, ”expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.