0001140361-20-011382.txt : 20200512 0001140361-20-011382.hdr.sgml : 20200512 20200512111532 ACCESSION NUMBER: 0001140361-20-011382 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200512 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200512 DATE AS OF CHANGE: 20200512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDITRISKMONITOR COM INC CENTRAL INDEX KEY: 0000315958 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320] IRS NUMBER: 362972588 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08601 FILM NUMBER: 20867575 BUSINESS ADDRESS: STREET 1: 704 EXECUTIVE BOULEVARD STREET 2: SUITE A CITY: VALLEY COTTAGE STATE: NY ZIP: 10989 BUSINESS PHONE: 845-230-3000 MAIL ADDRESS: STREET 1: 704 EXECUTIVE BOULEVARD STREET 2: SUITE A CITY: VALLEY COTTAGE STATE: NY ZIP: 10989 FORMER COMPANY: FORMER CONFORMED NAME: NEW GENERATION FOODS INC DATE OF NAME CHANGE: 19920703 8-K 1 form8k.htm 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): May 12, 2020


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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $.01
CRMZ
OTC Markets OTCQX U.S.

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 May 12, 2020, CreditRiskMonitor.com, Inc. issued a press release relating to, among other things, its financial results for the quarter ended March 31, 2020. 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
     
 
Press Release dated May 12, 2020.

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: May 12, 2020
 By:
/s/ Lawrence Fensterstock
  
   
 Lawrence Fensterstock
   
 Senior Vice President


EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
NEWS RELEASE
 
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@creditriskmonitor.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor 1Q Results

VALLEY COTTAGE, NY—May 12, 2020—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues for the 3 months ended March 31, 2020 increased 6% to $3.71 million compared to $3.50 million in last year’s first quarter. Net loss for the quarter was approximately $198,300 compared to a net loss of approximately $136,500 in the prior year period. Cash and cash equivalents increased approximately $22,500 since 2019 year-end, to $8.30 million, and was down $91,700 from the balance at March 31, 2019.

Jerry Flum, CEO, said, “Our net loss increased despite growing sales as the Company continues to invest in an enhanced infrastructure and additional content, which is in addition to strengthening our customer service staff. These strategic investments adversely impact our short-term profits; however, our balance sheet provides us the flexibility to manage our company for long-term shareholder value. Since the COVID-19 pandemic emerged, our team has demonstrated resiliency and fortitude in navigating through this challenge.”

CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2020 AND 2019
(Unaudited)


  
2020
    
2019
  
             
Operating revenues
  
$
3,708,751
    
$
3,495,809
  
                 
Operating expenses:
                
Data and product costs
    
1,526,328
      
1,468,993
  
Selling, general and administrative expenses
    
2,415,258
      
2,167,411
  
Depreciation and amortization
    
54,112
      
50,989
  
                 
Total operating expenses
    
3,995,698
      
3,687,393
  
                 
Loss from operations
    
(286,947
)
    
(191,584
)
Other income, net
    
22,684
      
40,890
  
                 
Loss before income taxes
    
(264,263
)
    
(150,694
)
Benefit from income taxes
    
65,915
      
14,226
  
                 
Net loss
  
$
(198,348
)
  
$
(136,468
)
                 
Net loss per common share of stock:
                
Basic and diluted
  
$
(0.02
)
  
$
(0.01
)
                 
Weighted average number of common shares outstanding:
                
Basic and diluted
    
10,722,401
      
10,722,401
  

CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2020 AND DECEMBER 31, 2019

   
March 31,
2020
    
Dec. 31,
2019
  
ASSETS
  
(Unaudited)
        
Current assets:
            
Cash and cash equivalents
  
$
8,298,301
    
$
8,275,836
  
Accounts receivable, net of allowance
    
2,195,081
      
2,287,921
  
Other current assets
    
624,148
      
549,821
  
                 
Total current assets
    
11,117,530
      
11,113,578
  
                 
Property and equipment, net
    
461,907
      
477,973
  
Operating lease right-to-use asset
    
2,336,354
      
2,380,974
  
Goodwill
    
1,954,460
      
1,954,460
  
Other assets
    
46,654
      
35,723
  
                 
Total assets
  
$
15,916,905
    
$
15,962,708
  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Unexpired subscription revenue
  
$
9,186,434
    
$
8,651,843
  
Accounts payable
    
186,747
      
137,500
  
Current portion of operating lease liability
    
150,805
      
147,229
  
Accrued expenses
    
929,891
      
1,344,550
  
                 
Total current liabilities
    
10,453,877
      
10,281,122
  
                 
Deferred taxes on income, net
    
455,850
      
521,765
  
Unexpired subscription revenue, less current portion
    
235,626
      
166,169
  
Operating lease liability, less current liability
    
2,260,453
      
2,299,433
  
                 
Total liabilities
    
13,405,806
      
13,268,489
  
                 
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
    
29,720,901
      
29,705,673
  
Accumulated deficit
    
(27,317,026
)
    
(27,118,678
)
                 
Total stockholders’ equity
    
2,511,099
      
2,694,219
  
                 
Total liabilities and stockholders’ equity
  
$
15,916,905
    
$
15,962,708
  

Overview

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 a significant amount 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, risks associated with the COVID-19 pandemic and 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.