Nevada
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1-8601
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36-2972588
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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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Common Stock, par value $.01
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CRMZ
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OTC Markets OTCQX U.S.
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Emerging growth company |
☐
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Item 2.02 |
Results of Operation and Financial Condition
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Item 8.01 |
Other Events.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
|
|
Press Release dated November 12, 2020
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|
CREDITRISKMONITOR.COM, INC.
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|
Date: November 12, 2020
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By: /s/ Steven Gargano
|
|
Steven Gargano
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
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2020
|
2019
|
|||||||
Operating revenues
|
$
|
4,037,456
|
$
|
3,673,241
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
1,514,659
|
1,421,290
|
||||||
Selling, general and administrative expenses
|
2,110,280
|
1,962,150
|
||||||
Depreciation and amortization
|
52,931
|
52,667
|
||||||
Total operating expenses
|
3,677,870
|
3,436,107
|
||||||
Income from operations
|
359,586
|
237,134
|
||||||
Other income
|
916
|
40,223
|
||||||
Income before income taxes
|
360,502
|
277,357
|
||||||
Provision for income taxes
|
(79,420
|
)
|
(73,767
|
)
|
||||
Net income
|
$
|
281,082
|
$
|
203,590
|
||||
Net income per share – Basic and diluted
|
$
|
0.03
|
$
|
0.02
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,746,834
|
10,722,401
|
2020
|
2019
|
|||||||
Operating revenues
|
$
|
11,598,210
|
$
|
10,736,581
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
4,556,456
|
4,316,780
|
||||||
Selling, general and administrative expenses
|
6,919,804
|
6,277,294
|
||||||
Depreciation and amortization
|
160,736
|
153,701
|
||||||
Total operating expenses
|
11,636,996
|
10,747,775
|
||||||
Loss from operations
|
(38,786
|
)
|
(11,194
|
)
|
||||
Other income
|
27,017
|
124,322
|
||||||
Income (loss) before income taxes
|
(11,769
|
)
|
113,128
|
|||||
Benefit from (provision for) income taxes
|
123,424
|
(57,536
|
)
|
|||||
Net Income
|
$
|
111,655
|
$
|
55,592
|
||||
Net income per share – Basic and diluted
|
$
|
0.01
|
$
|
0.01
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
10,722,401
|
10,722,401
|
||||||
Diluted
|
10,730,545
|
10,725,252
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,451,155
|
$
|
8,275,836
|
||||
Accounts receivable, net of allowance
|
1,945,280
|
2,287,921
|
||||||
Other current assets
|
596,558
|
549,821
|
||||||
Total current assets
|
12,992,993
|
11,113,578
|
||||||
|
||||||||
Property and equipment, net
|
405,131
|
477,973
|
||||||
Operating lease right-to-use asset
|
2,245,896
|
2,380,974
|
||||||
Goodwill
|
1,954,460
|
1,954,460
|
||||||
Other assets
|
108,437
|
35,723
|
||||||
Total assets
|
$
|
17,706,917
|
$
|
15,962,708
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
9,189,823
|
$
|
8,651,843
|
||||
Accounts payable
|
47,541
|
137,500
|
||||||
Current portion of operating lease liability
|
158,117
|
147,229
|
||||||
Current portion of bank loan
|
1,102,833
|
--
|
||||||
Accrued expenses
|
1,135,506
|
1,344,550
|
||||||
Total current liabilities
|
11,633,820
|
10,281,122
|
||||||
Deferred taxes on income, net
|
397,528
|
521,765
|
||||||
Unexpired subscription revenue, less current portion
|
188,906
|
166,169
|
||||||
Bank loan, less current portion
|
458,667
|
--
|
||||||
Operating lease liability, less current portion
|
2,179,856
|
2,299,433
|
||||||
Total liabilities
|
14,858,777
|
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
|
29,747,939
|
29,705,673
|
||||||
Accumulated deficit
|
(27,007,023
|
)
|
(27,118,678
|
)
|
||||
Total stockholders’ equity
|
2,848,140
|
2,694,219
|
||||||
Total liabilities and stockholders’ equity
|
$
|
17,706,917
|
$
|
15,962,708
|