|
|
|
(State or other jurisdiction of incorporation or organization
|
(I.R.S. Employer Identification No.)
|
|
|
(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
|
☐
|
||
|
Smaller reporting company
|
|
Emerging growth company
|
Page
|
|||
PART I. FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements
|
||
2
|
|||
3
|
|||
Condensed Statements of Operations for the Six Months Ended June 30, 2021 and 2020 (Unaudited) | 4 |
||
5 |
|||
Condensed Statements of Stockholders’ Equity for the Six Months Ended June 30, 2021 and 2020 (Unaudited) | 6 |
||
7 |
|||
8 |
|||
Item 2.
|
11 |
||
Item 4.
|
16 | ||
PART II. OTHER INFORMATION
|
|||
Item 6.
|
17
|
||
18
|
Item 1.
|
Financial Statements
|
June 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
(Note 1)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Available-for-sale securities – municipal bonds
|
|
|
||||||
Accounts receivable, net of allowance of $
|
|
|
||||||
Other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property and equipment, net
|
|
|
||||||
Operating lease right-to-use asset
|
|
|
||||||
Goodwill
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Unexpired subscription revenue
|
$
|
|
$
|
|
||||
Accounts payable
|
|
|
||||||
Current portion of operating lease liability
|
|
|
||||||
Current portion of bank loan
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Deferred taxes on income, net
|
|
|
||||||
Unexpired subscription revenue, less current portion
|
|
|
||||||
Bank loan, less current portion
|
|
|
||||||
Operating lease liability, less current portion
|
|
|
||||||
Total liabilities
|
|
|
||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $
|
|
|
||||||
Common stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Operating revenues
|
$
|
|
$
|
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
|
|
||||||
Selling, general and administrative expenses
|
|
|
||||||
Depreciation and amortization
|
|
|
||||||
Total operating expenses
|
|
|
||||||
Income (loss) from operations
|
|
(
|
)
|
|||||
Other income
|
|
|
||||||
Income (loss) before income taxes
|
|
(
|
)
|
|||||
(Provision for) benefit from income taxes
|
(
|
)
|
|
|||||
Net income
|
$
|
|
$
|
|
||||
Net income per share – Basic and diluted
|
$
|
|
$
|
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
|
|
||||||
Diluted
|
|
|
2021
|
2020
|
|||||||
Operating revenues
|
$
|
|
$
|
|
||||
Operating expenses:
|
||||||||
Data and product costs
|
|
|
||||||
Selling, general and administrative expenses
|
|
|
||||||
Depreciation and amortization
|
|
|
||||||
Total operating expenses
|
|
|
||||||
Income (loss) from operations
|
|
(
|
)
|
|||||
Other income
|
|
|
||||||
Income (loss) before income taxes
|
|
(
|
)
|
|||||
(Provision for) benefit from income taxes
|
(
|
)
|
|
|||||
Net income
|
$
|
|
$
|
(
|
)
|
|||
Net income per share – Basic and diluted
|
$ |
$
|
(
|
)
|
||||
Weighted average number of common shares outstanding –
|
||||||||
Basic
|
|
|
||||||
Diluted
|
|
|
Additional |
Total
|
|||||||||||||||||||
Common Stock |
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’ Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance April 1, 2020
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||
Balance June 30, 2020
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Balance April 1, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||
Balance June 30, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Additional | Total | |||||||||||||||||||
Common Stock
|
Paid-in
Capital
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance January 1, 2020
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net loss
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||
Balance June 30, 2020
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Balance January 1, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||
Balance June 30, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
(
|
)
|
(
|
)
|
||||
Depreciation and amortization
|
|
|
||||||
Operating lease right-to-use asset, net
|
|
|
||||||
Stock-based compensation
|
|
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(
|
)
|
|
|||||
Other current assets
|
(
|
(
|
)
|
|||||
Other assets
|
|
|
||||||
Unexpired subscription revenue
|
|
|
||||||
Accounts payable
|
|
(
|
||||||
Accrued expenses
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Sale of available-for-sale securities – municipal bonds
|
|
|
||||||
Purchase of property and equipment
|
(
|
)
|
(
|
)
|
||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities: |
||||||||
Proceeds from bank loan
|
||||||||
Net cash provided by financing activities |
||||||||
Net increase in cash and cash equivalents
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
3 Months Ended
June 30,
|
6 Months Ended
June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Data and product costs
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Selling, general and administrative expenses
|
|
|
|
|
||||||||||||
$ |
|
$ |
|
$ |
|
$ |
|
June 30, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available-for-sale securities
|
$
|
|
$
|
|
$
|
|
$
|
|
3 Months Ended
June 30,
|
6 Months Ended
June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Weighted average number of common shares outstanding – basic
|
|
|
|
|
||||||||||||
Potential shares exercisable under stock option plans
|
|
|
|
|
||||||||||||
LESS: Shares which could be repurchased under treasury stock method | ( |
) | ( |
) | ||||||||||||
Weighted average number of common shares outstanding – diluted
|
|
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
June 30,
2021
|
December 31,
2020
|
|||||||
Cash and cash equivalents
|
$
|
10,904
|
$
|
10,303
|
||||
Accounts receivable, net
|
$
|
2,945
|
$
|
2,557
|
||||
Working capital
|
$
|
1,081
|
$
|
848
|
||||
Cash ratio
|
0.80
|
0.79
|
||||||
Quick ratio
|
1.02
|
0.98
|
||||||
Current ratio
|
1.08
|
1.06
|
3 Months Ended June 30,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
4,248,179
|
100.00
|
%
|
$
|
3,852,003
|
100.00
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
1,573,686
|
37.04
|
%
|
1,515,469
|
39.34
|
%
|
||||||||||
Selling, general and administrative expenses
|
2,190,382
|
51.56
|
%
|
2,394,266
|
62.16
|
%
|
||||||||||
Depreciation and amortization
|
66,503
|
1.57
|
%
|
53,693
|
1.39
|
%
|
||||||||||
Total operating expenses
|
3,830,571
|
90.17
|
%
|
3,963,428
|
102.89
|
%
|
||||||||||
Income (loss) from operations
|
417,608
|
9.83
|
%
|
(111,425
|
)
|
(2.89
|
%)
|
|||||||||
Other income, net
|
246
|
0.01
|
%
|
3,417
|
0.09
|
%
|
||||||||||
Income (loss) before income taxes
|
417,854
|
9.84
|
%
|
(108,008
|
)
|
(2.80
|
%)
|
|||||||||
Provision for income taxes
|
(95,146
|
)
|
(2.24
|
%)
|
136,929
|
3.55
|
%
|
|||||||||
Net income
|
$
|
322,708
|
7.60
|
%
|
$
|
28,921
|
0.75
|
%
|
6 Months Ended June 30,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
% of Total
Operating
Revenues
|
Amount
|
% of Total
Operating
Revenues
|
|||||||||||||
Operating revenues
|
$
|
8,381,081
|
100.00
|
%
|
$
|
7,560,754
|
100.00
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Data and product costs
|
3,201,472
|
38.20
|
%
|
3,041,797
|
40.23
|
%
|
||||||||||
Selling, general and administrative expenses
|
4,391,174
|
52.39
|
%
|
4,809,524
|
63.61
|
%
|
||||||||||
Depreciation and amortization
|
131,016
|
1.56
|
%
|
107,805
|
1.43
|
%
|
||||||||||
Total operating expenses
|
7,723,662
|
92.16
|
%
|
7,959,126
|
105.27
|
%
|
||||||||||
Income (loss) from operations
|
657,419
|
7.84
|
%
|
(398,372
|
)
|
(5.27
|
%)
|
|||||||||
Other income, net
|
3,494
|
0.04
|
%
|
26,101
|
0.35
|
%
|
||||||||||
Income (loss) before income taxes
|
660,913
|
7.89
|
%
|
(372,271
|
)
|
(4.92
|
%)
|
|||||||||
Provision for income taxes
|
(150,491
|
)
|
(1.80
|
%)
|
202,844
|
2.68
|
%
|
|||||||||
Net income (loss)
|
$
|
510,422
|
6.09
|
%
|
$
|
(169,427
|
)
|
(2.24
|
%)
|
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: August 12, 2021
|
By: /s/
|
Steven Gargano |
Steven Gargano
|
||
Senior Vice President & Chief Financial Officer
|
||
(Principal Finance and Accounting Officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of CreditRiskMonitor.com, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent function):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date: August 12, 2021
|
By: /s/
|
Jerome S. Flum |
Jerome S. Flum
|
||
Chief Executive Officer
|
1. |
I have reviewed this quarterly report on Form 10-Q of CreditRiskMonitor.com, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent function):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date: August 12, 2021
|
By: /s/
|
Steven Gargano |
Steven Gargano
|
||
Senior Vice President & Chief Financial Officer
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By: /s/
|
Jerome S. Flum | |
Jerome S. Flum
|
||
Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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By: /s/
|
Steven Gargano | |
Steven Gargano
|
||
Senior Vice President & Chief Financial Officer
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CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance | $ 30,000 | $ 30,000 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 32,500,000 | 32,500,000 |
Common stock, issued (in shares) | 10,722,401 | 10,722,401 |
Common stock, outstanding (in shares) | 10,722,401 | 10,722,401 |
CONDENSED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ||||
Operating revenues | $ 4,248,179 | $ 3,852,003 | $ 8,381,081 | $ 7,560,754 |
Operating expenses: | ||||
Data and product costs | 1,573,686 | 1,515,469 | 3,201,472 | 3,041,797 |
Selling, general and administrative expenses | 2,190,382 | 2,394,266 | 4,391,174 | 4,809,524 |
Depreciation and amortization | 66,503 | 53,693 | 131,016 | 107,805 |
Total operating expenses | 3,830,571 | 3,963,428 | 7,723,662 | 7,959,126 |
Income (loss) from operations | 417,608 | (111,425) | 657,419 | (398,372) |
Other income | 246 | 3,417 | 3,494 | 26,101 |
Income (loss) before income taxes | 417,854 | (108,008) | 660,913 | (372,271) |
(Provision for) benefit from income taxes | (95,146) | 136,929 | (150,491) | 202,844 |
Net income (loss) | $ 322,708 | $ 28,921 | $ 510,422 | $ (169,427) |
Net income per share - Basic (in dollars per share) | $ 0.03 | $ 0.00 | $ 0.05 | $ (0.02) |
Net income per share - Diluted (in dollars per share) | $ 0.03 | $ 0.00 | $ 0.05 | $ (0.02) |
Weighted average number of common shares outstanding - Basic (in shares) | 10,722,401 | 10,722,401 | 10,722,401 | 10,722,401 |
Weighted average number of common shares outstanding - Diluted (in shares) | 10,792,744 | 10,722,401 | 10,779,726 | 10,722,401 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation |
(1) Basis of Presentation
The accompanying unaudited condensed financial
statements of CreditRiskMonitor.com, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Certain information and footnote disclosure required by generally accepted accounting principles (“GAAP”) in the United States for complete financial statements have been condensed or omitted pursuant to
the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited condensed financial statements reflect all material adjustments, including normal recurring
accruals, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented, and have been prepared in a manner consistent with the audited financial statements for the fiscal
year ended December 31, 2020.
The results of operations for the three months
and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results for an entire fiscal year.
The December 31, 2020 balance sheet has been
derived from the audited financial statements at that date, but does not include all disclosures required by GAAP. These condensed financial statements should be read in conjunction with the audited financial statements and the
footnotes for the fiscal year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K.
|
Recently Issued Accounting Standards |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards
The Financial Accounting Standards Board (“FASB”) and the SEC have issued certain accounting pronouncements that will become effective in subsequent periods;
however, management does not believe that any of those pronouncements would have significantly affected the Company’s financial accounting measurements or disclosures had they been in effect during the interim periods for which financial
statements are included in this quarterly report. Management also believes those pronouncements will not have a significant effect on the Company’s future financial position or results of operations.
|
Revenue Recognition |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition |
(3) Revenue Recognition
The Company applies FASB Accounting Standards
Codification (“ASC”) 606, Revenue from Contract with Customers (“ASC 606”) to recognize revenue. ASC 606 requires an entity to apply the following five-step approach: (1) identify the contract(s) with a customer; (2) identify each
performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation; and (5) recognize revenue when or as each performance obligation is satisfied. The
Company’s primary source of revenue is subscription income which is recognized ratably over the subscription term.
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Stock-Based Compensation |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
(4) Stock-Based Compensation
The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”) to account
for stock-based compensation.
The following table summarizes the stock-based compensation expense for stock
options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and six months ended June 30:
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Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
(5) Fair Value Measurements
The Company’s cash, cash equivalents and
available-for-sale securities are stated at fair value. The carrying value of accounts receivable, other current assets, bank loan and accounts payable approximates fair market value because of the short maturity of these financial
instruments.
The Company’s cash equivalents are generally
classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
All available-for-sale securities as of
December 31, 2020 were municipal bonds. Investments in municipal bonds are valued using pricing models maximizing the use of observable inputs for similar securities. Municipal bonds are classified as Level 2 of the fair value
hierarchy.
The tables below set forth the Company’s cash
and cash equivalents, as well as marketable securities as of June 30, 2021 and December 31, 2020, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
There were proceeds of $458,237 from the sale of available-for-sale securities for the period ended June 30, 2021.
|
Net Income (loss) per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (loss) per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (loss) per Share |
(6) Net Income (loss) per Share
Basic net income (loss) per share is based on the weighted average number of common
shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.
For the three and six months ended June 30, 2021, the computation of diluted net
income per share excludes the effects of the assumed exercise of 290,650 and 290,650 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.
For the three months ended June 30, 2020, the computation of diluted net income per share excludes the effects of the assumed exercise of 451,750 options since their inclusion would be anti-dilutive as their exercise prices were above market value.
During the six months ended June 30, 2020 the Company recorded a net loss. Basic net
loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic
net loss per share, as the effect of utilizing the fully diluted share count would have reduced the net loss per share. Therefore, all outstanding stock options were excluded from the computation of diluted net loss per share because their effect was
anti-dilutive for each of the periods presented.
|
Related Parties |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Related Parties [Abstract] | |
Related Parties |
(7) Related Parties
In October 2020, the Company’s Board of Directors appointed
Michael Flum to serve as President and Chief Operating Officer. Previously, he was serving as Senior Vice President and Chief Operating Officer effective October 2019 and had served as Vice President of Operations & Alternative
Data since June 2018. Mr. Flum is the son of Jerome Flum, the Company’s Chief Executive Officer and Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.
|
COVID-19 |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
COVID-19 [Abstract] | |
COVID-19 |
(8) COVID-19
On
March 11, 2020, the World Health Organization declared the outbreak of Coronavirus Disease 2019 (“COVID-19” or “virus”) as a global pandemic. The extent to which COVID-19 impacts the Company’s results will depend on future
developments, which are highly uncertain and cannot be predicted, including new information, COVID mutations and variants which may emerge, and the speed and effectiveness of vaccinations. The Company has been operating remotely
without any significant disruption of operations. To date, the Company’s data providers have provided an uninterrupted stream of information, thus enabling the Company to deliver its product. The Company is actively monitoring the
renewal rates of its current customers and those that subscribed after the outbreak.
In response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on
March 27, 2020. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future
limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified
improvement property, and the creation of certain refundable employee retention credits. Additionally, the CARES Act contains relief for small businesses through several new temporary programs, one of which is the Paycheck
Protection Program (“PPP”). The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration (“SBA”) will forgive loans if all employees are kept
on the payroll for eight weeks and the money is used for payroll, rent or utilities. The Company applied for a loan under this program and has received $1.56 million. The SBA provides a “safe harbor” for borrowers and has deemed certifications regarding the necessity of the loan to have been made in good faith
for borrowers of less than $2 million. The PPP loan is scheduled to mature on April 15, 2022, has a 1.00% interest rate, may be prepaid at any time without penalty and is subject to the terms and conditions applicable to all loans
made pursuant to the PPP as administered by the SBA under the CARES Act. The loan and accrued interest is forgivable after eight weeks so long as the Company uses the loan proceeds for eligible purposes, including payroll,
benefits, rent and utilities, and maintains its payroll levels. The “PPP” was amended on June 5, 2020 by the Paycheck Protection Program Flexibility Act, which stated that payments are deferred until the date on which the amount
of forgiveness determined is remitted to the lender, with a maximum deferral of up to 16 months. The President signed
the Consolidated Appropriations Act 2021 (the “CAA”) into law on December 27, 2020. The new COVID-19 legislation enhances and expands certain aspects of the CARES Act, most notably allowing borrowers to select their covered period
to meet payroll and qualified expense requirements between 8 and 24 weeks. In accordance with the requirements for forgiveness of the PPP loan under the CARES Act, the Company has used the entire proceeds from the PPP loan for
eligible payroll, benefits, rent, utility costs, and maintained its employment levels. The lender of this loan started accepting applications for forgiveness during the first quarter of 2021, and the Company has applied for
forgiveness by the deadline set forth by the lender. The current portion of this loan, including interest that is due within the next 12 months is $1,561,500. The Company is waiting on the review process to be completed by the lender and the SBA.
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Stock-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense for Stock Options |
The following table summarizes the stock-based compensation expense for stock
options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and six months ended June 30:
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents Measured at Fair Value on Recurring Basis |
The tables below set forth the Company’s cash
and cash equivalents, as well as marketable securities as of June 30, 2021 and December 31, 2020, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
|
Net Income (loss) per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (loss) per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Net Income (Loss) per Share |
Basic net income (loss) per share is based on the weighted average number of common
shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.
|
Stock-Based Compensation (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | $ 16,968 | $ 15,228 | $ 26,390 | $ 30,456 |
Data and Product Costs [Member] | ||||
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | 5,393 | 5,583 | 9,245 | 11,166 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | $ 11,575 | $ 9,645 | $ 17,145 | $ 19,290 |
Net Income (loss) per Share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Net Income (loss) per Share [Abstract] | ||||
Weighted average number of common shares outstanding - basic (in shares) | 10,722,401 | 10,722,401 | 10,722,401 | 10,722,401 |
Potential shares exercisable under stock option plans (in shares) | 278,100 | 0 | 278,100 | 0 |
LESS: Shares which could be repurchased under treasury stock method (in shares) | (207,757) | 0 | (220,775) | 0 |
Weighted average number of common shares outstanding - diluted (in shares) | 10,792,744 | 10,722,401 | 10,779,726 | 10,722,401 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 290,650 | 451,750 | 290,650 |
COVID-19 (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Loans Payable [Abstract] | ||
Proceeds from loans | $ 0 | $ 1,561,500 |
PPP Loan [Member] | ||
Loans Payable [Abstract] | ||
Proceeds from loans | $ 1,560,000 | |
Maturity date | Apr. 15, 2022 | |
Interest rate | 1.00% | |
Current portion of loan including interest | $ 1,561,500 | |
PPP Loan [Member] | Maximum [Member] | ||
Loans Payable [Abstract] | ||
Paycheck protection program deferral payments period | 16 months |
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