CreditRiskMonitor.com Inc. Files 10-Q for Q1 2024

TL;DR

<b>CreditRiskMonitor.com Inc. has submitted its Q1 2024 10-Q filing, detailing operations for the period ending March 31, 2024.</b>

AI Summary

CREDITRISKMONITOR COM INC (CRMZ) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. CreditRiskMonitor.com Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Nevada and operates in the Consumer Credit Reporting and Collection Agencies sector. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is in Valley Cottage, NY. The filing was made on May 14, 2024.

Why It Matters

For investors and stakeholders tracking CREDITRISKMONITOR COM INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. Understanding the details within this report is crucial for assessing CreditRiskMonitor.com Inc.'s current financial health and future prospects in the consumer credit reporting industry.

Risk Assessment

Risk Level: low — CREDITRISKMONITOR COM INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand CreditRiskMonitor.com Inc.'s performance and outlook.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Reported period)
• 2024-05-14 — Filing Date (Date of submission)
• 2024-01-01 — Quarter Start Date (Reported period)
• 10-Q — Form Type (Type of SEC filing)

Key Players & Entities

• CREDITRISKMONITOR COM INC (company) — Filer name
• 0000315958 (company) — Central Index Key
• 7320 (company) — Standard Industrial Classification
• NV (company) — State of Incorporation
• NY (company) — State of Business Address
• 845-230-3000 (company) — Business Phone
• NEW GENERATION FOODS INC (company) — Former Company Name
• 19920703 (company) — Date of Name Change

FAQ

Industry Context

CreditRiskMonitor.com Inc. operates within the consumer credit reporting and collection agencies industry, providing services related to credit risk assessment.

Regulatory Implications

The company is subject to regulations governing the credit reporting industry, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and risks.
3. Compare Q1 2024 results with prior periods (Q1 2023, FY 2023) to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial header information for the 10-Q filing for the period ending March 31, 2024. Detailed comparative data from the previous filing is not available in this extract.

Key Financial Figures

• $11.4 million — As of March 31, 2024, the Company had $11.4 million in cash and cash equivalents, an increa
• $0.4 million — uivalents, an increase of approximately $0.4 million from December 31, 2023. This increase w
• $0.6 million — y operating activities of approximately $0.6 million offset by the net cash used in investin
• $0.2 million — sting activities totaling approximately $0.2 million. The main component of current liabili
• $11.1 m — d subscription revenue of approximately $11.1 million, which should not require signifi
• $218 — rating revenues increased approximately $218 thousand, or 5%, for the first quarter
• $277 — d product costs increased approximately $277 thousand, or 14%, for the first quarter
• $195 — rative expenses increased approximately $195 thousand, or 8%, for the first quarter
• $61 thousand — . Other income increased approximately $61 thousand for the first quarter of fiscal 2024 co

Filing Documents

• ef20026289_10q.htm (10-Q) — 553KB
• ef20026289_ex31-1.htm (EX-31.1) — 11KB
• ef20026289_ex31-2.htm (EX-31.2) — 11KB
• ef20026289_ex32-1.htm (EX-32.1) — 5KB
• ef20026289_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-025857.txt (&nbsp;) — 2495KB
• crmz-20240331.xsd (EX-101.SCH) — 16KB
• crmz-20240331_cal.xml (EX-101.CAL) — 32KB
• crmz-20240331_def.xml (EX-101.DEF) — 42KB
• crmz-20240331_lab.xml (EX-101.LAB) — 211KB
• crmz-20240331_pre.xml (EX-101.PRE) — 133KB
• ef20026289_10q_htm.xml (XML) — 286KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Balance Sheets – March 31, 2024 (Unaudited) and December 31, 2023 2 Condensed Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Notes to Condensed Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 4.

Controls and Procedures

Controls and Procedures 13

OTHER INFORMATION

PART II. OTHER INFORMATION Item 6. Exhibits 14

SIGNATURES

SIGNATURES 15 1 Index

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements CREDITRISKMONITOR.COM, INC. CONDENSED BALANCE SHEETS MARCH 31, 2024 AND DECEMBER 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) (Note 1) ASSETS Current assets: Cash and cash equivalents $ 11,416,118 $ 11,004,937 Held-to-maturity securities – treasury bills 3,538,990 3,494,958 Accounts receivable, net of allowance of $ 30,000 3,792,728 3,941,182 Other current assets 806,697 788,722 Total current assets 19,554,533 19,229,799 Held-to-maturity securities – treasury bills 700,000 700,000 Property and equipment, net 661,728 557,634 Operating lease right-to-use asset 1,560,109 1,612,512 Goodwill 1,954,460 1,954,460 Other assets 18,110 18,110 Total assets $ 24,448,940 $ 24,072,515 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Unexpired subscription revenue $ 11,114,177 $ 10,272,352 Accounts payable 238,181 141,956 Current portion of operating lease liability 216,035 211,488 Accrued expenses 1,314,751 2,105,019 Total current liabilities 12,883,144 12,730,815 Deferred taxes on income, net 350,605 350,605 Unexpired subscription revenue, less current portion 195,864 68,523 Operating lease liability, less current portion 1,499,041 1,554,686 Total liabilities 14,928,654 14,704,629 Stockholders' equity: Preferred stock, $ 0.01 par value; authorized 5,000,000 shares; no ne issued - - Common stock , $ 0.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares 107,224 107,224 Additional paid-in capital 30,032,766 30,007,773 Accumulated deficit ( 20,619,704 ) ( 20,747,111 ) Total stockholders' equity 9,520,286 9,367,886 Total liabilities and stockholders' equity $ 24,448,940 $ 24,072,515 See accompanying notes to condensed financial statements. 2 Index CREDITRISKMONITOR.COM, INC. CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 202

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Business Environment The continuing uncertainty in the worldwide financial system has negatively impacted general business conditions. It is possible that a weakened economy could adversely affect our subscribers' discretionary spending for financial risk information, or even their solvency, but we cannot predict whether or to what extent this will occur. Our strategic priorities and plans for 2024 are to continue to build on the improvement initiatives underway to achieve sustainable, profitable growth. Financial Condition, Liquidity and Capital Resources The following table presents selected financial information and statistics as March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Cash and cash equivalents $ 11,416 $ 11,005 Held-to-maturity securities $ 3,539 $ 3,495 Accounts receivable, net $ 3,793 $ 3,941 Working capital $ 6,671 $ 6,499 Cash ratio 0.89 0.86 Quick ratio 1.46 1.45 Current ratio 1.52 1.51 10 Index As of March 31, 2024, the Company had $11.4 million in cash and cash equivalents, an increase of approximately $0.4 million from December 31, 2023. This increase was primarily the result of cash provided by operating activities of approximately $0.6 million offset by the net cash used in investing activities totaling approximately $0.2 million. The main component of current liabilities at March 31, 2024 was unexpired subscription revenue of approximately $11.1 million, which should not require significant future cash outlay, as this is annual reoccurring revenue, other than the cost of preparation and delivery of the applicable commercial credit reports, which cost much less than the unexpired subscription revenue shown. Unexpired subscription revenue is recognized as income over the subscription term, which approximates 12 months. The Company has no bank lines of credit or other curr

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q may contain forward-looking statements, including statements regarding future prospects, industry trends, competitive conditions and litigation issues. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "expects", "anticipates", "plans" or words of similar meaning are intended to identify forward-looking and uncertainties. Among others, factors that could cause actual results to differ materially from the Company's beliefs or expectations are those listed under "Business Environment" and "Results of Operations" and other factors referenced herein or from time to time as "risk factors" or otherwise in the Company's Registration Statements or Securities and Exchange Commission reports. The Company disclaims any intention or obligation to revise any forward-looking statement, whether as a result of new information, a future event or otherwise. Item 4.

Controls and Procedures

Controls and Procedures The Company's managem

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View this 10-Q filing on SEC EDGAR