CreditRiskMonitor.com Inc. Files Q2 2024 10-Q

TL;DR

CREDITRISKMONITOR COM INC filed their Q2 10-Q. Financials updated.

AI Summary

CreditRiskMonitor.com Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as New Generation Foods Inc., is based in Valley Cottage, NY. The filing details financial information for the second quarter and first half of 2024, comparing it to the same periods in 2023.

Why It Matters

This filing provides investors with an update on CreditRiskMonitor.com Inc.'s financial performance and position for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) and does not appear to contain any immediately alarming information.

Key Players & Entities

• CREDITRISKMONITOR COM INC (company) — Filer
• NEW GENERATION FOODS INC (company) — Former company name
• Valley Cottage, NY (location) — Business address
• 20240630 (date) — Period of report

FAQ

Key Financial Figures

• $12.4 million — 1 As of June 30, 2024, the Company had $12.4 million in cash and cash equivalents, an increa
• $1.4 million — uivalents, an increase of approximately $1.4 million from December 31, 2023. This increase w
• $1.6 million — y operating activities of approximately $1.6 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
• $11.4 m — d subscription revenue of approximately $11.4 million, which should not require signifi
• $251 — rating revenues increased approximately $251 thousand, or 5%, for the second quarter
• $239 — d product costs increased approximately $239 thousand, or 12%, for the second quarte
• $433 — rative expenses increased approximately $433 thousand, or 19%, for the second quarte
• $3 thousand — . Other income increased approximately $3 thousand for the second quarter of fiscal 2024 c
• $469 — rating revenues increased approximately $469 thousand, or 5%, for the first half of
• $506 — d product costs increased approximately $506 thousand, or 13%, for the first half of
• $637 — rative expenses increased approximately $637 thousand, or 14%, for the first half of
• $64 thousand — . Other income increased approximately $64 thousand for the first half of fiscal 2024 compa

Filing Documents

• ef20029703_10q.htm (10-Q) — 712KB
• ef20029703_ex31-1.htm (EX-31.1) — 10KB
• ef20029703_ex31-2.htm (EX-31.2) — 11KB
• ef20029703_ex32-1.htm (EX-32.1) — 4KB
• ef20029703_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-036746.txt ( ) — 2772KB
• crmz-20240630.xsd (EX-101.SCH) — 16KB
• crmz-20240630_cal.xml (EX-101.CAL) — 32KB
• crmz-20240630_def.xml (EX-101.DEF) — 42KB
• crmz-20240630_lab.xml (EX-101.LAB) — 205KB
• crmz-20240630_pre.xml (EX-101.PRE) — 130KB
• ef20029703_10q_htm.xml (XML) — 356KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Balance Sheets – June 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Statements of Operations for the Three Months Ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Statements of Operations for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Statements of Stockholders' Equity for the Three Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Statements of Stockholders' Equity for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Financial Statements (Unaudited) 8 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 12 Item 4.

Controls and Procedures

Controls and Procedures 16

OTHER INFORMATION

PART II. OTHER INFORMATION Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 1 Index

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements CREDITRISKMONITOR.COM, INC. CONDENSED BALANCE SHEETS JUNE 30, 2024 AND DECEMBER 31, 2023 June 30, 2024 December 31, 2023 (Unaudited) (Note 1) ASSETS Current assets: Cash and cash equivalents $ 12,357,343 $ 11,004,937 Held-to-maturity securities 3,593,803 3,494,958 Accounts receivable, net of allowance of $ 30,000 3,557,247 3,941,182 Other current assets 1,048,380 788,722 Total current assets 20,556,773 19,229,799 Held-to-maturity securities 700,000 700,000 Property and equipment, net 560,835 557,634 Operating lease right-to-use asset 1,507,125 1,612,512 Goodwill 1,954,460 1,954,460 Other assets 18,110 18,110 Total assets $ 25,297,303 $ 24,072,515 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Unexpired subscription revenue $ 11,363,217 $ 10,272,352 Accounts payable 78,808 141,956 Current portion of operating lease liability 220,632 211,488 Accrued expenses 1,981,359 2,105,019 Total current liabilities 13,644,016 12,730,815 Deferred taxes on income, net 350,605 350,605 Unexpired subscription revenue, less current portion 187,827 68,523 Operating lease liability, less current portion 1,442,763 1,554,686 Total liabilities 15,625,211 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 30,055,386 30,007,773 Accumulated deficit ( 20,490,518 ) ( 20,747,111 ) Total stockholders' equity 9,672,092 9,367,886 Total liabilities and stockholders' equity $ 25,297,303 $ 24,072,515 See accompanying notes to condensed financial statements. 2 Index CREDITRISKMONITOR.COM, INC. CONDENSED OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 (Unaudited) 2024 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Cash and cash equivalents $ 12,357 $ 11,005 Held-to-maturity securities $ 3,594 $ 3,495 Accounts receivable, net $ 3,557 $ 3,941 Working capital $ 6,913 $ 6,499 Cash ratio 0.91 0.86 Quick ratio 1.43 1.45 Current ratio 1.51 1.51 As of June 30, 2024, the Company had $12.4 million in cash and cash equivalents, an increase of approximately $1.4 million from December 31, 2023. This increase was primarily the result of cash provided by operating activities of approximately $1.6 million offset by the net cash used in investing activities totaling approximately $0.2 million. The main component of current liabilities at June 30, 2024 was unexpired subscription revenue of approximately $11.4 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 currently available c

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View this 10-Q filing on SEC EDGAR