Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-8601

CreditRiskMonitor.com, Inc.

(Exact name of registrant as specified in its charter)

Nevada		36-2972588
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

704 Executive Boulevard, Suite A

Valley Cottage, New York 10989

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (845) 230-3000

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer	☐
Non-accelerated filer ☑		Smaller reporting company	☑	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The Company’s common stock is traded on the OTC Markets. There were 10,722,401 shares of common stock $.01 par value outstanding as of May 14, 2024.

CREDITRISKMONITOR.COM, INC.

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PART I. FINANCIAL INFORMATION

	Item 1.	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	10

	Item 4.	Controls and Procedures	13

PART II. OTHER INFORMATION

	Item 6.	Exhibits	14

SIGNATURES			15

Index

PART I. FINANCIAL INFORMATION

Item 1.

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; none 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.

Index

CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

	2024			2023

Operating revenues	$	4,808,707		$	4,590,744

Operating expenses:
Data and product costs		2,197,777			1,920,371
Selling, general and administrative expenses		2,553,601			2,359,041
Depreciation and amortization		93,170			97,521

Total operating expenses		4,844,548			4,376,933

(Loss) income from operations		(35,841	)		213,811
Other income		201,759			140,978

Income before income taxes		165,918			354,789
Provision for income taxes		(38,511	)		(79,509	)

Net income	$	127,407		$	275,280

Net income per share – Basic and diluted	$	0.01		$	0.03

Weighted average number of common shares outstanding –
Basic		10,722,401			10,722,401
Diluted		10,766,909			10,797,101

See accompanying notes to condensed financial statements.

Index

CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

	Common Stock				Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
	Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity

Balance January 1, 2023		10,722,401	$	107,224	$	29,904,675	$	(22,442,164	)	$	7,569,735

Net income		-		-		-		275,280			275,280
Stock-based compensation		-		-		27,901		-			27,901

Balance March 31, 2023		10,722,401	$	107,224	$	29,932,576	$	(22,166,884	)	$	7,872,916

Balance January 1, 2024		10,722,401	$	107,224	$	30,007,773	$	(20,747,111	)	$	9,367,886

Net income		-		-		-		127,407			127,407
Stock-based compensation		-		-		24,993		-			24,993

Balance March 31, 2024		10,722,401	$	107,224	$	30,032,766	$	(20,619,704	)	$	9,520,286

See accompanying notes to condensed financial statements.

Index

CREDITRISKMONITOR.COM, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

	2024			2023

Cash flows from operating activities:
Net income	$	127,407		$	275,280
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of bond discount		(43,704	)		(36,932	)
Depreciation and amortization		93,170			97,521
Operating lease right-to-use asset, net		1,305			3,371
Stock-based compensation		24,993			27,901
Changes in operating assets and liabilities:
Accounts receivable		148,454			93,364
Other current assets		(17,975	)		(10,461	)
Unexpired subscription revenue		969,166			521,358
Accounts payable		96,225			(123,759	)
Accrued expenses		(790,267	)		(1,022,718	)

Net cash provided by (used in) operating activities		608,774			(175,075	)

Cash flows from investing activities:
Proceeds from held-to-maturity securities – treasury bills		940,000			1,450,000
Purchase of held-to-maturity securities – treasury bills		(940,329	)		(1,443,995	)
Purchase of property and equipment		(197,264	)		(53,661	)

Net cash used in investing activities		(197,593	)		(47,656	)

Net increase (decrease) in cash and cash equivalents		411,181			(222,731	)
Cash and cash equivalents at beginning of period		11,004,937			9,866,628

Cash and cash equivalents at end of period	$	11,416,118		$	9,643,897

See accompanying notes to condensed financial statements.

Index

CREDITRISKMONITOR.COM, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

(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 of America 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, 2023.

The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for an entire fiscal year.

The December 31, 2023 condensed 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, 2023 included in the Company’s Annual Report on Form 10-K.

(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 condensed 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.

(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.

(4) Stock-Based Compensation

The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”) to account for stock-based compensation.

Index

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 months ended March 31:

	3 Months Ended March 31,
	2024		2023

Data and product costs	$	7,594	$	10,272
Selling, general and administrative expenses		17,399		17,629

	$	24,993	$	27,901

(5) Fair Value Measurements

The Company’s cash, cash equivalents and marketable securities are stated at fair value. The carrying value of accounts receivable, other current assets, accrued expenses, 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 held-to-maturity securities as of March 31, 2024 were US Treasury and federal bonds. Investments in these bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy.

The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of March 31, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.

	March 31, 2024
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,416,118	$	-	$	-	$	11,416,118
Held-to-maturity securities		4,238,990		-		-		4,238,990
	$	15,655,108	$	-	$	-	$	15,655,108

	December 31, 2023
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,004,937	$	-	$	-	$	11,004,937
Held-to-maturity securities		4,194,958		-		-		4,194,958
	$	15,199,895	$	-	$	-	$	15,199,895

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of March 31, 2024.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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(6) Marketable Securities

Based upon the Company’s intent and ability to hold its US Treasury and federal bond securities to maturity (which maturities range up to 22 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Accrued bond interest receivable as of March 31, 2024 is $3,043.

The following table summarizes the cost and fair value of marketable securities at March 31, 2024 as follows:

	Amortized Cost		Gross Unrealized Gain (Loss)		Fair Value

Held-to-maturity securities
US Treasuries	$	4,238,990	$	78,010	$	4,317,000

Maturities of marketable securities were as follows at March 31, 2024:

Held-to-maturity securities:
Due in one year or less	$	3,538,990
Due in 12 – 24 months		700,000
	$	4,238,990

The Company’s investments in marketable securities consist primarily of investments in US Treasury securities and federal bonds. Market values were determined for each individual security in the investment portfolio.

Management evaluates securities for other-than-temporary impairment at least on an annual basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that no other-than-temporary impairment exists as of March 31, 2024.

(7) Net Income per Share

Basic net income 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.

	3 Months Ended March 31
	2024			2023

Weighted average number of common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		258,000			306,650
LESS: Shares which could be repurchased under treasury stock method		(213,492	)		(231,950	)

Weighted average number of common shares outstanding – diluted		10,766,909			10,797,101

For the three months ended March 31, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 529,900 since their inclusion would be anti-dilutive as their exercise prices were above market value.

Index

For the three months ended March 31, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 379,900 options since their inclusion would be anti-dilutive as their exercise prices were above market value.

(8) Commitments and Contingencies

From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the condensed financial statements of the Company.

(9) Related Party Transactions

On May 1, 2023, the Company’s Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President. Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020. Mr. Flum is the son of Jerome S. Flum, the Company’s former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.

(10) Supplemental Disclosures of Noncash Investing Activities

For the three months ended March 31, 2023, there was a noncash transfer of deposits from operating activities to property and equipment in the amount of $155,700.

Index

Item 2.

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

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 currently available credit sources.

The Company believes that its existing balances of cash and cash equivalents and cash generated from operations will be sufficient to satisfy its anticipated cash requirements through at least the next 12 months and the foreseeable future. Moreover, the Company has no long-term debt. However, the Company’s liquidity could be negatively affected if it were to make an acquisition or license products or technologies, which may necessitate the need to raise additional capital through future debt or equity financing. Additional financing may not be available at all or on terms favorable to the Company.

Off-Balance Sheet Arrangements

The Company is not a party to any off-balance sheet arrangements.

Results of Operations

	3 Months Ended March 31,

	2024						2023
	Amount			% of Total Operating Revenues			Amount			% of Total Operating Revenues

Operating revenues	$	4,808,707			100	%	$	4,590,744			100	%

Operating expenses:
Data and product costs		2,197,777			46	%		1,920,371			42	%
Selling, general and administrative expenses		2,553,601			53	%		2,359,041			51	%
Depreciation and amortization		93,170			2	%		97,521			2	%
Total operating expenses		4,844,548			101	%		4,376,933			95	%

(Loss) income from operations		(35,841	)		(1	%)		213,811			5	%
Other income, net		201,759			4	%		140,978			3	%

Income before income taxes		165,918			3	%		354,789			8	%
Provision for income taxes		(38,511	)		(1	%)		(79,509	)		(2	%)

Net income	$	127,407			2	%	$	275,280			6	%

Operating revenues increased approximately $218 thousand, or 5%, for the first quarter of fiscal 2024 compared to the same period of fiscal 2023. This overall revenue growth resulted from an increase in SaaS subscription product revenue, attributable to increased sales to new and existing subscribers, as well as related price increases for subscriptions.

Data and product costs increased approximately $277 thousand, or 14%, for the first quarter of 2024 compared to the same period of fiscal 2023. This increase was due primarily to (1) higher salary and related employee benefits due to new hires and pay raises to staff, (2) additional data subscriptions for new service offerings including the SupplyChainMonitor™ product, and (3) higher costs of third-party content, due to price increases instituted by some of the Company’s major suppliers.

Index

Selling, general and administrative expenses increased approximately $195 thousand, or 8%, for the first quarter of fiscal 2024 compared to the same period of fiscal 2023. This increase was due to higher salary expenses from new hires, higher commissions being paid out in 2024 due to sales of newer product offerings, pay raises, and sales enablement software.

Other income increased approximately $61 thousand for the first quarter of fiscal 2024 compared to the same period of fiscal 2023. This increase was due to higher return received on the Company’s money market funds and held-to-maturity holdings compared to fiscal 2023.

Future Operations

The Company over time intends to expand its operations by expanding the breadth and depth of its product and service offerings and introducing new and complementary products. Gross margins attributable to new business areas may be lower than those associated with the Company’s existing business activities.

The Company’s current and future expense levels are based largely on its investment plans and estimates of future revenues. To a large extent, these costs do not vary with revenue. Sales and operating results generally depend on the Company’s ability to attract and retain subscribers as well as the volume and timing of the subscriptions for the Company’s products, which are difficult to forecast. The Company may be unable to adjust spending in a timely manner to compensate for any unexpected revenue shortfall. Accordingly, any significant shortfall in revenues in relation to the Company’s planned expenditures would have an immediate adverse effect on the Company’s business, prospects, financial condition and results of operations. Further, as a strategic response to changes in the competitive environment, the Company may from time to time make certain pricing, service, marketing or acquisition decisions that could have a material adverse effect on its business, prospects, financial condition and results of operations.

Achieving greater profitability depends on the Company’s ability to generate and sustain increased revenue levels. The Company believes that its success will depend in large part on its ability to (i) increase its brand awareness, (ii) provide its subscribers with outstanding value, thus encouraging renewals, and (iii) achieve sufficient sales volume to realize economies of scale. Accordingly, the Company intends to continue to increase the size of its sales force and service staff as well as invest in product development, operating infrastructure, marketing and promotion. The Company believes that these expenditures will help it to sustain the revenue growth it has experienced over the last several years. We anticipate that sales and marketing expenses will continue to increase in dollar amount and as a percentage of revenues into 2025 and future periods as the Company continues to expand its business on a worldwide basis. Further, the Company expects that product development expenses will also continue to increase in dollar amount and may increase as a percentage of revenues into 2025 and future periods because it expects to employ more development personnel on average compared to prior periods and build the infrastructure required to support the development of new and improved products and services. However, as some of these expenditures are discretionary in nature, the Company expects that the actual amounts incurred will be in line with its projections of future cash flows in order not to negatively impact its future liquidity and capital needs. There can be no assurance that the Company will be able to achieve these objectives within a meaningful time frame.

Index

The Company expects to experience fluctuations in its future quarterly operating results due to a variety of factors, some of which are outside the Company’s control. Factors that may adversely affect the Company’s quarterly operating results include, among others, (i) the Company’s ability to retain existing subscribers, attract new subscribers at a steady rate and maintain customer satisfaction, (ii) the Company’s ability to maintain gross margins in its existing business and in future product lines and markets, (iii) the development of new services and products by the Company and its competitors, (iv) price competition, (v) the Company’s ability to obtain products and services from its vendors, including information suppliers, on commercially reasonable terms, (vi) the Company’s ability to upgrade and develop its systems and infrastructure, and adapt to technological change, (vii) the Company’s ability to attract and retain personnel in a timely and effective manner, (viii) the Company’s ability to manage effectively its development of new business segments and markets, (ix) the Company’s ability to successfully manage the integration of operations and technology of acquisitions or other business combinations, (x) technical difficulties, system downtime, cybersecurity breaches, or Internet brownouts, (xi) the amount and timing of operating costs and capital expenditures relating the Company’s business, operations and infrastructure, (xii) governmental regulation and taxation policies, (xiii) disruptions in service by common carriers due to strikes or otherwise, (xiv) risks of fire or other casualty, (xv) litigation costs or other unanticipated expenses, (xvi) interest rate risks and inflationary pressures, and (xvii) general economic conditions and economic conditions specific to the Internet and online commerce.

Due to the foregoing factors, the Company believes that period-to-period comparisons of its revenues and operating results are not necessarily meaningful and should not be relied on as an indication of future performance.

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 statements. This notice is intended to take advantage of the “safe harbor” provided by the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. These forward-looking statements involve a number of risks 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

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective to ensure that all material information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to them as appropriate to allow timely decisions regarding required disclosure and that all such information is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations of the Effectiveness of Internal Control

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

Index

PART II. OTHER INFORMATION

Item 6.

Exhibits

	31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32.1	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
	32.2	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

Index

SIGNATURES

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 thereunto duly authorized.

	CREDITRISKMONITOR.COM, INC.
	(REGISTRANT)

Date: May 14, 2024	By: /s/ Steven Gargano
		Steven Gargano
		Senior Vice President & Chief Financial Officer
		(Principal Accounting Officer)

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Flum, certify that:

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;

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:

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;

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;

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

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):

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

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: May 14, 2024	By:	/s/	Michael Flum
			Michael Flum
			Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven Gargano, certify that:

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;

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):

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: May 14, 2024	By:	/s/	Steven Gargano
			Steven Gargano
			Senior Vice President & Chief Financial Officer

EXHIBIT 32.1

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

In connection with the Quarterly Report of CreditRiskMonitor.com, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Flum, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(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/	Michael Flum
			Michael Flum
			Chief Executive Officer
May 14, 2024

This certification is being furnished to the SEC with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section.

EXHIBIT 32.2

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

In connection with the Quarterly Report of CreditRiskMonitor.com, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Gargano, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(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/	Steven Gargano
			Steven Gargano
			Senior Vice President & Chief Financial Officer
May 14, 2024

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 14, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	1-8601
Entity Registrant Name	CreditRiskMonitor.com, Inc.
Entity Central Index Key	0000315958
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	36-2972588
Entity Address, Address Line One	704 Executive Boulevard
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Valley Cottage
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10989
City Area Code	845
Local Phone Number	230-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,722,401

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
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
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, $.01 par value; authorized 5,000,000 shares; none issued	0	0
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	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

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
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 ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
CONDENSED STATEMENTS OF OPERATIONS [Abstract]
Operating revenues	$ 4,808,707	$ 4,590,744
Operating expenses:
Data and product costs	2,197,777	1,920,371
Selling, general and administrative expenses	2,553,601	2,359,041
Depreciation and amortization	93,170	97,521
Total operating expenses	4,844,548	4,376,933
(Loss) income from operations	(35,841)	213,811
Other income	201,759	140,978
Income before income taxes	165,918	354,789
Provision for income taxes	(38,511)	(79,509)
Net income	$ 127,407	$ 275,280
Net income per share - Basic (in dollars per share)	$ 0.01	$ 0.03
Net income per share - Diluted (in dollars per share)	$ 0.01	$ 0.03
Weighted average number of common shares outstanding - Basic (in shares)	10,722,401	10,722,401
Weighted average number of common shares outstanding - Diluted (in shares)	10,766,909	10,797,101

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2022	$ 107,224	$ 29,904,675	$ (22,442,164)	$ 7,569,735
Balance (in shares) at Dec. 31, 2022	10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	275,280	275,280
Stock-based compensation	0	27,901	0	27,901
Balance at Mar. 31, 2023	$ 107,224	29,932,576	(22,166,884)	7,872,916
Balance (in shares) at Mar. 31, 2023	10,722,401
Balance at Dec. 31, 2023	$ 107,224	30,007,773	(20,747,111)	$ 9,367,886
Balance (in shares) at Dec. 31, 2023	10,722,401			10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	127,407	$ 127,407
Stock-based compensation	0	24,993	0	24,993
Balance at Mar. 31, 2024	$ 107,224	$ 30,032,766	$ (20,619,704)	$ 9,520,286
Balance (in shares) at Mar. 31, 2024	10,722,401			10,722,401

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 127,407	$ 275,280
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of bond discount	(43,704)	(36,932)
Depreciation and amortization	93,170	97,521
Operating lease right-to-use asset, net	1,305	3,371
Stock-based compensation	24,993	27,901
Changes in operating assets and liabilities:
Accounts receivable	148,454	93,364
Other current assets	(17,975)	(10,461)
Unexpired subscription revenue	969,166	521,358
Accounts payable	96,225	(123,759)
Accrued expenses	(790,267)	(1,022,718)
Net cash provided by (used in) operating activities	608,774	(175,075)
Cash flows from investing activities:
Proceeds from held-to-maturity securities - treasury bills	940,000	1,450,000
Purchase of held-to-maturity securities - treasury bills	(940,329)	(1,443,995)
Purchase of property and equipment	(197,264)	(53,661)
Net cash used in investing activities	(197,593)	(47,656)
Net increase (decrease) in cash and cash equivalents	411,181	(222,731)
Cash and cash equivalents at beginning of period	11,004,937	9,866,628
Cash and cash equivalents at end of period	$ 11,416,118	$ 9,643,897

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
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 of America 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, 2023. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for an entire fiscal year. The December 31, 2023 condensed 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, 2023 included in the Company’s Annual Report on Form 10-K.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2024
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 condensed 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	3 Months Ended
Revenue Recognition	Mar. 31, 2024
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.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

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.

	3 Months Ended March 31,
	2024		2023

Data and product costs	$	7,594	$	10,272
Selling, general and administrative expenses		17,399		17,629

	$	24,993	$	27,901

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

(5) Fair Value Measurements

The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

	March 31, 2024
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,416,118	$	-	$	-	$	11,416,118
Held-to-maturity securities		4,238,990		-		-		4,238,990
	$	15,655,108	$	-	$	-	$	15,655,108

	December 31, 2023
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,004,937	$	-	$	-	$	11,004,937
Held-to-maturity securities		4,194,958		-		-		4,194,958
	$	15,199,895	$	-	$	-	$	15,199,895

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of March 31, 2024.

Marketable Securities

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Marketable Securities

(6) Marketable Securities

The following table summarizes the cost and fair value of marketable securities at March 31, 2024 as follows:

	Amortized Cost		Gross Unrealized Gain (Loss)		Fair Value

Held-to-maturity securities
US Treasuries	$	4,238,990	$	78,010	$	4,317,000

Maturities of marketable securities were as follows at March 31, 2024:

Held-to-maturity securities:
Due in one year or less	$	3,538,990
Due in 12 – 24 months		700,000
	$	4,238,990

Net Income per Share

3 Months Ended

Mar. 31, 2024

Net Income per Share [Abstract]

Net Income per Share

(7) Net Income per Share

	3 Months Ended March 31
	2024			2023

Weighted average number of common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		258,000			306,650
LESS: Shares which could be repurchased under treasury stock method		(213,492	)		(231,950	)

Weighted average number of common shares outstanding – diluted		10,766,909			10,797,101

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(8) Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the condensed financial statements of the Company.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	(9) Related Party Transactions On May 1, 2023, the Company’s Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President. Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020. Mr. Flum is the son of Jerome S. Flum, the Company’s former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.

Supplemental Disclosures of Noncash Investing Activities	3 Months Ended
	Mar. 31, 2024
Supplemental Disclosures of Noncash Investing Activities [Abstract]
Supplemental Disclosures of Noncash Investing Activities	(10) Supplemental Disclosures of Noncash Investing Activities For the three months ended March 31, 2023, there was a noncash transfer of deposits from operating activities to property and equipment in the amount of $155,700.

Insider Trading Arrangement	3 Months Ended
Insider Trading Arrangement	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Stock-based Compensation Expense for Stock Options

	3 Months Ended March 31,
	2024		2023

Data and product costs	$	7,594	$	10,272
Selling, general and administrative expenses		17,399		17,629

	$	24,993	$	27,901

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis

	March 31, 2024
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,416,118	$	-	$	-	$	11,416,118
Held-to-maturity securities		4,238,990		-		-		4,238,990
	$	15,655,108	$	-	$	-	$	15,655,108

	December 31, 2023
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	11,004,937	$	-	$	-	$	11,004,937
Held-to-maturity securities		4,194,958		-		-		4,194,958
	$	15,199,895	$	-	$	-	$	15,199,895

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Cost and Fair Value of Marketable Securities

The following table summarizes the cost and fair value of marketable securities at March 31, 2024 as follows:

	Amortized Cost		Gross Unrealized Gain (Loss)		Fair Value

Held-to-maturity securities
US Treasuries	$	4,238,990	$	78,010	$	4,317,000

Maturities of Marketable Securities

Maturities of marketable securities were as follows at March 31, 2024:

Held-to-maturity securities:
Due in one year or less	$	3,538,990
Due in 12 – 24 months		700,000
	$	4,238,990

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2024

Net Income per Share [Abstract]

Computation of Basic and Diluted Net Income per Share

	3 Months Ended March 31
	2024			2023

Weighted average number of common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		258,000			306,650
LESS: Shares which could be repurchased under treasury stock method		(213,492	)		(231,950	)

Weighted average number of common shares outstanding – diluted		10,766,909			10,797,101

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
Stock-Based Compensation (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	$ 24,993	$ 27,901
Data and Product Costs [Member]
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	7,594	10,272
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense for Stock Options [Abstract]
Stock-based compensation expense	$ 17,399	$ 17,629

Fair Value Measurements (Details) - Recurring [Member] - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	$ 11,416,118	$ 11,004,937
Held-to-maturity securities	4,238,990	4,194,958
Fair Value	15,655,108	15,199,895
Level 1 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	11,416,118	11,004,937
Held-to-maturity securities	4,238,990	4,194,958
Fair Value	15,655,108	15,199,895
Level 2 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Fair Value	0	0
Level 3 [Member]
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Fair Value	$ 0	$ 0

Marketable Securities, Cost and Fair Value of Marketable Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Fair Value [Abstract]
Amortized Cost	$ 3,538,990	$ 3,494,958
Accrued bond interest receivable	3,043
US Treasuries [Member]
Debt Securities, Held-to-Maturity, Fair Value [Abstract]
Amortized Cost	4,238,990
Gross Unrealized Gain (Loss)	78,010
Fair Value	$ 4,317,000

Marketable Securities, Maturities of Marketable Securities (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date [Abstract]
Due in one year or less	$ 3,538,990
Due in 12 - 24 months	700,000
Held-to-maturity securities	4,238,990
Other-than-temporary impairment loss	$ 0

Net Income per Share (Details) - shares	3 Months Ended
Net Income per Share (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Net Income per Share [Abstract]
Weighted average number of common shares outstanding - basic (in shares)	10,722,401	10,722,401
Potential shares exercisable under stock option plans (in shares)	258,000	306,650
Less: Shares which could be repurchased under treasury stock method (in shares)	(213,492)	(231,950)
Weighted average number of common shares outstanding - diluted (in shares)	10,766,909	10,797,101
Stock Options [Member]
Antidilutive Securities Excluded from Computation [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	529,900	379,900