0001140361-17-040700.txt : 20171102 0001140361-17-040700.hdr.sgml : 20171102 20171102135325 ACCESSION NUMBER: 0001140361-17-040700 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20171102 DATE AS OF CHANGE: 20171102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDITRISKMONITOR COM INC CENTRAL INDEX KEY: 0000315958 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320] IRS NUMBER: 362972588 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08601 FILM NUMBER: 171171634 BUSINESS ADDRESS: STREET 1: 704 EXECUTIVE BOULEVARD STREET 2: SUITE A CITY: VALLEY COTTAGE STATE: NY ZIP: 10989 BUSINESS PHONE: 845-230-3000 MAIL ADDRESS: STREET 1: 704 EXECUTIVE BOULEVARD STREET 2: SUITE A CITY: VALLEY COTTAGE STATE: NY ZIP: 10989 FORMER COMPANY: FORMER CONFORMED NAME: NEW GENERATION FOODS INC DATE OF NAME CHANGE: 19920703 8-K 1 form8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
November 2, 2017


CreditRiskMonitor.com, Inc.
(Exact name of registrant as specified in its charter)

Nevada
1-8601
36-2972588
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

704 Executive Boulevard
Valley Cottage, NY 10989
(Address of principal executive offices, including zip code)

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

Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐
 

Item 2.02
Results of Operations and Financial Condition.

On November 2, 2017, CreditRiskMonitor.com, Inc. issued a press release relating to, among other things, its financial results for three and nine months ended September 30, 2017. This press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
Description
   
Press Release dated November 2, 2017.
 
SIGNATURE

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 hereunto duly authorized.

 
CREDITRISKMONITOR.COM, INC.
     
Date: November 2, 2017
By:
/s/ Lawrence Fensterstock
   
Lawrence Fensterstock
   
Chief Financial Officer
   
(Principal Financial and
   
Accounting Officer)
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

NEWS RELEASE
 
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@crmz.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor Announces 3Q Results

VALLEY COTTAGE, NY—November 2, 2017—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.39 million and $9.96 million for the 3 and 9 months ended September 30, 2017, respectively, an increase of 4.6% and 4.5% over the comparable periods last year. For the same periods, income (loss) from operations was ($4,800) and ($439,500), respectively, compared to $126,500 and ($82,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the nine-month period increased $62,300 to $9.28 million versus the 2016 year-end balance of $9.22 million.

Jerry Flum, CEO said, “Our marketing efforts are continuing in addition to investment in product enhancements. We’re starting to see some tangible results from our new website, launched last year, as we’re seeing traction in new sales. Our balance sheet remains strong, allowing us to continue to follow the path of investing in our services with the long-term goal of enhancing shareholder value.”

CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited)
 
   
3 Months Ended
September 30,
    
9 Months Ended
September 30,
  
   
2017
    
2016
    
2017
    
2016
  
                         
Operating revenues
  
$
3,385,352
    
$
3,237,687
    
$
9,963,078
    
$
9,530,462
  
                                 
Operating expenses:
                                
Data and product costs
    
1,332,759
      
1,254,151
      
4,058,940
      
3,682,612
  
Selling, general and administrative expenses
    
2,013,962
      
1,808,184
      
6,200,518
      
5,781,867
  
Depreciation and amortization
    
43,410
      
48,894
      
143,132
      
148,026
  
                                 
Total operating expenses
    
3,390,131
      
3,111,229
      
10,402,590
      
9,612,505
  
                                 
Income (loss) from operations
    
(4,779
)
    
126,458
      
(439,512
)
    
(82,043
)
Other income (expense), net
    
15,362
      
(589
)
    
29,932
      
33,592
  
                                 
Income (loss) before income taxes
    
10,583
      
125,869
      
(409,580
)
    
(48,451
)
Benefit from (provision for) income taxes
    
(29,700
)
    
(45,916
)
    
62,483
      
17,424
  
                                 
Net income (loss)
  
$
(19,117
)
  
$
79,953
    
$
(347,097
)
  
$
(31,027
)
                                 
Net income (loss) per share:
                                
Basic
  
$
0.00
    
$
0.01
    
$
(0.03
)
  
$
0.00
  
Diluted
  
$
0.00
    
$
0.01
    
$
(0.03
)
  
$
0.00
  
 
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
SEPTEMBER 30, 2017 AND DECEMBER 31, 2016
 
   
September 30,
2017
    
December 31,
2016
  
   
(Unaudited)
        
ASSETS
            
Current assets:
            
Cash and cash equivalents
  
$
9,284,650
    
$
9,222,343
  
Accounts receivable, net of allowance
    
1,512,766
      
2,090,676
  
Other current assets
    
554,607
      
487,257
  
                 
Total current assets
    
11,352,023
      
11,800,276
  
                 
Property and equipment, net
    
385,434
      
430,324
  
Goodwill
    
1,954,460
      
1,954,460
  
Prepaid and other assets
    
33,599
      
23,763
  
                 
Total assets
  
$
13,725,516
    
$
14,208,823
  
                 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Deferred revenue
  
$
7,891,863
    
$
8,088,958
  
Accounts payable
    
136,009
      
96,725
  
Accrued expenses
    
1,267,269
      
1,282,126
  
                 
Total current liabilities
    
9,295,141
      
9,467,809
  
                 
Deferred taxes on income, net
    
689,831
      
762,403
  
Other liabilities
    
15,709
      
12,574
  
                 
Total liabilities
    
10,000,681
      
10,242,786
  
                 
Stockholders’ equity:
                
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued
    
--
      
--
  
Common stock, $.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares
    
107,224
      
107,224
  
Additional paid-in capital
    
29,525,358
      
29,419,463
  
Accumulated deficit
    
(25,907,747
)
    
(25,560,650
)
                 
Total stockholders’ equity
    
3,724,835
      
3,966,037
  
                 
Total liabilities and stockholders’ equity
  
$
13,725,516
    
$
14,208,823
  
 
Overview

CreditRiskMonitor (http://www.creditriskmonitor.com) is a Web-based publisher of financial information, designed to save time and help busy corporate credit and procurement professionals manage risk. The service offers comprehensive commercial credit reports covering public companies worldwide. Over 35% of the Fortune 1000 already use CreditRiskMonitor’s timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the Company’s  proprietary FRISK® scores, which have been proven predictive in anticipating corporate financial stress, including bankruptcy.
 
Safe Harbor Statement

Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.