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CreditRiskMonitor.com, Inc. (CRMZ0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $5,009,370 from $4,792,869 in the same quarter the previous year. This increase is attributed to higher SaaS subscription product revenue.
Operating expenses for the quarter were $4,560,116, representing 91% of operating revenues, compared to 94% in the same quarter of the previous year. This decrease in expense ratio is due to lower selling, general and administrative expenses.
The company reported a net income of $551,582 for the quarter, compared to $378,677 in the previous year, with the increase attributed to higher revenues and lower expenses.
Cash and cash equivalents decreased to $7,888,033 as of September 30, 2024, from $11,004,937 as of December 31, 2023, primarily due to net cash used in investing activities.
CreditRiskMonitor.com, Inc. had a working capital of $1,302,000 as of September 30, 2024. The company believes its existing cash and cash equivalents and cash from operations will be sufficient to meet its needs for the next 12 months.
The filing also includes details on the company's revenue recognition and stock-based compensation policies, as well as its fair value measurements and marketable securities.
CreditRiskMonitor.com, Inc. is not a party to any off-balance sheet arrangements and has no long-term debt.
The company continues to focus on expanding its product offerings and increasing its sales force to drive future revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Creditriskmonitor.com, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.