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CreditRiskMonitor (OTCQX:CRMZ) has announced an increase in revenue of 5 percent for the 3 and 6 months ended June 30, 2017 to $3.34 million and $6.58 million. As quoted in the press release: Net loss in the periods was approximately ($83,700) and ($328,000), respectively, compared to net losses of ($20,700) and ($111,000) for the comparable …
CreditRiskMonitor (OTCQX:CRMZ) has announced an increase in revenue of 5 percent for the 3 and 6 months ended June 30, 2017 to $3.34 million and $6.58 million.
As quoted in the press release:
Net loss in the periods was approximately ($83,700) and ($328,000), respectively, compared to net losses of ($20,700) and ($111,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the six-month period decreased approximately $23,800 to $9.20 million from the 2016 year-end balance of $9.22 million.
Jerry Flum, CEO said, “Our operating results reflect the negative impact on earnings of our continuing investment in our marketing infrastructure and programs as this effort was slowed by employee turnover in late 2016 and early 2017. We expect to see traction for these efforts in 2018. We remain debt free and will continue to invest in these marketing programs, as well as enhancements to our product offering.”
CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2017 AND 2016 (Unaudited) 3 Months Ended 6 Months Ended June 30, June 30, 2017 2016 2017 2016 Operating revenues $ 3,341,476 $ 3,175,632 $ 6,577,726 $ 6,292,775 Operating expenses: Data and product costs 1,330,021 1,172,669 2,726,181 2,428,461 Selling, general and administrative expenses 2,073,311 2,003,244 4,186,556 3,973,683 Depreciation and amortization 49,716 48,506 99,722 99,132 Total operating expenses 3,453,048 3,224,419 7,012,459 6,501,276 Loss from operations (111,572 ) (48,787 ) (434,733 ) (208,501 ) Other income, net 9,763 16,270 14,570 34,181 Loss before income taxes (101,809 ) (32,517 ) (420,163 ) (174,320 ) Benefit from income taxes 18,122 11,863 92,183 63,340 Net loss $ (83,687 ) $ (20,654 ) $ (327,980 ) $ (110,980 ) Net loss per share: Basic and diluted $ (0.01 ) $ – $ (0.03 ) $ (0.01 ) Weighted average number of shares outstanding: Basic and diluted 10,722,401 10,722,321 10,722,401 10,722,321