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CreditRiskMonitor.com, Inc. reports developments tied to its web-based SaaS subscription business for commercial financial risk analysis. The company sells access to commercial credit reports, bankruptcy risk analytics, financial and payment information, curated company news, and API services for public and private companies worldwide. Its primary products include CreditRiskMonitor and SupplyChainMonitor, which serve corporate credit and procurement teams.
Recurring news themes include annual and quarterly operating results, spending on data, product, technology, client service, CRM systems, and AI-related process initiatives. Company updates also cover cybersecurity controls, including SOC 2 reporting for its subscription products and API services, leadership appointments, customer-feedback programs, and the Trade Contributor Program, which aggregates accounts receivable data to summarize business-to-business payment behavior.
CreditRiskMonitor (CRMZ) announced that its Paycheck Protection Program (PPP) loan has been fully forgiven by the Small Business Administration (SBA). This signifies that the loan is now paid in full, alleviating any financial obligation related to it. The company, a provider of financial information for credit and procurement professionals, serves over 1,000 large companies, including 35% of the Fortune 1000. CreditRiskMonitor delivers comprehensive risk analyses and timely news alerts to help businesses manage financial risks effectively.
CreditRiskMonitor (CRMZ) reported impressive first-quarter results for 2021, with revenues reaching $4.13 million, marking an 11% increase from $3.71 million in 2020. Operating expenses decreased by approximately $102,600 or 2.5%, mainly due to a revised commission accrual methodology. The company shifted from a pre-tax loss of approximately $264,200 last year to a pre-tax income of $243,000 this quarter. President Mike Flum emphasized ongoing investments in product development and infrastructure aimed at enhancing service delivery and expanding coverage.