CREDITRISKMONITOR COM INC, 10-K filed on 24 Mar 23
 | XBRL Documents
v3.23.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2022
Mar. 24, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
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    
Title of 12(g) Security Common Stock $.01 Par Value    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag false    
Entity Shell Company false    
Entity Public Float     $ 10,037,090
Entity Common Stock, Shares Outstanding   10,722,401  
Auditor Name CohnReznick LLP    
Auditor Location Melville, New York    
Auditor Firm ID 596    
v3.23.1
BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 9,866,628 $ 12,381,521
Held-to-maturity securities - treasury bills 4,028,565 0
Accounts receivable, net of allowance of $30,000 3,500,259 2,803,236
Other current assets 656,379 581,149
Total current assets 18,051,831 15,765,906
Property and equipment, net 481,804 606,193
Operating lease right-of-use asset 1,816,505 2,012,155
Goodwill 1,954,460 1,954,460
Other assets 163,470 86,714
Total assets 22,468,070 20,425,428
Current liabilities:    
Unexpired subscription revenue 9,980,092 9,520,226
Accounts payable 245,854 358,307
Current portion of operating lease liability 193,953 177,485
Accrued expenses 2,216,376 1,745,290
Total current liabilities 12,636,275 11,801,308
Deferred taxes on income, net 332,566 407,805
Unexpired subscription revenue, less current portion 163,320 127,124
Operating lease liability, less current portion 1,766,174 1,960,127
Total liabilities 14,898,335 14,296,364
Commitments and contingencies
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 29,904,675 29,824,242
Accumulated deficit (22,442,164) (23,802,402)
Total stockholders' equity 7,569,735 6,129,064
Total liabilities and stockholders' equity $ 22,468,070 $ 20,425,428
v3.23.1
BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
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
v3.23.1
STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
STATEMENTS OF OPERATIONS [Abstract]    
Operating revenues $ 17,979,317 $ 17,065,132
Operating expenses:    
Data and product costs 6,984,729 6,332,091
Selling, general and administrative expenses 9,040,767 8,134,694
Depreciation and amortization 382,342 296,299
Total operating expenses 16,407,838 14,763,084
Income from operations 1,571,479 2,302,048
Other income:    
Gain on forgiveness of bank loan 0 1,561,500
Other income, net 180,762 9,962
Income before income taxes 1,752,241 3,873,510
Provision for income taxes (392,003) (509,806)
Net income $ 1,360,238 $ 3,363,704
Net income per share:    
Basic (in dollars per share) $ 0.13 $ 0.31
Diluted (in dollars per share) $ 0.13 $ 0.31
v3.23.1
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2020 $ 107,224 $ 29,760,533 $ (27,166,106) $ 2,701,651
Balance (in shares) at Dec. 31, 2020 10,722,401      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 3,363,704 3,363,704
Stock-based compensation 0 63,709 0 63,709
Balance at Dec. 31, 2021 $ 107,224 29,824,242 (23,802,402) $ 6,129,064
Balance (in shares) at Dec. 31, 2021 10,722,401     10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 1,360,238 $ 1,360,238
Stock-based compensation 0 80,433 0 80,433
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     10,722,401
v3.23.1
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income $ 1,360,238 $ 3,363,704
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on forgiveness of bank loan 0 (1,561,500)
Amortization of bond discount (27,131) 0
Deferred income taxes (75,239) 74,373
Depreciation and amortization 382,342 296,299
Operating lease 18,166 26,055
Stock-based compensation 80,433 63,709
Changes in operating assets and liabilities:    
Accounts receivable, net (697,023) (245,793)
Other current assets (75,230) 7,923
Other assets (76,757) (1,821)
Unexpired subscription revenue 496,063 (196,603)
Accounts payable (112,453) 228,219
Accrued expenses 471,086 (77,196)
Net cash provided by operating activities 1,744,495 1,977,369
Cash flows from investing activities:    
Sale of available-for-sale securities - municipal bonds 0 458,237
Purchase of held-to-maturity securities - treasury bills (4,001,434) 0
Purchase of property and equipment (257,954) (356,817)
Net cash (used in) provided by investing activities (4,259,388) 101,420
Net (decrease) increase in cash and cash equivalents (2,514,893) 2,078,789
Cash and cash equivalents at beginning of year 12,381,521 10,302,732
Cash and cash equivalents at end of year 9,866,628 12,381,521
Cash paid, net during the year for:    
Income taxes $ 395,000 $ 356,000
v3.23.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2022
ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

CreditRiskMonitor.com, Inc. (also referred to as the “Company” or “CreditRiskMonitor”) provides interactive business-to-business SaaS subscription products designed specifically for credit and supply chain managers. These products are sold predominantly to corporations located in the United States.
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”) have issued certain other accounting pronouncements as of December 31, 2022 that will become effective in subsequent periods; however, management does not believe that any of these pronouncements would have significantly affected the Company’s financial accounting measurements or disclosures had they been in effect during the periods for which financial statements are included in this annual report, nor does management believe those pronouncements would have a significant effect on the Company’s future financial position or results of operations.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents are comprised of cash in banks and highly liquid instruments with original maturities of three months or less, primarily consisting of investments in institutional money market funds.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided on the straight-line method over the estimated useful life of the asset. Estimated useful lives are generally as follows:


 •
Fixtures, equipment and software -- 3 to 10 years

•
Leasehold improvements -- lower of estimated useful life or term of lease (i.e., 2 to 7 years)

Goodwill

Goodwill and other indefinite-lived intangible assets are subject to annual impairment testing using the specific guidance and criteria described in the accounting guidance FASB Accounting Standards Update (“ASU”) ASU No. 2017-04. The Company performs its goodwill impairment testing at least annually in the fourth quarter of each year.  The Company tests for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than the carrying value, a one-step goodwill impairment test is performed. The Company concluded that there was no impairment to goodwill in the 2022 or 2021 fiscal years.

Long-Lived Assets

The Company reviews its long-lived amortizable assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with accounting guidance. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds the fair value of the assets. As of December 31, 2022 and 2021, management believes no impairment of long-lived assets has occurred.

Income Taxes

The Company provides for deferred income taxes resulting from temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized.

Revenue Recognition

The Company applies FASB Accounting Standards Codification (“ASC”) 606, Revenue from Contracts 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.

The Company has applied the practical expedient to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less.

Lease Accounting

For all leases, at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the remaining lease payments under the lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments and payments for optional renewal periods where it is reasonably certain the renewal period will be exercised. Lease expense for operating leases consists of the lease payments plus any initial direct costs, and is recognized on a straight-line basis over the lease term. 

The Company’s operating lease right-of-use asset and operating lease liability represent the lease for the office space used to conduct its business.

Net Income Per Share

Net income per share is calculated based on the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per share is calculated giving effect to all potentially dilutive common shares, assuming such shares were outstanding during the reporting period. The difference between basic and diluted net income per share is solely attributable to stock options. The Company uses the treasury stock method to calculate the impact of outstanding stock options (see Note 9).

Segment Information

An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment. In addition, the Company has no foreign operations or any assets in foreign locations.

Stock-Based Compensation

The Company recognizes the grant-date fair value of all stock-based awards on a ratable basis over the award’s vesting period. The Company records deferred tax assets for awards that will result in deductions on its tax returns, based upon the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction.
See Note 6 for more information regarding the Company’s stock compensation plans.

Marketable Securities

All marketable securities are classified as held-to- maturity and are carried at amortized cost. Realized gains, losses, amortization of premiums and discounts, interest and dividend income are included in interest and other income.

Fair Value Measurements

The Company records its financial instruments at fair value in accordance with accounting guidance. The determination of fair value assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: (a) Level 1 – valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; (b) Level 2 – valuations based on quoted prices in markets that are not active, or financial instruments for which all significant inputs are observable; either directly or indirectly; and (c) Level 3 – valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable; thus, reflecting assumptions about the market participants.

The Company, in accordance with ASU 2016-01, classifies its debt securities as “held-to-maturity” and are recorded at a discount.  Realized gains on held-to-maturity debt securities are amortized and reported in other income until their maturity date.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash, cash equivalents, available-for-sale securities and accounts receivable. The Company maintains its cash and cash equivalents in bank deposit and other accounts, the balances of which, at times, may exceed federally insured limits. Exposure to credit risk is reduced by placing such deposits in high credit quality financial institutions.

The Company closely monitors the extension of credit to its subscribers. The Company’s accounts receivable balance is net of an allowance for doubtful accounts. The Company does not require collateral or other security to support credit sales, but provides an allowance for doubtful accounts of $30,000 as of December, 31, 2022 and 2021, based on historical experience and specifically identified risks. Accounts receivable are charged off against the allowance for doubtful accounts when management determines that recovery is unlikely and the Company ceases collection efforts. The Company does not believe that significant credit risk existed at December 31, 2022 nor 2021.
v3.23.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2022
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 - 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 expensed, 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 December 31, 2022 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 December 31, 2022 and 2021, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.

   
December 31, 2022
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
9,866,628
    
$
-
    
$
-
    
$
9,866,628
  
Held-to-maturity securities
     4,028,565       -       -       4,028,565  

  $
13,895,193     $
 -     $
 -     $
 13,895,193  

   
December 31, 2021
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
12,381,521
    
$
-
    
$
-
    
$
12,381,521
  

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of December 31, 2022.

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.
v3.23.1
MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2022
MARKETABLE SECURITIES [Abstract]  
MARKETABLE SECURITIES

NOTE 4 - 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 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value.  Accrued bond interest receivable as of December 31,2022 is $5,240.



The following table summarizes the cost and fair value of marketable securities at December 31, 2022 is as follows:



   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasuries
  
$
4,028,565
    
$
56,435
    
$
4,085,000
  



Maturities of marketable securities were as follows at December 31, 2022:



Held-to-maturity securities
      
Due in one year or less
  
$
4,028,565
  



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 December 31, 2022.
v3.23.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2022
INCOME TAXES [Abstract]  
INCOME TAXES
NOTE 5 - INCOME TAXES

The Company’s income tax (benefit) expense consisted of the following:

   
2022
    
2021
  
Current:
            
Federal
  
$
449,194
    
$
420,109
  
State
    
18,048
      
15,324
  
Deferred:
                
Federal
    
(70,613
)
    
63,060
  
State
    
(4,626
)
    
11,313
  
                 
   
$
392,003
    
$
509,806
  

The actual tax (benefit) expense for 2022 and 2021 differs from the “expected” tax expense for those years (computed by applying the applicable United States federal corporate tax rate to income before income taxes) as follows:

   
2022
    
2021
  
             
Computed “expected” expense
  
$
367,452
    
$
813,312
  
Permanent differences
    
15,685
      
(329,906
)
State and local income tax expense
    
13,137
      
34,493
  
True-up of current taxes
    
3,709
      
(51,039
)
True-up of deferred taxes
    
(6,158
)
    
34,392
  
Change in state apportionment
    
(1,822
)
    
8,554
  
                 
Income tax expense
  
$
392,003
    
$
509,806
  

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets (liabilities) at December 31, 2022 and 2021 are as follows:

   
2022
   
2021
 
Deferred tax assets:
            

           
Stock options
   $
21,654
     $
19,711
  
Accrued vacation
    
91,161
      
86,176
  
Bad debt allowance
    
6,546
      
6,576
  
Deferred revenue
    
1,222
      
2,161
  
Deferred rent
    
25,982
      
22,121
  
Other
    
46,228
      
6,982
  
                 
Total deferred tax assets
    
192,793
      
143,727
  
                 
Deferred tax liabilities:
                
Goodwill
    
(426,433
)
    
(428,402
)
Fixed assets
    
(98,926
)
    
(123,130
)
                 
Total deferred tax liabilities
    
(525,359
)
    
(551,532
)
                 
Net deferred tax liabilities
  
$
(332,566
)
  
$
(407,805
)
v3.23.1
COMMON STOCK AND STOCK OPTIONS
 12 Months Ended
Dec. 31, 2022
COMMON STOCK AND STOCK OPTIONS [Abstract]  
COMMON STOCK AND STOCK OPTIONS
NOTE 6 - COMMON STOCK AND STOCK OPTIONS

Common Stock

At December 31, 2022 and 2021, there were 627,600 and 568,650 shares, respectively, of the Company’s authorized common stock were reserved for issuance upon exercise of outstanding options under its stock option plan.

Preferred Stock

The Company’s Articles of Incorporation provide that the Board of Directors has the authority, without further action by the holders of the outstanding common stock, to issue up to five million shares of preferred stock from time to time in one or more series. The Board of Directors shall fix the consideration to be paid, but not less than par value thereof, and to fix the terms of any such series, including dividend rights, dividend rates, conversion or exchange rights, voting rights, rights and terms of redemption (including sinking fund provisions), the redemption price and the liquidation preference of such series. As of December 31, 2022 and 2021, the Company does not have any preferred stock outstanding.

Stock Options

As of December 31, 2022, the Company has two stock option plans: the 2009 Long-Term Incentive Plan (“2009 Plan”) which ended in 2019, and the 2020 Long-Term Incentive Plan (“2020 Plan”).

Both the 2009 and the 2020 Plan authorize the grant of incentive stock options, non-qualified stock options, SARs, restricted stock, bonus stock, and performance shares to employees, consultants, and non-employee directors of the Company. The exercise price of each option shall not be less than the fair market value of the common stock at the date of grant. The total number of the Company’s shares that may be awarded under the 2009 Plan was 1,000,000 shares of common stock, and the 2020 Plan was 1,000,000 shares of common stock. At December 31, 2022, there were options outstanding for 311,000 shares of common stock under the 2009 Plan, and 316,600 shares of common stock under the 2020 Plan. As of December 31, 2021, there were options outstanding for 356,100 shares of common stock under the 2009 Plan, and 212,550 shares of common stock under the 2020 Plan.

Options expire on the date determined, but not more than ten years from the date of grant. All of the options granted under the 2009 and 2020 Plan may be exercised after four years in installments upon the attainment of specified length of service, unless otherwise determined by the Compensation Committee as set forth in the Award Agreement. In the event of a change in control (as defined), the options will vest in full at the time of such change in control.

Transactions with respect to the Company’s stock option plans for the years ended December 31, 2022 and 2021 are as follows:

   
Number
of Shares
    
Weighted
Average
Exercise
Price
  
             
Outstanding at January 1, 2021
    
575,750
    
$
2.17
  
Granted
    
30,550
      
2.36
  
Expired
     (30,550 )     4.81  
Forfeited
    
(7,100
)
    
3.11
  
                 
Outstanding at December 31, 2021
    
568,650
    
$
2.02
  
Granted
    
110,000
      
2.03
  
Expired
    
(40,300
)
    
2.32
  
Forfeited
    
(10,750
)
    
2.36
  
                 
Outstanding at December 31, 2022
    
627,600
    
$
2.00
  

As of December 31, 2022, there were 683,400 shares of common stock reserved for the granting of additional options.  The 2009 Plan expired at the end of 2019 and no additional options could be granted.

The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations for the years ended December 31:

 
  
2022
    
2021
  
             
Data and product costs
  
$
27,765
    
$
24,974
  
Selling, general and administrative costs
    
52,668
      
38,735
  
                 
   
$
80,433
    
$
63,709
  

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model that uses the weighted average assumptions noted in the following table. Expected volatilities are based on historical volatility of our stock through the date of grant. The Company uses the simplified method to estimate the options’ expected term. The risk-free interest rate used is based on the U.S. Treasury constant maturities at the time of grant having a term that approximates the expected life of the option.

The fair value of options granted during the year ended December 31, 2021 was $31,809. The fair value of options granted during the year ended December 31, 2022 was $139,782. The fair value of options at date of grant was estimated using the Black-Scholes model with the following assumptions:

   
2022
    
2021
  
Risk-free interest rate
    
1.91
%
    
0.28
%
Expected volatility factor
    
71.09
%
    
61.97
%
Expected dividends
    
0.00
      
0.00
  
Expected life of the option (years)
    
6.32
      
3.51
  

The Company issues new shares upon the exercise of options.

The following table summarizes information about the Company’s stock options outstanding at December 31, 2022:

     
Options Outstanding
    
Options Exercisable
  
Range of
Exercise Prices
    
Number
Outstanding
    
Weighted
Average
Remaining
Contractual
Life
(in years)
    
Weighted
Average
Exercise
Price
    
Number
Exercisable
    
Weighted
Average
Exercise
Price
  
                                 
$ 1.00 - $ 2.00
      
324,500
      
6.95
    
$
1.59
      
21,920
     $
1.68
  
$ 2.01 - $ 3.00
      
298,100
      
4.32
    
$
2.41
      
77,725
    
$
2.63
  
$ 3.01 - $ 6.00
      
5,000
      
3.08
    
$
4.00
      
3,000
    
$
4.00
  
                                           
       
627,600
      
5.67
    
$
2.00
      
102,645
    
$
2.46
  

The aggregate intrinsic value represents the total pre-tax intrinsic value, based on options with an exercise price less than the Company’s closing stock price of $2.40 and $1.69 as of December 31, 2022 and 2021, respectively, which would have been received by the option holders had those option holders exercised their options as of that date. The aggregate intrinsic value of options outstanding as of December 31, 2022 and 2021 was $297,725 and $45,492, respectively.

As of December 31, 2022, the total compensation cost related to unvested stock-based awards granted to employees under the Company’s stock option plan but not yet recognized was $413,924. This cost will be amortized over a weighted average term of 4.79 years and will be adjusted for subsequent changes in estimated forfeitures.

A summary of the status of the Company’s non-vested options and changes during the year ended December 31, 2022 is presented below:
   
Number of Shares
    
Weighted
Average Grant
Date Fair Value
  
Non-vested, beginning of year
    
486,740
    
$
1.03
  
Granted
    
110,000
      
1.27
  
Vested
    
(64,535
)
    
1.23
  
Terminated or expired
    
(7,250
)
    
1.22
  
Non-vested, end of year
    
524,955
    
$
1.05
  

Share Repurchase Program
In January of 2022 the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $1,000,000 of the Company’s outstanding common stock. The Company has not repurchased any shares under this program.
v3.23.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
PROPERTY AND EQUIPMENT [Abstract]  
PROPERTY AND EQUIPMENT
NOTE 7 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

   
2022
    
2021
  
             
Computer equipment and software
  
$
2,288,532
    
$
2,046,958
  
Furniture and fixtures
    
544,021
      
536,535
  
Leasehold improvements
    
284,746
      
275,853
  
     
3,117,299
      
2,859,346
  
Less accumulated depreciation and amortization
    
(2,635,495
)
    
(2,253,153
)
                 
   
$
481,804
    
$
606,193
  
v3.23.1
OPERATING LEASE
 12 Months Ended
Dec. 31, 2022
OPERATING LEASE [Abstract]  
OPERATING LEASE
NOTE 8 - OPERATING LEASE

The following table reconciles the undiscounted cash flows for the Company’s operating lease at December 31, 2022 to the operating lease liability recorded on the balance sheet:

2023
  
$
278,985
  
2024
    
287,355
  
2025
    
295,975
  
2026
    
304,855
  
2027
    
314,000
  
Thereafter
    
854,223
  
Total future undiscounted lease payments
    
2,335,393
  
LESS: Imputed interest
    
(375,266
)
Present value of lease liability
  
$
1,960,127
  
         
Current portion of operating lease liability
  
$
193,953
  
Non-current portion of operating lease liability
    
1,766,174
  
   
$
1,960,127
  
 
Total rent expense for the years ended December 31, 2022 and 2021 was $289,024 and $289,024, respectively. The weighted average incremental borrowing rate and weighted average remaining term for the operating leases was 4.54% and 7.5 years, respectively.
v3.23.1
NET INCOME PER SHARE
 12 Months Ended
Dec. 31, 2022
NET INCOME PER SHARE [Abstract]  
NET INCOME PER SHARE
NOTE 9 - 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:

   
2022
    
2021
  
             
Net income
  
$
1,360,238
    
$
3,363,704
  
                 
Weighted average common shares outstanding – basic
    
10,722,401
      
10,722,401
  
Potential shares exercisable under stock option plans
    
237,000
      
278,100
  
Less: Shares which could be repurchased under treasury stock method
    
(198,511
)
    
(241,642
)
Weighted average common shares outstanding – diluted
    
10,760,890
      
10,758,859
  
                 
Net income per share:
                
Basic
  
$
0.13
    
$
0.31
  
Diluted
  
$
0.13
    
$
0.31
  

For fiscal 2021, the computation of diluted net income per share excludes the effects of 290,550 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.

For fiscal 2022, the computation of diluted net income per share excludes the effects of 390,600 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.
v3.23.1
RELATED PARTY TRANSACTION
 12 Months Ended
Dec. 31, 2022
RELATED PARTY TRANSACTION [Abstract]  
RELATED PARTY TRANSACTION
NOTE 10 - RELATED PARTY TRANSACTION

In October 2020, the Company’s Board of Directors appointed Michael Flum to serve as President and Chief Operating Officer. Previously, he was serving as Senior Vice President and Chief Operating Officer effective October 2019 and had served as Vice President of Operations & Alternative Data since June 2018. Mr. Flum is the son of Jerome Flum, the Company’s Chief Executive Officer and Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.
v3.23.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 11 - 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 financial statements of the Company.
v3.23.1
BANK LOAN
 12 Months Ended
Dec. 31, 2022
BANK LOAN [Abstract]  
BANK LOAN
NOTE 12 - BANK LOAN
The CARES Act contained relief for small businesses through the Paycheck Protection Program (“PPP”). The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration (“SBA”) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent or utilities. The Company applied for a loan under this program and received $1.56 million in 2020. The SBA provides a “safe harbor” for borrowers and has deemed certifications regarding the necessity of the loan to have been made in good faith for borrowers of less than $2 million. The PPP loan was scheduled to mature on April 15, 2022, had a 1.00% interest rate, that could have been prepaid at any time without penalty and was subject to the terms and conditions applicable to all loans made pursuant to the PPP as administered by the SBA under the CARES Act. In accordance with the requirements for forgiveness of the PPP loan under the CARES Act, the Company has used the entire proceeds from the PPP loan for eligible payroll, benefits, rent, utility costs, and maintained its employment levels. The Company applied for forgiveness by the deadline set forth by the lender, and the SBA granted full forgiveness to the Company in December of 2021. The Company recognized a gain on debt forgiveness of $1,561,500, the total amount of the loan including interest, which is included in other income on the statement of operations and is non-taxable.
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Recently Issued Accounting Standards
Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”) have issued certain other accounting pronouncements as of December 31, 2022 that will become effective in subsequent periods; however, management does not believe that any of these pronouncements would have significantly affected the Company’s financial accounting measurements or disclosures had they been in effect during the periods for which financial statements are included in this annual report, nor does management believe those pronouncements would have a significant effect on the Company’s future financial position or results of operations.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents are comprised of cash in banks and highly liquid instruments with original maturities of three months or less, primarily consisting of investments in institutional money market funds.
Property and Equipment
Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided on the straight-line method over the estimated useful life of the asset. Estimated useful lives are generally as follows:


 •
Fixtures, equipment and software -- 3 to 10 years

•
Leasehold improvements -- lower of estimated useful life or term of lease (i.e., 2 to 7 years)
Goodwill
Goodwill

Goodwill and other indefinite-lived intangible assets are subject to annual impairment testing using the specific guidance and criteria described in the accounting guidance FASB Accounting Standards Update (“ASU”) ASU No. 2017-04. The Company performs its goodwill impairment testing at least annually in the fourth quarter of each year.  The Company tests for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than the carrying value, a one-step goodwill impairment test is performed. The Company concluded that there was no impairment to goodwill in the 2022 or 2021 fiscal years.
Long-Lived Assets
Long-Lived Assets

The Company reviews its long-lived amortizable assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with accounting guidance. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds the fair value of the assets. As of December 31, 2022 and 2021, management believes no impairment of long-lived assets has occurred.
Income Taxes
Income Taxes

The Company provides for deferred income taxes resulting from temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized.
Revenue Recognition
Revenue Recognition

The Company applies FASB Accounting Standards Codification (“ASC”) 606, Revenue from Contracts 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.

The Company has applied the practical expedient to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less.
Lease Accounting
Lease Accounting

For all leases, at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the remaining lease payments under the lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments and payments for optional renewal periods where it is reasonably certain the renewal period will be exercised. Lease expense for operating leases consists of the lease payments plus any initial direct costs, and is recognized on a straight-line basis over the lease term. 

The Company’s operating lease right-of-use asset and operating lease liability represent the lease for the office space used to conduct its business.
Net Income Per Share
Net Income Per Share

Net income per share is calculated based on the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per share is calculated giving effect to all potentially dilutive common shares, assuming such shares were outstanding during the reporting period. The difference between basic and diluted net income per share is solely attributable to stock options. The Company uses the treasury stock method to calculate the impact of outstanding stock options (see Note 9).
Segment Information
Segment Information

An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment. In addition, the Company has no foreign operations or any assets in foreign locations.
Stock-Based Compensation
Stock-Based Compensation

The Company recognizes the grant-date fair value of all stock-based awards on a ratable basis over the award’s vesting period. The Company records deferred tax assets for awards that will result in deductions on its tax returns, based upon the amount of compensation cost recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction.
See Note 6 for more information regarding the Company’s stock compensation plans.
Marketable Securities
Marketable Securities

All marketable securities are classified as held-to- maturity and are carried at amortized cost. Realized gains, losses, amortization of premiums and discounts, interest and dividend income are included in interest and other income.
Fair Value Measurements
Fair Value Measurements

The Company records its financial instruments at fair value in accordance with accounting guidance. The determination of fair value assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: (a) Level 1 – valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; (b) Level 2 – valuations based on quoted prices in markets that are not active, or financial instruments for which all significant inputs are observable; either directly or indirectly; and (c) Level 3 – valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable; thus, reflecting assumptions about the market participants.

The Company, in accordance with ASU 2016-01, classifies its debt securities as “held-to-maturity” and are recorded at a discount.  Realized gains on held-to-maturity debt securities are amortized and reported in other income until their maturity date.
Concentrations of Credit Risk
Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash, cash equivalents, available-for-sale securities and accounts receivable. The Company maintains its cash and cash equivalents in bank deposit and other accounts, the balances of which, at times, may exceed federally insured limits. Exposure to credit risk is reduced by placing such deposits in high credit quality financial institutions.

The Company closely monitors the extension of credit to its subscribers. The Company’s accounts receivable balance is net of an allowance for doubtful accounts. The Company does not require collateral or other security to support credit sales, but provides an allowance for doubtful accounts of $30,000 as of December, 31, 2022 and 2021, based on historical experience and specifically identified risks. Accounts receivable are charged off against the allowance for doubtful accounts when management determines that recovery is unlikely and the Company ceases collection efforts. The Company does not believe that significant credit risk existed at December 31, 2022 nor 2021.
v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
FAIR VALUE MEASUREMENTS [Abstract]  
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis
The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of December 31, 2022 and 2021, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.

   
December 31, 2022
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
9,866,628
    
$
-
    
$
-
    
$
9,866,628
  
Held-to-maturity securities
     4,028,565       -       -       4,028,565  

  $
13,895,193     $
 -     $
 -     $
 13,895,193  

   
December 31, 2021
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
12,381,521
    
$
-
    
$
-
    
$
12,381,521
  
v3.23.1
MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
MARKETABLE SECURITIES [Abstract]  
Cost and Fair Value of Marketable Securities

The following table summarizes the cost and fair value of marketable securities at December 31, 2022 is as follows:



   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasuries
  
$
4,028,565
    
$
56,435
    
$
4,085,000
  
Maturities of Marketable Securities

Maturities of marketable securities were as follows at December 31, 2022:



Held-to-maturity securities
      
Due in one year or less
  
$
4,028,565
  
v3.23.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
INCOME TAXES [Abstract]  
Income Tax Expense (Benefit)
The Company’s income tax (benefit) expense consisted of the following:

   
2022
    
2021
  
Current:
            
Federal
  
$
449,194
    
$
420,109
  
State
    
18,048
      
15,324
  
Deferred:
                
Federal
    
(70,613
)
    
63,060
  
State
    
(4,626
)
    
11,313
  
                 
   
$
392,003
    
$
509,806
  
Income Tax Reconciliation
The actual tax (benefit) expense for 2022 and 2021 differs from the “expected” tax expense for those years (computed by applying the applicable United States federal corporate tax rate to income before income taxes) as follows:

   
2022
    
2021
  
             
Computed “expected” expense
  
$
367,452
    
$
813,312
  
Permanent differences
    
15,685
      
(329,906
)
State and local income tax expense
    
13,137
      
34,493
  
True-up of current taxes
    
3,709
      
(51,039
)
True-up of deferred taxes
    
(6,158
)
    
34,392
  
Change in state apportionment
    
(1,822
)
    
8,554
  
                 
Income tax expense
  
$
392,003
    
$
509,806
  
Net Deferred Tax Assets (Liabilities)
The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets (liabilities) at December 31, 2022 and 2021 are as follows:

   
2022
   
2021
 
Deferred tax assets:
            

           
Stock options
   $
21,654
     $
19,711
  
Accrued vacation
    
91,161
      
86,176
  
Bad debt allowance
    
6,546
      
6,576
  
Deferred revenue
    
1,222
      
2,161
  
Deferred rent
    
25,982
      
22,121
  
Other
    
46,228
      
6,982
  
                 
Total deferred tax assets
    
192,793
      
143,727
  
                 
Deferred tax liabilities:
                
Goodwill
    
(426,433
)
    
(428,402
)
Fixed assets
    
(98,926
)
    
(123,130
)
                 
Total deferred tax liabilities
    
(525,359
)
    
(551,532
)
                 
Net deferred tax liabilities
  
$
(332,566
)
  
$
(407,805
)
v3.23.1
COMMON STOCK AND STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2022
COMMON STOCK AND STOCK OPTIONS [Abstract]  
Stock Option Activity
Transactions with respect to the Company’s stock option plans for the years ended December 31, 2022 and 2021 are as follows:

   
Number
of Shares
    
Weighted
Average
Exercise
Price
  
             
Outstanding at January 1, 2021
    
575,750
    
$
2.17
  
Granted
    
30,550
      
2.36
  
Expired
     (30,550 )     4.81  
Forfeited
    
(7,100
)
    
3.11
  
                 
Outstanding at December 31, 2021
    
568,650
    
$
2.02
  
Granted
    
110,000
      
2.03
  
Expired
    
(40,300
)
    
2.32
  
Forfeited
    
(10,750
)
    
2.36
  
                 
Outstanding at December 31, 2022
    
627,600
    
$
2.00
  
Stock-based Compensation Expense for Stock Options
The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations for the years ended December 31:

 
  
2022
    
2021
  
             
Data and product costs
  
$
27,765
    
$
24,974
  
Selling, general and administrative costs
    
52,668
      
38,735
  
                 
   
$
80,433
    
$
63,709
  
Fair Value Assumptions used in the Valuation of Stock Options The fair value of options at date of grant was estimated using the Black-Scholes model with the following assumptions:

   
2022
    
2021
  
Risk-free interest rate
    
1.91
%
    
0.28
%
Expected volatility factor
    
71.09
%
    
61.97
%
Expected dividends
    
0.00
      
0.00
  
Expected life of the option (years)
    
6.32
      
3.51
  
Stock Options Outstanding by Price Range
The following table summarizes information about the Company’s stock options outstanding at December 31, 2022:

     
Options Outstanding
    
Options Exercisable
  
Range of
Exercise Prices
    
Number
Outstanding
    
Weighted
Average
Remaining
Contractual
Life
(in years)
    
Weighted
Average
Exercise
Price
    
Number
Exercisable
    
Weighted
Average
Exercise
Price
  
                                 
$ 1.00 - $ 2.00
      
324,500
      
6.95
    
$
1.59
      
21,920
     $
1.68
  
$ 2.01 - $ 3.00
      
298,100
      
4.32
    
$
2.41
      
77,725
    
$
2.63
  
$ 3.01 - $ 6.00
      
5,000
      
3.08
    
$
4.00
      
3,000
    
$
4.00
  
                                           
       
627,600
      
5.67
    
$
2.00
      
102,645
    
$
2.46
  
Non-vested Options
A summary of the status of the Company’s non-vested options and changes during the year ended December 31, 2022 is presented below:
   
Number of Shares
    
Weighted
Average Grant
Date Fair Value
  
Non-vested, beginning of year
    
486,740
    
$
1.03
  
Granted
    
110,000
      
1.27
  
Vested
    
(64,535
)
    
1.23
  
Terminated or expired
    
(7,250
)
    
1.22
  
Non-vested, end of year
    
524,955
    
$
1.05
  
v3.23.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2022
PROPERTY AND EQUIPMENT [Abstract]  
Property and Equipment
Property and equipment consisted of the following:

   
2022
    
2021
  
             
Computer equipment and software
  
$
2,288,532
    
$
2,046,958
  
Furniture and fixtures
    
544,021
      
536,535
  
Leasehold improvements
    
284,746
      
275,853
  
     
3,117,299
      
2,859,346
  
Less accumulated depreciation and amortization
    
(2,635,495
)
    
(2,253,153
)
                 
   
$
481,804
    
$
606,193
  
v3.23.1
OPERATING LEASE (Tables)
 12 Months Ended
Dec. 31, 2022
OPERATING LEASE [Abstract]  
Undiscounted Cash Flows for Operating Lease
The following table reconciles the undiscounted cash flows for the Company’s operating lease at December 31, 2022 to the operating lease liability recorded on the balance sheet:

2023
  
$
278,985
  
2024
    
287,355
  
2025
    
295,975
  
2026
    
304,855
  
2027
    
314,000
  
Thereafter
    
854,223
  
Total future undiscounted lease payments
    
2,335,393
  
LESS: Imputed interest
    
(375,266
)
Present value of lease liability
  
$
1,960,127
  
         
Current portion of operating lease liability
  
$
193,953
  
Non-current portion of operating lease liability
    
1,766,174
  
   
$
1,960,127
  
v3.23.1
NET INCOME PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2022
NET INCOME PER SHARE [Abstract]  
Computation of Basic and Diluted 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:

   
2022
    
2021
  
             
Net income
  
$
1,360,238
    
$
3,363,704
  
                 
Weighted average common shares outstanding – basic
    
10,722,401
      
10,722,401
  
Potential shares exercisable under stock option plans
    
237,000
      
278,100
  
Less: Shares which could be repurchased under treasury stock method
    
(198,511
)
    
(241,642
)
Weighted average common shares outstanding – diluted
    
10,760,890
      
10,758,859
  
                 
Net income per share:
                
Basic
  
$
0.13
    
$
0.31
  
Diluted
  
$
0.13
    
$
0.31
  
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment (Details)
 12 Months Ended
Dec. 31, 2022
Fixtures, Equipment and Software [Member] | Minimum [Member]  
Property, Plant and Equipment [Abstract]  
Useful life of asset 3 years
Fixtures, Equipment and Software [Member] | Maximum [Member]  
Property, Plant and Equipment [Abstract]  
Useful life of asset 10 years
Leasehold Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Abstract]  
Useful life of asset 2 years
Leasehold Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Abstract]  
Useful life of asset 7 years
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Abstract]    
Impairment of goodwill $ 0 $ 0
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Long-Lived Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Long-Lived Assets [Abstract]    
Impairment of long-lived assets $ 0 $ 0
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Information (Details)
 12 Months Ended
Dec. 31, 2022
Segment
Segment Information [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentrations of Credit Risk (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Concentration of Credit Risk [Abstract]    
Allowance for doubtful accounts $ 30,000 $ 30,000
v3.23.1
FAIR VALUE MEASUREMENTS (Details) - Recurring [Member] - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]    
Cash and cash equivalents $ 9,866,628 $ 12,381,521
Held-to-maturity securities 4,028,565  
Fair value 13,895,193  
Level 1 [Member]    
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]    
Cash and cash equivalents 9,866,628 12,381,521
Held-to-maturity securities 4,028,565  
Fair value 13,895,193  
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  
Fair value 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  
Fair value $ 0  
v3.23.1
MARKETABLE SECURITIES, Cost and Fair Value of Marketable Securities (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
Debt Securities, Held-to-Maturity, Fair Value [Abstract]  
Accrued bond interest receivable $ 5,240
US Treasury [Member]  
Debt Securities, Held-to-Maturity, Fair Value [Abstract]  
Amortized Cost 4,028,565
Gross Unrealized Gain (Loss) 56,435
Fair Value $ 4,085,000
v3.23.1
MARKETABLE SECURITIES, Maturities of Marketable Securities (Details)
Dec. 31, 2022
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 $ 4,028,565
v3.23.1
INCOME TAXES, Income Tax (Benefit) Expense (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Current [Abstract]    
Federal $ 449,194 $ 420,109
State 18,048 15,324
Deferred [Abstract]    
Federal (70,613) 63,060
State (4,626) 11,313
Income tax expense $ 392,003 $ 509,806
v3.23.1
INCOME TAXES, Income Tax Reconciliation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income tax reconciliation [Abstract]    
Computed "expected" expense $ 367,452 $ 813,312
Permanent differences 15,685 (329,906)
State and local income tax expense 13,137 34,493
True-up of current taxes 3,709 (51,039)
True-up of deferred taxes (6,158) 34,392
Change in state apportionment (1,822) 8,554
Income tax expense $ 392,003 $ 509,806
v3.23.1
INCOME TAXES, Net Deferred Tax Assets (Liabilities) (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets [Abstract]    
Stock options $ 21,654 $ 19,711
Accrued vacation 91,161 86,176
Bad debt allowance 6,546 6,576
Deferred revenue 1,222 2,161
Deferred rent 25,982 22,121
Other 46,228 6,982
Total deferred tax assets 192,793 143,727
Deferred tax liabilities [Abstract]    
Goodwill (426,433) (428,402)
Fixed assets (98,926) (123,130)
Total deferred tax liabilities (525,359) (551,532)
Net deferred tax liabilities $ (332,566) $ (407,805)
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Common Stock, Preferred Stock and Stock Options (Details)
 12 Months Ended
Dec. 31, 2022
Plan
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Share-based Compensation Arrangement [Abstract]      
Preferred stock, authorized (in shares) 5,000,000 5,000,000  
Preferred stock, outstanding (in shares) 0 0  
Number of stock option plans | Plan 2    
Stock Options [Member]      
Share-based Compensation Arrangement [Abstract]      
Common stock authorized reserved for future issuance (in shares) 627,600 568,650  
Number of share options outstanding (in shares) 627,600 568,650 575,750
Long-Term Incentive Plan 2009 [Member]      
Share-based Compensation Arrangement [Abstract]      
Number of shares authorized for issuance (in shares) 1,000,000    
Long-Term Incentive Plan 2009 [Member] | Stock Options [Member]      
Share-based Compensation Arrangement [Abstract]      
Number of share options outstanding (in shares) 311,000 356,100  
Options expiration period from grant date, maximum 10 years    
Award requisite service period 4 years    
Long-Term Incentive Plan 2020 [Member]      
Share-based Compensation Arrangement [Abstract]      
Number of shares authorized for issuance (in shares) 1,000,000    
Long-Term Incentive Plan 2020 [Member] | Stock Options [Member]      
Share-based Compensation Arrangement [Abstract]      
Number of share options outstanding (in shares) 316,600 212,550  
Options expiration period from grant date, maximum 10 years    
Award requisite service period 4 years    
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Stock Option Activity (Details) - Stock Options [Member] - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Number of Share [Roll Forward]    
Outstanding at beginning of period (in shares) 568,650 575,750
Granted (in shares) 110,000 30,550
Expired (in shares) (40,300) (30,550)
Forfeited (in shares) (10,750) (7,100)
Outstanding at end of period (in shares) 627,600 568,650
Weighted Average Exercise Price [Roll Forward]    
Outstanding at beginning of period (in dollars per share) $ 2.02 $ 2.17
Granted (in dollars per share) 2.03 2.36
Expired (in dollars per share) 2.32 4.81
Forfeited (in dollars per share) 2.36 3.11
Outstanding at end of period (in dollars per share) $ 2 $ 2.02
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Summary of Stock-Based Compensation Expense (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]    
Stock-based compensation expense $ 80,433 $ 63,709
Common stock reserved for granting of additional options (in shares) 683,400  
Fair value of options granted $ 139,782 31,809
Long-Term Incentive Plan 2009 [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]    
Granted (in shares) 0  
Data and Product Costs [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]    
Stock-based compensation expense $ 27,765 24,974
Selling, General and Administrative Costs [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]    
Stock-based compensation expense $ 52,668 $ 38,735
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Fair Value Assumptions Used in the Valuation of Stock Options (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value Assumptions Used in the Valuation of Stock Options [Abstract]    
Risk-free interest rate 1.91% 0.28%
Expected volatility factor 71.09% 61.97%
Expected dividends 0.00% 0.00%
Expected life of the option 6 years 3 months 25 days 3 years 6 months 3 days
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Summary Information About Stock Options Outstanding (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation [Abstract]    
Options outstanding, number outstanding (in shares) 627,600  
Options outstanding, weighted average remaining contractual life 5 years 8 months 1 day  
Outstanding options, weighted average exercise price (in dollars per share) $ 2  
Options exercisable, number exercisable (in shares) 102,645  
Options exercisable, weighted average exercise price (in dollars per share) $ 2.46  
Stock options, compensation cost not yet recognized [Abstract]    
Total compensation cost not yet recognized $ 413,924  
Total compensation cost not yet recognized, period for recognition 4 years 9 months 14 days  
Stock Options [Member]    
Additional disclosures [Abstract]    
Share price (in dollars per share) $ 2.4 $ 1.69
Aggregate intrinsic value of options outstanding $ 297,725 $ 45,492
Exercise Price Range $ 1.00 - $ 2.00 [Member]    
Share-based Compensation [Abstract]    
Range of exercise prices, lower range limit (in dollars per share) $ 1  
Range of exercise prices, upper range limit (in dollars per share) $ 2  
Options outstanding, number outstanding (in shares) 324,500  
Options outstanding, weighted average remaining contractual life 6 years 11 months 12 days  
Outstanding options, weighted average exercise price (in dollars per share) $ 1.59  
Options exercisable, number exercisable (in shares) 21,920  
Options exercisable, weighted average exercise price (in dollars per share) $ 1.68  
Exercise Price Range $ 2.01 - $ 3.00 [Member]    
Share-based Compensation [Abstract]    
Range of exercise prices, lower range limit (in dollars per share) 2.01  
Range of exercise prices, upper range limit (in dollars per share) $ 3  
Options outstanding, number outstanding (in shares) 298,100  
Options outstanding, weighted average remaining contractual life 4 years 3 months 25 days  
Outstanding options, weighted average exercise price (in dollars per share) $ 2.41  
Options exercisable, number exercisable (in shares) 77,725  
Options exercisable, weighted average exercise price (in dollars per share) $ 2.63  
Exercise Price Range $ 3.01 - $ 6.00 [Member]    
Share-based Compensation [Abstract]    
Range of exercise prices, lower range limit (in dollars per share) 3.01  
Range of exercise prices, upper range limit (in dollars per share) $ 6  
Options outstanding, number outstanding (in shares) 5,000  
Options outstanding, weighted average remaining contractual life 3 years 29 days  
Outstanding options, weighted average exercise price (in dollars per share) $ 4  
Options exercisable, number exercisable (in shares) 3,000  
Options exercisable, weighted average exercise price (in dollars per share) $ 4  
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Non-vested Options (Details) (Details) - Stock Options [Member] - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Number of Shares [Roll Forward]    
Non-vested, beginning of year (in shares) 486,740  
Granted (in shares) 110,000 30,550
Vested (in shares) (64,535)  
Terminated or expired (in shares) (7,250)  
Non-vested, end of year (in shares) 524,955 486,740
Weighted-Average Grant Date Fair Value [Roll Forward]    
Non-vested, beginning of year (in dollars per shares) $ 1.03  
Granted (in dollars per share) 1.27  
Vested (in dollars per share) 1.23  
Terminated or expired (in dollars per share) 1.22  
Non-vested, end of year (in dollars per shares) $ 1.05 $ 1.03
v3.23.1
COMMON STOCK AND STOCK OPTIONS, Share Repurchase Program (Details)
Jan. 31, 2022
USD ($)
Maximum [Member]  
Share Repurchase Program [Abstract]  
Repurchase of common stock, authorized amount $ 1,000,000
v3.23.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Property and Equipment [Abstract]    
Property and equipment, gross $ 3,117,299 $ 2,859,346
Less accumulated depreciation and amortization (2,635,495) (2,253,153)
Property and equipment, net 481,804 606,193
Computer Equipment and Software [Member]    
Property and Equipment [Abstract]    
Property and equipment, gross 2,288,532 2,046,958
Furniture and Fixtures [Member]    
Property and Equipment [Abstract]    
Property and equipment, gross 544,021 536,535
Leasehold Improvements [Member]    
Property and Equipment [Abstract]    
Property and equipment, gross $ 284,746 $ 275,853
v3.23.1
OPERATING LEASE (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Lease Undiscounted Cash Flows [Abstract]    
2023 $ 278,985  
2024 287,355  
2025 295,975  
2026 304,855  
2027 314,000  
Thereafter 854,223  
Total future undiscounted lease payments 2,335,393  
LESS: Imputed interest (375,266)  
Present value of lease liability 1,960,127  
Current portion of operating lease liability 193,953 $ 177,485
Non-current portion of operating lease liability 1,766,174 1,960,127
Present value of lease liability 1,960,127  
Rent expense $ 289,024 $ 289,024
Weighted average incremental borrowing rate 4.54%  
Weighted average remaining term 7 years 6 months  
v3.23.1
NET INCOME PER SHARE (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
NET INCOME PER SHARE [Abstract]    
Net income $ 1,360,238 $ 3,363,704
Weighted average common shares outstanding - Basic (in shares) 10,722,401 10,722,401
Potential shares exercisable under stock option plans (in shares) 237,000 278,100
Less: Shares which could be repurchased under treasury stock method (in shares) (198,511) (241,642)
Weighted average common shares outstanding - diluted (in shares) 10,760,890 10,758,859
Net income per share: [Abstract]    
Basic (in dollars per share) $ 0.13 $ 0.31
Diluted (in dollars per share) $ 0.13 $ 0.31
Stock Options [Member]    
Antidilutive Securities Excluded from Computation [Abstract]    
Antidilutive securities excluded from computation of earnings per share (in shares) 390,600 290,550
v3.23.1
BANK LOAN (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Loans Payable [Abstract]      
Gain on forgiveness of debt $ 0 $ 1,561,500  
PPP Loan [Member]      
Loans Payable [Abstract]      
Proceeds from loans     $ 1,560,000
Maturity date Apr. 15, 2022    
Interest rate     1.00%
Gain on forgiveness of debt $ 1,561,500