CREDITRISKMONITOR COM INC, 10-Q filed on 14 Nov 23
 | XBRL Documents
v3.23.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2023
Nov. 14, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
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  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   10,722,401
v3.23.3
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 11,088,033 $ 9,866,628
Held-to-maturity securities - treasury bills 4,143,863 4,028,565
Accounts receivable, net of allowance of $30,000 2,874,768 3,500,259
Other current assets 1,080,939 656,379
Total current assets 19,187,603 18,051,831
Property and equipment, net 497,462 481,804
Operating lease right-to-use asset 1,664,340 1,816,505
Goodwill 1,954,460 1,954,460
Other assets 18,110 163,470
Total assets 23,321,975 22,468,070
Current liabilities:    
Unexpired subscription revenue 9,867,156 9,980,092
Accounts payable 96,139 245,854
Current portion of operating lease liability 206,993 193,953
Accrued expenses 2,384,449 2,216,376
Total current liabilities 12,554,737 12,636,275
Deferred taxes on income, net 332,566 332,566
Unexpired subscription revenue, less current portion 74,072 163,320
Operating lease liability, less current portion 1,609,704 1,766,174
Total liabilities 14,571,079 14,898,335
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 29,980,528 29,904,675
Accumulated deficit (21,336,856) (22,442,164)
Total stockholders' equity 8,750,896 7,569,735
Total liabilities and stockholders' equity $ 23,321,975 $ 22,468,070
v3.23.3
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
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
v3.23.3
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CONDENSED STATEMENTS OF OPERATIONS [Abstract]        
Operating revenues $ 4,792,869 $ 4,547,708 $ 14,066,112 $ 13,335,927
Operating expenses:        
Data and product costs 1,951,360 1,644,489 5,806,156 5,117,975
Selling, general and administrative expenses 2,439,147 2,230,553 7,050,702 6,864,354
Depreciation and amortization 96,216 100,448 288,303 301,656
Total operating expenses 4,486,723 3,975,490 13,145,161 12,283,985
Income from operations 306,146 572,218 920,951 1,051,942
Other income 188,083 54,581 521,630 66,368
Income before income taxes 494,229 626,799 1,442,581 1,118,310
Provision for income taxes (115,552) (140,822) (337,273) (268,544)
Net income $ 378,677 $ 485,977 $ 1,105,308 $ 849,766
Net income per share - Basic (in dollars per share) $ 0.04 $ 0.05 $ 0.1 $ 0.08
Net income per share - Diluted (in dollars per share) $ 0.04 $ 0.05 $ 0.1 $ 0.08
Weighted average number of common shares outstanding - Basic (in shares) 10,722,401 10,722,401 10,722,401 10,722,401
Weighted average number of common shares outstanding - Diluted (in shares) 10,799,481 10,758,349 10,801,243 10,760,397
v3.23.3
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
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      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 849,766 849,766
Stock-based compensation 0 53,675 0 53,675
Balance at Sep. 30, 2022 $ 107,224 29,877,917 (22,952,636) 7,032,505
Balance (in shares) at Sep. 30, 2022 10,722,401      
Balance at Jun. 30, 2022 $ 107,224 29,859,233 (23,438,613) 6,527,844
Balance (in shares) at Jun. 30, 2022 10,722,401      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 485,977 485,977
Stock-based compensation 0 18,684 0 18,684
Balance at Sep. 30, 2022 $ 107,224 29,877,917 (22,952,636) 7,032,505
Balance (in shares) at Sep. 30, 2022 10,722,401      
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 1,105,308 $ 1,105,308
Stock-based compensation 0 75,853 0 75,853
Balance at Sep. 30, 2023 $ 107,224 29,980,528 (21,336,856) $ 8,750,896
Balance (in shares) at Sep. 30, 2023 10,722,401     10,722,401
Balance at Jun. 30, 2023 $ 107,224 29,958,199 (21,715,533) $ 8,349,890
Balance (in shares) at Jun. 30, 2023 10,722,401      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 378,677 378,677
Stock-based compensation 0 22,329 0 22,329
Balance at Sep. 30, 2023 $ 107,224 $ 29,980,528 $ (21,336,856) $ 8,750,896
Balance (in shares) at Sep. 30, 2023 10,722,401     10,722,401
v3.23.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 1,105,308 $ 849,766
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of bond discount (121,798) 0
Deferred income taxes 0 217,313
Depreciation and amortization 288,303 301,656
Operating lease right-to-use asset, net 8,735 14,795
Stock-based compensation 75,853 53,675
Changes in operating assets and liabilities:    
Accounts receivable 630,732 (147,626)
Other current assets (434,901) (157,112)
Other assets 0 5,530
Unexpired subscription revenue (202,185) 457,968
Accounts payable (149,715) (172,116)
Accrued expenses 168,073 (2,494)
Net cash provided by operating activities 1,368,405 1,421,355
Cash flows from investing activities:    
Proceeds from held-to-maturity securities - treasury bills 3,630,000 0
Purchase of held-to-maturity securities - treasury bills (3,628,741) 0
Purchase of property and equipment (148,259) (196,910)
Net cash used in investing activities (147,000) (196,910)
Net increase in cash and cash equivalents 1,221,405 1,224,445
Cash and cash equivalents at beginning of period 9,866,628 12,381,521
Cash and cash equivalents at end of period $ 11,088,033 $ 13,605,966
v3.23.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2023
Basis of Presentation [Abstract]  
Basis of Presentation
(1) Basis of Presentation
The accompanying unaudited condensed financial statements of CreditRiskMonitor.com, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure required by generally accepted accounting principles (“GAAP”) in the United States for complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited condensed financial statements reflect all material adjustments, including normal recurring accruals, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented, and have been prepared in a manner consistent with the audited financial statements for the fiscal year ended December 31, 2022.
The results of operations for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results for an entire fiscal year.
The December 31, 2022 condensed balance sheet has been derived from the audited financial statements at that date, but does not include all disclosures required by GAAP. These condensed financial statements should be read in conjunction with the audited financial statements and the footnotes for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K.
v3.23.3
Recently Issued Accounting Standards
 9 Months Ended
Sep. 30, 2023
Recently Issued Accounting Standards [Abstract]  
Recently Issued Accounting Standards

(2) Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) and the SEC have issued certain accounting pronouncements that will become effective in subsequent periods; however, management does not believe that any of those pronouncements would have significantly affected the Company’s financial accounting measurements or disclosures had they been in effect during the interim periods for which condensed financial statements are included in this quarterly report. Management also believes those pronouncements will not have a significant effect on the Company’s future financial position or results of operations.
v3.23.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2023
Revenue Recognition [Abstract]  
Revenue Recognition
(3) Revenue Recognition

The Company applies FASB Accounting Standards Codification (“ASC”) 606, Revenue from Contract 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.
v3.23.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2023
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
(4) Stock-Based Compensation
The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”) to account for stock-based compensation.
The following table summarizes the stock-based compensation expense for stock options that was recorded in the Company’s results of operations in accordance with ASC 718 for the three and nine months ended September 30:
 
    
3 Months Ended
September 30,
    
9 Months Ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
                         
Data and product costs
   $
8,489
     $
6,792
     $
28,974
     $
17,834
  
Selling, general and administrative expenses
    
13,840
      
11,892
      
46,879
      
35,841
  
                                 
    $
22,329
     $
18,684
     $
75,853
     $
53,675
  
v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements
(5) 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 expenses, 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 September 30, 2023 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 September 30, 2023 and December 31, 2022, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
   
September 30, 2023
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
11,088,033
    
$
-
    
$
-
    
$
11,088,033
  
Held-to-maturity securities
     4,143,863       -       -       4,143,863  
    $
15,231,896     $
-     $
-     $
15,231,896  

   
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  

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of September 30, 2023.

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.
v3.23.3
Marketable Securities
 9 Months Ended
Sep. 30, 2023
Marketable Securities [Abstract]  
Marketable Securities
(6) 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 September 30, 2023 is $8,964.
The following table summarizes the cost and fair value of marketable securities at September 30, 2023 as follows:
   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasuries
   $
4,143,863
     $
86,137
     $
4,230,000
  

Maturities of marketable securities were as follows at September 30, 2023:
Held-to-maturity securities
      
Due in one year or less
  
$
4,143,863
  

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 September 30, 2023.
v3.23.3
Net Income per Share
 9 Months Ended
Sep. 30, 2023
Net Income per Share [Abstract]  
Net Income per Share

(7) 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.
   
3 Months Ended
September 30,
    
9 Months Ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
                         
Weighted average number of common shares outstanding – basic
    
10,722,401
      
10,722,401
      
10,722,401
      
10,722,401
  
Potential shares exercisable under stock option plans
    
311,950
      
237,000
      
320,697
      
237,692
  
LESS: Shares which could be repurchased under treasury stock method
     (234,870 )     (201,052 )     (241,855 )     (199,696 )
 
                                
Weighted average number of common shares outstanding – diluted
    
10,799,481
      
10,758,349
      
10,801,243
      
10,760,397
  

For the three and nine months ended September 30, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 402,100 and 402,100 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

For the three and nine months ended September 30, 2022, the computation of diluted net income per share excludes the effects of the assumed exercise of 393,200 and 393,200 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
(8) 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 condensed financial statements of the Company.
v3.23.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions
(9) Related Party Transactions

On May 1, 2023, the Company’s Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President.  Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020. Mr. Flum is the son of Jerome S. Flum, the Company’s former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.
v3.23.3
Supplemental Disclosures of Noncash Investing Activities
 9 Months Ended
Sep. 30, 2023
Supplemental Disclosures of Noncash Investing Activities [Abstract]  
Supplemental Disclosures of Noncash Investing Activities
(10) Supplemental Disclosures of Noncash Investing Activities

For the nine months ended September 30, 2023, there was a noncash transfer of deposits from operating activities to property and equipment in the amount of $155,700.
v3.23.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Stock-Based Compensation [Abstract]  
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 in accordance with ASC 718 for the three and nine months ended September 30:
 
    
3 Months Ended
September 30,
    
9 Months Ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
                         
Data and product costs
   $
8,489
     $
6,792
     $
28,974
     $
17,834
  
Selling, general and administrative expenses
    
13,840
      
11,892
      
46,879
      
35,841
  
                                 
    $
22,329
     $
18,684
     $
75,853
     $
53,675
  
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
   
September 30, 2023
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
11,088,033
    
$
-
    
$
-
    
$
11,088,033
  
Held-to-maturity securities
     4,143,863       -       -       4,143,863  
    $
15,231,896     $
-     $
-     $
15,231,896  

   
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  
v3.23.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Marketable Securities [Abstract]  
Cost and Fair Value of Marketable Securities
The following table summarizes the cost and fair value of marketable securities at September 30, 2023 as follows:
   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasuries
   $
4,143,863
     $
86,137
     $
4,230,000
  
Maturities of Marketable Securities
Maturities of marketable securities were as follows at September 30, 2023:
Held-to-maturity securities
      
Due in one year or less
  
$
4,143,863
  
v3.23.3
Net Income per Share (Tables)
 9 Months Ended
Sep. 30, 2023
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.
   
3 Months Ended
September 30,
    
9 Months Ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
                         
Weighted average number of common shares outstanding – basic
    
10,722,401
      
10,722,401
      
10,722,401
      
10,722,401
  
Potential shares exercisable under stock option plans
    
311,950
      
237,000
      
320,697
      
237,692
  
LESS: Shares which could be repurchased under treasury stock method
     (234,870 )     (201,052 )     (241,855 )     (199,696 )
 
                                
Weighted average number of common shares outstanding – diluted
    
10,799,481
      
10,758,349
      
10,801,243
      
10,760,397
  
v3.23.3
Stock-Based Compensation (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense $ 22,329 $ 18,684 $ 75,853 $ 53,675
Data and Product Costs [Member]        
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense 8,489 6,792 28,974 17,834
Selling, General and Administrative Expenses [Member]        
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense $ 13,840 $ 11,892 $ 46,879 $ 35,841
v3.23.3
Fair Value Measurements (Details) - Recurring [Member] - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]    
Cash and cash equivalents $ 11,088,033 $ 9,866,628
Held-to-maturity securities 4,143,863 4,028,565
Fair Value 15,231,896 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 11,088,033 9,866,628
Held-to-maturity securities 4,143,863 4,028,565
Fair Value 15,231,896 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 0
Fair Value 0 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 0
Fair Value $ 0 $ 0
v3.23.3
Marketable Securities, Cost and Fair Value of Marketable Securities (Details) - USD ($)
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Amortized Cost $ 4,143,863 $ 4,028,565
Accrued bond interest receivable 8,964  
US Treasuries [Member]    
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Amortized Cost 4,143,863  
Gross Unrealized Gain (Loss) 86,137  
Fair Value $ 4,230,000  
v3.23.3
Marketable Securities, Maturities of Marketable Securities (Details)
 9 Months Ended
Sep. 30, 2023
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 $ 4,143,863
Other-than-temporary impairment loss $ 0
v3.23.3
Net Income per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net Income per Share [Abstract]        
Weighted average number of common shares outstanding - basic (in shares) 10,722,401 10,722,401 10,722,401 10,722,401
Potential shares exercisable under stock option plans (in shares) 311,950 237,000 320,697 237,692
Less: Shares which could be repurchased under treasury stock method (in shares) (234,870) (201,052) (241,855) (199,696)
Weighted average number of common shares outstanding - diluted (in shares) 10,799,481 10,758,349 10,801,243 10,760,397
Stock Options [Member]        
Antidilutive Securities Excluded from Computation [Abstract]        
Antidilutive securities excluded from computation of earnings per share (in shares) 402,100 393,200 402,100 393,200
v3.23.3
Supplemental Disclosures of Noncash Investing Activities (Details)
 9 Months Ended
Sep. 30, 2023
USD ($)
Supplemental Disclosures of Noncash Investing Activities [Abstract]  
Noncash transfer of deposits $ 155,700