CREDITRISKMONITOR COM INC, 10-Q filed on 14 Nov 24
 | XBRL Documents
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Nov. 14, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
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
v3.24.3
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 7,888,033 $ 11,004,937
Held-to-maturity securities 2,481,973 3,494,958
Accounts receivable, net of allowance of $30,000 3,566,066 3,941,182
Other current assets 916,279 788,722
Total current assets 14,852,351 19,229,799
Held-to-maturity securities 6,908,000 700,000
Property and equipment, net 544,097 557,634
Operating lease right-of-use asset 1,453,548 1,612,512
Goodwill 1,954,460 1,954,460
Other assets 18,110 18,110
Total assets 25,730,566 24,072,515
Current liabilities:    
Unexpired subscription revenue 10,855,818 10,272,352
Accounts payable 72,890 141,956
Current portion of operating lease liability 225,325 211,488
Accrued expenses 2,396,638 2,105,019
Total current liabilities 13,550,671 12,730,815
Deferred taxes on income, net 350,605 350,605
Unexpired subscription revenue, less current portion 194,959 68,523
Operating lease liability, less current portion 1,384,378 1,554,686
Total liabilities 15,480,613 14,704,629
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 30,081,665 30,007,773
Accumulated deficit (19,938,936) (20,747,111)
Total stockholders' equity 10,249,953 9,367,886
Total liabilities and stockholders' equity $ 25,730,566 $ 24,072,515
v3.24.3
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
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
v3.24.3
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CONDENSED STATEMENTS OF OPERATIONS [Abstract]        
Operating revenues $ 5,009,370 $ 4,792,869 $ 14,751,845 $ 14,066,112
Operating expenses:        
Data and product costs 2,205,871 1,951,360 6,566,750 5,806,156
Selling, general and administrative expenses 2,256,732 2,439,147 7,505,751 7,050,702
Depreciation and amortization 97,513 96,216 291,576 288,303
Total operating expenses 4,560,116 4,486,723 14,364,077 13,145,161
Income from operations 449,254 306,146 387,768 920,951
Other income 267,092 188,083 664,587 521,630
Income before income taxes 716,346 494,229 1,052,355 1,442,581
Provision for income taxes (164,764) (115,552) (244,180) (337,273)
Net income $ 551,582 $ 378,677 $ 808,175 $ 1,105,308
Net income per share - Basic (in dollars per share) $ 0.05 $ 0.04 $ 0.08 $ 0.1
Net income per share - Diluted (in dollars per share) $ 0.05 $ 0.04 $ 0.08 $ 0.1
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) 10,770,383 10,799,481 10,764,587 10,801,243
v3.24.3
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
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      
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      
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      
Balance at Dec. 31, 2023 $ 107,224 30,007,773 (20,747,111) $ 9,367,886
Balance (in shares) at Dec. 31, 2023 10,722,401     10,722,401
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 808,175 $ 808,175
Stock-based compensation 0 73,892 0 73,892
Balance at Sep. 30, 2024 $ 107,224 30,081,665 (19,938,936) $ 10,249,953
Balance (in shares) at Sep. 30, 2024 10,722,401     10,722,401
Balance at Jun. 30, 2024 $ 107,224 30,055,386 (20,490,518) $ 9,672,092
Balance (in shares) at Jun. 30, 2024 10,722,401      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 0 0 551,582 551,582
Stock-based compensation 0 26,279 0 26,279
Balance at Sep. 30, 2024 $ 107,224 $ 30,081,665 $ (19,938,936) $ 10,249,953
Balance (in shares) at Sep. 30, 2024 10,722,401     10,722,401
v3.24.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 808,175 $ 1,105,308
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of bond discount (146,697) (121,798)
Depreciation and amortization 291,576 288,303
Operating lease right-of-use asset, net 2,494 8,735
Stock-based compensation 73,892 75,853
Changes in operating assets and liabilities:    
Accounts receivable, net 375,116 630,732
Other current assets (127,557) (434,901)
Unexpired subscription revenue 709,902 (202,185)
Accounts payable (69,066) (149,715)
Accrued expenses 291,619 168,073
Net cash provided by operating activities 2,209,454 1,368,405
Cash flows from investing activities:    
Proceeds from held-to-maturity securities 2,850,000 3,630,000
Purchase of held-to-maturity securities (7,898,319) (3,628,741)
Purchase of property and equipment (278,039) (148,259)
Net cash used in investing activities (5,326,358) (147,000)
Net (decrease) increase in cash and cash equivalents (3,116,904) 1,221,405
Cash and cash equivalents at beginning of period 11,004,937 9,866,628
Cash and cash equivalents at end of period $ 7,888,033 $ 11,088,033
v3.24.3
Overview and Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Overview and Basis of Presentation [Abstract]  
Overview and Basis of Presentation
(1) Overview and Basis of Presentation
CreditRiskMonitor.com, Inc. (the “Company”) 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.
 
The accompanying unaudited condensed financial statements of 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 disclosures 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, 2023.
The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results for an entire fiscal year.
The December 31, 2023 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, 2023 included in the Company’s Annual Report on Form 10-K.
v3.24.3
Recently Issued Accounting Standards
 9 Months Ended
Sep. 30, 2024
Recently Issued Accounting Standards [Abstract]  
Recently Issued Accounting Standards

(2) Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The guidance is effective for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for annual periods beginning after December 15, 2024, and the adoption of this standard is not anticipated to have a significant impact on the Company’s consolidated financial statements other than adding new disclosures, which the Company is currently evaluating.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
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.
v3.24.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
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,
  
   
2024
    
2023
    
2024
    
2023
  
                         
Data and product costs
   $
8,213
     $
8,489
     $
23,764
     $
28,974
  
Selling, general and administrative expenses
    
18,066
      
13,840
      
50,128
      
46,879
  
                                 
    $
26,279
     $
22,329
     $
73,892
     $
75,853
  
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
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, 2024 were US Treasury securities. Investments in these government securities 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, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
   
September 30, 2024
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
7,888,033
    
$
-
    
$
-
    
$
7,888,033
  
Held-to-maturity securities
     9,389,973       -       -       9,389,973  
    $ 17,278,006     $ -     $ -     $ 17,278,006  

   
December 31, 2023
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
11,004,937
    
$
-
    
$
-
    
$
11,004,937
  
Held-to-maturity securities     4,194,958       -       -       4,194,958  
    $ 15,199,895     $ -     $ -     $ 15,199,895  

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, 2024.

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.
v3.24.3
Marketable Securities
 9 Months Ended
Sep. 30, 2024
Marketable Securities [Abstract]  
Marketable Securities
(6) Marketable Securities
Based upon the Company’s intent and ability to hold its US Treasury securities to maturity (which maturities range up to 25 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Accrued bond interest receivable as of September 30, 2024 is $91,220.
The following table summarizes the cost and fair value of marketable securities at September 30, 2024 as follows:
   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasury securities
  
$
9,389,973
    
$
235,027
    
$
9,625,000
  

Maturities of marketable securities were as follows at September 30, 2024:
Held-to-maturity securities:
      
Due in one year or less
  
$
2,481,973
  
Due in 12 – 24 months
     6,908,000  
    $ 9,389,973  

The Company’s investments in marketable securities consist of investments in US Treasury securities. 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, 2024.
v3.24.3
Net Income per Share
 9 Months Ended
Sep. 30, 2024
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,
  
   
2024
    
2023
    
2024
    
2023
  
                         
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
    
255,500
      
311,950
      
257,133
      
320,697
  
LESS: Shares which could be repurchased under treasury stock method
     (207,518 )     (234,870 )     (214,947 )     (241,855 )
 
                                
Weighted average number of common shares outstanding – diluted
    
10,770,383
      
10,799,481
      
10,764,587
      
10,801,243
  

For the three and nine months ended September 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 590,550 and 615,050 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, 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.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
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.
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
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.
v3.24.3
Supplemental Disclosures of Noncash Investing Activities
 9 Months Ended
Sep. 30, 2024
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.
v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
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,
  
   
2024
    
2023
    
2024
    
2023
  
                         
Data and product costs
   $
8,213
     $
8,489
     $
23,764
     $
28,974
  
Selling, general and administrative expenses
    
18,066
      
13,840
      
50,128
      
46,879
  
                                 
    $
26,279
     $
22,329
     $
73,892
     $
75,853
  
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
   
September 30, 2024
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
7,888,033
    
$
-
    
$
-
    
$
7,888,033
  
Held-to-maturity securities
     9,389,973       -       -       9,389,973  
    $ 17,278,006     $ -     $ -     $ 17,278,006  

   
December 31, 2023
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Cash and cash equivalents
  
$
11,004,937
    
$
-
    
$
-
    
$
11,004,937
  
Held-to-maturity securities     4,194,958       -       -       4,194,958  
    $ 15,199,895     $ -     $ -     $ 15,199,895  
v3.24.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 as follows:
   
Amortized Cost
    
Gross Unrealized Gain (Loss)
    
Fair Value
  
                   
Held-to-maturity securities
                  
US Treasury securities
  
$
9,389,973
    
$
235,027
    
$
9,625,000
  
Maturities of Marketable Securities
Maturities of marketable securities were as follows at September 30, 2024:
Held-to-maturity securities:
      
Due in one year or less
  
$
2,481,973
  
Due in 12 – 24 months
     6,908,000  
    $ 9,389,973  
v3.24.3
Net Income per Share (Tables)
 9 Months Ended
Sep. 30, 2024
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,
  
   
2024
    
2023
    
2024
    
2023
  
                         
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
    
255,500
      
311,950
      
257,133
      
320,697
  
LESS: Shares which could be repurchased under treasury stock method
     (207,518 )     (234,870 )     (214,947 )     (241,855 )
 
                                
Weighted average number of common shares outstanding – diluted
    
10,770,383
      
10,799,481
      
10,764,587
      
10,801,243
  
v3.24.3
Stock-Based Compensation (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense $ 26,279 $ 22,329 $ 73,892 $ 75,853
Data and Product Costs [Member]        
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense 8,213 8,489 23,764 28,974
Selling, General and Administrative Expenses [Member]        
Stock-Based Compensation Expense for Stock Options [Abstract]        
Stock-based compensation expense $ 18,066 $ 13,840 $ 50,128 $ 46,879
v3.24.3
Fair Value Measurements (Details) - Recurring [Member] - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]    
Cash and cash equivalents $ 7,888,033 $ 11,004,937
Held-to-maturity securities 9,389,973 4,194,958
Fair Value 17,278,006 15,199,895
Level 1 [Member]    
Cash and Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis [Abstract]    
Cash and cash equivalents 7,888,033 11,004,937
Held-to-maturity securities 9,389,973 4,194,958
Fair Value 17,278,006 15,199,895
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
v3.24.3
Marketable Securities, Cost and Fair Value of Marketable Securities (Details)
 9 Months Ended
Sep. 30, 2024
USD ($)
Marketable Securities [Abstract]  
Accrued bond interest receivable $ 91,220
US Treasury Securities [Member]  
Debt Securities, Held-to-Maturity, Fair Value [Abstract]  
Amortized Cost 9,389,973
Gross Unrealized Gain (Loss) 235,027
Fair Value $ 9,625,000
v3.24.3
Marketable Securities, Maturities of Marketable Securities (Details)
 9 Months Ended
Sep. 30, 2024
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 $ 2,481,973
Due in 12 - 24 months 6,908,000
Held-to-maturity securities 9,389,973
Other-than-temporary impairment loss $ 0
v3.24.3
Net Income per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
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) 255,500 311,950 257,133 320,697
Less: Shares which could be repurchased under treasury stock method (in shares) (207,518) (234,870) (214,947) (241,855)
Weighted average number of common shares outstanding - diluted (in shares) 10,770,383 10,799,481 10,764,587 10,801,243
Stock Options [Member]        
Antidilutive Securities Excluded from Computation [Abstract]        
Antidilutive securities excluded from computation of earnings per share (in shares) 590,550 402,100 615,050 402,100
v3.24.3
Supplemental Disclosures of Noncash Investing Activities (Details)
 9 Months Ended
Sep. 30, 2023
USD ($)
Supplemental Disclosures of Noncash Investing Activities [Abstract]  
Noncash transfer of prepaids $ 155,700