Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover page. | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
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 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 11,694,046 | $ 10,302,732 |
Available-for-sale securities - municipal bonds | 0 | 458,237 |
Accounts receivable, net of allowance of $30,000 | 2,272,854 | 2,557,443 |
Other current assets | 494,466 | 589,072 |
Total current assets | 14,461,366 | 13,907,484 |
Property and equipment, net | 611,303 | 545,675 |
Operating lease right-to-use asset | 2,059,776 | 2,200,031 |
Goodwill | 1,954,460 | 1,954,460 |
Other assets | 83,304 | 84,892 |
Total assets | 19,170,209 | 18,692,542 |
Current liabilities: | ||
Unexpired subscription revenue | 9,302,926 | 9,646,407 |
Accounts payable | 73,467 | 130,089 |
Current portion of operating lease liability | 173,442 | 161,874 |
Current portion of bank loan | 1,561,500 | 1,299,007 |
Accrued expenses | 1,757,390 | 1,822,485 |
Total current liabilities | 12,868,725 | 13,059,862 |
Deferred taxes on income, net | 433,989 | 333,432 |
Unexpired subscription revenue, less current portion | 108,615 | 197,545 |
Bank loan, less current portion | 0 | 262,493 |
Operating lease liability, less current portion | 2,006,414 | 2,137,559 |
Total liabilities | 15,417,743 | 15,990,891 |
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 | 29,805,574 | 29,760,533 |
Accumulated deficit | (26,160,332) | (27,166,106) |
Total stockholders' equity | 3,752,466 | 2,701,651 |
Total liabilities and stockholders' equity | $ 19,170,209 | $ 18,692,542 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ||||
Operating revenues | $ 4,323,676 | $ 4,037,456 | $ 12,704,756 | $ 11,598,210 |
Operating expenses: | ||||
Data and product costs | 1,519,860 | 1,514,659 | 4,721,331 | 4,556,456 |
Selling, general and administrative expenses | 2,024,562 | 2,110,280 | 6,415,736 | 6,919,804 |
Depreciation and amortization | 75,067 | 52,931 | 206,083 | 160,736 |
Total operating expenses | 3,619,489 | 3,677,870 | 11,343,150 | 11,636,996 |
Income (loss) from operations | 704,187 | 359,586 | 1,361,606 | (38,786) |
Other income | 263 | 916 | 3,756 | 27,017 |
Income (loss) before income taxes | 704,450 | 360,502 | 1,365,362 | (11,769) |
(Provision for) benefit from income taxes | (209,098) | (79,420) | (359,588) | 123,424 |
Net income (loss) | $ 495,352 | $ 281,082 | $ 1,005,774 | $ 111,655 |
Net income per share - Basic (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.09 | $ 0.01 |
Net income per share - Diluted (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.09 | $ 0.01 |
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) | 10,756,727 | 10,746,834 | 10,772,447 | 10,730,545 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 107,224 | $ 29,705,673 | $ (27,118,678) | $ 2,694,219 |
Balance (in shares) at Dec. 31, 2019 | 10,722,401 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 0 | 111,655 | 111,655 |
Stock-based compensation | 0 | 42,266 | 0 | 42,266 |
Balance at Sep. 30, 2020 | $ 107,224 | 29,747,939 | (27,007,023) | 2,848,140 |
Balance (in shares) at Sep. 30, 2020 | 10,722,401 | |||
Balance at Jun. 30, 2020 | $ 107,224 | 29,736,129 | (27,288,105) | 2,555,248 |
Balance (in shares) at Jun. 30, 2020 | 10,722,401 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 0 | 281,082 | 281,082 |
Stock-based compensation | 0 | 11,810 | 0 | 11,810 |
Balance at Sep. 30, 2020 | $ 107,224 | 29,747,939 | (27,007,023) | 2,848,140 |
Balance (in shares) at Sep. 30, 2020 | 10,722,401 | |||
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 | 10,722,401 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 0 | 1,005,774 | $ 1,005,774 |
Stock-based compensation | 0 | 45,041 | 0 | 45,041 |
Balance at Sep. 30, 2021 | $ 107,224 | 29,805,574 | (26,160,332) | $ 3,752,466 |
Balance (in shares) at Sep. 30, 2021 | 10,722,401 | 10,722,401 | ||
Balance at Jun. 30, 2021 | $ 107,224 | 29,786,923 | (26,655,684) | $ 3,238,463 |
Balance (in shares) at Jun. 30, 2021 | 10,722,401 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 0 | 495,352 | 495,352 |
Stock-based compensation | 0 | 18,651 | 0 | 18,651 |
Balance at Sep. 30, 2021 | $ 107,224 | $ 29,805,574 | $ (26,160,332) | $ 3,752,466 |
Balance (in shares) at Sep. 30, 2021 | 10,722,401 | 10,722,401 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 1,005,774 | $ 111,655 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income taxes | 100,557 | (124,237) |
Depreciation and amortization | 206,083 | 160,736 |
Operating lease right-to-use asset, net | 20,678 | 26,389 |
Stock-based compensation | 45,041 | 42,266 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 284,589 | 342,641 |
Other current assets | 94,607 | (46,737) |
Other assets | 1,588 | (72,714) |
Unexpired subscription revenue | (432,411) | 560,717 |
Accounts payable | (56,622) | (89,959) |
Accrued expenses | (65,095) | (209,044) |
Net cash provided by operating activities | 1,204,789 | 701,713 |
Cash flows from investing activities: | ||
Sale of available-for-sale securities - municipal bonds | 458,237 | 0 |
Purchase of property and equipment | (271,712) | (87,894) |
Net cash provided by (used in) investing activities | 186,525 | (87,894) |
Cash flows from financing activities: | ||
Proceeds from bank loan | 0 | 1,561,500 |
Net cash provided by financing activities | 0 | 1,561,500 |
Net increase in cash and cash equivalents | 1,391,314 | 2,175,319 |
Cash and cash equivalents at beginning of period | 10,302,732 | 8,275,836 |
Cash and cash equivalents at end of period | $ 11,694,046 | $ 10,451,155 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 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, 2020. The results of operations for the three months and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results for an entire fiscal year. The December 31, 2020 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, 2020 included in the Company’s Annual Report on Form 10-K. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
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 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. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
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. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 Data and product costs $ 7,093 $ 4,282 $ 17,855 $ 15,448 Selling, general and administrative expenses 11,558 7,528 27,186 26,818 $ 18,651 $ 11,810 $ 45,041 $ 42,266 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (5) Fair Value Measurements The Company’s cash, cash equivalents and available-for-sale securities are stated at fair value. The carrying value of accounts receivable, other current assets, bank loan 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 available-for-sale securities as of December 31, 2020 were municipal bonds. Investments in municipal bonds are valued using pricing models maximizing the use of observable inputs for similar securities. Municipal bonds are classified as Level 2 of the fair value hierarchy. The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of September 30, 2021 and December 31, 2020, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy. September 30 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 11,694,046 $ - $ - $ 11,694,046 December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 10,302,732 $ - $ - $ 10,302,732 Available-for-sale securities $ - $ 458,237 $ - $ 458,237 There were proceeds of $458,237 from the sale of available-for-sale securities for the periods ended September 30, 2021. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2021 | |
Net Income per Share [Abstract] | |
Net Income per Share | (6) 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, 2021 2020 2021 2020 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 278,100 320,200 278,100 106,733 LESS: Shares which could be repurchased under treasury stock method (243,774 ) (295,767 ) (228,054 ) (98,589 ) Weighted average number of common shares outstanding – diluted 10,756,727 10,746,834 10,772,447 10,730,545 For the three and nine months ended September 30, 2021, the computation of diluted net income per share excludes the effects of the assumed exercise of 290,650 and 290,650 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, 2020, the computation of diluted net income per share excludes the effects of the assumed exercise of 148,550 and 362,017 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Parties [Abstract] | |
Related Parties | (7) Related Parties 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. |
COVID-19
COVID-19 | 9 Months Ended |
Sep. 30, 2021 | |
COVID-19 [Abstract] | |
COVID-19 | (8) COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of Coronavirus Disease 2019 (“COVID-19” or “virus”) as a global pandemic. The extent to which COVID-19 impacts the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information, COVID mutations and variants which may emerge, and the speed and effectiveness of vaccinations. The Company has been operating remotely without any significant disruption of operations. To date, the Company’s data providers have provided an uninterrupted stream of information, thus enabling the Company to deliver its product. The Company is actively monitoring the renewal rates of its current customers and those that subscribed after the outbreak. In response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. Additionally, the CARES Act contains relief for small businesses through several new temporary programs, one of which is 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 has received $1.56 million. 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 is scheduled to mature on April 15, 2022, has a 1.00% interest rate, may be prepaid at any time without penalty and is subject to the terms and conditions applicable to all loans made pursuant to the PPP as administered by the SBA under the CARES Act. The loan and accrued interest is forgivable after eight weeks so long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The “PPP” was amended on June 5, 2020 by the Paycheck Protection Program Flexibility Act, which stated that payments are deferred until the date on which the amount of forgiveness determined is remitted to the lender, with a maximum deferral of up to 16 months. The President signed the Consolidated Appropriations Act 2021 (the “CAA”) into law on December 27, 2020. The new COVID-19 legislation enhances and expands certain aspects of the CARES Act, most notably allowing borrowers to select their covered period to meet payroll and qualified expense requirements between 8 and 24 weeks. 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 has applied for forgiveness by the deadline set forth by the lender. 1,561,500 The Company is waiting on the review process to be completed by the SBA. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 Data and product costs $ 7,093 $ 4,282 $ 17,855 $ 15,448 Selling, general and administrative expenses 11,558 7,528 27,186 26,818 $ 18,651 $ 11,810 $ 45,041 $ 42,266 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Cash and Cash Equivalents 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, 2021 and December 31, 2020, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy. September 30 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 11,694,046 $ - $ - $ 11,694,046 December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 10,302,732 $ - $ - $ 10,302,732 Available-for-sale securities $ - $ 458,237 $ - $ 458,237 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 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 278,100 320,200 278,100 106,733 LESS: Shares which could be repurchased under treasury stock method (243,774 ) (295,767 ) (228,054 ) (98,589 ) Weighted average number of common shares outstanding – diluted 10,756,727 10,746,834 10,772,447 10,730,545 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | $ 18,651 | $ 11,810 | $ 45,041 | $ 42,266 |
Data and Product Costs [Member] | ||||
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | 7,093 | 4,282 | 17,855 | 15,448 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense for stock options [Abstract] | ||||
Stock-based compensation expense | $ 11,558 | $ 7,528 | $ 27,186 | $ 26,818 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash and cash equivalents measured at fair value on recurring basis [Abstract] | |||
Proceeds from the sale of available-for-sale securities | $ 458,237 | $ 0 | |
Recurring [Member] | |||
Cash and cash equivalents measured at fair value on recurring basis [Abstract] | |||
Cash and cash equivalents | 11,694,046 | $ 10,302,732 | |
Available-for-sale securities | 458,237 | ||
Recurring [Member] | Level 1 [Member] | |||
Cash and cash equivalents measured at fair value on recurring basis [Abstract] | |||
Cash and cash equivalents | 11,694,046 | 10,302,732 | |
Available-for-sale securities | 0 | ||
Recurring [Member] | Level 2 [Member] | |||
Cash and cash equivalents measured at fair value on recurring basis [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Available-for-sale securities | 458,237 | ||
Recurring [Member] | Level 3 [Member] | |||
Cash and cash equivalents measured at fair value on recurring basis [Abstract] | |||
Cash and cash equivalents | $ 0 | 0 | |
Available-for-sale securities | $ 0 |
Net Income per Share (Details)
Net Income per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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) | 278,100 | 320,200 | 278,100 | 106,733 |
LESS: Shares which could be repurchased under treasury stock method (in shares) | (243,774) | (295,767) | (228,054) | (98,589) |
Weighted average number of common shares outstanding - diluted (in shares) | 10,756,727 | 10,746,834 | 10,772,447 | 10,730,545 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 290,650 | 148,550 | 290,650 | 362,017 |
COVID-19 (Details)
COVID-19 (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Loans Payable [Abstract] | ||
Proceeds from loans | $ 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% | |
Current portion of loan including interest | $ 1,561,500 | |
PPP Loan [Member] | Maximum [Member] | ||
Loans Payable [Abstract] | ||
Paycheck protection program deferral payments period | 16 months |