UNITED STATES SECURITIES AND EXCHANGE
COMMISSION 
Washington, D.C. 20549
 FORM 10-Q x
QUARTERLY
 REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30, 2008o
TRANSITION
 REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACTFor the transition period from ____________ to
______________  Commission file number 1-8601CREDITRISKMONITOR.COM, INC.(Exact name of registrant as specified in its charter)  Nevada

36-2972588(State or other jurisdiction of
 incorporation or organization)

(I.R.S. Employer Identification
 No.)  704 Executive Boulevard, Suite AValley Cottage, New York 10989(Address of principal executive offices)(845) 230-3000(Registrants telephone number, including area code)  Indicate by
check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.
 Yes x  No o
  Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a small reporting company. See the
definitions of large accelerated filer, accelerated filer and smaller
reporting company in Rule 12b-2 of the Exchange Act. (Check one):
 Large
 accelerated filer o
Accelerated filer oNon-accelerated
 filer o
Smaller reporting company x  Indicate by
check mark whether the registrant is a shell company (as defined by Rule 12b-2
of the Exchange Act).
 Yes o
  No x
 APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY 
PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by
check mark whether the registrant has filed all documents and reports required
to be filed by Sections 12, 13 or 15(d) of the Exchange Act of 1934 subsequent
to the distribution of securities under a plan confirmed by a court.
 Yes o
  No o
 APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the
number of shares outstanding of each of the issuers classes of common stock, as
of the latest practical date:
 Common stock $.01 par value -- 7,699,462 shares
outstanding as of August 4, 2008.
     CREDITRISKMONITOR.COM, INC. INDEX

PagePART I. FINANCIAL INFORMATIONItem 1.
 Financial StatementsBalance
 Sheets  June 30, 2008 (Unaudited) and 
 December 31, 2007

2Statements
 of Operations for the Three Months Ended 
 June 30, 2008 and 2007 (Unaudited)

3Statements
 of Operations for the Six Months Ended 
 June 30, 2008 and 2007 (Unaudited)

4Statements
 of Cash Flows for the Six Months Ended 
 June 30, 2008 and 2007 (Unaudited)

5Condensed
 Notes to Financial Statements

6Item 2.
 Managements Discussion and Analysis of Financial Condition 
 and Results of Operations

8Item 4T.
 Controls and Procedures

12PART II.
 OTHER INFORMATIONItem 6.
 Exhibits

13SIGNATURES

14EXHIBITS31.1
Certification of Chief
 Executive Officer Pursuant to 
 Section 302 of the Sarbanes-Oxley Act of 2002

1531.2
Certification of Chief
 Financial Officer Pursuant to 
 Section 302 of the Sarbanes-Oxley Act of 2002

1732.1
Certification of Chief
 Executive Officer Pursuant to 
 18 U.S.C. Section 1350, as Adopted Pursuant to Section 
 906 of the Sarbanes-Oxley Act of 2002

1932.2
Certification of Chief
 Financial Officer Pursuant to 
 18 U.S.C. Section 1350, as Adopted Pursuant to Section 
 906 of the Sarbanes-Oxley Act of 2002

201

PART I.
FINANCIAL INFORMATIONItem 1. Financial StatementsCREDITRISKMONITOR.COM, INC.BALANCE SHEETS
JUNE 30, 2008 AND DECEMBER 31, 2007

June 30,
 2008

Dec. 31,
 2007(Unaudited)

(Note
1)ASSETSCurrent assets:Cash and cash
equivalents

$
3,236,612

$
2,973,263Accounts
receivable, net of
 allowance


691,317


737,436Other current
assets


152,174


260,657Total current
assets


4,080,103


3,971,356Property and equipment,
net


172,336


149,773Goodwill


1,954,460


1,954,460Prepaid and other
assets


34,026


27,753Total
assets

$
6,240,925

$
6,103,342LIABILITIES AND
STOCKHOLDERS
 EQUITYCurrent liabilities:Deferred
revenue

$
3,789,651

$
3,391,339Accounts
payable


60,589


51,119Accrued
expenses


333,602


348,745Current portion
of long-term debt





136,141Total current
liabilities


4,183,842


3,927,344Long-term debt, net of current
 portion





150,799Other liabilities


6,108


66,422Total
liabilities


4,189,950


4,144,565Stockholders
equity:Preferred stock, $.01 par value;
 authorized 5,000,000 shares; none issued





Common stock, $.01 par value;
 authorized 25,000,000 shares; issued and outstanding 7,699,462 and 7,694,462
 shares, respectively


76,994


76,944Additional paid-in
capital


28,253,805


28,221,907Accumulated deficit


(26,279,824
)

(26,340,074
)Total
stockholders equity


2,050,975


1,958,777Total liabilities
and stockholders
 equity

$
6,240,925

$
6,103,342See accompanying
condensed notes to financial statements.

2

CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS 
FOR THE THREE MONTHS ENDED JUNE 30, 2008 AND 2007
(Unaudited)

2008

2007Operating
 revenues

$
1,404,450

$
1,233,177Operating
 expenses:Data and
product costs


447,743


408,046Selling,
general and administrative
 expenses


921,497


754,042Depreciation
and amortization


20,471


16,688Total operating
expenses


1,389,711


1,178,776Income from
 operations


14,739


54,401Other income


8,738


18,390Interest
 expense


(2,528
)

(9,889
)Income
 before income taxes


20,949


62,902Provision
 for income taxes


467


5,014Net income

$
20,482

$
57,888Net income
 per share of common stock:Basic

$
0.00

$
0.01Diluted

$
0.00

$
0.01Weighted
 average number of common shares outstanding:Basic


7,694,473


7,694,462Diluted


8,058,513


8,142,415See accompanying condensed notes to financial
statements.

3

CREDITRISKMONITOR.COM, INC.STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(Unaudited)

2008

2007Operating revenues

$
2,769,640

$
2,391,977Operating expenses:Data and
product costs


878,971


829,302Selling,
general and administrative
 expenses


1,813,743


1,457,186Depreciation
and amortization


38,010


33,327Total operating
expenses


2,730,724


2,319,815Income from operations


38,916


72,162Other income


33,464


36,780Interest expense


(9,773
)

(20,726
)Income before income
taxes


62,607


88,216Provision for income
taxes


2,357


10,182Net income

$
60,250

$
78,034Net income per share of common
stock:Basic

$
0.01

$
0.01Diluted

$
0.01

$
0.01Weighted average number of
common shares
 outstanding:Basic


7,694,467


7,694,462Diluted


8,086,241


8,122,673See accompanying condensed notes to financial
statements.

4

CREDITRISKMONITOR.COM, INC.STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(Unaudited)

2008

2007Cash flows from operating
activities:Net
income

$
60,250

$
78,034Adjustments to
reconcile net income to net
 cash provided by operating activities:Depreciation


38,010


33,327Deferred
rent


(1,424
)

43Stock-based
compensation


26,948


20,134Changes in operating assets and
 liabilities:Accounts
receivable


46,119


(234,824
)Other current
assets


108,483


151,427Prepaid and
other assets


(6,273
)

(5,280
)Deferred
revenue


398,312


491,123Accounts
payable


9,470


(19,361
)Accrued
expenses


(15,143
)

(181,611
)Other
liabilities


(58,890
)

(5,833
)Net cash provided by operating
activities


605,862


327,179Cash flows from investing
activities:Purchase of
property and equipment


(60,573
)

(3,833
)Net cash used in investing
activities


(60,573
)

(3,833
)Cash flows from financing
activities:Proceeds from
exercise of stock options


5,000


Payments on
long-term debt


(286,940
)

(59,861
)Payments on
capitalized lease obligations





(14,343
)Net cash used in financing
activities


(281,940
)

(74,204
)Net increase in cash and cash
equivalents


263,349


249,142Cash and cash equivalents at
beginning of
 period


2,973,263


2,467,520Cash and cash equivalents at end
of period

$
3,236,612

$
2,716,662See accompanying condensed notes to financial
statements.

5

CREDITRISKMONITOR.COM, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS 
(Unaudited)

(1) Basis of
Presentation

The condensed financial statements included herein have been
prepared
by CreditRiskMonitor.com, Inc. (the Company or CRM), without audit, pursuant
to the rules and regulations of the Securities and Exchange Commission (the
SEC). Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles
generally accepted in the United States (GAAP) have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that the
disclosures herein are adequate to make the information presented not
misleading. The December 31, 2007 balance sheet has been derived from the
audited financial statements at that date, but does not include all disclosures
required by GAAP. These financial statements should be read in conjunction with
the audited financial statements and the notes thereto in the Companys annual
report on Form 10-KSB for the year ended December 31, 2007.

In the opinion of the Company, the unaudited financial statements
reflect all adjustments (consisting of normal recurring adjustments) considered
necessary to present fairly the Companys financial position, results of
operations and cash flows for the periods presented. Results of operations for
the three and six months ended June 30, 2008 are not necessarily indicative of
the results that may be expected for the full year.

(2)
Stock-Based Compensation

The Company applies Statement of Financial Accounting Standards
(SFAS) No. 123 (revised 2004), Share-Based Payment (SFAS 123R) 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 SFAS 123R for the three and six months ended June 30:

3 Months Ended
 June 30,

6 Months Ended
 June 30,2008

2007

2008

2007Data and product costs

$
1,952

$
1,953

$
3,905

$
3,905Selling, general and
administrative expenses


11,522


8,114


23,043


16,229$
13,474

$
10,067

$
26,948

$
20,134(3) Other
Recently Issued Accounting Standards

The Financial Accounting Standards Board and the SEC had issued
certain
accounting pronouncements as of June 30, 2008 that will become effective in
subsequent periods; however, management does not believe that any of those
pronouncements would have significantly affected our financial accounting
measurements or disclosures had they been in effect during the interim periods
for which financial statements are included in this quarterly report.

6

Management also believes those pronouncements will not have a
significant effect on our future financial position or results of operations.

(4) 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.

(5) Promissory Note

In April 2008, the Company prepaid, without penalty, the remaining
$254,000 balance on the promissory note related to the January 1999 purchase of
the CreditRisk Monitor credit information service from Market Guide Inc. This
note provided for periodic monthly payments with the last payment due on
December 31, 2009.

(6) Deferred Compensation

In April 2008, the Company paid in full the remaining deferred
compensation owed to its Chairman and Chief Executive Officer.

7

Item 2. Managements Discussion and Analysis
of Financial Condition and Results of Operations

FINANCIAL
CONDITION, LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2008, the Company had cash and cash equivalents of
$3.24
million compared to $2.97 million at December 31, 2007. The Company had a
working capital deficit (i.e., total current liabilities in excess of total
current assets) of approximately $104,000 at June 30, 2008 compared to working
capital of approximately $44,000 at December 31, 2007. This decrement in
working capital is the result of the Companys prepayment of its promissory
note as well as the remaining deferred compensation balance owed, both of these
actions having occurred in April 2008. The Companys cash ratio (which measures
a companys ability to pay its current bills and is computed by dividing cash
and cash equivalents by total current liabilities) and its current ratio (which
measures a companys ability to meet its current obligations and is computed by
dividing total current assets by total current liabilities) remained relatively
stable from December 31, 2007 to June 30, 2008. Additionally, the main
component of current liabilities at June 30, 2008 is deferred revenue of $3.79
million, which should not require significant future cash outlay other than the
cost of preparation and delivery of the applicable commercial credit reports
which cost much less than the deferred revenue shown. The deferred revenue is
recognized as income over the subscription term, which approximates twelve months.
The Company has no bank lines of credit or other currently available credit
sources.

The Company believes that it will have sufficient resources to
meet its
working capital and capital expenditure needs for the foreseeable future.

OFF-BALANCE
SHEET ARRANGEMENTS

The Company is
not a party to any off-balance sheet arrangements.

RESULTS OF
OPERATIONS

3 Months Ended June 30,2008

2007Amount

% of Total
 Operating
 Revenues

Amount

% of Total
 Operating
 RevenuesOperating revenues

$
1,404,450


100.00
%
$
1,233,177


100.00
%Operating expenses:Data and
product costs


447,743


31.88
%

408,046


33.09
%Selling,
general and administrative
 expenses


921,497


65.61
%

754,042


61.15
%Depreciation
and amortization


20,471


1.46
%

16,688


1.35
%Total operating
expenses


1,389,711


98.95
%

1,178,776


95.59
%Income from operations


14,739


1.05
%

54,401


4.41
%Other income


8,738


0.62
%

18,390


1.49
%Interest expense


(2,528
)

(0.18
%)

(9,889
)

(0.80
%)Income before income
taxes


20,949


1.49
%

62,902


5.10
%Provision for income
taxes


467


0.03
%

5,014


0.41
%Net income

$
20,482


1.46
%
$
57,888


4.69
%Operating
revenues increased 14% for the three months ended June 30, 2008. This increase
was primarily due to an increase in the number of subscribers

8

and increased revenue from existing subscribers to the
Companys
Internet subscription service as the market became more aware of the Companys
enhanced service as well as sales from the Companys new credit limit service
introduced during the first quarter of 2007, offset in part by a decrease in
the number of subscribers to the Companys third-party international credit
report subscription service.

Data and product costs increased 10% for the second quarter of 2008
compared to the same period of fiscal 2007. This increase was primarily due to
higher consulting fees, higher salary and related employee benefits, including
the hiring of an additional senior programmer, and the higher cost of
third-party content due to price increases.

Selling, general and administrative expenses increased 22% for the
second quarter of fiscal 2008 compared to the same period of fiscal 2007. This
increase was primarily due to higher salary and related employee benefit costs,
resulting from an increase in the Companys sales force during the past 12
months, offset by a decrease in professional fees, primarily related to fees
incurred in 2007 for outside assistance in complying with the requirements of
the Sarbanes-Oxley Act of 2002. New salespeople require a learning curve to
understand and sell the Companys service. Thus, there is a lag between the
increase in the Companys sales force and anticipated higher sales.

Depreciation and amortization increased 23% for the second quarter
of
fiscal 2008 compared to the same period of fiscal 2007. This increase is due to
a higher depreciable asset base reflecting the replacement of computer
equipment that had been in operation past its depreciable life.

Other income decreased 52% for second quarter of fiscal 2008
compared
to the same period last year. This decrease was due to a decrease in interest
rates.

Interest expense decreased 74% for the second quarter of fiscal
2008
compared to the same period of fiscal 2007. This decrease was primarily due to
the Company prepaying its long-term debt in April 2008.

Six Months Ended June 30,2008

2007Amount

% of Total
 Operating
 Revenues

Amount

% of Total
 Operating
 RevenuesOperating revenues

$
2,769,640


100.00
%
$
2,391,977


100.00
%Operating expenses:Data and
product costs


878,971


31.74
%

829,302


34.67
%Selling,
general and administrative
 expenses


1,813,743


65.49
%

1,457,186


60.92
%Depreciation
and amortization


38,010


1.37
%

33,327


1.39
%Total operating
expenses


2,730,724


98.60
%

2,319,815


96.98
%Income from operations


38,916


1.40
%

72,162


3.02
%Other income


33,464


1.21
%

36,780


1.54
%Interest expense


(9,773
)

(0.35
%)

(20,726
)

(0.87
%)Income before income
taxes


62,607


2.26
%

88,216


3.69
%Provision for income
taxes


2,357


0.08
%

10,182


0.43
%Net income

$
60,250


2.18
%
$
78,034


3.26
%9

Operating
revenues increased 16% for the six months ended June 30, 2008 versus the first
half of 2007. This increase was primarily due to an increase in the number of
subscribers and increased revenue from existing subscribers to the Companys
Internet subscription service as the market became more aware of the Companys
enhanced service as well as sales from the Companys new credit limit service
introduced during the first quarter of 2007, offset in part by a decrease in
the number of subscribers to the Companys third-party international credit
report subscription service.

Data and
product costs increased 6% for the first six months of fiscal 2008 compared to
the same period of fiscal 2007. This increase was primarily due to higher
salary and related employee benefits, including the hiring of additional
quality control personnel, as well as the cost of new third-party content added
to the Companys website offset in part by lower consulting fees.

Selling,
general and administrative expenses increased 24% for the first six months of
fiscal 2008 compared to the same period of fiscal 2007. This increase was
primarily due to higher salary and related employee benefit costs, due to an
increase in the Companys sales force during the past 12 month. New salespeople
require a learning curve to understand and sell the Companys service. Thus,
there is a lag between the increase in the Companys sales force and
anticipated higher sales.

Depreciation
and amortization increased by 14% for the first six months of fiscal 2008
compared to the same period of fiscal 2007. This increase is due to a higher
depreciable asset base reflecting the replacement of computer equipment that
had been in operation past its depreciable life.

Other income
decreased 9% for the first six months of fiscal 2008 compared to the same
period last year. This decrease was due to a decrease in interest rates.

Interest
expense decreased 53% for the first six months of fiscal 2008 compared to the
same period of fiscal 2007. This decrease was primarily due to the Company
prepaying its long-term debt in April 2008, as well as a lower outstanding
long-term debt balance during the first quarter of 2008.

FUTURE
OPERATIONS

The Company
over time intends to expand its operations by expanding the breadth and depth
of its product and service offerings and introducing new and complementary
products. Gross margins attributable to new business areas may be lower than
those associated with the Companys existing business activities.

Due to the
evolving nature of the markets in which it competes, the Companys ability to
accurately forecast its revenues, gross profits and operating expenses as a
percentage of net sales is limited. The Companys current and future expense
levels are based largely on its investment plans and estimates of future
revenues. To a large extent these costs do not vary with revenue. Sales and
operating results generally depend on the Companys ability to attract and
retain customers and the volume of and timing of customer subscriptions for the
Companys services, which are difficult to forecast. The Company may be unable
to adjust spending in a timely manner to compensate for any unexpected revenue
shortfall. Accordingly, any significant shortfall in revenues in relation to
the Companys planned expenditures would have an

10

immediate
adverse effect on the Companys business, prospects, financial condition and
results of operations. Further, as a strategic response to changes in the
competitive environment, the Company may from time to time make certain
pricing, service, marketing or acquisition decisions that could have a material
adverse effect on its business, prospects, financial condition and results of
operations.

Achieving
greater profitability depends on the Companys ability to generate and sustain
increased revenue levels. The Company believes that its success will depend in
large part on its ability to (i) increase its brand awareness, (ii) provide its
customers with outstanding value, thus encouraging customer renewals, and (iii)
achieve sufficient sales volume to realize economies of scale. Accordingly, the
Company intends to continue to increase the size of its sales force, invest in
product development, operating infrastructure, marketing and promotion. There
can be no assurance that the Company will be able to achieve these objectives
within a meaningful time frame.

The Company
expects to experience significant fluctuations in its future quarterly
operating results due to a variety of factors, some of which are outside the Companys
control. Factors that may adversely affect the Companys quarterly operating
results include, among others, (i) the Companys ability to retain existing
customers, attract new customers at a steady rate and maintain customer
satisfaction, (ii) the Companys ability to maintain gross margins in its
existing business and in future product lines and markets, (iii) the
development of new services and products by the Company and its competitors,
(iv) price competition, (v) the level of use of the Internet and online
services and increasing acceptance of the Internet and other online services
for the purchase of products such as those offered by the Company, (vi) the
Companys ability to upgrade and develop its systems and infrastructure, (vii)
the Companys ability to attract new personnel in a timely and effective
manner, (viii) the level of traffic on the Companys Web site, (ix) the
Companys ability to manage effectively its development of new business
segments and markets, (x) the Companys ability to successfully manage the
integration of operations and technology of acquisitions or other business
combinations, (xi) technical difficulties, system downtime or Internet
brownouts, (xii) the amount and timing of operating costs and capital
expenditures relating to expansion of the Companys business, operations and
infrastructure, (xiii) governmental regulation and taxation policies, (xiv)
disruptions in service by common carriers due to strikes or otherwise, (xv)
risks of fire or other casualty, (xvi) litigation costs or other unanticipated
expenses, (xvii) interest rate risks and inflationary pressures, and (xviii)
general economic conditions and economic conditions specific to the Internet
and online commerce.

Due to the
foregoing factors and the Companys limited forecasting abilities, the Company
believes that period-to-period comparisons of its revenues and operating
results are not necessarily meaningful and should not be relied on as an
indication of future performance.

FORWARD-LOOKING
STATEMENTS

This Quarterly
Report on Form 10-Q may contain forward-looking statements, including
statements regarding future prospects, industry trends, competitive conditions
and litigation issues. Any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, the words believes, expects, anticipates,

11

plans or
words of similar meaning are intended to identify forward-looking statements.
This notice is intended to take advantage of the safe harbor provided by the
Private Securities Litigation Reform Act of 1995 with respect to such
forward-looking statements. These forward-looking statements involve a number
of risks and uncertainties. Among others, factors that could cause actual
results to differ materially from the Companys beliefs or expectations are
those listed under Results of Operations and other factors referenced herein
or from time to time as risk factors or otherwise in the Companys
Registration Statements or Securities and Exchange Commission reports.

Item 4T. Controls and Procedures

The Companys
management, with the participation of the Companys Chief Executive Officer and
Chief Financial Officer, has evaluated the effectiveness of the Companys
disclosure controls and procedures (as such term is defined in Rules 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the
end of the period covered by this report. Based on that evaluation, the
Companys Chief Executive Officer and Chief Financial Officer have concluded
that, as of the end of such period, the Companys disclosure controls and
procedures are effective.

There have not
been any changes in the Companys internal control over financial reporting (as
such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934, as amended) during our most recent fiscal quarter that
have materially affected, or are reasonably likely to materially affect, the
Companys internal control over financial reporting.

12

PART II. OTHER INFORMATION

Item 6. Exhibits

31.1

Certification
 of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
 of 2002.31.2

Certification
 of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
 of 2002.32.1

Certification
 of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2

Certification
 of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.13

SIGNATURES

Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

CREDITRISKMONITOR.COM,
 INC.(REGISTRANT)Date: August
 11, 2008
By: /s/
Lawrence
 FensterstockLawrence
 FensterstockChief
 Financial Officer14