UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549 FORM 10-QSB x
QUARTERLY
  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended: March 31,
2007o
TRANSITION
  REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACTFor the transition period from ________
to________ Commission file number 1-8601 CREDITRISKMONITOR.COM, INC.(Exact name of small business issuer 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 A
  Valley Cottage, New York 10989(Address of principal executive
offices)(845) 230-3000(Issuers telephone number) Check whether
the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 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 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 Check whether
the registrant filed all documents and reports required to be filed by Sections
12, 13 or 15(d) of the Exchange Act after the distribution of securities under
a plan confirmed by a court. Yes o No o
 APPLICABLE ONLY TO CORPORATE ISSUERS State the
number of shares outstanding of each of the issuers classes of common equity,
as of the latest practical date: Common stock $.01 par value  7,694,462
shares outstanding as of April 30, 2007.  Transitional
Small Business Disclosure Format (check one): Yes o     No
x    CREDITRISKMONITOR.COM, INC.

INDEX

PagePART
  I. FINANCIAL
  INFORMATIONItem 1. Financial
  StatementsBalance
  Sheets  March 31, 2007 (Unaudited) and December 31, 2006
2Statements of Operations for the Three
  Months Ended March 31, 2007 and 2006 (Unaudited)
3Statements of Cash Flows for the Three
  Months Ended March 31, 2007 and 2006 (Unaudited)
4Condensed
  Notes to Financial Statements
5Item
  2. Managements
  Discussion and Analysis of Financial Condition and Results of Operations
8Item
  3. Controls
  and Procedures
11PART
  II. OTHER
  INFORMATIONItem
  6. Exhibits
12SIGNATURES

13EXHIBITS31.1
Certification
  of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
  of 2002
1431.2
Certification
  of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
  of 2002
1632.1
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
1832.2
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
191

PART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCREDITRISKMONITOR.COM, INC.BALANCE SHEETS
MARCH 31, 2007 AND DECEMBER 31, 2006

March 31,
  2007

Dec. 31,
  2006(Unaudited)

(Note 1)ASSETSCurrent
assets:Cash and
cash equivalents

$
2,516,403

$
2,467,520Accounts
receivable, net of
  allowance


506,210


647,484Other
current assets


177,940


297,267Total
current assets


3,200,553


3,412,271Property
and equipment, net


116,826


131,211Goodwill


1,954,460


1,954,460Prepaid and
other assets


39,871


27,753Total
assets

$
5,311,710

$
5,525,695LIABILITIES
AND STOCKHOLDERS EQUITYCurrent
liabilities:Deferred
revenue

$
2,948,801

$
2,985,724Accounts
payable


74,177


78,364Accrued
expenses


254,990


415,645Current
portion of long-term
  debt


126,061


122,870Current
portion of capitalized
  lease obligations


11,362


18,437Total
current liabilities


3,415,391


3,621,040Long-term
debt, net of current
  portion


254,202


286,940Other
liabilities


67,580


73,392Total
liabilities


3,737,173


3,981,372Stockholders 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
  7,694,462 shares


76,944


76,944Additional
paid-in capital


28,187,751


28,177,684Accumulated
deficit


(26,690,158
)

(26,710,305
)Total
stockholders equity


1,574,537


1,544,323Total
liabilities and
  stockholders equity

$
5,311,710

$
5,525,695See accompanying condensed notes
to financial statements.

2

CREDITRISKMONITOR.COM, INC.STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(Unaudited)

2007

2006Operating revenues

$
1,158,800

$
1,027,845Operating expenses:Data and
product costs


421,256


320,392Selling,
general and
  administrative expenses


703,143


715,937Depreciation and amortization


16,639


16,251Total
operating expenses


1,141,038


1,052,580Income (loss) from operations


17,762


(24,735
)Other income


18,390


13,880Interest expense


(10,837
)

(14,502
)Income (loss) before income taxes


25,315


(25,357
)Provision for income taxes


5,168


3,656Net income (loss)

$
20,147

$
(29,013
)Net income
  (loss) per share of common stock:Basic

$
0.00

$
(0.00
)Diluted

$
0.00

$
(0.00
)Weighted
  average number of common shares outstanding:Basic


7,694,462


7,679,462Diluted


8,102,930


7,679,462See accompanying condensed notes
to financial statements.

3

CREDITRISKMONITOR.COM,
INC.STATEMENTS OF CASH
FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(Unaudited)

2007

2006Cash flows
from operating
  activities:Net income (loss)

$
20,147

$
(29,013
)Adjustments to reconcile net
  income (loss) to net cash provided by operating activities:Depreciation


16,639


16,251Deferred rent


21


733Stock-based compensation


10,067


7,567Changes in operating assets and
  liabilities:Accounts receivable


141,274


120,373Other current assets


119,327


39,231Prepaid and other assets


(12,118
)

(13,012
)Deferred revenue


(36,923
)

50,611Accounts payable


(4,187
)

(60,823
)Accrued expenses


(160,655
)

48,937Other liabilities


(5,833
)

Net cash
provided by operating
  activities


87,759


180,855Cash flows
from investing
  activities:Purchase of property and
  equipment


(2,254
)

(6,244
)Net cash
used in investing
  activities


(2,254
)

(6,244
)Cash flows
from financing
  activities:Payments on long-term debt


(29,547
)

(26,667
)Payments on capitalized lease
  obligations


(7,075
)

(6,351
)Net cash
used in financing
  activities


(36,622
)

(33,018
)Net
increase in cash and cash
  equivalents


48,883


141,593Cash and
cash equivalents at
  beginning of period


2,467,520


2,034,786Cash and
cash equivalents at
  end of period

$
2,516,403

$
2,176,379See accompanying condensed notes
to financial statements.

4

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. Certain
information and footnote disclosures normally included in consolidated
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, 2006 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, 2006.

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 as of March 31, 2007 and its results of
operations and cash flows for the three-month periods ended March 31, 2007 and 2006.

Results of
operations for the three-month periods ended March 31, 2007 and 2006 are not
necessarily indicative of the results of a full year.

During the
first quarter of 2007, the Company filed documents to dissolve Barbito Corp.,
its inactive wholly-owned subsidiary.

(2) Stock-Based Compensation

The Company adopted Statement of Financial Accounting
Standards (SFAS) No. 123 (revised 2004), Share-Based Payment (SFAS
123R) at the beginning of fiscal 2006
utilizing the modified prospective method, which does not require restatement
of prior periods.

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 months ended March 31, 2007 and 2006:

2007

2006Data and
  product costs

$
1,953

$
1,682Selling,
  general and administrative expenses


8,114


5,885$
10,067

$
7,5675

The following
table summarizes information about stock option activity for the three months
ended March 31, 2007:

Shares

Weighted-
  Average
  Exercise
  Price

WeightedAverageRemaining
  Contractual
  Term
  (in years)

AggregateIntrinsicValueOutstanding at beginning of period


695,500

$
0.8372


6.36

$
1,504,235Granted





Exercised





Cancelled





Outstanding at end of period


695,500

$
0.8372


6.11

$
704,410Exercisable at end of period


155,000

$
0.0324


1.40

$
281,735As of March 31, 2007, there was
$238,000 of total unrecognized compensation cost related to non-vested stock
option awards, which is expected to be recognized over a weighted-average
period of 4.24 years.

The Company adopted the
alternative transition method provided in FASB Staff Position No. FAS 123R-3,
Transition Election Related to Accounting for the Tax Effects of Share-Based
Payment Awards, for calculating the tax effects of stock-based compensation.
The alternative transition method includes simplified methods to establish the
beginning balance of the additional paid-in capital pool (APIC pool) related
to the tax effects of employee stock-based compensation, and to determine the
subsequent impact on the APIC pool and statements of cash flows of the tax
effects of employee stock-based compensation awards that are outstanding upon
adoption of SFAS 123R.

(3) Other
Recently Issued Accounting Standards

The FASB and
the SEC had issued certain accounting pronouncements as of March 31, 2007 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. Nor does management believe those pronouncements would have a
significant effect on future financial position or results of operations.

(4) Net Income
(Loss)
Per Share

Basic net income (loss) per share is based on
the weighted average number of common shares outstanding. Diluted net income
(loss) per share is based on the weighted average number of common shares
outstanding and the dilutive effect of outstanding stock options.

For
the three months ended March 31, 2006, the computation of diluted net loss
per share excludes the effects of the assumed exercise of 734,500
options since their inclusion would be anti-dilutive as the Company had a loss
in this period.

6

(5) Income Taxes

In June 2006,
the FASB issued FASB Interpretation 48, Accounting for Uncertainty in Income
Taxes  an interpretation of FASB Statement
No. 109 (FIN 48). FIN 48 clarifies the accounting for uncertainty in
income taxes recognized in an enterprises financial statements in accordance
with SFAS 109, Accounting for Income Taxes, and prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax return. FIN
48 also provides guidance on derecognition, classification, interest and
penalties, accounting in interim periods, disclosure and transition. The
Company adopted FIN 48 during the first quarter of fiscal 2007 and the impact
of adoption was not material to its financial position or results of
operations.

7

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

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2007, the Company had cash and
cash equivalents of $2.52 million compared to $2.47 million at December 31,
2006. The Companys working capital deficit at March 31, 2007 was approximately
$215,000 compared to a working capital deficit of approximately $209,000 at
December 31, 2006, due
primarily to a decrease of $141,000 in accounts receivable and a decrease of
$119,000 in other current assets offset somewhat by an increase of $49,000 in
cash, a decrease of $37,000 in deferred revenue, a decrease of $4,000 in
accounts payable, a decrease of $160,000 in accrued expenses and a decrease of
$4,000 in the current portion of long-term debt and capitalized lease
obligations. Additionally,
the working capital deficit at March 31, 2007 is mainly derived from $2.95
million in deferred revenue, which should not require any future cash outlay
other than the cost of preparation and delivery of the applicable commercial
credit reports that is 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, including debt service, 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 March 31,2007

2006Amount

% of Total
  Operating
  Revenues

Amount

% of Total
  Operating
  RevenuesOperating
  revenues

$
1,158,800


100.00
%
$
1,027,845


100.00
%Operating
  expenses:Data and
product costs


421,256


36.35
%

320,392


31.17
%Selling,
general and administrative


703,143


60.68
%

715,937


69.65
%Depreciation
and amortization


16,639


1.44
%

16,251


1.58
%Total
operating expenses


1,141,038


98.47
%

1,052,580


102.40
%Income
  (loss) from operations


17,762


1.53
%

(24,735
)

-2.40
%Other
  income


18,390


1.59
%

13,880


1.35
%Interest
  expense


(10,837
)

-0.94
%

(14,502
)

-1.41
%Income
  (loss) before income taxes


25,315


2.18
%

(25,357
)

-2.46
%Provision
  for income taxes


5,168


0.44
%

3,656


0.36
%Net
  income (loss)

$
20,147


1.74
%
$
(29,013
)

-2.82
%Operating revenues increased 13% for the three months ended March
31, 2007. This increase was primarily due to an increase in the number of
subscribers to the Companys Internet subscription service as the market became
more aware of the Companys enhanced service, offset in part by a decrease in
the number of subscribers to the Companys subscription service for third-party

8

international credit reports as the result of
declining demand for such reports.

Data and
product costs increased 31% for the first quarter of 2007 compared to the same
period of fiscal 2006. 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.

Selling, general
and administrative expenses decreased 2% for the first quarter of fiscal 2007
compared to the same period of fiscal 2006. This decrease was primarily due to
lower salary and related employee benefit costs as the result of the Companys
change in benefits provider effective January 1, 2007 and a decrease in
marketing expenses, partially offset by an increase in professional fees and
telephone expense.

Depreciation
and amortization increased 2% for the first quarter of fiscal 2007 compared to
the same period of fiscal 2006. This increase was due to a higher depreciable
asset base during the quarter reflecting assets purchased during the past 12
months, partially offset by no depreciation expense recorded on certain items
that have been fully depreciated but are still in use.

Other income increased 32% for first quarter of fiscal 2007 compared to
the same period last year. This increase was due to a higher level of funds
invested in interest bearing accounts as well as a higher interest rate
received on such funds during the current period compared to the same period
last year.

Interest expense decreased 25% for the first quarter of fiscal 2007
compared to the same period of fiscal 2006. This decrease was primarily due to
a lower outstanding long-term debt balance.

The Company reported net income of $20,000 versus a net loss of $29,000
for the three months ended March 31, 2007 and 2006, respectively.

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 their 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 immediate adverse effect on
the Companys business, prospects, financial condition and results of
operations. Further, as a strategic response to

9

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
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 invest in marketing and promotion, product development
and technology and operating infrastructure development. 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-QSB 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, plans
or words of similar meaning are intended to identify forward-looking
statements. This notice is intended to take advantage of the safe harbor

10

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 3. 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. Management is aware that
there is a lack of segregation of duties due to the small number of employees
dealing with general administrative and financial matters. However, management
has decided that considering the employees involved and the control procedures
in place, risks associated with such lack of segregation are insignificant and
the potential benefit of adding employees to clearly segregate duties do not
justify the expenses associated with such increase.

11

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
  2002.12

SIGNATURES

In accordance
with the requirements of the Exchange Act, the Registrant caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

CREDITRISKMONITOR.COM, INC.
              (REGISTRANT)Date: May
  15, 2007
By:
/s/   Lawrence
  FensterstockLawrence
  FensterstockChief
  Financial Officer13