UNITED
STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549 FORM 10-Q xQUARTERLY
 REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934For the quarterly period ended March 31, 2008oTRANSITION
 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

(I.R.S. Employer
 Identification No.)incorporation or organization)  704 Executive Boulevard,
 Suite A
 Valley 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 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 
oIndicate by
 check mark whether the registrant is a large accelerated filed, 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 xAPPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
 PROCEEDINGS DURING THE PRECEDING FIVE YEARSIndicate by
 check mark whether the registrant filed all documents and reports required to
 be filed by Sections 12, 13 or 15(d) of the Exchange Act subsequent to the
 distribution of securities under a plan confirmed by a court.Yes o  No oAPPLICABLE ONLY TO CORPORATE ISSUERSIndicate 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  7,694,462 shares outstanding as of May 2,
 2008.     CREDITRISKMONITOR.COM, INC.
INDEX





PagePART I.
 FINANCIAL INFORMATIONItem 1. Financial StatementsBalance Sheets  March 31, 2008 (Unaudited) and
 December 31, 2007
2Statements of Operations for the Three Months Ended
 March 31, 2008 and 2007 (Unaudited)
3Statements of Cash Flows for the Three Months Ended
 March 31, 2008 and 2007 (Unaudited)
4Condensed Notes to Financial Statements
5Item 2. Managements Discussion and Analysis of Financial
 Condition and Results of Operations
7Item 4T. Controls and Procedures
10PART II.
 OTHER INFORMATIONItem 6. Exhibits
11SIGNATURES
12EXHIBITS31.1
Certification of Chief
 Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

1331.2
Certification of Chief
 Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

1532.1
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

1732.2
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

181

PART
I. FINANCIAL INFORMATION

Item
1. Financial Statements

CREDITRISKMONITOR.COM, INC.BALANCE SHEETS
MARCH 31, 2008 AND DECEMBER 31, 2007

March 31,
2008

Dec. 31,
2007(Unaudited)

(Note 1)ASSETSCurrent
 assets:Cash and cash
equivalents

$
3,216,565

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


733,286


737,436Other current
assets


199,684


260,657Total current
assets


4,149,535


3,971,356Property and
 equipment, net


161,889


149,773Goodwill


1,954,460


1,954,460Prepaid and
 other assets


45,465


27,753Total
assets

$
6,311,349

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

$
3,624,580

$
3,391,339Accounts
payable


81,581


51,119Accrued
expenses


273,258


348,745Current portion
of long-term debt


139,676


136,141Total current
liabilities


4,119,095


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


114,525


150,799Other
 liabilities


65,710


66,422Total
liabilities


4,299,330


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 7,694,462 shares


76,944


76,944Additional
paid-in capital


28,235,381


28,221,907Accumulated
deficit


(26,300,306
)

(26,340,074
)Total
stockholders equity


2,012,019


1,958,777Total
liabilities and stockholders equity

$
6,311,349

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

2

CREDITRISKMONITOR.COM, INC.STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(Unaudited)

2008

2007Operating revenues

$
1,365,190

$
1,158,800Operating expenses:Data and
product costs


431,228


421,256Selling,
general and administrative expenses


892,246


703,143Depreciation
and amortization


17,539


16,639Total operating
expenses


1,341,013


1,141,038Income from operations


24,177


17,762Other income


24,726


18,390Interest expense


(7,245
)

(10,837
)Income before income taxes


41,658


25,315Provision for income taxes


1,890


5,168Net income

$
39,768

$
20,147Net income per share of
 common stock:Basic

$
0.01

$
0.00Diluted

$
0.00

$
0.00Weighted average number of
 common shares outstanding:Basic


7,694,462


7,679,462Diluted


8,113,970


8,102,930See
accompanying condensed notes to financial statements.

3

CREDITRISKMONITOR.COM,
INC. STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 
(Unaudited)

2008


2007Cash flows from operating
activities:Net
income

$
39,768

$
20,147Adjustments to reconcile net
income to net
  cash provided by operating activities:Depreciation


17,539


16,639Deferred
rent


(712
)

21Stock-based
compensation


13,474


10,067Changes in
operating assets and
  liabilities:Accounts
receivable


4,150


141,274Other current
assets


60,973


119,327Prepaid and
other assets


(17,712
)

(12,118
)Deferred
revenue


233,241


(36,923
)Accounts
payable


30,462


(4,187
)Accrued
expenses


(75,487
)

(166,488
)Net cash provided by operating
activities


305,696


87,759Cash flows from investing
activities:Purchase of
property and equipment


(29,655
)

(2,254
)Net cash used in investing
activities


(29,655
)

(2,254
)Cash flows from financing
activities:Payments on
long-term debt


(32,739
)

(29,547
)Payments on
capitalized lease obligations





(7,075
)Net cash used in financing
activities


(32,739
)

(36,622
)Net increase in cash and cash
equivalents


243,302


48,883Cash and cash equivalents at
beginning of
  period


2,973,263


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

$
3,216,565

$
2,516,403See accompanying condensed notes to financial
statements.

4

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

(1)
Basis of
  PresentationThe 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 months ended
March 31, 2008 are not necessarily indicative of the results that may be
expected for the full year.

(2)
Stock-Based
  CompensationThe 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 months ended March 31:

2008

2007Data and product
costs

$
1,952

$
1,953Selling, general and
administrative expenses


11,522


8,114$
13,474

$
10,067(3)
Other
  Recently Issued Accounting StandardsThe FASB and
the SEC had issued certain accounting pronouncements as of March 31, 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. Management also believes those pronouncements will not have a
significant effect on our future financial position or results of operations.

5

(4)
Net Income
  Per ShareBasic 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)
Subsequent
  EventsIn 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.

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

6

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

FINANCIAL
CONDITION, LIQUIDITY AND CAPITAL RESOURCES

At March 31,
2008, the Company had cash and cash equivalents of $3.22 million compared to
$2.97 million at December 31, 2007. The Company had working capital (i.e.,
total current assets in excess of total current liabilities) of approximately
$30,000 at March 31, 2008 compared to approximately $44,000 at December 31,
2007. 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) improved from 0.76 at December 31, 2007 to 0.78 at March
31, 2008 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) stayed at 1.01 at December 31, 2007 and March 31, 2008.
Additionally, the main component of current liabilities at March 31, 2008 is
deferred revenue of $3.62 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, 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 31,2008

2007Amount

% of Total
Operating
Revenues

Amount

% of Total
Operating
RevenuesOperating revenues

$
1,365,190


100.00
%
$
1,158,800


100.00
%Operating expenses:Data and
product costs


431,228


31.59
%

421,256


36.35
%Selling,
general and administrative
  expenses


892,246


65.36
%

703,143


60.68
%Depreciation
and amortization


17,539


1.28
%

16,639


1.44
%Total
operating expenses


1,341,013


98.23
%

1,141,038


98.47
%Income from
operations


24,177


1.77
%

17,762


1.53
%Other income


24,726


1.81
%

18,390


1.59
%Interest expense


(7,245
)

-0.53
%

(10,837
)

-0.94
%Income before income
taxes


41,658


3.05
%

25,315


2.18
%Provision for income
taxes


1,890


0.14
%

5,168


0.44
%Net income

$
39,768


2.91
%
$
20,147


1.74
%Operating
revenues increased 18% for the three months ended March 31, 2008. This increase
was primarily due to an increase in the number of subscribers and increased
revenue from existing subscribers to the Companys Internet

7

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.

Data and
product costs increased 2% for the first quarter of 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 an additional senior
programmer, as well as the higher cost of third-party content offset in part by
lower consulting fees.

Selling,
general and administrative expenses increased 27% for the first 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, an increase
in professional fees, primarily for outside assistance in complying with the
requirements of the Sarbanes-Oxley Act of 2002, and an increase in marketing
expenses.

Depreciation
and amortization increased 5% for the first 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 their depreciable life.

Other income
increased 34% for first quarter of fiscal 2008 compared to the same period last
year. This increase was due to a higher level of funds invested in interest
bearing accounts.

Interest
expense decreased 33% for the first quarter of fiscal 2008 compared to the same
period of fiscal 2007. This decrease was primarily due to a lower outstanding
long-term debt balance.

The Company
reported net income of approximately $40,000 versus net income of approximately
$20,000 for the three months ended March 31, 2008 and 2007, 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 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 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

8

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, 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

9

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.

10

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 2002.11

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: May 12, 2008
By:
/s/
Lawrence FensterstockLawrence FensterstockChief Financial Officer12