CREDITRISKMONITOR COM INC [CRMZ] - CreditRiskMonitor.com, Inc. financial restatement
CreditRiskMonitor.com, Inc. will restate its previously issued financial statements for the periods ended June 30, 2025, September 30, 2025, and March 31, 2026, due to tax compliance issues identified in a nexus study conducted with CohnReznick LLP.
Why this matters
CreditRiskMonitor.com, Inc. is a Nevada-incorporated company operating in the consumer credit reporting and collection agency sector, providing financial risk analysis and credit reporting services. The company has announced a financial restatement of its previously issued financial statements for several periods, including June 30, 2025, September 30, 2025, and March 31, 2026. This action follows a nexus study conducted with CohnReznick LLP, which revealed that CreditRiskMonitor.com had not been collecting and remitting sales and use taxes or filing income taxes in certain state and local jurisdictions where it had economic and physical nexus. Consequently, the company expects to record a sales tax liability of approximately $1.767 million and an income tax liability of about $210,000, impacting accrued liabilities and income.