CreditRiskMonitor.com restates financials for 2024-2025 due to state tax nexus errors; material weakness found

CREDITRISKMONITOR COM INC

Audit committee concludes 2024 and 2025 annual and certain quarterly financials should no longer be relied upon due to state tax nexus errors.
Company expects to record ~$1,767k sales tax liability and ~$210k income tax liability (plus interest) for affected periods.
Material weakness identified in internal controls over state and local tax nexus identification; remediation plan initiated.
Restatement will impact accrued liabilities, retained earnings, SG&A, interest expense, and income tax expense.

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