10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-046343`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	imci-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 63 Cash Flow Statement 44

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$34.12K	USD	Point-in-time
Cash	`Cash`	$27.35K	USD	Point-in-time
Cash	`Cash`	$196.71K	USD	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.46M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$709.30K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.46M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$710.54K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.46M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.39K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.46M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.30K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$765.96K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$757.85K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.21K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$18.42K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$18.42K	USD	Point-in-time
Total assets	`Assets`	$844.48K	USD	Point-in-time
Total assets	`Assets`	$844.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$651.98K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$709.64K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$344.32K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$283.43K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$357.85K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$312.94K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$3.13M	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$3.40M	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$54.72K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$50.77K	USD	Point-in-time
Current maturities of long-term obligations-bank	`LongTermDebtCurrent`	$23.68K	USD	Point-in-time
Current maturities of long-term obligations-bank	`LongTermDebtCurrent`	$25.95K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable-related parties	`DueToRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Notes payable-related parties	`DueToRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.66M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$614.19K	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$624.47K	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Accrued pension expense	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.29M	USD	Point-in-time
Accrued pension expense	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.50M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 26,461,883 (26,461,883 - 2010) shares issued and outstanding	`CommonStockValue`	$26.46K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 26,461,883 (26,461,883 - 2010) shares issued and outstanding	`CommonStockValue`	$26.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.75M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.96M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.96M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.24M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$844.54K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$844.48K	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.23M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.22M	USD	1 Quarter
Sales	`SalesRevenueNet`	$4.99M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$4.23M	USD	2 Qtrs
Cost of services	`CostOfServices`	$3.77M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.60M	USD	1 Quarter
Cost of services	`CostOfServices`	$3.14M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.23M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.09M	USD	2 Qtrs
Gross profit	`GrossProfit`	$514.63K	USD	1 Quarter
Gross profit	`GrossProfit`	$620.48K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$616.13K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$210.76K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$458.38K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$307.83K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$286.49K	USD	2 Qtrs
Defined benefit pension plan	`PensionExpense`	$119.80K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$134.63K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$245.95K	USD	2 Qtrs
Selling	`SellingExpense`	$881.05K	USD	2 Qtrs
Selling	`SellingExpense`	$666.54K	USD	2 Qtrs
Selling	`SellingExpense`	$397.09K	USD	1 Quarter
Selling	`SellingExpense`	$327.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$672.39K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.74M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.41M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$824.72K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-515.50K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-310.09K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-317.49K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-51.91K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$24.68K	USD	2 Qtrs
Related parties	`InterestExpenseDebt`	$12.67K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$12.92K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$25.78K	USD	2 Qtrs
Other	`InterestExpenseOther`	$57.15K	USD	1 Quarter
Other	`InterestExpenseOther`	$109.62K	USD	2 Qtrs
Other	`InterestExpenseOther`	$56.85K	USD	1 Quarter
Other	`InterestExpenseOther`	$111.28K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$135.40K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$69.81K	USD	1 Quarter
Total interest expense	`InterestExpense`	$135.96K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$69.78K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-452.89K	USD	2 Qtrs
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-121.68K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-651.46K	USD	2 Qtrs
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-379.90K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.37K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.23K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$188.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-652.69K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-121.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-454.26K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-379.90K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	25.66M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	26.46M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	26.46M	shares	2 Qtrs
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	25.66M	shares	2 Qtrs

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-652.69K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-121.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-454.26K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-379.90K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$58.92K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$38.01K	USD	2 Qtrs
Depreciation	`Depreciation`	$16.04K	USD	2 Qtrs
Depreciation	`Depreciation`	$17.74K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.24K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-357.54K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.36K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.91K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$57.66K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-113.94K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-74.22K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$101.85K	USD	2 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$269.35K	USD	2 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$235.07K	USD	2 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-181.94K	USD	2 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$21.51K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.07K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.99K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.99K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.07K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$12.56K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$9.35K	USD	2 Qtrs
Repayments of note payable-related party	`RepaymentsOfRelatedPartyDebt`	$25.00K	USD	2 Qtrs
Proceeds from note payable-related party	`ProceedsFromRelatedPartyDebt`	$50.00K	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.56K	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.65K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$962.00	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-169.36K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$34.12K	USD	Point-in-time
Cash - beginning of period	`Cash`	$27.35K	USD	Point-in-time
Cash - beginning of period	`Cash`	$196.71K	USD	Point-in-time
Cash - beginning of period	`Cash`	$33.16K	USD	Point-in-time
Cash - end of period	`Cash`	$34.12K	USD	Point-in-time
Cash - end of period	`Cash`	$27.35K	USD	Point-in-time
Cash - end of period	`Cash`	$196.71K	USD	Point-in-time
Cash - end of period	`Cash`	$33.16K	USD	Point-in-time
Interest	`InterestPaid`	$106.02K	USD	2 Qtrs
Interest	`InterestPaid`	$86.52K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.23K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.37K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.