10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-063275`
Period End Date	20110930
Filing Date	20111114
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	imci-20110930.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
Cash	`Cash`	$196.71K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Cash	`Cash`	$7.13K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$104.46K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$690.96K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.46M	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
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`	$25.79K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.46M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$757.85K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$723.88K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$54.28K	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`	$796.58K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$633.22K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$651.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$283.43K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$290.20K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$380.40K	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`	$670.00K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$54.72K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$64.77K	USD	Point-in-time
Current maturities of long-term obligations-bank	`LongTermDebtCurrent`	$25.95K	USD	Point-in-time
Current maturities of long-term obligations-bank	`LongTermDebtCurrent`	$22.06K	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`	$2.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.66M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$609.22K	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`	$4.16M	USD	Point-in-time
Accrued pension expense	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.08M	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 shares issued and outstanding	`CommonStockValue`	$26.46K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 26,461,883 shares issued and outstanding	`CommonStockValue`	$26.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.88M	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`	$-6.24M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$844.48K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$796.58K	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$7.21M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$2.31M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.54M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$2.21M	USD	1 Quarter
Cost of services	`CostOfServices`	$4.84M	USD	3 Qtrs
Cost of services	`CostOfServices`	$1.70M	USD	1 Quarter
Cost of services	`CostOfServices`	$5.35M	USD	3 Qtrs
Cost of services	`CostOfServices`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$607.84K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.85M	USD	3 Qtrs
Gross profit	`GrossProfit`	$623.65K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$312.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$928.12K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$220.99K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$679.37K	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	$126.67K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$416.50K	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	$372.62K	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	$130.00K	USD	1 Quarter
Selling	`SellingExpense`	$383.63K	USD	1 Quarter
Selling	`SellingExpense`	$1.26M	USD	3 Qtrs
Selling	`SellingExpense`	$975.95K	USD	3 Qtrs
Selling	`SellingExpense`	$309.40K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$660.39K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$822.30K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$2.57M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$2.07M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-52.55K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-198.66K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-714.16K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-370.04K	USD	3 Qtrs
Related parties	`InterestExpenseDebt`	$13.84K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$38.93K	USD	3 Qtrs
Related parties	`InterestExpenseDebt`	$38.52K	USD	3 Qtrs
Related parties	`InterestExpenseDebt`	$13.15K	USD	1 Quarter
Other	`InterestExpenseOther`	$58.33K	USD	1 Quarter
Other	`InterestExpenseOther`	$169.61K	USD	3 Qtrs
Other	`InterestExpenseOther`	$62.98K	USD	1 Quarter
Other	`InterestExpenseOther`	$172.60K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$211.53K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$208.13K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$72.17K	USD	1 Quarter
Total interest expense	`InterestExpense`	$76.13K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-581.57K	USD	3 Qtrs
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-128.68K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-270.83K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-922.29K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.23K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.61K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$238.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-128.92K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-583.18K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-923.52K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-270.83K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	26.15M	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	3 Qtrs
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	25.83M	shares	3 Qtrs

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-128.92K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-583.18K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-923.52K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-270.83K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$80.84K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$78.51K	USD	3 Qtrs
Depreciation	`Depreciation`	$23.95K	USD	3 Qtrs
Depreciation	`Depreciation`	$26.27K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-18.34K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-452.80K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.99K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$10.40K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-98.61K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-18.75K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$84.28K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$13.42K	USD	3 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$408.05K	USD	3 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$365.09K	USD	3 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14K	USD	3 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-92.03K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.08K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.02K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.02K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.08K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$15.14K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$19.15K	USD	3 Qtrs
Proceeds from notes payable-related parties	`ProceedsFromRelatedPartyDebt`	$90.00K	USD	3 Qtrs
Repayments of note payable-related party	`RepaymentsOfRelatedPartyDebt`	$70.00K	USD	3 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.15K	USD	3 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.86K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-26.03K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-92.25K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$196.71K	USD	Point-in-time
Cash - beginning of period	`Cash`	$33.16K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.13K	USD	Point-in-time
Cash - beginning of period	`Cash`	$104.46K	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
Cash - end of period	`Cash`	$7.13K	USD	Point-in-time
Cash - end of period	`Cash`	$104.46K	USD	Point-in-time
Interest	`InterestPaid`	$141.12K	USD	3 Qtrs
Interest	`InterestPaid`	$154.08K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.61K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.23K	USD	3 Qtrs

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