10-K Filing

INFINITE GROUP INC CIK: 884650 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-013112`
Period End Date	20111231
Filing Date	20120306
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	imci-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 34 Cash Flow Statement 43 Stockholders Equity 16

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Accounts receivable, allowances	`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
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$196.71K	USD	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$1.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.46M	shares	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$709.30K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.20K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$757.85K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.70K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.21K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$15.92K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$18.42K	USD	Point-in-time
Assets, Total	`Assets`	$1.14M	USD	Point-in-time
Assets, Total	`Assets`	$844.48K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$566.98K	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`	$379.67K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$403.39K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$312.94K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$659.65K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$3.13M	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$54.72K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$39.97K	USD	Point-in-time
Current maturities of long-term obligations - bank	`LongTermDebtCurrent`	$32.36K	USD	Point-in-time
Current maturities of long-term obligations - bank	`LongTermDebtCurrent`	$25.95K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable - related parties	`DueToRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Notes payable - related parties	`DueToRelatedPartiesCurrent`	$197.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$624.47K	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.56M	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Accrued pension obligation	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.08M	USD	Point-in-time
Commitments and contingencies (Notes 10 and 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 10 and 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 25,961,883 (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; 25,961,883 (26,461,883 - 2010) shares issued and outstanding	`CommonStockValue`	$25.96K	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`	$-33.33M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.96M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-5.09M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.24M	USD	Point-in-time
Liabilities and Equity, Total	`LiabilitiesAndStockholdersEquity`	$844.48K	USD	Point-in-time
Liabilities and Equity, Total	`LiabilitiesAndStockholdersEquity`	$1.14M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$9.16M	USD	Annual
Sales	`SalesRevenueNet`	$9.40M	USD	Annual
Cost of services	`CostOfServices`	$6.60M	USD	Annual
Cost of services	`CostOfServices`	$6.92M	USD	Annual
Gross profit	`GrossProfit`	$2.48M	USD	Annual
Gross profit	`GrossProfit`	$2.56M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.20M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$895.50K	USD	Annual
Defined benefit pension plan	`PensionExpense`	$103.82K	USD	Annual
Defined benefit pension plan	`PensionExpense`	$513.86K	USD	Annual
Selling	`SellingExpense`	$1.61M	USD	Annual
Selling	`SellingExpense`	$1.25M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.25M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$3.33M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-846.43K	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$312.98K	USD	Annual
Related parties	`InterestExpenseDebt`	$52.82K	USD	Annual
Related parties	`InterestExpenseDebt`	$50.56K	USD	Annual
Other	`InterestExpenseOther`	$238.79K	USD	Annual
Other	`InterestExpenseOther`	$220.85K	USD	Annual
Total interest expense	`InterestExpense`	$271.41K	USD	Annual
Total interest expense	`InterestExpense`	$291.61K	USD	Annual
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.37K	USD	Annual
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.12M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.79K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.23K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$19.58K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.12M	USD	Annual
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.99M	shares	Annual
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.36M	shares	Annual
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.09M	shares	Annual
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.99M	shares	Annual

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$19.58K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.12M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$89.67K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$103.91K	USD	Annual
Depreciation	`Depreciation`	$31.52K	USD	Annual
Depreciation	`Depreciation`	$34.32K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$314.02K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-409.28K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-44.35K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.31K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-85.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-34.48K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-34.24K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$171.93K	USD	Annual
Accrued pension obligations	`IncreaseDecreaseInPensionPlanObligations`	$451.22K	USD	Annual
Accrued pension obligations	`IncreaseDecreaseInPensionPlanObligations`	$70.09K	USD	Annual
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-158.95K	USD	Annual
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.29K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.08K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.02K	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.08K	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.02K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$100.00K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$19.52K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$28.95K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromRelatedPartyDebt`	$23.00K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromRelatedPartyDebt`	$90.00K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$70.00K	USD	Annual
Repurchase of shares of common stock	`PaymentsForRepurchaseOfCommonStock`	$75.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.05K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$476.00	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-163.56K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$3.74K	USD	Annual
Cash - beginning of year	`Cash`	$196.71K	USD	Point-in-time
Cash - beginning of year	`Cash`	$33.16K	USD	Point-in-time
Cash - beginning of year	`Cash`	$36.89K	USD	Point-in-time
Cash - end of year	`Cash`	$196.71K	USD	Point-in-time
Cash - end of year	`Cash`	$33.16K	USD	Point-in-time
Cash - end of year	`Cash`	$36.89K	USD	Point-in-time
Interest	`InterestPaid`	$198.86K	USD	Annual
Interest	`InterestPaid`	$196.44K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$1.23K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$1.79K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-5.09M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-6.24M	USD	Point-in-time
Shares of common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$75.00K	USD	Annual
Accrued interest - related party converted to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$40.00K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.67K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$103.91K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$19.58K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.12M	USD	Annual
Retirement benefit adjustment	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-156.11K	USD	Annual
Retirement benefit adjustment	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$2.96M	USD	Annual
Total comprehensive income (Loss)	`ComprehensiveIncomeNetOfTax`	$2.98M	USD	Annual
Total comprehensive income (Loss)	`ComprehensiveIncomeNetOfTax`	$-1.28M	USD	Annual
Ending Balance	`StockholdersEquity`	$-5.09M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-6.24M	USD	Point-in-time

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