10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-028056`
Period End Date	20120331
Filing Date	20120511
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	imci-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 34 Cash Flow Statement 44

Balance Sheet 62 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
Cash	`Cash`	$36.89K	USD	Point-in-time
Cash	`Cash`	$16.25K	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`	$6.32K	USD	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$1.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$863.25K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.20K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$37.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$906.60K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$42.12K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.70K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$4.32K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$15.92K	USD	Point-in-time
Total assets	`Assets`	$953.04K	USD	Point-in-time
Total assets	`Assets`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$515.34K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$566.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$379.67K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$412.68K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$396.01K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$403.39K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$659.65K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$184.50K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$21.47K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$39.97K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$32.36K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$30.75K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$470.00K	USD	Point-in-time
Notes payable - related parties	`DueToRelatedPartiesCurrent`	$197.00K	USD	Point-in-time
Notes payable - related parties	`DueToRelatedPartiesCurrent`	$179.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.56M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.11M	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Related parties	`DueToRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.82M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 25,961,883 (25,961,883 - 2011) shares issued and outstanding	`CommonStockValue`	$25.96K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 25,961,883 (25,961,883 - 2011) shares issued and outstanding	`CommonStockValue`	$25.96K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.00M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-2.87M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$953.04K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.14M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.01M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.53M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.54M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$636.32K	USD	1 Quarter
Gross profit	`GrossProfit`	$473.44K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$412.70K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$247.62K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$151.86K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	1 Quarter
Selling	`SellingExpense`	$339.54K	USD	1 Quarter
Selling	`SellingExpense`	$287.51K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$220.21K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$739.03K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-265.58K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$416.11K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$12.86K	USD	1 Quarter
Related parties	`InterestExpenseDebt`	$13.60K	USD	1 Quarter
Other	`InterestExpenseOther`	$67.50K	USD	1 Quarter
Other	`InterestExpenseOther`	$52.76K	USD	1 Quarter
Total interest expense	`InterestExpense`	$81.10K	USD	1 Quarter
Total interest expense	`InterestExpense`	$65.63K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-331.21K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$335.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.18K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-332.39K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$335.00K	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.46M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.46M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.17M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-332.39K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$335.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$20.07K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$16.33K	USD	1 Quarter
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	1 Quarter
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	1 Quarter
Depreciation	`Depreciation`	$12.12K	USD	1 Quarter
Depreciation	`Depreciation`	$7.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-197.85K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-160.07K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.28K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.22K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$55.32K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-51.64K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-84.55K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.14K	USD	1 Quarter
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$132.92K	USD	1 Quarter
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.85K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.40K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.28K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.54K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.45K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.54K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.45K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$18.00K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$6.18K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$8.44K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.44K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.18K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-16.91K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-30.57K	USD	1 Quarter
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$16.25K	USD	Point-in-time
Cash - beginning of period	`Cash`	$6.32K	USD	Point-in-time
Cash - beginning of period	`Cash`	$33.16K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$16.25K	USD	Point-in-time
Cash - end of period	`Cash`	$6.32K	USD	Point-in-time
Cash - end of period	`Cash`	$33.16K	USD	Point-in-time
Interest	`InterestPaid`	$88.19K	USD	1 Quarter
Interest	`InterestPaid`	$41.01K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.18K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

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