10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-044592`
Period End Date	20120630
Filing Date	20120813
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	imci-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 60 Cash Flow Statement 50

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Allowances for accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Cash	`Cash`	$34.12K	USD	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$3.54K	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
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$1.02M	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$763.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$33.66K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$800.96K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.57K	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`	$841.85K	USD	Point-in-time
Total assets	`Assets`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$384.62K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$566.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$458.56K	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`	$399.20K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$659.65K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$202.94K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$39.97K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$17.88K	USD	Point-in-time
Current maturities of long-term obligations-banks and other	`LongTermDebtCurrent`	$32.36K	USD	Point-in-time
Current maturities of long-term obligations-banks and other	`LongTermDebtCurrent`	$27.32K	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	`NotesPayableRelatedPartiesClassifiedCurrent`	$197.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$173.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.13M	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	`NotesPayableRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.74M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 25,961,883 shares issued and outstanding	`CommonStockValue`	$25.96K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 25,961,883 shares issued and outstanding	`CommonStockValue`	$25.96K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.33M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.90M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$1.14M	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$841.85K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$4.23M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$2.12M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.23M	USD	1 Quarter
Sales	`SalesRevenueNet`	$4.65M	USD	2 Qtrs
Cost of services	`CostOfServices`	$3.14M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.60M	USD	1 Quarter
Cost of services	`CostOfServices`	$3.45M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$620.48K	USD	1 Quarter
Gross profit	`GrossProfit`	$561.49K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.09M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.20M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$210.95K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$459.75K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$251.61K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$664.31K	USD	2 Qtrs
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$134.63K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	2 Qtrs
Defined benefit pension plan	`PensionExpense`	$286.49K	USD	2 Qtrs
Selling	`SellingExpense`	$568.38K	USD	2 Qtrs
Selling	`SellingExpense`	$666.54K	USD	2 Qtrs
Selling	`SellingExpense`	$280.87K	USD	1 Quarter
Selling	`SellingExpense`	$327.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.41M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$532.48K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$752.69K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$672.58K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-318.86K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-52.09K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$445.12K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$29.01K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$-13.11K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$-12.92K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$-26.71K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$-25.78K	USD	2 Qtrs
Other	`InterestExpenseOther`	$-56.85K	USD	1 Quarter
Other	`InterestExpenseOther`	$-109.62K	USD	2 Qtrs
Other	`InterestExpenseOther`	$-65.65K	USD	1 Quarter
Other	`InterestExpenseOther`	$-133.15K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$-78.76K	USD	1 Quarter
Total interest expense	`InterestExpense`	$-159.86K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$-135.40K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$-69.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-454.26K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-49.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$285.26K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-121.87K	USD	1 Quarter
Net income (loss) per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net income (loss) per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	2 Qtrs
Net income (loss) per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net income (loss) per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.46M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.46M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.46M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.46M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.83M	shares	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-454.26K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-49.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$285.26K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-121.87K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$21.69K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$38.01K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$19.19K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$39.26K	USD	2 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	2 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	2 Qtrs
Depreciation	`Depreciation`	$16.04K	USD	2 Qtrs
Depreciation	`Depreciation`	$18.32K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.24K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-259.56K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$850.00	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.91K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$57.66K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-182.36K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$52.62K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$101.85K	USD	2 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$23.29K	USD	2 Qtrs
Accrued pension and retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$269.35K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.11K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$21.51K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.18K	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`	$-8.18K	USD	2 Qtrs
Repayments of notes payable - banks and others	`RepaymentsOfNotesPayable`	$12.56K	USD	2 Qtrs
Repayments of notes payable - banks and others	`RepaymentsOfNotesPayable`	$16.28K	USD	2 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	$24.00K	USD	2 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-40.28K	USD	2 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.56K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-33.35K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$962.00	USD	2 Qtrs
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$34.12K	USD	Point-in-time
Cash - beginning of period	`Cash`	$33.16K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$3.54K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$34.12K	USD	Point-in-time
Cash - end 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`	$3.54K	USD	Point-in-time
Interest	`InterestPaid`	$162.77K	USD	2 Qtrs
Interest	`InterestPaid`	$86.52K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

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