10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-061953`
Period End Date	20120930
Filing Date	20121114
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	imci-20120930.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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Cash	`Cash`	$7.13K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Cash	`Cash`	$33.16K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$3.61K	USD	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`	$596.34K	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
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.26K	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`	$630.21K	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`	$42.65K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$15.92K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$4.32K	USD	Point-in-time
Total assets	`Assets`	$1.14M	USD	Point-in-time
Total assets	`Assets`	$677.18K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$404.74K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$566.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$294.93K	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`	$400.50K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$211.16K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$659.65K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$39.97K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$26.65K	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`	$26.43K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$470.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$197.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$169.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.00M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.11M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.56M	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`	$3.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.37M	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`	$30.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.33M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-2.94M	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`	$677.18K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.31M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.74M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$2.10M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.54M	USD	3 Qtrs
Cost of services	`CostOfServices`	$1.70M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.53M	USD	1 Quarter
Cost of services	`CostOfServices`	$4.98M	USD	3 Qtrs
Cost of services	`CostOfServices`	$4.84M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.76M	USD	3 Qtrs
Gross profit	`GrossProfit`	$607.84K	USD	1 Quarter
Gross profit	`GrossProfit`	$563.59K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$908.81K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$221.22K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$680.98K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$244.50K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$130.00K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	$416.50K	USD	3 Qtrs
Selling	`SellingExpense`	$309.40K	USD	1 Quarter
Selling	`SellingExpense`	$863.80K	USD	3 Qtrs
Selling	`SellingExpense`	$975.95K	USD	3 Qtrs
Selling	`SellingExpense`	$295.42K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$660.63K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.29M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$539.92K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$2.07M	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-371.64K	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$23.68K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-52.79K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$468.79K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$12.99K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$13.15K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$38.93K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$39.70K	USD	3 Qtrs
Other	`InterestExpenseOther`	$204.69K	USD	3 Qtrs
Other	`InterestExpenseOther`	$62.98K	USD	1 Quarter
Other	`InterestExpenseOther`	$172.60K	USD	3 Qtrs
Other	`InterestExpenseOther`	$71.54K	USD	1 Quarter
Total interest expense	`InterestExpense`	$211.53K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$244.39K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$76.13K	USD	1 Quarter
Total interest expense	`InterestExpense`	$84.53K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-60.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-583.18K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-128.92K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$224.40K	USD	3 Qtrs
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	1 Quarter
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.46M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.46M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.50M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.46M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.46M	shares	3 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-60.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-583.18K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-128.92K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$224.40K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$42.83K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$24.40K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$63.66K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$80.84K	USD	3 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	3 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	3 Qtrs
Depreciation	`Depreciation`	$22.77K	USD	3 Qtrs
Depreciation	`Depreciation`	$23.95K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.34K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$426.99K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.55K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.40K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-162.24K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-18.75K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$84.28K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-100.94K	USD	3 Qtrs
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$408.05K	USD	3 Qtrs
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$31.51K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$28.71K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.02K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.54K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.54K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.02K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$19.15K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$24.46K	USD	3 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	$28.00K	USD	3 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-52.46K	USD	3 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.15K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-26.03K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-33.29K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.13K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$33.16K	USD	Point-in-time
Cash - beginning of period	`Cash`	$3.61K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$7.13K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$33.16K	USD	Point-in-time
Cash - end of period	`Cash`	$3.61K	USD	Point-in-time
Interest	`InterestPaid`	$247.06K	USD	3 Qtrs
Interest	`InterestPaid`	$141.12K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs

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