10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-028928`
Period End Date	20130331
Filing Date	20130515
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	imci-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 30 Cash Flow Statement 44

Balance Sheet 62 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`	$56.16K	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`	$12.86K	USD	Point-in-time
Cash	`Cash`	$6.32K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$585.32K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $70,000	`AccountsReceivableNetCurrent`	$653.26K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.13K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.11K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$663.61K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$683.22K	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.06K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.95K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$4.32K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$2.32K	USD	Point-in-time
Total assets	`Assets`	$722.50K	USD	Point-in-time
Total assets	`Assets`	$705.99K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.02K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$373.55K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$356.16K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$251.69K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$426.69K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$408.80K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$220.78K	USD	Point-in-time
Accrued retirement and pension	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$222.87K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$60.02K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$25.81K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$20.61K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$22.87K	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	`NotesPayableRelatedPartiesClassifiedCurrent`	$142.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$149.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.49M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.54M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.54M	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`	$3.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.57M	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`	$30.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.06M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-2.81M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-2.87M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$705.99K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$722.50K	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.53M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.10M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.89M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$598.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$636.32K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$412.70K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$219.86K	USD	1 Quarter
Selling	`SellingExpense`	$287.51K	USD	1 Quarter
Selling	`SellingExpense`	$281.08K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$220.21K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$500.93K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$416.11K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$97.18K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$13.60K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.62K	USD	1 Quarter
Other	`InterestExpenseOther`	$64.79K	USD	1 Quarter
Other	`InterestExpenseOther`	$67.50K	USD	1 Quarter
Total interest expense	`InterestExpense`	$81.10K	USD	1 Quarter
Total interest expense	`InterestExpense`	$76.41K	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$335.00K	USD	1 Quarter
Net income per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net income per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.17M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.08M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$20.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$335.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$36.40K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$20.07K	USD	1 Quarter
Depreciation	`Depreciation`	$12.12K	USD	1 Quarter
Depreciation	`Depreciation`	$4.59K	USD	1 Quarter
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	1 Quarter
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$67.94K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-160.07K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.22K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-7.02K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$92.53K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-51.64K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-120.79K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.14K	USD	1 Quarter
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.85K	USD	1 Quarter
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.08K	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-25.34K	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.40K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.48K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.54K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.54K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.48K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$18.00K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$7.48K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$8.44K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.48K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.44K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-30.57K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-43.30K	USD	1 Quarter
Cash - beginning of period	`Cash`	$56.16K	USD	Point-in-time
Cash - beginning of period	`Cash`	$12.86K	USD	Point-in-time
Cash - beginning of period	`Cash`	$6.32K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$56.16K	USD	Point-in-time
Cash - end of period	`Cash`	$12.86K	USD	Point-in-time
Cash - end of period	`Cash`	$6.32K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Interest	`InterestPaid`	$88.19K	USD	1 Quarter
Interest	`InterestPaid`	$58.52K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	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.