10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-045352`
Period End Date	20130630
Filing Date	20130814
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	imci-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 65 Cash Flow Statement 52

Balance Sheet 64 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`	$3.54K	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`	$20.07K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$56.16K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$646.40K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$585.32K	USD	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
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.49K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.13K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$683.96K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$663.61K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.06K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.76K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$95.00K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	-	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$2.32K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$4.32K	USD	Point-in-time
Total assets	`Assets`	$818.03K	USD	Point-in-time
Total assets	`Assets`	$705.99K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$359.17K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.02K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$357.81K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$356.16K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$408.80K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$430.43K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$197.69K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$220.78K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$26.32K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$60.02K	USD	Point-in-time
Current maturities of long-term obligations-banks and other	`LongTermDebtCurrent`	$20.80K	USD	Point-in-time
Current maturities of long-term obligations-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`	$149.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$142.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.56M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.53M	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`	$3.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.60M	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`	$30.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.02M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-2.78M	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`	$818.03K	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$4.25M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$2.12M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.15M	USD	1 Quarter
Sales	`SalesRevenueNet`	$4.65M	USD	2 Qtrs
Cost of services	`CostOfServices`	$3.45M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.55M	USD	1 Quarter
Cost of services	`CostOfServices`	$3.10M	USD	2 Qtrs
Cost of services	`CostOfServices`	$1.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$561.49K	USD	1 Quarter
Gross profit	`GrossProfit`	$550.79K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.20M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$664.31K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$465.68K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$251.61K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$245.83K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	-	USD	2 Qtrs
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	2 Qtrs
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Selling	`SellingExpense`	$568.38K	USD	2 Qtrs
Selling	`SellingExpense`	$206.17K	USD	1 Quarter
Selling	`SellingExpense`	$280.87K	USD	1 Quarter
Selling	`SellingExpense`	$487.25K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$452.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$952.93K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$752.69K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$532.48K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$98.80K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$29.01K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$445.12K	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$195.97K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$13.11K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.64K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$23.27K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$26.71K	USD	2 Qtrs
Other	`InterestExpenseOther`	$133.15K	USD	2 Qtrs
Other	`InterestExpenseOther`	$131.66K	USD	2 Qtrs
Other	`InterestExpenseOther`	$66.87K	USD	1 Quarter
Other	`InterestExpenseOther`	$65.65K	USD	1 Quarter
Total interest expense	`InterestExpense`	$154.93K	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`	$78.52K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$285.26K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$15.28K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-49.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$36.05K	USD	2 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	2 Qtrs
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	-	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	2 Qtrs
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	2 Qtrs
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.83M	shares	2 Qtrs
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.15M	shares	2 Qtrs
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.09M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$285.26K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$15.28K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-49.75K	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.05K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$39.26K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$19.19K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$50.92K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.52K	USD	1 Quarter
Depreciation	`Depreciation`	$9.43K	USD	2 Qtrs
Depreciation	`Depreciation`	$18.32K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	2 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	2 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-259.56K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$145.25K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$850.00	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-6.64K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$62.32K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-182.36K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-10.41K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$52.62K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-23.09K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$23.29K	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.11K	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.40K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.18K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.13K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.13K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.18K	USD	2 Qtrs
Repayments of notes payable-banks and other	`RepaymentsOfNotesPayable`	$16.28K	USD	2 Qtrs
Repayments of notes payable-banks and other	`RepaymentsOfNotesPayable`	$12.56K	USD	2 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	$24.00K	USD	2 Qtrs
Repayments of note payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	2 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.57K	USD	2 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-40.28K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-33.35K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-36.09K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$3.54K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$20.07K	USD	Point-in-time
Cash - beginning of period	`Cash`	$56.16K	USD	Point-in-time
Cash - end 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`	$20.07K	USD	Point-in-time
Cash - end of period	`Cash`	$56.16K	USD	Point-in-time
Interest	`InterestPaid`	$162.77K	USD	2 Qtrs
Interest	`InterestPaid`	$133.53K	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.