10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-061185`
Period End Date	20130930
Filing Date	20131114
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	imci-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 54

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
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`	$3.61K	USD	Point-in-time
Cash	`Cash`	$56.16K	USD	Point-in-time
Cash	`Cash`	$36.89K	USD	Point-in-time
Cash	`Cash`	$1.34K	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
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$585.32K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$578.54K	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
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.13K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.59K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$663.61K	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`	$594.47K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.06K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$44.29K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$131.50K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	-	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`	$772.57K	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`	$356.38K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$290.69K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$356.16K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$438.00K	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`	$196.80K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$19.61K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$60.02K	USD	Point-in-time
Current maturities of long-term obligations-bank	`LongTermDebtCurrent`	$20.99K	USD	Point-in-time
Current maturities of long-term obligations-bank	`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`	$1.53M	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`	$3.52M	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`	$30.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.16M	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`	$-2.75M	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`	$772.57K	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.10M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.74M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$6.44M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$2.19M	USD	1 Quarter
Cost of services	`CostOfServices`	$4.98M	USD	3 Qtrs
Cost of services	`CostOfServices`	$1.63M	USD	1 Quarter
Cost of services	`CostOfServices`	$4.73M	USD	3 Qtrs
Cost of services	`CostOfServices`	$1.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.71M	USD	3 Qtrs
Gross profit	`GrossProfit`	$563.59K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.76M	USD	3 Qtrs
Gross profit	`GrossProfit`	$562.06K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$740.45K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$274.77K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$908.81K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$244.50K	USD	1 Quarter
Selling	`SellingExpense`	$863.80K	USD	3 Qtrs
Selling	`SellingExpense`	$295.42K	USD	1 Quarter
Selling	`SellingExpense`	$196.29K	USD	1 Quarter
Selling	`SellingExpense`	$683.53K	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	-	USD	3 Qtrs
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	-	USD	1 Quarter
Defined benefit pension plan	`PensionExpense`	$-480.00K	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.29M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$471.06K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$539.92K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.42M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$468.79K	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$286.98K	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$23.68K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$91.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-13.50K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-8.50K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$35.04K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$11.77K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$12.99K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$39.70K	USD	3 Qtrs
Other	`InterestExpenseOther`	$66.92K	USD	1 Quarter
Other	`InterestExpenseOther`	$204.69K	USD	3 Qtrs
Other	`InterestExpenseOther`	$198.58K	USD	3 Qtrs
Other	`InterestExpenseOther`	$71.54K	USD	1 Quarter
Total interest expense	`InterestExpense`	$78.69K	USD	1 Quarter
Total interest expense	`InterestExpense`	$84.53K	USD	1 Quarter
Total interest expense	`InterestExpense`	$233.62K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$244.39K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.81K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-60.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$224.40K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$39.85K	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`	-	USD	3 Qtrs
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	3 Qtrs
Net income (loss) per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.50M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.96M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.74M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.81K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-60.85K	USD	1 Quarter
Net income	`NetIncomeLoss`	$224.40K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$39.85K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$24.40K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$63.66K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$25.83K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$76.74K	USD	3 Qtrs
Depreciation	`Depreciation`	$14.74K	USD	3 Qtrs
Depreciation	`Depreciation`	$22.77K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-13.50K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-8.50K	USD	1 Quarter
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	$-480.00K	USD	3 Qtrs
Reduction of accrued retirement and pension	`PensionAndOtherPostretirementBenefitExpense`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-426.99K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$77.38K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-9.54K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.55K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$75.36K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-162.24K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-100.94K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-76.68K	USD	3 Qtrs
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$31.51K	USD	3 Qtrs
Accrued retirement and pension	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-23.98K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$28.71K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$51.69K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.96K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.54K	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireMarketableSecurities`	$60.83K	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireMarketableSecurities`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-81.80K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.54K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$24.46K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$17.71K	USD	3 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	3 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$28.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.71K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-52.46K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-33.29K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-54.81K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$3.61K	USD	Point-in-time
Cash - beginning of period	`Cash`	$56.16K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.89K	USD	Point-in-time
Cash - beginning of period	`Cash`	$1.34K	USD	Point-in-time
Cash - end of period	`Cash`	$3.61K	USD	Point-in-time
Cash - end of period	`Cash`	$56.16K	USD	Point-in-time
Cash - end of period	`Cash`	$36.89K	USD	Point-in-time
Cash - end of period	`Cash`	$1.34K	USD	Point-in-time
Interest	`InterestPaid`	$247.06K	USD	3 Qtrs
Interest	`InterestPaid`	$203.19K	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.