10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001354488-14-002587`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	imci-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 44

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`	$12.86K	USD	Point-in-time
Cash	`Cash`	$16.95K	USD	Point-in-time
Cash	`Cash`	$17.74K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$592.04K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$388.96K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.77K	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`	$22.51K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$631.50K	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`	$433.47K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$43.47K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.12K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$232.00K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$247.00K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$2.32K	USD	Point-in-time
Deposits and other assets	`DepositsAndOtherAssetsNoncurrent`	$2.32K	USD	Point-in-time
Total assets	`Assets`	$711.25K	USD	Point-in-time
Total assets	`Assets`	$926.94K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$316.87K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$351.89K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$233.68K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$364.12K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$471.09K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$451.16K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$202.32K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$200.32K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$41.93K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$5.42K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$94.84K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$21.19K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$295.00K	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`	$142.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.57M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.52M	USD	Point-in-time
Banks and other	`OtherLongTermNotesPayable`	$1.18M	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`	$3.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.48M	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`	$30.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.95M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$926.94K	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$711.25K	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.01M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.10M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.51M	USD	1 Quarter
Cost of services	`CostOfServices`	$1.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$598.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$508.25K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$325.22K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$219.86K	USD	1 Quarter
Selling	`SellingExpense`	$281.08K	USD	1 Quarter
Selling	`SellingExpense`	$244.02K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$569.24K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$500.93K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$97.18K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-60.99K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-15.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.62K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.52K	USD	1 Quarter
Other	`InterestExpenseOther`	$64.79K	USD	1 Quarter
Other	`InterestExpenseOther`	$71.77K	USD	1 Quarter
Total interest expense	`InterestExpense`	$76.41K	USD	1 Quarter
Total interest expense	`InterestExpense`	$83.29K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-159.28K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$20.76K	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.08M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-159.28K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$20.76K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$36.40K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$58.80K	USD	1 Quarter
Depreciation	`Depreciation`	$6.29K	USD	1 Quarter
Depreciation	`Depreciation`	$4.59K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-15.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-203.09K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$67.94K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.25K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-7.02K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.02K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$92.53K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-120.79K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-147.02K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.00K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.08K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.65K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-25.34K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.48K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.63K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.48K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.63K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$5.22K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$7.48K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.22K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.48K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-43.30K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$796.00	USD	1 Quarter
Cash - beginning of period	`Cash`	$12.86K	USD	Point-in-time
Cash - beginning of period	`Cash`	$16.95K	USD	Point-in-time
Cash - beginning of period	`Cash`	$17.74K	USD	Point-in-time
Cash - beginning 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`	$16.95K	USD	Point-in-time
Cash - end of period	`Cash`	$17.74K	USD	Point-in-time
Cash - end of period	`Cash`	$56.16K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$62.50K	USD	1 Quarter
Cash paid for - Interest	`InterestPaid`	$58.52K	USD	1 Quarter
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

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