10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001354488-14-004164`
Period End Date	20140630
Filing Date	20140814
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	imci-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 60 Cash Flow Statement 48

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
Cash	`Cash`	$61.90K	USD	Point-in-time
Cash	`Cash`	$16.95K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$20.07K	USD	Point-in-time
Cash	`Cash`	$56.16K	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`	$471.50K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$592.04K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$33.44K	USD	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$631.50K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$566.84K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.12K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$52.07K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$211.00K	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`	$832.23K	USD	Point-in-time
Total assets	`Assets`	$926.94K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$457.36K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$316.87K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$359.66K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$364.12K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$488.96K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$451.16K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$204.34K	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`	$8.80K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$93.48K	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`	$2.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.57M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.18M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.52M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$501.32K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.73M	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`	$30.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.25M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$926.94K	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$832.23K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.13M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.15M	USD	1 Quarter
Sales	`SalesRevenueNet`	$4.14M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$4.25M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$3.13M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.63M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.60M	USD	1 Quarter
Cost of sales	`CostOfServices`	$3.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.01M	USD	2 Qtrs
Gross profit	`GrossProfit`	$550.79K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$500.08K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$465.68K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$312.68K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$245.83K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$637.90K	USD	2 Qtrs
Selling	`SellingExpense`	$206.17K	USD	1 Quarter
Selling	`SellingExpense`	$235.85K	USD	1 Quarter
Selling	`SellingExpense`	$479.87K	USD	2 Qtrs
Selling	`SellingExpense`	$487.25K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$548.53K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.12M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$952.93K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$452.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-48.45K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-109.44K	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$98.80K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$195.97K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-21.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-36.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$23.27K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$23.16K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$11.64K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.64K	USD	1 Quarter
Other	`InterestExpenseOther`	$66.87K	USD	1 Quarter
Other	`InterestExpenseOther`	$131.66K	USD	2 Qtrs
Other	`InterestExpenseOther`	$135.23K	USD	2 Qtrs
Other	`InterestExpenseOther`	$63.47K	USD	1 Quarter
Total interest expense	`InterestExpense`	$78.52K	USD	1 Quarter
Total interest expense	`InterestExpense`	$154.93K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$158.40K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$75.11K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-144.56K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-303.84K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$36.05K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$15.28K	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.09M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.15M	shares	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-144.56K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-303.84K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$36.05K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$15.28K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$74.89K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$50.92K	USD	2 Qtrs
Depreciation	`Depreciation`	$12.84K	USD	2 Qtrs
Depreciation	`Depreciation`	$9.43K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-21.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-36.00K	USD	2 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$145.25K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-120.55K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.93K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-6.64K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$62.32K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$140.49K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$207.00	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-10.41K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.03K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-23.09K	USD	2 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$74.24K	USD	2 Qtrs
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.40K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.13K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.79K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.79K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.13K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$10.49K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$12.56K	USD	2 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.49K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.57K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-36.09K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$44.95K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$61.90K	USD	Point-in-time
Cash - beginning of period	`Cash`	$16.95K	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`	$61.90K	USD	Point-in-time
Cash - end of period	`Cash`	$16.95K	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
Cash paid for - Interest	`InterestPaid`	$127.02K	USD	2 Qtrs
Cash paid for - Interest	`InterestPaid`	$133.53K	USD	2 Qtrs
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

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