10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001354488-14-005785`
Period End Date	20140930
Filing Date	20141114
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	imci-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 60 Cash Flow Statement 50

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`	$16.95K	USD	Point-in-time
Cash	`Cash`	$1.34K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$15.71K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$529.54K	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
Common stock, shares issued	`CommonStockSharesIssued`	25.96M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.32K	USD	Point-in-time
Prepaid expenses and other current 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`	$561.57K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.12K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.63K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$247.00K	USD	Point-in-time
Investment in equity securities	`OtherInvestments`	$204.00K	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`	$926.94K	USD	Point-in-time
Total assets	`Assets`	$823.52K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$316.87K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$376.19K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$308.56K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$364.12K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$493.62K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$451.16K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$206.38K	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`	$13.78K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$21.19K	USD	Point-in-time
Current maturities of notes payable - banks and other	`LongTermDebtCurrent`	$91.78K	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`	$1.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.57M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.17M	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`	$3.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.59M	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`	$30.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.15M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.78M	USD	Point-in-time
Total stockholders deficiency	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$823.52K	USD	Point-in-time
Total liabilities and stockholders deficiency	`LiabilitiesAndStockholdersEquity`	$926.94K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.31M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.19M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.46M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$6.44M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$4.74M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$1.63M	USD	1 Quarter
Cost of sales	`CostOfServices`	$4.73M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$1.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.71M	USD	3 Qtrs
Gross profit	`GrossProfit`	$701.96K	USD	1 Quarter
Gross profit	`GrossProfit`	$562.06K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.71M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$274.77K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$932.06K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$740.45K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$294.15K	USD	1 Quarter
Selling	`SellingExpense`	$225.32K	USD	1 Quarter
Selling	`SellingExpense`	$705.19K	USD	3 Qtrs
Selling	`SellingExpense`	$196.29K	USD	1 Quarter
Selling	`SellingExpense`	$683.53K	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.42M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.64M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$471.06K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$519.48K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$182.48K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$91.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$286.98K	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$73.04K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-53.00K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-17.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-13.50K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-8.50K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$34.94K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$11.77K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.77K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$35.04K	USD	3 Qtrs
Other	`InterestExpenseOther`	$66.92K	USD	1 Quarter
Other	`InterestExpenseOther`	$183.07K	USD	3 Qtrs
Other	`InterestExpenseOther`	$47.83K	USD	1 Quarter
Other	`InterestExpenseOther`	$198.58K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$59.61K	USD	1 Quarter
Total interest expense	`InterestExpense`	$78.69K	USD	1 Quarter
Total interest expense	`InterestExpense`	$218.00K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$233.62K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$3.81K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-197.97K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$39.85K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$105.87K	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net (loss) income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.74M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.97M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.96M	shares	3 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$3.81K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-197.97K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$39.85K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$105.87K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$76.74K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$86.23K	USD	3 Qtrs
Depreciation	`Depreciation`	$19.41K	USD	3 Qtrs
Depreciation	`Depreciation`	$14.74K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-53.00K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-17.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-13.50K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-8.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-62.50K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$77.38K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-6.19K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-9.54K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$59.32K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$75.36K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-76.68K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-41.25K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-23.98K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.07K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$53.49K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$51.69K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.92K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.96K	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireInvestments`	$60.83K	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireInvestments`	$10.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-81.80K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.92K	USD	3 Qtrs
Repayments of notes payable-banks and other	`RepaymentsOfNotesPayable`	$15.81K	USD	3 Qtrs
Repayments of notes payable-banks and other	`RepaymentsOfNotesPayable`	$17.71K	USD	3 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$7.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.81K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.71K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-1.24K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-54.81K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$16.95K	USD	Point-in-time
Cash - beginning of period	`Cash`	$1.34K	USD	Point-in-time
Cash - beginning of period	`Cash`	$15.71K	USD	Point-in-time
Cash - beginning of period	`Cash`	$56.16K	USD	Point-in-time
Cash - end of period	`Cash`	$16.95K	USD	Point-in-time
Cash - end of period	`Cash`	$1.34K	USD	Point-in-time
Cash - end of period	`Cash`	$15.71K	USD	Point-in-time
Cash - end of period	`Cash`	$56.16K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$182.95K	USD	3 Qtrs
Cash paid for - Interest	`InterestPaid`	$203.19K	USD	3 Qtrs
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Cash paid for - Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs

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