10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001354488-15-002393`
Period End Date	20150331
Filing Date	20150514
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	imci-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 28 Cash Flow Statement 48

Balance Sheet 66 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`	$34.63K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$16.95K	USD	Point-in-time
Cash	`Cash`	$7.77K	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`	$359.60K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$379.46K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.56M	shares	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$43.65K	USD	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$32.78K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$446.88K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$411.02K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$54.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.04K	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$180.00K	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	-	USD	Point-in-time
Investment	`OtherInvestments`	$109.00K	USD	Point-in-time
Investment	`OtherInvestments`	$101.00K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$36.96K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$32.63K	USD	Point-in-time
Total assets	`Assets`	$814.94K	USD	Point-in-time
Total assets	`Assets`	$617.02K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$430.06K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$341.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$285.24K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$148.92K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$524.41K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$503.01K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$208.45K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$210.53K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$53.14K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$58.89K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$13.53K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$14.39K	USD	Point-in-time
Current maturities of long-term obligations- related party	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$13.41K	USD	Point-in-time
Current maturities of long-term obligations- related party	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$8.17K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$435.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$129.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$548.30K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.51M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.18M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.51M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$330.27K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$664.83K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.62M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 26,561,883 shares issued and outstanding	`CommonStockValue`	$26.56K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 26,561,883 shares issued and outstanding	`CommonStockValue`	$26.56K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.45M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.00M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.21M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$814.94K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$617.02K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.17M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.01M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.69M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.51M	USD	1 Quarter
Gross profit	`GrossProfit`	$508.25K	USD	1 Quarter
Gross profit	`GrossProfit`	$476.41K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$397.59K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$325.22K	USD	1 Quarter
Selling	`SellingExpense`	$232.42K	USD	1 Quarter
Selling	`SellingExpense`	$244.02K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$630.01K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$569.24K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-60.99K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-153.60K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-15.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-8.00K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.52K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$19.18K	USD	1 Quarter
Other	`InterestExpenseOther`	$71.77K	USD	1 Quarter
Other	`InterestExpenseOther`	$43.94K	USD	1 Quarter
Total interest expense	`InterestExpense`	$63.12K	USD	1 Quarter
Total interest expense	`InterestExpense`	$83.29K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-159.28K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-224.72K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.96M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-159.28K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-224.72K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$58.80K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$14.41K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$6.29K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.60K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-15.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-8.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.86K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-203.09K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.25K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-15.20K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$88.08K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.02K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-147.02K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$151.97K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.08K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.76K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.65K	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	-	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.63K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.00K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.63K	USD	1 Quarter
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$145.00K	USD	1 Quarter
Repayments of notes payable-other	`RepaymentsOfNotesPayable`	$5.22K	USD	1 Quarter
Repayments of notes payable-other	`RepaymentsOfNotesPayable`	$3.88K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$55.02K	USD	1 Quarter
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.22K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.10K	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$796.00	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$26.86K	USD	1 Quarter
Cash - beginning of period	`Cash`	$34.63K	USD	Point-in-time
Cash - beginning of period	`Cash`	$17.74K	USD	Point-in-time
Cash - beginning of period	`Cash`	$16.95K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.77K	USD	Point-in-time
Cash - end of period	`Cash`	$34.63K	USD	Point-in-time
Cash - end of period	`Cash`	$17.74K	USD	Point-in-time
Cash - end of period	`Cash`	$16.95K	USD	Point-in-time
Cash - end of period	`Cash`	$7.77K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$42.84K	USD	1 Quarter
Cash paid for - Interest	`InterestPaid`	$62.50K	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.