10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001354488-15-003822`
Period End Date	20150630
Filing Date	20150814
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	imci-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 56 Cash Flow Statement 52

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`	$36.23K	USD	Point-in-time
Cash	`Cash`	$61.90K	USD	Point-in-time
Cash	`Cash`	$7.77K	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
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`	$472.02K	USD	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$33.56K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.56M	shares	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$411.02K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$541.81K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.04K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.73K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$171.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	-	USD	Point-in-time
Investment	`OtherInvestments`	$109.00K	USD	Point-in-time
Investment	`OtherInvestments`	$96.00K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$28.30K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$36.96K	USD	Point-in-time
Total assets	`Assets`	$617.02K	USD	Point-in-time
Total assets	`Assets`	$885.84K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$483.89K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$341.98K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$148.92K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$437.30K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$546.19K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$503.01K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$212.64K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$208.45K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$17.35K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$58.89K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$14.39K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$12.62K	USD	Point-in-time
Current maturities of long-term obligations- related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$8.17K	USD	Point-in-time
Current maturities of long-term obligations- related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$13.34K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$427.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$548.30K	USD	Point-in-time
Notes payable-related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$129.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.44M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.51M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.18M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$664.83K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$328.71K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.21M	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`	$30.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.80M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.32M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.00M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$885.84K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$617.02K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$2.13M	USD	1 Quarter
Sales	`SalesRevenueNet`	$4.24M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$4.14M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$2.07M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.63M	USD	1 Quarter
Cost of sales	`CostOfServices`	$3.13M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$3.28M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$484.75K	USD	1 Quarter
Gross profit	`GrossProfit`	$500.08K	USD	1 Quarter
Gross profit	`GrossProfit`	$961.16K	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.01M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$312.68K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$342.42K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$740.01K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$637.90K	USD	2 Qtrs
Selling	`SellingExpense`	$434.06K	USD	2 Qtrs
Selling	`SellingExpense`	$479.87K	USD	2 Qtrs
Selling	`SellingExpense`	$235.85K	USD	1 Quarter
Selling	`SellingExpense`	$201.64K	USD	1 Quarter
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`	$544.06K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.17M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-109.44K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-212.91K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-59.31K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-48.45K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-21.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-13.00K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-36.00K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$18.73K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.64K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$23.16K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$37.91K	USD	2 Qtrs
Other	`InterestExpenseOther`	$86.72K	USD	2 Qtrs
Other	`InterestExpenseOther`	$135.23K	USD	2 Qtrs
Other	`InterestExpenseOther`	$63.47K	USD	1 Quarter
Other	`InterestExpenseOther`	$42.77K	USD	1 Quarter
Total interest expense	`InterestExpense`	$124.62K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$61.51K	USD	1 Quarter
Total interest expense	`InterestExpense`	$158.40K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$75.11K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-125.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-303.84K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-350.54K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-144.56K	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	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.96M	shares	2 Qtrs
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 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-125.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-303.84K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-350.54K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-144.56K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$74.89K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$30.65K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$29.57K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$12.84K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-21.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-13.00K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-36.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-120.55K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$112.43K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.93K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.10K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$140.49K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$141.92K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$290.03K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$207.00	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.19K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.03K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$56.49K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$74.24K	USD	2 Qtrs
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	2 Qtrs
Purchase of software	`PaymentsForSoftware`	-	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.79K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$600.00	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.79K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.60K	USD	2 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$145.00K	USD	2 Qtrs
Repayments of notes payable-other	`RepaymentsOfNotesPayable`	$10.49K	USD	2 Qtrs
Repayments of notes payable-other	`RepaymentsOfNotesPayable`	$7.78K	USD	2 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Repayments of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$64.65K	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$72.57K	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.49K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$28.46K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$44.95K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$36.23K	USD	Point-in-time
Cash - beginning of period	`Cash`	$61.90K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.77K	USD	Point-in-time
Cash - beginning of period	`Cash`	$16.95K	USD	Point-in-time
Cash - end of period	`Cash`	$36.23K	USD	Point-in-time
Cash - end of period	`Cash`	$61.90K	USD	Point-in-time
Cash - end of period	`Cash`	$7.77K	USD	Point-in-time
Cash - end of period	`Cash`	$16.95K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$75.75K	USD	2 Qtrs
Cash paid for - Interest	`InterestPaid`	$127.02K	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.