10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0001354488-15-005053`
Period End Date	20150930
Filing Date	20151113
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	imci-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 60 Cash Flow Statement 56

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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$19.36K	USD	Point-in-time
Cash	`Cash`	$15.71K	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
Cash	`Cash`	$16.95K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$359.60K	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`	$212.48K	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
Common stock, shares issued	`CommonStockSharesIssued`	26.56M	shares	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$30.80K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$411.02K	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`	$262.64K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$45.50K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.04K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$162.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	-	USD	Point-in-time
Investment	`OtherInvestments`	-	USD	Point-in-time
Investment	`OtherInvestments`	$109.00K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$36.96K	USD	Point-in-time
Deposits and deferred charges, net	`DepositsAndOtherAssetsNoncurrent`	$23.97K	USD	Point-in-time
Total assets	`Assets`	$494.10K	USD	Point-in-time
Total assets	`Assets`	$617.02K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$484.16K	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`	$317.04K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$503.01K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$566.49K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$208.45K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$214.76K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$23.91K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$58.89K	USD	Point-in-time
Current maturities of long-term obligations - banks and other	`LongTermDebtCurrent`	$12.00K	USD	Point-in-time
Current maturities of long-term obligations - banks and other	`LongTermDebtCurrent`	$14.39K	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`	$14.95K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$245.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$30.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$545.52K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$129.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.44M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.35M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.51M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$664.83K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$365.35K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.14M	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`	$30.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.14M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.65M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.00M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$494.10K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$617.02K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$6.46M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$6.16M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$2.31M	USD	1 Quarter
Sales	`SalesRevenueNet`	$1.92M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.42M	USD	1 Quarter
Cost of sales	`CostOfServices`	$4.74M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$1.61M	USD	1 Quarter
Cost of sales	`CostOfServices`	$4.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$495.52K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.46M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.71M	USD	3 Qtrs
Gross profit	`GrossProfit`	$701.96K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$438.50K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.18M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$294.15K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$932.06K	USD	3 Qtrs
Selling	`SellingExpense`	$672.19K	USD	3 Qtrs
Selling	`SellingExpense`	$705.19K	USD	3 Qtrs
Selling	`SellingExpense`	$238.13K	USD	1 Quarter
Selling	`SellingExpense`	$225.32K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$519.48K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.85M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.64M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$676.63K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$73.04K	USD	3 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-394.02K	USD	3 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-181.11K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$182.48K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-109.00K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-53.00K	USD	3 Qtrs
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-96.00K	USD	1 Quarter
Loss on equity investment	`GainLossOnSaleOfEquityInvestments`	$-17.00K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$11.77K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$58.41K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$20.36K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$34.94K	USD	3 Qtrs
Other	`InterestExpenseOther`	$126.86K	USD	3 Qtrs
Other	`InterestExpenseOther`	$47.83K	USD	1 Quarter
Other	`InterestExpenseOther`	$183.07K	USD	3 Qtrs
Other	`InterestExpenseOther`	$40.29K	USD	1 Quarter
Total interest expense	`InterestExpense`	$59.61K	USD	1 Quarter
Total interest expense	`InterestExpense`	$185.27K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$60.65K	USD	1 Quarter
Total interest expense	`InterestExpense`	$218.00K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-197.97K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-688.29K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$105.87K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-337.75K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	3 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.96M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.56M	shares	3 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.56M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.56M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.96M	shares	3 Qtrs
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.97M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.56M	shares	3 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-197.97K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-688.29K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$105.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-337.75K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$42.84K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$86.23K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$19.41K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$49.34K	USD	3 Qtrs
Bad debt expense on note receivable	`ProvisionForDoubtfulAccounts`	-	USD	3 Qtrs
Bad debt expense on note receivable	`ProvisionForDoubtfulAccounts`	$110.00K	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-109.00K	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-53.00K	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-96.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-17.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-62.50K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.12K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-12.85K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-6.19K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$59.32K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$142.19K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-41.25K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$196.62K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.32K	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`	$17.98K	USD	3 Qtrs
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	3 Qtrs
Purchase of software	`PaymentsForSoftware`	-	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.81K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.92K	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireInvestments`	-	USD	3 Qtrs
Investment in equity securities	`PaymentsToAcquireInvestments`	$10.00K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-103.81K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.92K	USD	3 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$185.00K	USD	3 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of notes payable - banks and other	`RepaymentsOfNotesPayable`	$26.41K	USD	3 Qtrs
Repayments of notes payable - banks and other	`RepaymentsOfNotesPayable`	$15.81K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$61.18K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.81K	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$97.42K	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$11.59K	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-1.24K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$19.36K	USD	Point-in-time
Cash - beginning of period	`Cash`	$15.71K	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`	$19.36K	USD	Point-in-time
Cash - end of period	`Cash`	$15.71K	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`	$182.95K	USD	3 Qtrs
Cash paid for - Interest	`InterestPaid`	$110.84K	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.