10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001654954-16-000324`
Period End Date	20160331
Filing Date	20160516
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	imci-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 28 Cash Flow Statement 48

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
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
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$13.51K	USD	Point-in-time
Cash	`Cash`	$7.52K	USD	Point-in-time
Cash	`Cash`	$7.77K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$34.63K	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
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$173.66K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$117.01K	USD	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$13.90K	USD	Point-in-time
Prepaid expenses and deferred charges, net	`PrepaidExpenseAndOtherAssetsCurrent`	$17.63K	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`	$195.09K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$148.15K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.27K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$34.88K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$144.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$153.00K	USD	Point-in-time
Deposits	`DepositsAssets`	$2.32K	USD	Point-in-time
Deposits	`DepositsAssets`	$2.32K	USD	Point-in-time
Total assets	`Assets`	$342.74K	USD	Point-in-time
Total assets	`Assets`	$376.29K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$568.40K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$501.59K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$192.25K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$351.08K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$607.82K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$583.00K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$219.08K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$216.91K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$101.39K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$56.89K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$262.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$526.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$154.96K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$72.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$135.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$119.78K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$40.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.66M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.25M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.24M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$803.69K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$389.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.29M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	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`	$30.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.43M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.92M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.76M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$342.74K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$376.29K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.86M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.17M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.38M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.69M	USD	1 Quarter
Gross profit	`GrossProfit`	$479.16K	USD	1 Quarter
Gross profit	`GrossProfit`	$476.41K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$397.59K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$359.88K	USD	1 Quarter
Selling	`SellingExpense`	$222.48K	USD	1 Quarter
Selling	`SellingExpense`	$232.42K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$630.01K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$582.36K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-103.20K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-153.60K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-8.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$19.18K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.44K	USD	1 Quarter
Other	`InterestExpenseOther`	$43.94K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.37K	USD	1 Quarter
Total interest expense	`InterestExpense`	$62.81K	USD	1 Quarter
Total interest expense	`InterestExpense`	$63.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-224.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.01K	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`	26.56M	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`	$-224.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.01K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$6.76K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$14.41K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$19.47K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.60K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-8.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$56.65K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.86K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-15.20K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.73K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$88.08K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$66.81K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$139.15K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$151.97K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.08K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.17K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.44K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.76K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.75K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	-	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.00K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.75K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$55.02K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$9.67K	USD	1 Quarter
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$3.88K	USD	1 Quarter
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$10.00K	USD	1 Quarter
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$145.00K	USD	1 Quarter
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.67K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.10K	USD	1 Quarter
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$26.86K	USD	1 Quarter
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$-5.99K	USD	1 Quarter
Cash - beginning of period	`Cash`	$13.51K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.52K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.77K	USD	Point-in-time
Cash - beginning of period	`Cash`	$34.63K	USD	Point-in-time
Cash - end of period	`Cash`	$13.51K	USD	Point-in-time
Cash - end of period	`Cash`	$7.52K	USD	Point-in-time
Cash - end of period	`Cash`	$7.77K	USD	Point-in-time
Cash - end of period	`Cash`	$34.63K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$33.56K	USD	1 Quarter
Cash paid for - Interest	`InterestPaid`	$42.84K	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.