10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001654954-16-001491`
Period End Date	20160630
Filing Date	20160812
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	imci-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 56 Cash Flow Statement 54

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`	$53.41K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$36.23K	USD	Point-in-time
Cash	`Cash`	$7.77K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$141.79K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.56M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$117.01K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$17.63K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$14.29K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$209.50K	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`	$31.54K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$135.00K	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`	$378.36K	USD	Point-in-time
Total assets	`Assets`	$342.74K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$501.59K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$492.74K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$270.33K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$192.25K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$583.00K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$628.64K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$216.91K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$221.27K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$69.36K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$101.39K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$262.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$529.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$160.84K	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`	$147.55K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$119.78K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.40M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.25M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$803.69K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$384.84K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.10M	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; 29,061,883 and 26,561,883 shares issued and outstanding, respectively	`CommonStockValue`	$26.56K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,061,883 and 26,561,883 shares issued and outstanding, respectively	`CommonStockValue`	$29.06K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.52M	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`	$-34.48M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.76M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$378.36K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$342.74K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$3.66M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$4.24M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$1.80M	USD	1 Quarter
Sales	`SalesRevenueNet`	$2.07M	USD	1 Quarter
Cost of sales	`CostOfServices`	$2.69M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.31M	USD	1 Quarter
Cost of sales	`CostOfServices`	$3.28M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$494.44K	USD	1 Quarter
Gross profit	`GrossProfit`	$484.75K	USD	1 Quarter
Gross profit	`GrossProfit`	$973.61K	USD	2 Qtrs
Gross profit	`GrossProfit`	$961.16K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$290.75K	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`	$650.63K	USD	2 Qtrs
Selling	`SellingExpense`	$416.64K	USD	2 Qtrs
Selling	`SellingExpense`	$434.06K	USD	2 Qtrs
Selling	`SellingExpense`	$201.64K	USD	1 Quarter
Selling	`SellingExpense`	$194.16K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.17M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$544.06K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$484.91K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.07M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-59.31K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-93.67K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-212.91K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$9.53K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-13.00K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$28.67K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$14.23K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$18.73K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$37.91K	USD	2 Qtrs
Other	`InterestExpenseOther`	$49.02K	USD	1 Quarter
Other	`InterestExpenseOther`	$97.39K	USD	2 Qtrs
Other	`InterestExpenseOther`	$86.72K	USD	2 Qtrs
Other	`InterestExpenseOther`	$42.77K	USD	1 Quarter
Total interest expense	`InterestExpense`	$126.06K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$63.25K	USD	1 Quarter
Total interest expense	`InterestExpense`	$61.51K	USD	1 Quarter
Total interest expense	`InterestExpense`	$124.62K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-219.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-125.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-53.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-350.54K	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
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`	-	USD	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.65M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.73M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-219.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-125.82K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-53.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-350.54K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$30.65K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$7.94K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$29.57K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$39.92K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-13.00K	USD	2 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-5.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$112.43K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$24.78K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.33K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.10K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.85K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$141.92K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$91.69K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$290.03K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.36K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.19K	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-106.12K	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$56.49K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.07K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$600.00	USD	2 Qtrs
Purchase of software	`PaymentsForSoftware`	-	USD	2 Qtrs
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.60K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.07K	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$64.65K	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$24.90K	USD	2 Qtrs
Repayments of notes payable - banks and other	`RepaymentsOfNotesPayable`	$25.00K	USD	2 Qtrs
Repayments of notes payable - banks and other	`RepaymentsOfNotesPayable`	$7.78K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$200.00K	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
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$150.10K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$72.57K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$39.91K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$28.46K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$13.51K	USD	Point-in-time
Cash - beginning of period	`Cash`	$53.41K	USD	Point-in-time
Cash - beginning of period	`Cash`	$36.23K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.77K	USD	Point-in-time
Cash - end of period	`Cash`	$13.51K	USD	Point-in-time
Cash - end of period	`Cash`	$53.41K	USD	Point-in-time
Cash - end of period	`Cash`	$36.23K	USD	Point-in-time
Cash - end of period	`Cash`	$7.77K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$69.94K	USD	2 Qtrs
Cash paid for - Interest	`InterestPaid`	$75.75K	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.