10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001654954-16-003486`
Period End Date	20160930
Filing Date	20161104
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	imci-20160930.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
Cash	`Cash`	$13.51K	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`	$19.36K	USD	Point-in-time
Cash	`Cash`	$31.88K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	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`	$430.26K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$117.01K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.56M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$16.76K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$17.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$148.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$478.90K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.55K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.27K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$120.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$153.00K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Deposits	`DepositsAssets`	$2.32K	USD	Point-in-time
Total assets	`Assets`	$342.74K	USD	Point-in-time
Total assets	`Assets`	$634.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$501.59K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$429.20K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$397.83K	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`	$648.25K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$223.49K	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`	$111.91K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$262.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$532.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	-	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$146.58K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$72.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$132.62K	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`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.25M	USD	Point-in-time
Notes payable - Banks and other	`OtherLongTermNotesPayable`	$1.60M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$803.69K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$400.11K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.63M	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`	$30.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.56M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	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`	$634.43K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$5.51M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$1.92M	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.16M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$1.85M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.42M	USD	1 Quarter
Cost of sales	`CostOfServices`	$4.70M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$4.03M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$1.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.48M	USD	3 Qtrs
Gross profit	`GrossProfit`	$495.52K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.46M	USD	3 Qtrs
Gross profit	`GrossProfit`	$504.67K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$297.35K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$438.50K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$947.98K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.18M	USD	3 Qtrs
Selling	`SellingExpense`	$645.23K	USD	3 Qtrs
Selling	`SellingExpense`	$228.59K	USD	1 Quarter
Selling	`SellingExpense`	$238.13K	USD	1 Quarter
Selling	`SellingExpense`	$672.19K	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$525.94K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.59M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.85M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$676.63K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-114.94K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-21.27K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-394.02K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-181.11K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-109.00K	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-96.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$42.06K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$58.41K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$13.39K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$20.36K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.68K	USD	1 Quarter
Other	`InterestExpenseOther`	$126.86K	USD	3 Qtrs
Other	`InterestExpenseOther`	$146.07K	USD	3 Qtrs
Other	`InterestExpenseOther`	$40.29K	USD	1 Quarter
Total interest expense	`InterestExpense`	$185.27K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$188.13K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$60.65K	USD	1 Quarter
Total interest expense	`InterestExpense`	$62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-303.07K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-83.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-688.29K	USD	3 Qtrs
Net loss	`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`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.13M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-303.07K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-83.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-688.29K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-337.75K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$42.84K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$31.30K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$65.88K	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`	-	USD	3 Qtrs
Loss on investment	`GainLossOnSaleOfEquityInvestments`	$-96.00K	USD	1 Quarter
Loss on investment	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$313.25K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.12K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.80K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-12.85K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$142.19K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-72.39K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$281.35K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$196.62K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.32K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.57K	USD	3 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-309.41K	USD	3 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.98K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.07K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.81K	USD	3 Qtrs
Purchase of software	`PaymentsForSoftware`	-	USD	3 Qtrs
Purchase of software	`PaymentsForSoftware`	$100.00K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.07K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-103.81K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$5.98K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$61.18K	USD	3 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$185.00K	USD	3 Qtrs
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$400.00K	USD	3 Qtrs
Repayments of long-term obligations - banks and other	`RepaymentsOfOtherLongTermDebt`	$62.16K	USD	3 Qtrs
Repayments of long-term obligations - banks and other	`RepaymentsOfOtherLongTermDebt`	$26.41K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$331.86K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$97.42K	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$18.37K	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$11.59K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$13.51K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.77K	USD	Point-in-time
Cash - beginning of period	`Cash`	$19.36K	USD	Point-in-time
Cash - beginning of period	`Cash`	$31.88K	USD	Point-in-time
Cash - end of period	`Cash`	$13.51K	USD	Point-in-time
Cash - end of period	`Cash`	$7.77K	USD	Point-in-time
Cash - end of period	`Cash`	$19.36K	USD	Point-in-time
Cash - end of period	`Cash`	$31.88K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$110.84K	USD	3 Qtrs
Cash paid for - Interest	`InterestPaid`	$106.76K	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.