10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001654954-17-004634`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	imci-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 27 Cash Flow Statement 41

Balance Sheet 64 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`	$42.44K	USD	Point-in-time
Cash	`Cash`	$13.51K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$28.76K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$7.52K	USD	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$243.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowance of $70,000	`AccountsReceivableNetCurrent`	$204.78K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.08K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.13K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$249.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$301.99K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.03K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.08K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$78.75K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$105.00K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Total assets	`Assets`	$361.44K	USD	Point-in-time
Total assets	`Assets`	$442.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$331.75K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$346.70K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$332.86K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$219.45K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$671.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$694.01K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$227.98K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$225.72K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$81.75K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$67.70K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$1.08M	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$837.00K	USD	Point-in-time
Current maturities of long-term obligations - related party	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	-	USD	Point-in-time
Current maturities of long-term obligations - related party	`CurrentMaturitiesOfLongtermObligationsRelatedParty`	$25.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$368.28K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.75M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$1.15M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$907.86K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$534.33K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$511.65K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.43M	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 shares issued and outstanding	`CommonStockValue`	$29.06K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,061,883 shares issued and outstanding	`CommonStockValue`	$29.06K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.78M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.18M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$442.05K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$361.44K	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.65M	USD	1 Quarter
Sales	`SalesRevenueNet`	$1.86M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.17M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$479.16K	USD	1 Quarter
Gross profit	`GrossProfit`	$478.50K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$296.80K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$359.88K	USD	1 Quarter
Selling	`SellingExpense`	$222.48K	USD	1 Quarter
Selling	`SellingExpense`	$317.05K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$613.86K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$582.36K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-135.36K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-103.20K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$13.05K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.44K	USD	1 Quarter
Other	`InterestExpenseOther`	$46.74K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.37K	USD	1 Quarter
Total interest expense	`InterestExpense`	$62.81K	USD	1 Quarter
Total interest expense	`InterestExpense`	$59.79K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-325.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-195.15K	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`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.56M	shares	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-325.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-195.15K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.01K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$7.12K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$6.76K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$19.47K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$35.77K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$56.65K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-38.70K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.73K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$55.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$66.81K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.95K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$139.15K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$121.92K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.26K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.17K	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.38K	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.44K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.51K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.75K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.51K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.75K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$9.67K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	1 Quarter
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$10.00K	USD	1 Quarter
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$5.78K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.79K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.67K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-5.99K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-13.68K	USD	1 Quarter
Cash - beginning of period	`Cash`	$42.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$13.51K	USD	Point-in-time
Cash - beginning of period	`Cash`	$28.76K	USD	Point-in-time
Cash - beginning of period	`Cash`	$7.52K	USD	Point-in-time
Cash - end of period	`Cash`	$42.44K	USD	Point-in-time
Cash - end of period	`Cash`	$13.51K	USD	Point-in-time
Cash - end of period	`Cash`	$28.76K	USD	Point-in-time
Cash - end of period	`Cash`	$7.52K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$30.24K	USD	1 Quarter
Cash paid for - Interest	`InterestPaid`	$33.56K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.