10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001654954-17-007260`
Period End Date	20170630
Filing Date	20170811
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	imci-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 52 Cash Flow Statement 48

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$50.00K	USD	Point-in-time
Allowances for accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.00K	USD	Point-in-time
Cash	`Cash`	$5.97K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$53.41K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $50,000-2017; $70,000-2016	`AccountsReceivableNetCurrent`	$656.72K	USD	Point-in-time
Accounts receivable, net of allowances of $50,000-2017; $70,000-2016	`AccountsReceivableNetCurrent`	$243.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.77K	USD	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$680.45K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$301.99K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.08K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.71K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$105.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$52.50K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Total assets	`Assets`	$766.65K	USD	Point-in-time
Total assets	`Assets`	$442.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$955.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$346.70K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$219.45K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$246.81K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$671.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$718.95K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$230.26K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$225.72K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$65.05K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$81.75K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$837.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$1.08M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$368.28K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$54.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.75M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$909.50K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$1.15M	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$534.33K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$515.98K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.43M	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`	$30.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.58M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.37M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$442.05K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$766.65K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.57M	USD	1 Quarter
Sales	`SalesRevenueNet`	$3.66M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$1.80M	USD	1 Quarter
Sales	`SalesRevenueNet`	$3.21M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.31M	USD	1 Quarter
Cost of sales	`CostOfServices`	$2.69M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$2.26M	USD	2 Qtrs
Cost of sales	`CostOfServices`	$1.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$494.44K	USD	1 Quarter
Gross profit	`GrossProfit`	$973.61K	USD	2 Qtrs
Gross profit	`GrossProfit`	$472.43K	USD	1 Quarter
Gross profit	`GrossProfit`	$950.92K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$576.96K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$290.75K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$280.15K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$650.63K	USD	2 Qtrs
Selling	`SellingExpense`	$643.75K	USD	2 Qtrs
Selling	`SellingExpense`	$326.69K	USD	1 Quarter
Selling	`SellingExpense`	$194.16K	USD	1 Quarter
Selling	`SellingExpense`	$416.64K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$484.91K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$606.85K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.22M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.07M	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-134.42K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-269.78K	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$9.53K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-93.67K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$25.38K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$14.23K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$28.67K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$12.33K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.25K	USD	1 Quarter
Other	`InterestExpenseOther`	$94.99K	USD	2 Qtrs
Other	`InterestExpenseOther`	$97.39K	USD	2 Qtrs
Other	`InterestExpenseOther`	$49.02K	USD	1 Quarter
Total interest expense	`InterestExpense`	$126.06K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$60.58K	USD	1 Quarter
Total interest expense	`InterestExpense`	$63.25K	USD	1 Quarter
Total interest expense	`InterestExpense`	$120.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-219.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-53.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-390.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-195.00K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.65M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.73M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-219.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-53.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-390.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-195.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$9.90K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$7.94K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$39.92K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$71.41K	USD	2 Qtrs
Reduction of accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$20.00K	USD	2 Qtrs
Reduction of accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivableRecoveries`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$24.78K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$393.24K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.69K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.33K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$608.99K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.85K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$58.17K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$91.69K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.54K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.36K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-106.12K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-52.07K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.07K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.61K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.61K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.07K	USD	2 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$29.00K	USD	2 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	-	USD	2 Qtrs
Proceeds from notes payable - other	`ProceedsFromNotesPayable`	$200.00K	USD	2 Qtrs
Proceeds from notes payable - other	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$24.90K	USD	2 Qtrs
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$25.00K	USD	2 Qtrs
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$5.78K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$150.10K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$21.21K	USD	2 Qtrs
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$39.91K	USD	2 Qtrs
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$-36.47K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$5.97K	USD	Point-in-time
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`	$53.41K	USD	Point-in-time
Cash - end of period	`Cash`	$5.97K	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`	$53.41K	USD	Point-in-time
Cash paid for - Interest	`InterestPaid`	$69.94K	USD	2 Qtrs
Cash paid for - Interest	`InterestPaid`	$56.42K	USD	2 Qtrs

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