10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001654954-17-010582`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	imci-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 52 Cash Flow Statement 48

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`	$40.00K	USD	Point-in-time
Cash	`Cash`	$14.10K	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`	$31.88K	USD	Point-in-time
Accounts receivable, net of allowances of $40,000 2017; $70,000 2016	`AccountsReceivableNetCurrent`	$335.62K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $40,000 2017; $70,000 2016	`AccountsReceivableNetCurrent`	$243.48K	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 issued	`CommonStockSharesIssued`	29.46M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.29K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$301.99K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.46M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$358.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$21.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.08K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$26.25K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareGross`	$105.00K	USD	Point-in-time
Deposits	`DepositsAssets`	$8.98K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$412.36K	USD	Point-in-time
Total assets	`Assets`	$442.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$346.70K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$592.04K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$219.45K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$336.72K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$671.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$744.60K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$225.72K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$232.56K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$61.62K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$81.75K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$1.26M	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$837.00K	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`	$63.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.65M	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`	$720.14K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$572.62K	USD	Point-in-time
Notes payable - Related parties	`NotesPayableRelatedPartiesNoncurrent`	$534.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.94M	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; 29,461,883 2017; 29,061,883 2016 shares issued and outstanding	`CommonStockValue`	$29.06K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,461,883 2017; 29,061,883 2016 shares issued and outstanding	`CommonStockValue`	$29.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.16M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.53M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$412.36K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$442.05K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.59M	USD	1 Quarter
Sales	`SalesRevenueNet`	$1.73M	USD	1 Quarter
Sales	`SalesRevenueNet`	$5.39M	USD	3 Qtrs
Sales	`SalesRevenueNet`	$4.80M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$3.91M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$3.40M	USD	3 Qtrs
Cost of sales	`CostOfServices`	$1.22M	USD	1 Quarter
Cost of sales	`CostOfServices`	$1.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.48M	USD	3 Qtrs
Gross profit	`GrossProfit`	$504.67K	USD	1 Quarter
Gross profit	`GrossProfit`	$453.08K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.40M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$297.35K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$867.10K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$947.98K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$290.14K	USD	1 Quarter
Selling	`SellingExpense`	$645.23K	USD	3 Qtrs
Selling	`SellingExpense`	$288.09K	USD	1 Quarter
Selling	`SellingExpense`	$228.59K	USD	1 Quarter
Selling	`SellingExpense`	$931.84K	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.59M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$578.24K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.80M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$525.94K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-125.16K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-394.94K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-21.27K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-114.94K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$14.84K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$13.39K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$40.22K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$42.06K	USD	3 Qtrs
Other	`InterestExpenseOther`	$146.07K	USD	3 Qtrs
Other	`InterestExpenseOther`	$48.68K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.00K	USD	1 Quarter
Other	`InterestExpenseOther`	$142.99K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$62.07K	USD	1 Quarter
Total interest expense	`InterestExpense`	$183.21K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$188.13K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$62.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-83.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-188.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-578.15K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-303.07K	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
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`	29.08M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.11M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.13M	shares	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-83.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-188.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-578.15K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-303.07K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$25.20K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$31.30K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$106.91K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$65.88K	USD	3 Qtrs
Reduction of accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivableRecoveries`	-	USD	3 Qtrs
Reduction of accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$30.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$313.25K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$62.14K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.11K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.80K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$245.34K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-72.39K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$281.35K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$170.30K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.84K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.57K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-309.41K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-105.60K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.07K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.61K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.07K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.61K	USD	3 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	-	USD	3 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$92.00K	USD	3 Qtrs
Proceeds from notes payable - other	`ProceedsFromNotesPayable`	$400.00K	USD	3 Qtrs
Proceeds from notes payable - other	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$3.35K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$5.98K	USD	3 Qtrs
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$62.16K	USD	3 Qtrs
Repayments of notes payable - other	`RepaymentsOfNotesPayable`	$5.78K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$82.87K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$331.86K	USD	3 Qtrs
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$-28.33K	USD	3 Qtrs
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$18.37K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$14.10K	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`	$31.88K	USD	Point-in-time
Cash - end of period	`Cash`	$14.10K	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`	$31.88K	USD	Point-in-time
Cash paid for - Interest	`InterestPaidNet`	$106.76K	USD	3 Qtrs
Cash paid for - Interest	`InterestPaidNet`	$89.99K	USD	3 Qtrs

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