10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-007942`
Period End Date	20180331
Filing Date	20190703
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	imci-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 26 Cash Flow Statement 44

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$30.00K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$28.76K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$42.44K	USD	Point-in-time
Cash	`Cash`	$73.73K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$17.02K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $26,000 as of March 31, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$268.61K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $26,000 as of March 31, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$479.29K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.33K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.56K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$557.35K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$299.18K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.35K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.34K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$321.19K	USD	Point-in-time
Total assets	`Assets`	$582.37K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$864.93K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$508.35K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$276.99K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$178.06K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$802.12K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$773.37K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$237.24K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$234.89K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$63.11K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$92.67K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$686.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$686.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$29.66K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$31.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$737.78K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$739.42K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$658.63K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$678.47K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.45M	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`	$30.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.75M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$321.19K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$582.37K	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.65M	USD	1 Quarter
Sales	`Revenues`	$1.59M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.17M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$478.50K	USD	1 Quarter
Gross profit	`GrossProfit`	$515.36K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$296.80K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$299.49K	USD	1 Quarter
Selling	`SellingExpense`	$241.20K	USD	1 Quarter
Selling	`SellingExpense`	$317.05K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$540.68K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$613.86K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-135.36K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-25.32K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$13.05K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.37K	USD	1 Quarter
Other	`InterestExpenseOther`	$46.74K	USD	1 Quarter
Other	`InterestExpenseOther`	$47.31K	USD	1 Quarter
Total interest expense	`InterestExpense`	$59.79K	USD	1 Quarter
Total interest expense	`InterestExpense`	$61.68K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-195.15K	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	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-195.15K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$7.12K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$35.77K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$6.49K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-214.68K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-38.70K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$55.00	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$9.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-356.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.95K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$157.24K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$121.92K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.35K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.26K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.38K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-76.05K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.51K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.51K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$20.00K	USD	1 Quarter
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	-	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$670.00	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$5.78K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.79K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.33K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-13.68K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-56.72K	USD	1 Quarter
Cash - beginning of period	`Cash`	$28.76K	USD	Point-in-time
Cash - beginning of period	`Cash`	$42.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$73.73K	USD	Point-in-time
Cash - beginning of period	`Cash`	$17.02K	USD	Point-in-time
Cash - end of period	`Cash`	$28.76K	USD	Point-in-time
Cash - end of period	`Cash`	$42.44K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash - end of period	`Cash`	$17.02K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$28.21K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$30.24K	USD	1 Quarter

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