10-Q Filing

INFINITE GROUP INC CIK: 884650 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-007944`
Period End Date	20180930
Filing Date	20190703
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	imci-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 52 Cash Flow Statement 46

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$30.00K	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`	$42.44K	USD	Point-in-time
Cash	`Cash`	$14.10K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$73.73K	USD	Point-in-time
Cash	`Cash`	$3.64K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $26,000 as of September 30, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$479.29K	USD	Point-in-time
Accounts receivable, net of allowances of $26,000 as of September 30, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$275.24K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.45K	USD	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
Total current assets	`AssetsCurrent`	$557.35K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$289.34K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.35K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.47K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$582.37K	USD	Point-in-time
Total assets	`Assets`	$305.47K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$352.55K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$864.93K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$178.06K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$299.67K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$773.37K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$872.61K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$234.89K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$242.00K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$85.53K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$63.11K	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`	$34.35K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$29.66K	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`	$102.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.04M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$742.70K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$737.78K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$658.63K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$678.12K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.46M	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`	$-34.77M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.15M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$305.47K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$582.37K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.57M	USD	1 Quarter
Sales	`Revenues`	$1.59M	USD	1 Quarter
Sales	`Revenues`	$4.67M	USD	3 Qtrs
Sales	`Revenues`	$4.80M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.13M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$3.06M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$3.40M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$453.08K	USD	1 Quarter
Gross profit	`GrossProfit`	$564.80K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.60M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.40M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$848.74K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$867.10K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$261.40K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$290.14K	USD	1 Quarter
Selling	`SellingExpense`	$677.68K	USD	3 Qtrs
Selling	`SellingExpense`	$931.84K	USD	3 Qtrs
Selling	`SellingExpense`	$288.09K	USD	1 Quarter
Selling	`SellingExpense`	$223.37K	USD	1 Quarter
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`	$484.77K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.53M	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-125.16K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-394.94K	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$80.03K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$76.26K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$45.43K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$14.84K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$16.45K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$40.22K	USD	3 Qtrs
Other	`InterestExpenseOther`	$48.00K	USD	1 Quarter
Other	`InterestExpenseOther`	$142.99K	USD	3 Qtrs
Other	`InterestExpenseOther`	$47.58K	USD	1 Quarter
Other	`InterestExpenseOther`	$144.83K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$62.84K	USD	1 Quarter
Total interest expense	`InterestExpense`	$183.21K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$64.03K	USD	1 Quarter
Total interest expense	`InterestExpense`	$190.26K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-578.15K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-188.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-114.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Net income (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`	29.11M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.08M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	3 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-578.15K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-188.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-114.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$25.20K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$19.32K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$106.91K	USD	3 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	3 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-30.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$62.14K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-208.05K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.11K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.12K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$245.34K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-512.38K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$243.27K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$170.30K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$6.84K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$7.12K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-105.60K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-158.75K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.61K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.61K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$92.00K	USD	3 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$90.00K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$3.35K	USD	3 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$1.34K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$5.78K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$88.66K	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$82.87K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-70.09K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-28.33K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$42.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$14.10K	USD	Point-in-time
Cash - beginning of period	`Cash`	$73.73K	USD	Point-in-time
Cash - beginning of period	`Cash`	$3.64K	USD	Point-in-time
Cash - end of period	`Cash`	$42.44K	USD	Point-in-time
Cash - end of period	`Cash`	$14.10K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash - end of period	`Cash`	$3.64K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$79.35K	USD	3 Qtrs
Cash payments for interest	`InterestPaidNet`	$89.99K	USD	3 Qtrs

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