10-K Filing

INFINITE GROUP INC CIK: 884650 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001654954-19-007945`
Period End Date	20181231
Filing Date	20190703
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	imci-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 28 Cash Flow Statement 46 Stockholders Equity 11

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$22.00K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$29.72K	USD	Point-in-time
Cash	`Cash`	$73.73K	USD	Point-in-time
Cash	`Cash`	$42.44K	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
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $22,000 and $30,000 as of December 31, 2018 and 2017, respectively	`AccountsReceivableNetCurrent`	$286.19K	USD	Point-in-time
Accounts receivable, net of allowances of $22,000 and $30,000 as of December 31, 2018 and 2017, respectively	`AccountsReceivableNetCurrent`	$479.29K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.91K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$318.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$557.35K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.63K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.35K	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`	$334.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$864.93K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$367.54K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$178.06K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.33K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$773.37K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$839.19K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$244.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$234.89K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$87.58K	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`	$29.66K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$34.35K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$332.50K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$102.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$737.78K	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$744.34K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$658.63K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$677.96K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	USD	Point-in-time
Commitments (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; issued and outstanding: 29,061,883 shares	`CommonStockValue`	$29.06K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; issued and outstanding: 29,061,883 shares	`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`	$-34.62M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$582.37K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$334.10K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$6.37M	USD	Annual
Sales	`Revenues`	$6.39M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.16M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.44M	USD	Annual
Gross profit	`GrossProfit`	$2.21M	USD	Annual
Gross profit	`GrossProfit`	$1.95M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.08M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.15M	USD	Annual
Selling	`SellingExpense`	$1.19M	USD	Annual
Selling	`SellingExpense`	$917.98K	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.34M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.00M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$209.69K	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-397.94K	USD	Annual
Other income - (see Note 6 and Note 7)	`OtherIncome`	$570.00K	USD	Annual
Other income - (see Note 6 and Note 7)	`OtherIncome`	$83.25K	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$61.92K	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$56.79K	USD	Annual
Other	`InterestExpenseOther`	$194.02K	USD	Annual
Other	`InterestExpenseOther`	$190.27K	USD	Annual
Total interest expense	`InterestExpense`	$255.94K	USD	Annual
Total interest expense	`InterestExpense`	$247.06K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$37.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-75.00K	USD	Annual
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	Annual

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$37.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-75.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.47K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$29.28K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$142.21K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$24.18K	USD	Annual
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-40.00K	USD	Annual
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-8.00K	USD	Annual
Gain on settlement of debt	`GainLossOnSettlementOfDebt`	$-570.00K	USD	Annual
Gain on settlement of debt	`GainLossOnSettlementOfDebt`	$-83.25K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$195.82K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-201.11K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.42K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.07K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-497.39K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$518.23K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$41.90K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$183.81K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$9.54K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$9.17K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-125.97K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-130.12K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.61K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-546.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.61K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$5.78K	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$172.00K	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$90.00K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$3.35K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$3.35K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.65K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$162.87K	USD	Annual
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$-44.02K	USD	Annual
Net (decrease) increase in cash	`CashPeriodIncreaseDecrease`	$31.30K	USD	Annual
Cash - beginning of year	`Cash`	$29.72K	USD	Point-in-time
Cash - beginning of year	`Cash`	$73.73K	USD	Point-in-time
Cash - beginning of year	`Cash`	$42.44K	USD	Point-in-time
Cash - end of year	`Cash`	$29.72K	USD	Point-in-time
Cash - end of year	`Cash`	$73.73K	USD	Point-in-time
Cash - end of year	`Cash`	$42.44K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$121.52K	USD	Annual
Cash payments for interest	`InterestPaidNet`	$122.54K	USD	Annual
Cash payments for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash payments for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.24K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.47K	USD	Annual
Stock options issued as loan fees	`StockOptionsIssuedAsLoanFees`	$14.04K	USD	Annual
Net loss	`NetIncomeLoss`	$37.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-75.00K	USD	Annual
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time

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