10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-007946`
Period End Date	20190331
Filing Date	20190703
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	imci-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 26 Cash Flow Statement 38 Stockholders Equity 11

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$22.00K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$22.00K	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`	$17.02K	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`	$29.72K	USD	Point-in-time
Cash	`Cash`	$12.50K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $22,000	`AccountsReceivableNetCurrent`	$390.79K	USD	Point-in-time
Accounts receivable, net of allowances of $22,000	`AccountsReceivableNetCurrent`	$286.19K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.86K	USD	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.91K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$318.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$415.15K	USD	Point-in-time
Right of Use Asset Lease, net	`OperatingLeaseRightOfUseAsset`	$248.61K	USD	Point-in-time
Right of Use Asset Lease, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.30K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.63K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$677.73K	USD	Point-in-time
Total assets	`Assets`	$334.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$367.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$286.53K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$275.28K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.33K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$839.19K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$865.22K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$246.87K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$244.42K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$140.90K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$87.58K	USD	Point-in-time
Operating Lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$70.20K	USD	Point-in-time
Operating Lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$686.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$950.00K	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`	$543.13K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$332.50K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$332.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$102.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$102.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.91M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$744.34K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$481.97K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$169.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$677.96K	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityNoncurrent`	$178.93K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.64M	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`	$-34.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.59M	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 stockholders' deficiency	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$677.73K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$334.10K	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.69M	USD	1 Quarter
Sales	`Revenues`	$1.59M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.06M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$515.36K	USD	1 Quarter
Gross profit	`GrossProfit`	$630.62K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$299.49K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$277.61K	USD	1 Quarter
Selling	`SellingExpense`	$241.20K	USD	1 Quarter
Selling	`SellingExpense`	$253.31K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$540.68K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$530.91K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-25.32K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$99.71K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.37K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$16.64K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.04K	USD	1 Quarter
Other	`InterestExpenseOther`	$47.31K	USD	1 Quarter
Total interest expense	`InterestExpense`	$64.68K	USD	1 Quarter
Total interest expense	`InterestExpense`	$61.68K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	-	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 38 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$260.00	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.31K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$6.49K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.60K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-214.68K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$9.23K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.96K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-81.01K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-356.58K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$157.24K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$136.31K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.44K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.35K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-76.05K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.20K	USD	1 Quarter
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	-	USD	1 Quarter
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$20.00K	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$670.00	USD	1 Quarter
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	1 Quarter
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.01K	USD	1 Quarter
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.33K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-56.72K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-17.21K	USD	1 Quarter
Cash - beginning of period	`Cash`	$17.02K	USD	Point-in-time
Cash - beginning of period	`Cash`	$73.73K	USD	Point-in-time
Cash - beginning of period	`Cash`	$29.72K	USD	Point-in-time
Cash - beginning of period	`Cash`	$12.50K	USD	Point-in-time
Cash - end of period	`Cash`	$17.02K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash - end of period	`Cash`	$29.72K	USD	Point-in-time
Cash - end of period	`Cash`	$12.50K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$35.49K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$28.21K	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$260.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time

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