10-Q/A Filing

INFINITE GROUP INC CIK: 884650 Q2 2019

Filing Information

Form Type	10-Q/A
Accession Number	`0001654954-19-009540`
Period End Date	20190630
Filing Date	20190814
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	imci-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 54 Cash Flow Statement 42 Stockholders Equity 20

Balance Sheet 74 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`	$29.72K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$20.30K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$4.45K	USD	Point-in-time
Cash	`Cash`	$73.73K	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
Accounts receivable, net of allowances of $22,000	`AccountsReceivableNetCurrent`	$537.98K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.64K	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
Total current assets	`AssetsCurrent`	$318.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$587.91K	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$231.15K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.63K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$334.10K	USD	Point-in-time
Total assets	`Assets`	$832.16K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$367.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$284.02K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.33K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$202.54K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$839.19K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$893.34K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$244.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$249.34K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$87.58K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$180.26K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$71.56K	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`	$540.34K	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`	$2.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.81M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$483.07K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$744.34K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$369.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$677.96K	USD	Point-in-time
Total liabilities	`LiabilitiesNoncurrent`	$1.42M	USD	Point-in-time
Total liabilities	`LiabilitiesNoncurrent`	$852.07K	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityNoncurrent`	$160.61K	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.82M	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`	$30.61M	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`	$-34.62M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	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 stockholders' deficiency	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$832.16K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$334.10K	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$3.10M	USD	2 Qtrs
Sales	`Revenues`	$3.47M	USD	2 Qtrs
Sales	`Revenues`	$1.78M	USD	1 Quarter
Sales	`Revenues`	$1.50M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$979.20K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.06M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$2.19M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$646.61K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.28M	USD	2 Qtrs
Gross profit	`GrossProfit`	$522.50K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.04M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$624.01K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$587.33K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$346.40K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$287.85K	USD	1 Quarter
Selling	`SellingExpense`	$454.31K	USD	2 Qtrs
Selling	`SellingExpense`	$213.11K	USD	1 Quarter
Selling	`SellingExpense`	$257.35K	USD	1 Quarter
Selling	`SellingExpense`	$510.66K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$500.96K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.04M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$603.76K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.13M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$42.85K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$21.55K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$142.56K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-3.77K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$32.13K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.60K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$28.98K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$48.77K	USD	2 Qtrs
Other	`InterestExpenseOther`	$46.58K	USD	1 Quarter
Other	`InterestExpenseOther`	$49.94K	USD	1 Quarter
Other	`InterestExpenseOther`	$97.25K	USD	2 Qtrs
Other	`InterestExpenseOther`	$94.62K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$78.71K	USD	1 Quarter
Total interest expense	`InterestExpense`	$64.55K	USD	1 Quarter
Total interest expense	`InterestExpense`	$143.39K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$126.23K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-825.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-130.00K	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
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
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	2 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-825.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-130.00K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.51K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$12.98K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$9.29K	USD	2 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	2 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$251.79K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-350.82K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.73K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$27.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-406.68K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-83.52K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$131.04K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$92.28K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.72K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.91K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-88.62K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-203.39K	USD	2 Qtrs
Proceeds from issuance of notes payable - related party	`IncreaseDecreaseInNotesPayableRelatedParties`	$200.00K	USD	2 Qtrs
Proceeds from issuance of notes payable - related party	`IncreaseDecreaseInNotesPayableRelatedParties`	$20.00K	USD	2 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$670.00	USD	2 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$6.03K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.33K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$193.97K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-69.29K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-9.42K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$29.72K	USD	Point-in-time
Cash - beginning of period	`Cash`	$20.30K	USD	Point-in-time
Cash - beginning of period	`Cash`	$4.45K	USD	Point-in-time
Cash - beginning 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`	$20.30K	USD	Point-in-time
Cash - end of period	`Cash`	$4.45K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$57.09K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$68.53K	USD	2 Qtrs

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.25K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$260.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-825.00	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-130.00K	USD	2 Qtrs
Ending balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.17M	USD	Point-in-time

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