10-Q/A Filing

INFINITE GROUP INC CIK: 884650 Q3 2019

Filing Information

Form Type	10-Q/A
Accession Number	`0001654954-19-012790`
Period End Date	20190930
Filing Date	20191113
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	imci-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 56 Cash Flow Statement 48 Stockholders Equity 27

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$19.37K	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`	$3.64K	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`	$32.17K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$73.73K	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 $19,369 and $22,000	`AccountsReceivableNetCurrent`	$286.19K	USD	Point-in-time
Accounts receivable, net of allowances of $19,369 and $22,000	`AccountsReceivableNetCurrent`	$589.39K	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`	$74.96K	USD	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`	$696.52K	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$213.43K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.63K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.97K	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`	$923.85K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$367.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$295.85K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$359.52K	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`	$905.91K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$244.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$251.83K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$232.41K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$87.58K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$72.96K	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`	$538.77K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$34.35K	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`	$62.00K	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`	$4.00M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$744.34K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$485.25K	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
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$141.80K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	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`	$30.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.62M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.15M	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`	$-4.00M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.07M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$334.10K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$923.85K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.57M	USD	1 Quarter
Sales	`Revenues`	$1.82M	USD	1 Quarter
Sales	`Revenues`	$5.29M	USD	3 Qtrs
Sales	`Revenues`	$4.67M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.01M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.20M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$3.39M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$3.06M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.60M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.90M	USD	3 Qtrs
Gross profit	`GrossProfit`	$622.38K	USD	1 Quarter
Gross profit	`GrossProfit`	$564.80K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$848.74K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$261.40K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$959.53K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$335.53K	USD	1 Quarter
Selling	`SellingExpense`	$822.31K	USD	3 Qtrs
Selling	`SellingExpense`	$311.65K	USD	1 Quarter
Selling	`SellingExpense`	$677.68K	USD	3 Qtrs
Selling	`SellingExpense`	$223.37K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.53M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.78M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$484.77K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$647.17K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$76.26K	USD	3 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$117.77K	USD	3 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-24.79K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$80.03K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$20.89K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$69.66K	USD	3 Qtrs
Related parties	`InterestExpenseRelatedParty`	$16.45K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$45.43K	USD	3 Qtrs
Other	`InterestExpenseOther`	$47.58K	USD	1 Quarter
Other	`InterestExpenseOther`	$142.01K	USD	3 Qtrs
Other	`InterestExpenseOther`	$47.39K	USD	1 Quarter
Other	`InterestExpenseOther`	$144.83K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$190.26K	USD	3 Qtrs
Total interest expense	`InterestExpense`	$68.28K	USD	1 Quarter
Total interest expense	`InterestExpense`	$64.03K	USD	1 Quarter
Total interest expense	`InterestExpense`	$211.67K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-93.07K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-93.90K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-114.00K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	3 Qtrs
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 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-93.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-93.90K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-114.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$20.05K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$19.32K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$15.37K	USD	3 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	-	USD	3 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-208.05K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$303.21K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.12K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$72.32K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-71.69K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-512.38K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$352.74K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$243.27K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$7.12K	USD	3 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$7.41K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-158.75K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-145.55K	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.95K	USD	3 Qtrs
Proceeds from issuance of notes payable - related party	`IncreaseDecreaseInNotesPayableRelatedParties`	$200.00K	USD	3 Qtrs
Proceeds from issuance of notes payable - related party	`IncreaseDecreaseInNotesPayableRelatedParties`	$90.00K	USD	3 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$50.05K	USD	3 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$1.34K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$88.66K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$149.95K	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-70.09K	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$2.45K	USD	3 Qtrs
Cash - beginning of period	`Cash`	$3.64K	USD	Point-in-time
Cash - beginning of period	`Cash`	$29.72K	USD	Point-in-time
Cash - beginning of period	`Cash`	$32.17K	USD	Point-in-time
Cash - beginning of period	`Cash`	$73.73K	USD	Point-in-time
Cash - end of period	`Cash`	$3.64K	USD	Point-in-time
Cash - end of period	`Cash`	$29.72K	USD	Point-in-time
Cash - end of period	`Cash`	$32.17K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$79.35K	USD	3 Qtrs
Cash payments for interest	`InterestPaidNet`	$120.51K	USD	3 Qtrs

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.15M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.07M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.54K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.25K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$260.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-93.07K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-93.90K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-114.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.15M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.13M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.07M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time

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