10-K/A Filing

INFINITE GROUP INC CIK: 884650 FY 2019

Filing Information

Form Type	10-K/A
Accession Number	`0001654954-20-005132`
Period End Date	20191231
Filing Date	20200511
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	imci-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 46 Stockholders Equity 10

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.45K	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
Cash	`Cash`	$73.73K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$6.40K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances of $17,455 and $22,000 as of December 31, 2019 and 2018, respectively	`AccountsReceivableNetCurrent`	$432.29K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $17,455 and $22,000 as of December 31, 2019 and 2018, respectively	`AccountsReceivableNetCurrent`	$286.19K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.91K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$65.28K	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
Total current assets	`AssetsCurrent`	$318.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$503.97K	USD	Point-in-time
Right of use asset - operating lease, net	`OperatingLeaseRightOfUseAsset`	$195.44K	USD	Point-in-time
Right of use asset - operating lease, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.63K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.92K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	-	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$184.68K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$896.94K	USD	Point-in-time
Total assets	`Assets`	$334.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$217.78K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$367.54K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.33K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.35K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$839.19K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$939.44K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$244.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$254.35K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$243.03K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$87.58K	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
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$74.37K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$512.93K	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`	$332.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$58.00K	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`	$3.80M	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$744.34K	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$486.89K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$394.00K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$677.96K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$122.61K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$4.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`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`	$30.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.57M	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`	$-4.00M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$896.94K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$334.10K	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$7.09M	USD	Annual
Sales	`Revenues`	$6.37M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.16M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.42M	USD	Annual
Gross profit	`GrossProfit`	$2.67M	USD	Annual
Gross profit	`GrossProfit`	$2.21M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.08M	USD	Annual
Selling	`SellingExpense`	$917.98K	USD	Annual
Selling	`SellingExpense`	$1.01M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.00M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.34M	USD	Annual
Operating income	`OperatingIncomeLoss`	$329.14K	USD	Annual
Operating income	`OperatingIncomeLoss`	$209.69K	USD	Annual
Other income - (see Note 6 and Note 7)	`OtherIncome`	-	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`	$89.08K	USD	Annual
Other	`InterestExpenseOther`	$192.08K	USD	Annual
Other	`InterestExpenseOther`	$194.02K	USD	Annual
Total interest expense	`InterestExpense`	$255.94K	USD	Annual
Total interest expense	`InterestExpense`	$281.16K	USD	Annual
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$37.00K	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	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	Annual
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	Annual
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.81M	shares	Annual
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	Annual

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$37.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$44.81K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.47K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$24.18K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$29.65K	USD	Annual
Bad debt recovery	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-8.00K	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	$83.25K	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-201.11K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$146.10K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$62.65K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-1.42K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-497.39K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-149.76K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$183.81K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$255.72K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$9.54K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$9.93K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-130.12K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.57K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.00	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$194.22K	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-546.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-196.16K	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$90.00K	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$200.00K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$3.35K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$56.73K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.65K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$143.27K	USD	Annual
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-44.02K	USD	Annual
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-23.32K	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`	$6.40K	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`	$6.40K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$121.52K	USD	Annual
Cash payments for interest	`InterestPaidNet`	$152.91K	USD	Annual
Cash payments for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash payments for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$44.81K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.47K	USD	Annual
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$37.00K	USD	Annual
Ending balance, amount	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time

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