10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001654954-20-005134`
Period End Date	20200331
Filing Date	20200511
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	imci-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 28 Cash Flow Statement 40 Stockholders Equity 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.63K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.45K	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`	$106.44K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$6.40K	USD	Point-in-time
Cash	`Cash`	$12.50K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$29.72K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $12,629 and $17,455	`AccountsReceivableNetCurrent`	$432.29K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $12,629 and $17,455	`AccountsReceivableNetCurrent`	$436.71K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$50.21K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	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
Total current assets	`AssetsCurrent`	$593.36K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$503.97K	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$195.44K	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$177.19K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.92K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.77K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$184.68K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$232.66K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$1.02M	USD	Point-in-time
Total assets	`Assets`	$896.94K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$217.78K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$289.77K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$362.51K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.35K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$939.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$946.70K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$256.89K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$254.35K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$167.07K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$243.03K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$74.37K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$75.81K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$950.00K	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`	$544.25K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$512.93K	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`	$58.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$54.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.98M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$488.53K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$486.89K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$394.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$360.00K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$122.61K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$103.12K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.93M	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`	$30.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.58M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.91M	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`	$1.02M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$896.94K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.69M	USD	1 Quarter
Sales	`Revenues`	$1.90M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.06M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$630.62K	USD	1 Quarter
Gross profit	`GrossProfit`	$776.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$374.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$277.61K	USD	1 Quarter
Selling	`SellingExpense`	$253.31K	USD	1 Quarter
Selling	`SellingExpense`	$346.70K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$530.91K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$721.23K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$55.30K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$99.71K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$15.86K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$16.64K	USD	1 Quarter
Other	`InterestExpenseOther`	$45.50K	USD	1 Quarter
Other	`InterestExpenseOther`	$48.04K	USD	1 Quarter
Total interest expense	`InterestExpense`	$61.36K	USD	1 Quarter
Total interest expense	`InterestExpense`	$64.68K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$35.04K	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	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$2.13K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$260.00	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.31K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$12.45K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.42K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.60K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-15.08K	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`	$71.99K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$136.31K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$75.46K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.54K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.44K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$169.17K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.20K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.92K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-57.52K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-62.45K	USD	1 Quarter
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$6.68K	USD	1 Quarter
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.68K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.01K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$100.04K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-17.21K	USD	1 Quarter
Cash - beginning of period	`Cash`	$106.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$6.40K	USD	Point-in-time
Cash - beginning of period	`Cash`	$12.50K	USD	Point-in-time
Cash - beginning of period	`Cash`	$29.72K	USD	Point-in-time
Cash - end of period	`Cash`	$106.44K	USD	Point-in-time
Cash - end of period	`Cash`	$6.40K	USD	Point-in-time
Cash - end of period	`Cash`	$12.50K	USD	Point-in-time
Cash - end of period	`Cash`	$29.72K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$35.49K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$53.40K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	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`	$2.13K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$260.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.91M	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.