10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001654954-20-009055`
Period End Date	20200630
Filing Date	20200813
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	imci-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 70 Cash Flow Statement 50 Stockholders Equity 21

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.45K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.63K	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`	$395.78K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$29.72K	USD	Point-in-time
Cash	`Cash`	$20.30K	USD	Point-in-time
Cash	`Cash`	$6.40K	USD	Point-in-time
Accounts receivable, net of allowances of $12,629 and $17,455, respectively	`AccountsReceivableNetCurrent`	$994.98K	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 $12,629 and $17,455, respectively	`AccountsReceivableNetCurrent`	$432.29K	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`	$65.28K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$67.87K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$503.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.46M	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$158.66K	USD	Point-in-time
Right of Use Asset - Lease, net	`OperatingLeaseRightOfUseAsset`	$195.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.61K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.92K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$282.53K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$184.68K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$896.94K	USD	Point-in-time
Total assets	`Assets`	$1.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$264.70K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$217.78K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$218.35K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$316.02K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$939.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$975.11K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$254.35K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$259.46K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$243.03K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$224.39K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$74.37K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$77.27K	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`	$512.93K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$540.24K	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`	$54.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$58.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.99M	USD	Point-in-time
Paycheck Protection Plan Loan (Note 5)	`LongTermLoansPayable`	-	USD	Point-in-time
Paycheck Protection Plan Loan (Note 5)	`LongTermLoansPayable`	$957.37K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$490.17K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$486.89K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$360.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$394.00K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$83.34K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$122.61K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.88M	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`	$30.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.57M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.00M	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`	$-3.91M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.97M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.92M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$896.94K	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.70M	USD	1 Quarter
Sales	`Revenues`	$3.60M	USD	2 Qtrs
Sales	`Revenues`	$3.47M	USD	2 Qtrs
Sales	`Revenues`	$1.78M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.19M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$2.15M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.02M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$646.61K	USD	1 Quarter
Gross profit	`GrossProfit`	$678.59K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.46M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.28M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$346.40K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$776.76K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$624.01K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$402.23K	USD	1 Quarter
Selling	`SellingExpense`	$645.92K	USD	2 Qtrs
Selling	`SellingExpense`	$510.66K	USD	2 Qtrs
Selling	`SellingExpense`	$299.22K	USD	1 Quarter
Selling	`SellingExpense`	$257.35K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.42M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$603.76K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.13M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$701.45K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$142.56K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$32.43K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-22.86K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$42.85K	USD	1 Quarter
Interest income	`InterestAndDividendIncomeOperating`	$433.00	USD	2 Qtrs
Interest income	`InterestAndDividendIncomeOperating`	-	USD	2 Qtrs
Interest income	`InterestAndDividendIncomeOperating`	$433.00	USD	1 Quarter
Interest income	`InterestAndDividendIncomeOperating`	-	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$32.13K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$48.77K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$32.65K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$16.78K	USD	1 Quarter
Other	`InterestExpenseOther`	$94.62K	USD	2 Qtrs
Other	`InterestExpenseOther`	$46.58K	USD	1 Quarter
Other	`InterestExpenseOther`	$36.52K	USD	1 Quarter
Other	`InterestExpenseOther`	$82.02K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$53.31K	USD	1 Quarter
Total interest expense	`InterestExpense`	$78.71K	USD	1 Quarter
Total interest expense	`InterestExpense`	$114.67K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$143.39K	USD	2 Qtrs
Other income	`OtherIncome`	$2.91K	USD	2 Qtrs
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	-	USD	2 Qtrs
Other income	`OtherIncome`	$2.91K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-78.71K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-143.39K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-111.32K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-49.96K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net (loss)	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-825.00	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	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	2 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.06M	shares	2 Qtrs
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	2 Qtrs
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	2 Qtrs
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 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-825.00	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$18.98K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.51K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$36.22K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$9.29K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$251.79K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$562.69K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$27.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.58K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-83.52K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$46.93K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$131.04K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$114.70K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$5.11K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.91K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-422.22K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-203.39K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.71K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	-	USD	2 Qtrs
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-128.37K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-135.07K	USD	2 Qtrs
Proceeds from note payable	`ProceedsFromNotesPayable`	$957.37K	USD	2 Qtrs
Proceeds from note payable	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from issuance of notes payable - related party	`ProceedsFromIssuanceOfCommercialPaper`	-	USD	2 Qtrs
Proceeds from issuance of notes payable - related party	`ProceedsFromIssuanceOfCommercialPaper`	$200.00K	USD	2 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$6.03K	USD	2 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$10.70K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$946.67K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$193.97K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-9.42K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$389.38K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$395.78K	USD	Point-in-time
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`	$6.40K	USD	Point-in-time
Cash - end of period	`Cash`	$395.78K	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`	$6.40K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$68.53K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$77.08K	USD	2 Qtrs
Cash payments for taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash payments for taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.97M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.25K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.13K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$260.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.04K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-35.86K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-825.00	USD	2 Qtrs
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.96M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.97M	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.