10-K/A Filing

INFINITE GROUP INC CIK: 884650 FY 2020

Filing Information

Form Type	10-K/A
Accession Number	`0001654954-21-004264`
Period End Date	20201231
Filing Date	20210416
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	imci-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 34 Cash Flow Statement 48 Stockholders Equity 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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`	$32.31K	USD	Point-in-time
Cash	`Cash`	$6.40K	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
Cash	`Cash`	$29.72K	USD	Point-in-time
Accounts receivable, net	`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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$953.83K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$96.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$65.28K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$503.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Right of use asset - operating lease, net	`OperatingLeaseRightOfUseAsset`	$120.78K	USD	Point-in-time
Right of use asset - operating lease, net	`OperatingLeaseRightOfUseAsset`	$195.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.92K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.20K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$184.68K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$354.90K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$1.61M	USD	Point-in-time
Total assets	`Assets`	$896.94K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$343.07K	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`	$353.27K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$939.44K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$531.41K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$254.35K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$264.68K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$178.82K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$320.04K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$64.21K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$74.58K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$950.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$1.00M	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$80.26K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$74.37K	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`	-	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$332.50K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$162.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	-	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`	$3.13M	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$457.77K	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$495.89K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$1.02M	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$385.00K	USD	Point-in-time
Accrued payroll taxes(See Note 8)	`TaxesPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Accrued payroll taxes(See Note 8)	`TaxesPayableCurrentAndNoncurrent`	$69.03K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$122.61K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$42.35K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.80M	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`	$30.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.90M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$896.94K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.61M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$7.22M	USD	Annual
Sales	`Revenues`	$7.09M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.18M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.42M	USD	Annual
Gross profit	`GrossProfit`	$2.67M	USD	Annual
Gross profit	`GrossProfit`	$3.04M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.70M	USD	Annual
Selling	`SellingExpense`	$1.34M	USD	Annual
Selling	`SellingExpense`	$1.01M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$2.34M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$3.04M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.29K	USD	Annual
Operating income	`OperatingIncomeLoss`	$329.14K	USD	Annual
Interest income	`InterestAndDividendIncomeOperating`	-	USD	Annual
Interest income	`InterestAndDividendIncomeOperating`	$786.00	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$89.08K	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$62.79K	USD	Annual
Other	`InterestExpenseOther`	$192.08K	USD	Annual
Other	`InterestExpenseOther`	$230.30K	USD	Annual
Total interest expense	`InterestExpense`	$281.16K	USD	Annual
Total interest expense	`InterestExpense`	$293.09K	USD	Annual
Other income	`OtherIncome`	$967.01K	USD	Annual
Other income	`OtherIncome`	-	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$674.71K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-281.16K	USD	Annual
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$676.00K	USD	Annual
Net income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Net income per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.02	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`	43.45M	shares	Annual

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$676.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$44.81K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$125.54K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$97.87K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$29.65K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$7.00K	USD	Annual
Forgiveness of note payable and interest	`ForgivenessOfNotePayableAndInterest`	$-963.52K	USD	Annual
Forgiveness of note payable and interest	`ForgivenessOfNotePayableAndInterest`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$146.10K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$528.54K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$31.20K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$62.65K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$125.30K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-149.76K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$77.79K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$265.65K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-413.75K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.57K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.31K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95K	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$255.23K	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$194.22K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-303.54K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-196.16K	USD	Annual
Proceeds from note payable	`ProceedsFromNotesPayable`	$957.37K	USD	Annual
Proceeds from note payable	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$200.00K	USD	Annual
Proceeds from note payable - related parties	`ProceedsFromRelatedPartyDebt`	$50.00K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$96.64K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$56.73K	USD	Annual
Repayments of notes payable - short-term	`RepaymentsOfShortTermDebt`	$167.53K	USD	Annual
Repayments of notes payable - short-term	`RepaymentsOfShortTermDebt`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$743.21K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$143.27K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-23.32K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$25.91K	USD	Annual
Cash - beginning of year	`Cash`	$32.31K	USD	Point-in-time
Cash - beginning of year	`Cash`	$6.40K	USD	Point-in-time
Cash - beginning of year	`Cash`	$29.72K	USD	Point-in-time
Cash - end of year	`Cash`	$32.31K	USD	Point-in-time
Cash - end of year	`Cash`	$6.40K	USD	Point-in-time
Cash - end of year	`Cash`	$29.72K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$152.91K	USD	Annual
Cash payments for interest	`InterestPaidNet`	$346.33K	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`	$-3.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$125.54K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$44.81K	USD	Annual
Net income	`NetIncomeLoss`	$47.98K	USD	Annual
Net income	`NetIncomeLoss`	$676.00K	USD	Annual
Ending balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-4.00M	USD	Point-in-time

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