10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001654954-21-005878`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	imci-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 28 Cash Flow Statement 42 Stockholders Equity 12

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$10.09K	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`	$42.47K	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`	$32.31K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$6.40K	USD	Point-in-time
Accounts receivable, net of allowance of $10,089	`AccountsReceivableNetCurrent`	$953.83K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowance of $10,089	`AccountsReceivableNetCurrent`	$795.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$96.48K	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`	$107.33K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$944.80K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Right of use asset - lease, net	`OperatingLeaseRightOfUseAsset`	$101.40K	USD	Point-in-time
Right of use asset - lease, net	`OperatingLeaseRightOfUseAsset`	$120.78K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.20K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$46.91K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$354.90K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$378.00K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$1.61M	USD	Point-in-time
Total assets	`Assets`	$1.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$343.07K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$297.58K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$427.25K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$353.27K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$531.41K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$560.89K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$267.32K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$264.68K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$272.61K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$320.04K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$65.08K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$74.58K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$80.26K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$81.79K	USD	Point-in-time
Current maturities of long-term obligations - other	`LongTermDebtCurrent`	$1.01M	USD	Point-in-time
Current maturities of long-term obligations - other	`LongTermDebtCurrent`	$1.00M	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$100.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$162.50K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$162.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.13M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$457.77K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$457.90K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$1.02M	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$918.42K	USD	Point-in-time
Accrued payroll taxes	`TaxesPayableCurrentAndNoncurrent`	$69.03K	USD	Point-in-time
Accrued payroll taxes	`TaxesPayableCurrentAndNoncurrent`	$69.03K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$42.35K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$21.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.71M	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`	$30.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.05M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.23M	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`	$-3.91M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.48M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.61M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.90M	USD	1 Quarter
Sales	`Revenues`	$1.82M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.07M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$751.43K	USD	1 Quarter
Gross profit	`GrossProfit`	$776.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$374.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$464.39K	USD	1 Quarter
Selling	`SellingExpense`	$387.73K	USD	1 Quarter
Selling	`SellingExpense`	$346.70K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$721.23K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$852.12K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-100.69K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$55.30K	USD	1 Quarter
Interest expense - related parties	`InterestExpenseRelatedParty`	$15.86K	USD	1 Quarter
Interest expense - related parties	`InterestExpenseRelatedParty`	$14.51K	USD	1 Quarter
Interest expense - other	`InterestExpenseOther`	$45.50K	USD	1 Quarter
Interest expense - other	`InterestExpenseOther`	$37.02K	USD	1 Quarter
Total interest expense	`InterestExpense`	$61.36K	USD	1 Quarter
Total interest expense	`InterestExpense`	$51.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	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 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$2.13K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$28.25K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$41.13K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$12.45K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.42K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-158.83K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-15.08K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.85K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-45.49K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$71.99K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-59.66K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-47.43K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$96.70K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$135.12K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.54K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.65K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$71.56K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$169.17K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.35K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.92K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-58.04K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-57.52K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-62.45K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-61.40K	USD	1 Quarter
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$6.68K	USD	1 Quarter
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.68K	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$100.04K	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$10.16K	USD	1 Quarter
Cash - beginning of period	`Cash`	$42.47K	USD	Point-in-time
Cash - beginning of period	`Cash`	$106.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$32.31K	USD	Point-in-time
Cash - beginning of period	`Cash`	$6.40K	USD	Point-in-time
Cash - end of period	`Cash`	$42.47K	USD	Point-in-time
Cash - end of period	`Cash`	$106.44K	USD	Point-in-time
Cash - end of period	`Cash`	$32.31K	USD	Point-in-time
Cash - end of period	`Cash`	$6.40K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$53.40K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$16.75K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$28.25K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.13K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-3.11M	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.