10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001654954-21-009155`
Period End Date	20210630
Filing Date	20210817
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	imci_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 70 Cash Flow Statement 54 Stockholders Equity 24

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
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`	$32.31K	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`	$3.97K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowance of $10,089	`AccountsReceivableNetCurrent`	$953.83K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.60M	shares	Point-in-time
Accounts receivable, net of allowance of $10,089	`AccountsReceivableNetCurrent`	$796.66K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$96.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$181.34K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.60M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$981.96K	USD	Point-in-time
Right of use asset - lease, net	`OperatingLeaseRightOfUseAsset`	$81.73K	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`	$47.22K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$354.90K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$401.29K	USD	Point-in-time
Deposit	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposit	`DepositsAssets`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$1.61M	USD	Point-in-time
Total assets	`Assets`	$1.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$358.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$343.07K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$353.27K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$364.38K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$531.41K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$592.34K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$270.00K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$264.68K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$320.04K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$429.47K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$74.58K	USD	Point-in-time
Accrued expenses - other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$95.50K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$83.34K	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$80.26K	USD	Point-in-time
Current maturities of long-term obligations-other	`LongTermDebtCurrent`	$807.72K	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	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	-	USD	Point-in-time
Current maturities of long-term obligations-related parties	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	$100.00K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$162.50K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$162.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$100.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.13M	USD	Point-in-time
Other	`Other`	$457.77K	USD	Point-in-time
Other	`Other`	$458.04K	USD	Point-in-time
Related parties	`RelatedPartyLongTermDebtCurrent`	$1.12M	USD	Point-in-time
Related parties	`RelatedPartyLongTermDebtCurrent`	$1.02M	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`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$4.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.01M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,595,883 and 29,061,883 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	`CommonStockValue`	$29.59K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,595,883 and 29,061,883 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	`CommonStockValue`	$29.06K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.47M	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`	$-3.91M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.97M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.61M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.52M	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$3.62M	USD	2 Qtrs
Revenue	`Revenues`	$3.60M	USD	2 Qtrs
Revenue	`Revenues`	$1.70M	USD	1 Quarter
Revenue	`Revenues`	$1.80M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.18M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$1.02M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.11M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$678.59K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.44M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.46M	USD	2 Qtrs
Gross profit	`GrossProfit`	$688.28K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$402.23K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$541.71K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$776.76K	USD	2 Qtrs
Selling	`SellingExpense`	$645.92K	USD	2 Qtrs
Selling	`SellingExpense`	$894.77K	USD	2 Qtrs
Selling	`SellingExpense`	$507.04K	USD	1 Quarter
Selling	`SellingExpense`	$299.22K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.05M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.90M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$701.45K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.42M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-461.16K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-22.86K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$32.43K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-360.47K	USD	1 Quarter
Interest income	`Interestincome`	$433.00	USD	2 Qtrs
Interest income	`Interestincome`	$433.00	USD	1 Quarter
Interest income	`Interestincome`	$1.00	USD	1 Quarter
Interest income	`Interestincome`	$3.00	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$31.05K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$16.54K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$16.78K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$32.65K	USD	2 Qtrs
Other	`InterestExpenseOther`	$39.49K	USD	1 Quarter
Other	`InterestExpenseOther`	$36.52K	USD	1 Quarter
Other	`InterestExpenseOther`	$76.52K	USD	2 Qtrs
Other	`InterestExpenseOther`	$82.02K	USD	2 Qtrs
Total interest expense	`OtherNoncashIncomeExpense`	$-53.31K	USD	1 Quarter
Total interest expense	`OtherNoncashIncomeExpense`	$-56.03K	USD	1 Quarter
Total interest expense	`OtherNoncashIncomeExpense`	$-107.57K	USD	2 Qtrs
Total interest expense	`OtherNoncashIncomeExpense`	$-114.67K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$2.91K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$2.91K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$12.94K	USD	2 Qtrs
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$64.47K	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-111.32K	USD	2 Qtrs
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-49.96K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-568.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-416.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.15M	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`	29.24M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.15M	shares	2 Qtrs
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.06M	shares	2 Qtrs
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.24M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-568.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-416.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$18.98K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$110.17K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$87.55K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$36.22K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-562.69K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$157.17K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-2.58K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-26.73K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$14.98K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$46.93K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$109.42K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-18.76K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$98.47K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$133.46K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$5.11K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$5.32K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-422.22K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.38K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.72K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.71K	USD	2 Qtrs
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-128.37K	USD	2 Qtrs
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-121.17K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-135.07K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-129.90K	USD	2 Qtrs
Proceeds from issuance of notes payable - related parties	`ProceedsFromIssuanceOfMediumTermNotes`	$299.00K	USD	2 Qtrs
Proceeds from issuance of notes payable - related parties	`ProceedsFromIssuanceOfMediumTermNotes`	-	USD	2 Qtrs
Proceeds from note payable	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from note payable	`ProceedsFromNotesPayable`	$957.37K	USD	2 Qtrs
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	$14.93K	USD	2 Qtrs
Repayment of long-term obligations	`RepaymentOfLongTermObligations`	-	USD	2 Qtrs
Repayment of long-term obligations	`RepaymentOfLongTermObligations`	$-200.00K	USD	2 Qtrs
Repayments of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	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`	$113.93K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-28.35K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$389.38K	USD	2 Qtrs
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.40K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$395.78K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.40K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$395.78K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$39.37K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$77.08K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.97M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Stock based compensation, amount	`StockBasedCompensationAmount`	$16.85K	USD	1 Quarter
Stock based compensation, amount	`StockBasedCompensationAmount`	$2.13K	USD	1 Quarter
Stock based compensation, amount	`StockBasedCompensationAmount`	$28.25K	USD	1 Quarter
Stock based compensation, amount	`StockBasedCompensationAmount`	$81.92K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-568.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-72.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-78.89K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.06K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-416.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Issuance of common stock, amount	`IssuanceOfCommonStockAmount`	$58.12K	USD	1 Quarter
Exercise of stock options, amount	`ExerciseOfStockOptionsAmount`	$14.93K	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.97M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time

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