10-K Filing

INFINITE GROUP INC CIK: 884650 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001654954-22-003151`
Period End Date	20211231
Filing Date	20220315
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	imci_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 35 Cash Flow Statement 64 Stockholders Equity 13

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$10.09K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$9.71K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$1.00	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
Cash	`Cash`	$99.43K	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 issued	`CommonStockSharesIssued`	32.70M	shares	Point-in-time
Accounts receivable, net of allowances of $9,710 and $10,089 as of December 31, 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$953.83K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.70M	shares	Point-in-time
Accounts receivable, net of allowances of $9,710 and $10,089 as of December 31, 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$727.30K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$96.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$218.82K	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
Total current assets	`AssetsCurrent`	$1.05M	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`	$41.49K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$41.14K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.20K	USD	Point-in-time
Software, net	`IndefiniteLivedLicenseAgreements`	$417.65K	USD	Point-in-time
Software, net	`IndefiniteLivedLicenseAgreements`	$354.90K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Total assets	`Assets`	$1.55M	USD	Point-in-time
Total assets	`Assets`	$1.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$536.86K	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`	$425.84K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$531.41K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$594.24K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$264.68K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$275.42K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$320.04K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$497.73K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$74.58K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$167.31K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$765.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$1.00M	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$42.35K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$80.26K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$190.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	-	USD	Point-in-time
Notes payable, net	`NotesPayable`	$383.82K	USD	Point-in-time
Notes payable, net	`NotesPayable`	$162.50K	USD	Point-in-time
Notes payable - related parties	`NotesReceivableRelatedParties`	$229.00K	USD	Point-in-time
Notes payable - related parties	`NotesReceivableRelatedParties`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.11M	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$458.31K	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$457.77K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$1.08M	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$1.02M	USD	Point-in-time
Payroll taxes due 2022	`AccruedPayrollTaxesCurrent`	$69.03K	USD	Point-in-time
Payroll taxes due 2022	`AccruedPayrollTaxesCurrent`	-	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`	$5.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.72M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; issued and outstanding: 32,700,883 and 29,061,883 shares as of December 31, 2021 and 2020, respectively.	`CommonStockValue`	$29.06K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; issued and outstanding: 32,700,883 and 29,061,883 shares as of December 31, 2021 and 2020, respectively.	`CommonStockValue`	$32.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.47M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.10M	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 liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.55M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.61M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$7.22M	USD	Annual
Sales	`Revenues`	$7.22M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.18M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.49M	USD	Annual
Gross profit	`GrossProfit`	$2.73M	USD	Annual
Gross profit	`GrossProfit`	$3.04M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.16M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.70M	USD	Annual
Selling	`SellingExpense`	$1.34M	USD	Annual
Selling	`SellingExpense`	$1.98M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$3.04M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$4.14M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-1.41M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$1.29K	USD	Annual
Other income - (see Note 6 & Note 7)	`OtherIncome`	$967.01K	USD	Annual
Other income - (see Note 6 & Note 7)	`OtherIncome`	$120.50K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$37.00	USD	Annual
Interest income	`InvestmentIncomeInterest`	$786.00	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$72.45K	USD	Annual
Related parties	`InterestExpenseRelatedParty`	$62.79K	USD	Annual
Other	`InterestExpenseOther`	$230.30K	USD	Annual
Other	`InterestExpenseOther`	$209.33K	USD	Annual
Total interest expense	`InterestExpense`	$15.45K	USD	Point-in-time
Total interest expense	`InterestExpense`	$52.90K	USD	Point-in-time
Total interest expense	`InterestExpense`	$14.25K	USD	Annual
Total interest expense	`InterestExpense`	$293.09K	USD	Annual
Total interest expense	`InterestExpense`	$281.79K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.57M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$676.00K	USD	Annual
Net income (loss) per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	Annual
Net income (loss) per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.02	USD	Annual
Weighted average shares outstanding basic	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.12M	shares	Annual
Weighted average shares outstanding basic	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	Annual
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.12M	shares	Annual
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	43.45M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.57M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$676.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$125.54K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$117.59K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$97.87K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$186.38K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$51.89K	USD	Annual
Bad debt expense	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$7.00K	USD	Annual
Bad debt expense	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$9.00K	USD	Annual
Forgiveness of note payable and interest	`StockIssuedDuringPeriodValueIssuedForServices`	$120.50K	USD	Annual
Forgiveness of note payable and interest	`StockIssuedDuringPeriodValueIssuedForServices`	$963.52K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$217.53K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-528.54K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-31.20K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-64.21K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$125.30K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$193.79K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$141.22K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$177.69K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-63.43K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$254.85K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-544.82K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-413.75K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.31K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.51K	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$229.53K	USD	Annual
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$255.23K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-243.03K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-303.54K	USD	Annual
Proceeds from note payable	`ProceedsFromNotesPayable`	$403.20K	USD	Annual
Proceeds from note payable	`ProceedsFromNotesPayable`	$957.37K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$25.16K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromRelatedPartyDebt`	$50.00K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromRelatedPartyDebt`	$578.00K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$96.64K	USD	Annual
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayments of note payable - short-term	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayments of note payable - short-term	`RepaymentsOfNotesPayable`	$167.53K	USD	Annual
Repayment of long-term obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	Annual
Repayment of long-term obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$200.00K	USD	Annual
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	$98.93K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$743.21K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$854.97K	USD	Annual
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$67.12K	USD	Annual
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$25.91K	USD	Annual
Cash - beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$6.40K	USD	Point-in-time
Cash - beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Cash - end of year	`CashAndCashEquivalentsAtCarryingValue`	$6.40K	USD	Point-in-time
Cash - end of year	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - end of year	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Interest	`InterestIncomeExpenseNet`	$346.33K	USD	Annual
Interest	`InterestIncomeExpenseNet`	$84.20K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Warrant issued in conjunction with debts	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	Annual
Warrant issued in conjunction with debts	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$202.05K	USD	Annual
Common stock issued to extinguish debt	`StockIssuedDuringPeriodSharesShareBasedCompensation`	100,000.00	shares	Annual
Common stock issued to extinguish debt	`StockIssuedDuringPeriodSharesShareBasedCompensation`	0.00	shares	Annual
Common stock issued for prepaid consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$58.12K	USD	Annual
Common stock issued for prepaid consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Stock based compensation, amount	`ShareBasedCompensation`	$125.54K	USD	Annual
Stock based compensation, amount	`ShareBasedCompensation`	$117.59K	USD	Annual
Net income, amount	`NetIncomeLoss`	$-1.57M	USD	Annual
Net income, amount	`NetIncomeLoss`	$676.00K	USD	Annual
Issuance of Common Stock, amount	`IssuanceOfCommonStockAmount`	$158.12K	USD	Annual
Exercise of stock options, amount	`ExerciseOfStockOptionsAmount`	$98.93K	USD	Annual
Warrants issued, amount	`ProceedsFromIssuanceOfWarrants`	$202.05K	USD	Annual
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.91M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time

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