10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001654954-22-006958`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	imci_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 28 Cash Flow Statement 48 Stockholders Equity 13

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.71K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.71K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$99.43K	USD	Point-in-time
Cash	`Cash`	$104.84K	USD	Point-in-time
December 31, 2021, respectively	`December312021Respectively`	$666.35K	USD	Point-in-time
December 31, 2021, respectively	`December312021Respectively`	$727.30K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.70M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.70M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$240.04K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.70M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.70M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$218.82K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.01M	USD	Point-in-time
Right of Use Asset Operating Lease, net	`OperatingLeaseRightOfUseAsset`	$41.49K	USD	Point-in-time
Right of Use Asset Operating Lease, net	`OperatingLeaseRightOfUseAsset`	$20.90K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$41.14K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$35.62K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.65K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$416.23K	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`	$1.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$860.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$536.86K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$484.41K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$425.84K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$633.38K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$594.24K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$275.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$278.18K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$497.73K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$493.18K	USD	Point-in-time
Accrued expenses other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$212.15K	USD	Point-in-time
Accrued expenses other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$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`	$765.00K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$42.35K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$21.33K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	$190.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	$290.00K	USD	Point-in-time
Notes payable, net	`NotesPayable`	$383.82K	USD	Point-in-time
Notes payable, net	`NotesPayable`	$594.55K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$229.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$229.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.11M	USD	Point-in-time
Other	`OtherLiabilities`	$458.31K	USD	Point-in-time
Other	`OtherLiabilities`	$458.44K	USD	Point-in-time
Related parties	`DueFromRelatedParties`	$1.08M	USD	Point-in-time
Related parties	`DueFromRelatedParties`	$987.48K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.31M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 32,700,883 shares issued and outstanding	`CommonStockValue`	$32.70K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 32,700,883 shares issued and outstanding	`CommonStockValue`	$32.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.34M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.49M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.55M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.67M	USD	1 Quarter
Revenue	`Revenues`	$1.82M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.12M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$545.83K	USD	1 Quarter
Gross profit	`GrossProfit`	$751.43K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$464.39K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$612.82K	USD	1 Quarter
Selling	`SellingExpense`	$387.73K	USD	1 Quarter
Selling	`SellingExpense`	$638.79K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$852.12K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-705.78K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-100.69K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$23.41K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.51K	USD	1 Quarter
Other	`InterestExpenseOther`	$139.04K	USD	1 Quarter
Other	`InterestExpenseOther`	$37.02K	USD	1 Quarter
Total interest expense	`InterestExpenses`	$-162.46K	USD	1 Quarter
Total interest expense	`InterestExpenses`	$-51.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-868.23K	USD	1 Quarter
Net loss per share - basic and diluted	`NetLossPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net loss per share - basic and diluted	`NetLossPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.70M	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`	32.70M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$868.23K	USD	1 Quarter
Net loss	`ProfitLoss`	$152.23K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$28.25K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$923.00	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$58.49K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$41.13K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$93.48K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$60.94K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$158.83K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$21.22K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$10.85K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-45.49K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$323.83K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-4.56K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-47.43K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$145.40K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$96.70K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.75K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.65K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-208.19K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$71.56K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.35K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-58.04K	USD	1 Quarter
Capitalization of software development costs	`CapitalizedSoftwareDevelopmentCosts`	$-51.98K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-61.40K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.98K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$315.35K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Repayments of note payable-short-term	`RepaymentsOfNotesPayable`	$49.77K	USD	1 Quarter
Repayments of note payable-short-term	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$265.58K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.16K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$5.41K	USD	1 Quarter
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.84K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.47K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.84K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.47K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$16.75K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$25.71K	USD	1 Quarter
Warrant issued in conjunction with debts	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	-	USD	1 Quarter
Warrant issued in conjunction with debts	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$148.33K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Stock based compensation, amount	`StockBasedCompensationAmount`	$28.25K	USD	1 Quarter
Stock based compensation, amount	`StockBasedCompensationAmount`	$923.00	USD	1 Quarter
Net loss, amount	`NetLossAmount`	$-868.23K	USD	1 Quarter
Net loss, amount	`NetLossAmount`	$-152.23K	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$148.33K	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.10M	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.