10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001654954-22-011399`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	imci_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 66 Cash Flow Statement 56 Stockholders Equity 27

Balance Sheet 76 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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.59K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.97K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Accounts receivable, net of allowances of $9,710 as of June 30, 2022 and December 31, 2021, respectively	`AccountsReceivableNet`	$650.40K	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
Accounts receivable, net of allowances of $9,710 as of June 30, 2022 and December 31, 2021, respectively	`AccountsReceivableNet`	$727.30K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$198.22K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.56M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$218.82K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.70M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$850.22K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.70M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.05M	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`	$684.55K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$30.98K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$41.14K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.65K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$421.22K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.94K	USD	Point-in-time
Deposits	`DepositsAssets`	$10.14K	USD	Point-in-time
Total assets	`Assets`	$1.55M	USD	Point-in-time
Total assets	`Assets`	$2.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$536.86K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.09M	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$341.69K	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$425.84K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$670.12K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$594.24K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$275.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$280.96K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$475.40K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$497.73K	USD	Point-in-time
Accrued expenses other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$167.31K	USD	Point-in-time
Accrued expenses other and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$154.73K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$73.03K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$42.35K	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
Current maturities of long-term obligations - related parties	`ongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities`	$190.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`ongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities`	$295.00K	USD	Point-in-time
Notes payable, net	`NotesPayable`	$383.82K	USD	Point-in-time
Notes payable, net	`NotesPayable`	$943.52K	USD	Point-in-time
Notes payable - related parties	`ConvertibleLongTermNotesPayable`	$229.00K	USD	Point-in-time
Notes payable - related parties	`ConvertibleLongTermNotesPayable`	$229.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.31M	USD	Point-in-time
Other	`OtherLiabilities`	$458.31K	USD	Point-in-time
Other	`OtherLiabilities`	$458.58K	USD	Point-in-time
Related parties	`DueFromRelatedParties`	$998.98K	USD	Point-in-time
Related parties	`DueFromRelatedParties`	$1.08M	USD	Point-in-time
Operating lease liability - Long-term	`OperatingLeaseLiabilityNoncurrent`	$612.14K	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`	$7.38M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 33,561,124 and 32,700,883 as of June 30, 2022 and December 31, 2021, respectively. shares issued and outstanding	`CommonStockValue`	$33.56K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 33,561,124 and 32,700,883 as of June 30, 2022 and December 31, 2021, respectively. shares issued and outstanding	`CommonStockValue`	$32.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-37.17M	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 stockholders' deficiency	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-5.39M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.55M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$2.00M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.70M	USD	1 Quarter
Revenue	`Revenues`	$1.80M	USD	1 Quarter
Revenue	`Revenues`	$3.36M	USD	2 Qtrs
Revenue	`Revenues`	$3.62M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$1.11M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.06M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.18M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$2.18M	USD	2 Qtrs
Gross profit	`GrossProfit`	$688.28K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.44M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.18M	USD	2 Qtrs
Gross profit	`GrossProfit`	$636.85K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$613.32K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.22M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$541.71K	USD	1 Quarter
Selling	`SellingExpense`	$1.26M	USD	2 Qtrs
Selling	`SellingExpense`	$507.04K	USD	1 Quarter
Selling	`SellingExpense`	$894.77K	USD	2 Qtrs
Selling	`SellingExpense`	$612.96K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.05M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$2.48M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.90M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.23M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-360.47K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-461.16K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-589.42K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.30M	USD	2 Qtrs
Interest income	`InterestAndOtherIncome`	$10.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$1.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$18.00	USD	2 Qtrs
Interest income	`InterestAndOtherIncome`	$3.00	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$16.54K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$46.14K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$22.73K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$31.05K	USD	2 Qtrs
Other	`InterestExpenseOther`	$360.11K	USD	2 Qtrs
Other	`InterestExpenseOther`	$39.49K	USD	1 Quarter
Other	`InterestExpenseOther`	$76.52K	USD	2 Qtrs
Other	`InterestExpenseOther`	$221.06K	USD	1 Quarter
Total interest expense	`InterestExpenses`	$-107.57K	USD	2 Qtrs
Total interest expense	`InterestExpenses`	$-56.03K	USD	1 Quarter
Total interest expense	`InterestExpenses`	$-406.25K	USD	2 Qtrs
Total interest expense	`InterestExpenses`	$-243.79K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-107.57K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-56.03K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-243.78K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-406.24K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.70M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-868.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-568.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-416.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-833.20K	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerCommonBasicAndDilutedShare`	$-0.03	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerCommonBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerCommonBasicAndDilutedShare`	$-0.02	USD	2 Qtrs
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerCommonBasicAndDilutedShare`	$-0.05	USD	2 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.00M	shares	2 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.24M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.15M	shares	2 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.30M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.00M	shares	2 Qtrs
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.30M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.24M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.15M	shares	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.70M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-568.73K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$52.63K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$110.17K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$117.69K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$87.55K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$255.04K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$157.17K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$76.89K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$17.39K	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`	$549.66K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$109.42K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-22.33K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$98.47K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$12.01K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$5.54K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$5.32K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.38K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-636.91K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.72K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$969.00	USD	2 Qtrs
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$121.17K	USD	2 Qtrs
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$110.38K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-129.90K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-111.35K	USD	2 Qtrs
Gross proceeds from notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$918.90K	USD	2 Qtrs
Gross proceeds from notes payable	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	2 Qtrs
Less debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$53.45K	USD	2 Qtrs
Less debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Proceeds from notes payable - related parties	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from notes payable - related parties	`ProceedsFromNotesPayable`	$299.00K	USD	2 Qtrs
Repayment of notes payable - short-term	`RepaymentsOfNotesPayable`	$215.04K	USD	2 Qtrs
Repayment of notes payable - short-term	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	$14.93K	USD	2 Qtrs
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Repayment of long-term obligations	`RepaymentsOfDebt`	-	USD	2 Qtrs
Repayment of long-term obligations	`RepaymentsOfDebt`	$200.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$650.41K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$113.93K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-97.84K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-28.35K	USD	2 Qtrs
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.59K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.59K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.31K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$39.37K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$54.83K	USD	2 Qtrs
Right of use assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$691.01K	USD	2 Qtrs
Right of use assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	2 Qtrs

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-5.39M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Stock based compensation	`StockBasedCompensationAmount`	$81.92K	USD	1 Quarter
Stock based compensation	`StockBasedCompensationAmount`	$51.71K	USD	1 Quarter
Stock based compensation	`StockBasedCompensationAmount`	$923.00	USD	1 Quarter
Stock based compensation	`StockBasedCompensationAmount`	$28.25K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.70M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-868.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-568.73K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-416.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-152.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-833.20K	USD	1 Quarter
Issuance of common stock, amount	`StockIssuedDuringPeriodValueNewIssues`	$58.12K	USD	1 Quarter
Exercise of stock options, amount	`ExerciseOfStockOptionsAmount`	$14.93K	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$148.33K	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$210.82K	USD	1 Quarter
Exercise of warrants, amount	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.49M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-5.39M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.82M	USD	Point-in-time

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