10-K Filing

INFINITE GROUP INC CIK: 884650 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001654954-23-006025`
Period End Date	20221231
Filing Date	20230509
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	igi_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 17

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.71K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.71K	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	`CashAndCashEquivalentsAtCarryingValue`	$23.19K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$99.43K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	470,093.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	436,012.00	shares	Point-in-time
Accounts receivable, net of allowances of $36,710 as of December 31, 2022 and $ 9,710 as of December 31, 2021, respectively.	`AccountsReceivableNetCurrent`	$406.00K	USD	Point-in-time
Accounts receivable, net of allowances of $36,710 as of December 31, 2022 and $ 9,710 as of December 31, 2021, respectively.	`AccountsReceivableNetCurrent`	$727.30K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	436,012.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$144.22K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	470,093.00	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`	$573.41K	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`	$645.10K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$41.14K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.32K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.65K	USD	Point-in-time
Deposits	`DepositsNoncurrent`	$6.94K	USD	Point-in-time
Deposits	`DepositsNoncurrent`	$10.14K	USD	Point-in-time
Total assets	`Assets`	$1.67M	USD	Point-in-time
Total assets	`Assets`	$1.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$536.86K	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$425.84K	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$386.29K	USD	Point-in-time
Accrued interest payable	`AccountsPayableInterestBearingCurrent`	$594.24K	USD	Point-in-time
Accrued interest payable	`AccountsPayableInterestBearingCurrent`	$783.58K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$275.42K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$286.61K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$497.73K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$550.52K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$138.64K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$167.31K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiability`	$42.35K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiability`	$76.83K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebt`	$765.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebt`	$515.00K	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`	$385.00K	USD	Point-in-time
Notes payable, net	`NotesPayableCurrent`	$1.57M	USD	Point-in-time
Notes payable, net	`NotesPayableCurrent`	$383.82K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$229.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$229.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.11M	USD	Point-in-time
Other	`OtherLiabilities`	$458.31K	USD	Point-in-time
Other	`OtherLiabilities`	$458.85K	USD	Point-in-time
Related parties	`RelatedPartyDepositLiabilities`	$886.88K	USD	Point-in-time
Related parties	`RelatedPartyDepositLiabilities`	$1.08M	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityLongTermNoncurrent`	-	USD	Point-in-time
Operating Lease liability - Long-term	`OperatingLeaseLiabilityLongTermNoncurrent`	$572.56K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.53M	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized; 470,093 and 436,012 shares issued and outstanding as of December 31, 2022 and 2021, respectively.	`CommonStockValue`	$436.00	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized; 470,093 and 436,012 shares issued and outstanding as of December 31, 2022 and 2021, respectively.	`CommonStockValue`	$470.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$32.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.03M	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`	$-3.11M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.55M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.67M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$7.00M	USD	Annual
Revenue	`Revenues`	$7.22M	USD	Annual
Cost of revenue	`CostOfRevenue`	$4.49M	USD	Annual
Cost of revenue	`CostOfRevenue`	$4.26M	USD	Annual
Gross profit	`GrossProfit`	$2.73M	USD	Annual
Gross profit	`GrossProfit`	$2.74M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.49M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.16M	USD	Annual
Selling	`SellingExpense`	$2.59M	USD	Annual
Selling	`SellingExpense`	$1.98M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$4.14M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$5.08M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-2.34M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-1.41M	USD	Annual
Other income (loss)	`OtherIncome`	$120.50K	USD	Annual
Other income (loss)	`OtherIncome`	$60.97K	USD	Annual
Interest income	`NoninterestIncome`	$37.00	USD	Annual
Interest income	`NoninterestIncome`	$109.00	USD	Annual
Related parties	`InterestExpenseRelatedParty1`	$-72.45K	USD	Annual
Related parties	`InterestExpenseRelatedParty1`	$-91.94K	USD	Annual
Other	`InterestExpenseOther`	$209.33K	USD	Annual
Other	`InterestExpenseOther`	$1.07M	USD	Annual
Total interest expense	`InterestExpense`	$281.79K	USD	Annual
Total interest expense	`InterestExpense`	$1.16M	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-161.24K	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.56M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.57M	USD	Annual
Net loss per share - basic and diluted	`NetLossPerShareBasicAndDiluted`	$-3.91	USD	Annual
Net loss per share - basic and diluted	`NetLossPerShareBasicAndDiluted`	$-7.95	USD	Annual
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	401,637.00	shares	Annual
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	447,870.00	shares	Annual
Weighted average shares outstanding - diluted	`ProFormaWeightedAverageSharesOutstandingDiluted`	447,870.00	shares	Annual
Weighted average shares outstanding - diluted	`ProFormaWeightedAverageSharesOutstandingDiluted`	401,637.00	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.57M	USD	Annual
Net loss	`ProfitLoss`	$-3.56M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$117.59K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$143.18K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$240.92K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$186.38K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$637.88K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$51.89K	USD	Annual
Bad debt expense	`InterestAndDebtExpense`	$27.00K	USD	Annual
Bad debt expense	`InterestAndDebtExpense`	$9.00K	USD	Annual
Forgiveness of note payable and interest	`ForgivenessOfNotePayableAndInterest`	$-120.50K	USD	Annual
Forgiveness of note payable and interest	`ForgivenessOfNotePayableAndInterest`	-	USD	Annual
Restructure of short term debt and interest	`RepaymentsOfShortTermDebt`	-	USD	Annual
Restructure of short term debt and interest	`RepaymentsOfShortTermDebt`	$60.97K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$217.53K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-89.18K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-64.21K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$71.40K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$193.79K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.15M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$177.69K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$52.79K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$244.10K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$204.66K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$11.18K	USD	Annual
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$10.75K	USD	Annual
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-544.82K	USD	Annual
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.51K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$969.00	USD	Annual
Capitalization of software development costs	`CapitalizedComputerSoftwareAdditions`	$215.05K	USD	Annual
Capitalization of software development costs	`CapitalizedComputerSoftwareAdditions`	$229.53K	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-216.02K	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-243.03K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$403.20K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$1.74M	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$25.16K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$242.30K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromNotePayableRelatedParties`	$578.00K	USD	Annual
Proceeds from notes payable - related parties	`ProceedsFromNotePayableRelatedParties`	-	USD	Annual
Repayment of notes payable - short-term	`RepaymentsOfNotesPayable`	$322.34K	USD	Annual
Repayment of notes payable - short-term	`RepaymentsOfNotesPayable`	-	USD	Annual
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	$98.93K	USD	Annual
Proceeds from the exercise of common stock options	`ProceedsFromStockOptionsExercised`	$17.00K	USD	Annual
Repayment of long-term obligations	`RepaymentOfLongTermObligations`	$-200.00K	USD	Annual
Repayment of long-term obligations	`RepaymentOfLongTermObligations`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$854.97K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.19M	USD	Annual
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$67.12K	USD	Annual
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-76.25K	USD	Annual
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.43K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.31K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.43K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.31K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$269.78K	USD	Annual
Cash payments for interest	`InterestPaidNet`	$84.20K	USD	Annual
Warrant issued in conjunction with debts	`WarrantIssuedInConjunctionWithDebts`	$635.15K	USD	Annual
Warrant issued in conjunction with debts	`WarrantIssuedInConjunctionWithDebts`	$202.05K	USD	Annual
Settlement of accounts receivable, notes payable, and accrued interest	`SettlementOfAccountsReceivableNotesPayableAndAccruedInterest`	$322.50K	USD	Annual
Settlement of accounts receivable, notes payable, and accrued interest	`SettlementOfAccountsReceivableNotesPayableAndAccruedInterest`	-	USD	Annual
Common stock issued for prepaid consulting agreement	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	Annual
Common stock issued for prepaid consulting agreement	`StockIssuedDuringPeriodValueIssuedForServices`	$58.12K	USD	Annual
Right of use asset operating lease and lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Right of use asset operating lease and lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$691.01K	USD	Annual

Stockholders Equity 17 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`	$-6.86M	USD	Point-in-time
Issuance of common stock, amount	`StockIssuedDuringPeriodValueNewIssues`	$158.12K	USD	Annual
Exercise of stock options, amount	`ExerciseOfStockOptionsAmount`	$17.00K	USD	Annual
Exercise of stock options, amount	`ExerciseOfStockOptionsAmount`	$98.93K	USD	Annual
Stock based compensation, amount	`StockIssuedDuringPeriodSharesShareBasedCompensationamount`	$117.59K	USD	Annual
Stock based compensation, amount	`StockIssuedDuringPeriodSharesShareBasedCompensationamount`	$143.18K	USD	Annual
Warrants issued, amount	`WarrantsIssuedAmount`	$635.15K	USD	Annual
Warrants issued, amount	`WarrantsIssuedAmount`	$202.05K	USD	Annual
Net loss, amount	`NetIncomeLoss`	$-3.56M	USD	Annual
Net loss, amount	`NetIncomeLoss`	$-1.57M	USD	Annual
Cashless exercise of warrants, amount	`CashlessExerciseOfWarrantsAmount`	-	USD	Annual
Split Adjustments, amount	`SplitAdjustmentsAmount`	-	USD	Annual
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-3.11M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-6.86M	USD	Point-in-time

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