10-Q Filing

INFINITE GROUP INC CIK: 884650 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001654954-23-006951`
Period End Date	20230331
Filing Date	20230519
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	igi_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 15

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.71K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$31.10K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.19K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$981.10K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowances for expected credit losses of $31,100 as of March 31, 2023 and $36,710 as of December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$406.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Accounts receivable, net of allowances for expected credit losses of $31,100 as of March 31, 2023 and $36,710 as of December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$378.38K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$144.22K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	470,093.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$471.07K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	476,608.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$573.41K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	476,608.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.83M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	470,093.00	shares	Point-in-time
Right of Use Asset Operating Lease, net	`OperatingLeaseRightOfUseAsset`	$645.10K	USD	Point-in-time
Right of Use Asset Operating Lease, net	`OperatingLeaseRightOfUseAsset`	$624.89K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.84K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.00K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.92K	USD	Point-in-time
Software, net	`CapitalizedComputerSoftwareNet`	$417.32K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$10.14K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$10.14K	USD	Point-in-time
Total assets	`Assets`	$2.90M	USD	Point-in-time
Total assets	`Assets`	$1.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.69M	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$386.29K	USD	Point-in-time
Accrued payroll	`AccruedPayrollTaxesCurrent`	$297.91K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$1.17M	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$783.58K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$289.47K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$286.61K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$588.50K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$550.52K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$197.44K	USD	Point-in-time
Accrued expenses other and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$138.64K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebt`	$799.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebt`	$515.00K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$76.83K	USD	Point-in-time
Operating lease liability - Short-term	`OperatingLeaseLiabilityCurrent`	$78.77K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	$385.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`CurrentMaturitiesOfLongTermObligationsRelatedParties`	$659.30K	USD	Point-in-time
Notes payable, net	`NotesPayableCurrent`	$1.80M	USD	Point-in-time
Notes payable, net	`NotesPayableCurrent`	$1.57M	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
Short-term obligation	`ShortTermBorrowings`	$1.41M	USD	Point-in-time
Short-term obligation	`ShortTermBorrowings`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.37M	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$166.47K	USD	Point-in-time
Other	`OtherLongTermNotesPayable`	$458.85K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$499.00K	USD	Point-in-time
Related parties	`NotesPayableRelatedPartiesNoncurrent`	$886.88K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityLongTermNoncurrent`	$572.56K	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityLongTermNoncurrent`	$552.25K	USD	Point-in-time
Total liabilities	`Liabilities`	$10.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.53M	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 476,608 and 470,093 shares issued and outstanding, March 31, 2023 and December 31, 2022, respectively.	`CommonStockValue`	$470.00	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 476,608 and 470,093 shares issued and outstanding, March 31, 2023 and December 31, 2022, respectively.	`CommonStockValue`	$477.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$32.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$32.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.98M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-7.68M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$1.67M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$2.90M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.67M	USD	1 Quarter
Revenue	`Revenues`	$1.76M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$966.21K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$545.83K	USD	1 Quarter
Gross profit	`GrossProfit`	$797.79K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$531.64K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$612.82K	USD	1 Quarter
Selling	`SellingExpense`	$693.11K	USD	1 Quarter
Selling	`SellingExpense`	$638.79K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.22M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-705.78K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-426.97K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$26.95K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$23.41K	USD	1 Quarter
Other	`InterestExpenseOther`	$139.04K	USD	1 Quarter
Other	`InterestExpenseOther`	$500.06K	USD	1 Quarter
Total interest expense	`InterestExpense`	$527.00K	USD	1 Quarter
Total interest expense	`InterestExpense`	$162.46K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-868.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-953.97K	USD	1 Quarter
Net loss per share basic and diluted	`NetLossPerShareBasicAndDiluted`	$-2.02	USD	1 Quarter
Net loss per share basic and diluted	`NetLossPerShareBasicAndDiluted`	$-1.99	USD	1 Quarter
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	471,396.00	shares	1 Quarter
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	436,012.00	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	436,012.00	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	471,396.00	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-953.97K	USD	1 Quarter
Net loss	`ProfitLoss`	$-868.23K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$923.00	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$26.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$67.92K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$58.49K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$209.20K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$93.48K	USD	1 Quarter
Bad debt recovery	`BadDebtRecovery`	$5.61K	USD	1 Quarter
Bad debt recovery	`BadDebtRecovery`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-60.94K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-116.06K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$21.22K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$326.85K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$154.30K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$323.83K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$37.98K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-4.56K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$235.19K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$145.40K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.75K	USD	1 Quarter
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$2.87K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-436.76K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-208.19K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.10K	USD	1 Quarter
Sales of ERC claim	`ProceedsFromSalesOfErcClaim`	$1.33M	USD	1 Quarter
Sales of ERC claim	`ProceedsFromSalesOfErcClaim`	-	USD	1 Quarter
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$51.98K	USD	1 Quarter
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$61.42K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.27M	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.98K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$257.64K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$370.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$54.65K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$45.93K	USD	1 Quarter
Repayments of note payable-short-term	`RepaymentsOfNotesPayable`	$83.99K	USD	1 Quarter
Repayments of note payable-short-term	`RepaymentsOfNotesPayable`	$49.77K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$265.58K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$127.72K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$957.91K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$5.41K	USD	1 Quarter
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$981.10K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.43K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.84K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$981.10K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.43K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.84K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$25.71K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$66.16K	USD	1 Quarter
Warrant issued in conjunction with debts	`WarrantIssuedInConjunctionWithDebts`	$107.83K	USD	1 Quarter
Warrant issued in conjunction with debts	`WarrantIssuedInConjunctionWithDebts`	$148.33K	USD	1 Quarter
Common stock issued via exercise of warrant	`CommonStockIssuedViaExerciseOfWarrant`	$7.00	USD	1 Quarter
Common stock issued via exercise of warrant	`CommonStockIssuedViaExerciseOfWarrant`	-	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-7.68M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.82M	USD	Point-in-time
Stock based compensation, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$923.00	USD	1 Quarter
Stock based compensation, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$26.16K	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$148.33K	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$107.83K	USD	1 Quarter
Net loss, amount	`NetIncomeLoss`	$-868.23K	USD	1 Quarter
Net loss, amount	`NetIncomeLoss`	$-953.97K	USD	1 Quarter
Cashless exercise of warrants, amount	`CashlessExerciseOfWarrantsAmount`	-	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-4.10M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-7.68M	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.