-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, If4ka44r+S3k8FJk+OUXvkUa+Y1CqWOBpiy2DBWB5QSraaqHjBimIDSCCSYskdbu UB8ycqlyO/Fs1VEuzvao1A== 0001005477-97-002021.txt : 19970814 0001005477-97-002021.hdr.sgml : 19970814 ACCESSION NUMBER: 0001005477-97-002021 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFINITE MACHINES CORP CENTRAL INDEX KEY: 0000884650 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 521490422 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-21816 FILM NUMBER: 97658076 BUSINESS ADDRESS: STREET 1: 300 METRO CENTER BLVD CITY: WARWICK STATE: RI ZIP: 02886 BUSINESS PHONE: 7028314680 MAIL ADDRESS: STREET 1: 300 METRO CENTER BLVD CITY: WARWICK STATE: RI ZIP: 02886 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-QSB Mark One |X| OUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 1997 OR |_| TRANSITION REPORT PURSUANDT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from period from ______ to _______ Commission File Number 0-21816 INFINITE MACHINES CORP. (Exact name of Registrant as specified in its charter) Delaware 52-1490422 - -------------------------------------------------------------------------------- (State or other jurisdiction (I.R. S. Employer of organization) Identification No.) 300 Metro Center Boulevard, Warwick, RI 02886 --------------------------------------------- (Address of principal executive office) (Zip Code) (401) 737-7900 (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_| As of August 06, 1997 the Registrant had a total of 10,241,121 shares of Common Stock, $.001 par value, outstanding. INDEX INFINITE MACHINES CORPORATION PART 1. FINANCIAL INFORMATION Page ---- Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets June 30, 1997 and December 31, 1996 3 Consolidated Statements of Operations - Three and Six Months Ended June 30, 1997 and 1996 4 Consolidated Statements of Cash Flows - Six Months Ended June 30, 1997 and 1996 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 7-11 PART II. OTHER INFORMATION Items 1-6 Not Applicable SIGNATURES 2 INFINITE MACHINES CORP. CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, ASSETS 1997 1996 ------------ ------------ Current assets Cash and cash equivalents $ 437,673 $ 1,147,791 Restricted funds 15,787 68,601 Accounts receivable, net of allowances 876,208 741,539 Inventories 163,193 138,893 Other current assets 150,935 150,830 ------------ ------------ Total current assets 1,643,796 2,247,654 Property and equipment, net 4,948,795 4,303,838 Other Assets Notes receivable - stockholders 117,360 132,258 Purchased technology, net 1,134,584 1,389,367 Inventoried parts 107,404 143,206 Other intangible assets, net 583,580 443,346 ------------ ------------ 1,942,928 2,108,177 ------------ ------------ $ 8,535,519 $ 8,659,669 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Notes payable $ 653,187 $ 250,000 Accounts payable and accrued expenses 1,149,114 952,864 Current portion of litigation settlement payable 175,000 549,000 Current maturities of long-term obligations 245,191 245,187 ------------ ------------ Total current liabilities 2,222,492 1,997,051 Long term obligations 4,461,662 3,984,557 Litigation settlement payable 100,000 100,000 Minority interest 635,408 476,591 Stockholders' equity: Common stock, $.001 par value, 20,000,000 shares authorized, 9,240,869 and 8,693,162 shares issued and outstanding 9,239 8,694 Additional paid-in capital 16,067,285 15,067,120 Accumulated deficit (14,960,567) (12,974,344) ------------ ------------ Total stockholders' equity 1,115,957 2,101,470 ------------ ------------ $ 8,535,519 $ 8,659,669 ============ ============
See accompanying notes to unaudited financial statements. 3 INFINITE MACHINES CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, -------------------------- ------------------------ 1997 1996 1997 1996 ----------- ----------- ---------- ----------- Sales $ 1,574,818 $ 1,291,757 2,935,217 $ 2,594,592 Cost of goods sold 836,361 837,578 1,668,913 1,623,414 ----------- ----------- ---------- ----------- Gross profit 738,457 454,179 1,266,304 971,178 Costs and expenses Operating expenses 41,215 21,779 59,923 55,217 Research and development 464,033 -- 976,273 -- General and administrative expenses 531,960 345,043 1,128,966 688,197 Selling expenses 140,595 132,310 270,676 249,384 Depreciation and amortization 253,706 151,142 547,196 305,260 ----------- ----------- ---------- ----------- Total costs and expenses 1,431,509 650,274 2,983,034 1,298,058 Operating loss (693,052) (196,095) (1,716,730) (326,880) Other income (expense) Interest and dividend income 11,589 11,895 21,470 11,902 Interest expense (517,930) (144,506) (605,786) (233,538) Minority interest in net loss of subsidiary 60,068 -- 262,183 -- Gain on sale of technology -- -- 38,064 -- Other income 14,576 41,874 14,576 46,038 ----------- ----------- ---------- ----------- Total other income (expense) (431,697) (90,737) (269,493) (175,598) Loss before provision for income taxes (1,124,749) (286,832) (1,986,223) (502,478) Provision for income taxes -- 9,338 -- 21,000 ----------- ----------- ---------- ----------- Net loss $(1,124,749) $ (296,170) (1,986,223) $ (523,478) =========== =========== ========== =========== Per share: Net loss per common share (0.14) $ (0.05) (0.24) $ (0.09) =========== =========== ========== =========== Weighted average number of common shares outstanding 8,195,849 5,574,563 8,195,849 5,574,563 =========== =========== ========== ===========
See accompanying notes to unaudited financial statements. 4 INFINITE MACHINES CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30, ------------------------- 1997 1996 ----------- ----------- Cash flows from operating activities: Net loss $(1,986,223) $ (523,478) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 547,196 305,260 Interest expense attributable to convertible debentures discount 406,849 60,222 Gain of dispositions of assets (38,064) -- Minority interest in net loss of subsidiary (262,183) Asset write-downs and allowances 14,898 9,684 Changes in assets and liabilities: (Increase) decrease in assets Accounts receivable (134,669) 78,711 Other assets (25,539) 5,292 Inventory and inventoried parts 11,502 46,272 Increase (decrease) in liabilities: Accounts payable and accrued expenses (177,750) (51,261) ----------- ----------- Net cash used in operating activities (1,643,983) (69,298) Cash flows from investing activities: Purchase of property and equipment (944,143) (146,561) Proceeds from sale of technology 155,898 -- ----------- ----------- Net cash used in investing activities (788,245) (146,561) Cash flows from financing activities: Proceeds from convertible debentures, net of expenses 968,000 3,764,000 Borrowings of long term debt -- 1,250,000 Net borrowings (repayments) of short term debt 403,187 (131,932) Repayments of long term obligations (122,891) (1,363,551) Decrease in restricted funds, net 52,814 54,025 Proceeds from issuance of subsidiary preferred stock, net of expenses 421,000 -- Proceeds from issuances of common stock -- 180,093 ----------- ----------- Net cash provided by financing activities 1,722,110 3,752,635 Net increase (decrease) in cash and cash equivalents (710,118) 3,536,776 Cash and cash equivalents - beginning of period 1,147,791 24,702 ----------- ----------- Cash and cash equivalents - end of period $ 437,673 $ 3,561,478 =========== ===========
See accompanying notes to unaudited consolidated financial statements. 5 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. - BASIS OF PRESENTATION The accompanying unaudited financial statements of Infinite Machine Corp. (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. For further information, refer to the Company's Annual Report on Form 10-KSB for the year ended December 31, 1996, which includes audited financial statements and footnotes as of and for the years ended December 31, 1996 and 1995. NOTE 2. - CONVERTIBLE PROMISSORY NOTES As of June 30, 1997, $100,000 of 7% convertible debentures due July 2000 were outstanding. The holder may, at his or her sole option, convert all or any part of the outstanding principal amount and accrued and unpaid interest of this note into that number of shares of the common stock of the Company, par value $.001, as is equal to such amount then being converted divided by 80% of the average closing price of the Company's common stock on the ten trading days preceding conversion. On February 24, 1997, the Company completed an additional $1,100,000 private placement financing through the sale of 6% convertible debentures due December 31, 1998. The holders may, at their sole option during the period commencing 120 days after the date of issuance, convert all or any part of the outstanding principal amount and accrued and unpaid interest of these notes into that number of shares of the common stock of the Company, par value $.001, as is equal to such amount then being converted divided by 73% of the average closing price of the Company's common stock on the five trading days preceding conversion. As of June 30, 1997, none of the related debentures had been converted into common stock of the Company. NOTE 3. - INTEREST EXPENSE ON BENEFICIAL CONVERSION FEATURE OF CONVERTIBLE DEBENTURES The Securities Exchange Commission (the "SEC") staff recently adopted a new position on accounting for convertible debt instruments which are convertible at a discount to market. The Company had previously accounted for the interest on its convertible debt instruments based upon the coupon rate. In a letter dated March 13, 1997, to the Emerging Issues Task Force of the Financial Accounting Standards Board, the SEC expressed that they believe that a beneficial conversion feature on convertible debt instruments should be recognized and measured by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital. The intrinsic value is calculated at the date of issue as the difference between the conversion price and the fair value of the Company's common stock, multiplied by the number of shares into which the debentures are convertible. This discount resulting from the allocation of the proceeds increases the effective interest rate of the security and should be reflected as a charge to interest expense. The amortization period of the interest discount is from the date of the issuance of the security to the date it first becomes convertible. For the three and six month periods ended June 30, 1997, interest expense has been recognized for this discount in the amount of $406,849. NOTE 4. - EFFECT OF NEWLY ISSUED ACCOUNTING PRONOUNCEMENT Statement of Financial Accounting Standard No. 128 - "Earnings Per Share" has recently been issued. This pronouncement simplifies the calculation of earnings per share (EPS), which now requires two amounts of EPS to be disclosed: basic EPS and diluted EPS. The effective date of this pronouncement is for periods ending after December 15, 1997, and early application is not permitted. The basic and diluted EPS computed pursuant to the new pronouncement would have been the same as the EPS calculation as currently presented for the three and six month periods ended June 30, 1997 and 1996. 6 FORWARD-LOOKING STATEMENTS Certain statements made in this Quarterly Report on Form 10-QSB are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes that its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein particularly in view of the Company's early stage operations, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS GENERAL Infinite Machines Corp., (the "Company") has two main operating subsidiaries; Laser Fare, which is wholly owned and was acquired in July 1994 for stock, and Spectra Science, which was formed in August 1996 and is 63% owned by the Company. Additionally, Infinite has two operating divisions of Laser Fare, Advance Technology Group ("ATG"), engaged in contract research and development, and ExpressTool Corp., ("ExpressTool"), created to exploit new rapid tooling technology. Laser Fare Laser Fare operations continue to be profitable. Approximately 75% of Laser Fare's sales comes from customers in the medical device, aerospace and power generation industries. Customers include General Electric, United Technologies, Allied Signal, Polaroid, Stryker Medical and Center Laboratories. In addition to an expected twenty percent growth rate from established customers, it is anticipated that several newer customers will increase their activity in 1997. Laser Fare has sufficient facilities and equipment to support this planned short-term expansion. Spectra Science Spectra Science was created to commercialize technology licensed from Brown University on an exclusive worldwide basis. The LaserPaint(TM) technology allows common, disordered materials to be generators of laser light. In addition to the licensed 7 technologies, Spectra has developed "Quantum Dot Phosphors" and, in parallel, a new lasing display technology which holds promise in the area of high definition and projection video displays. Though the potential applications for LaserPaint(TM) are numerous, Spectra is currently focusing its efforts on three areas: Photodynamic Therapy (PDT); Identification and Coding; and Document Security. In PDT, which is rapidly emerging as a treatment modality for a number of cancers, the LaserPaint(TM) technology addresses the industry's need for a tunable, low cost and disposable excitation source. On June 18, 1997, Spectra Science received positive results from a first round of invivo tests performed at the Ontario Cancer Institute by Dr. Brian Wilson and Dr. Lothar Lilge. The tests were aimed at comparing the efficacy of Spectra's low-cost disposable light source with a costly, high-maintenance dye laser for use in photodynamic therapy with the only FDA approved product. In the area of coding, Spectra has developed a nylon thread-based label to be used in conjunction with LaserPaint(TM) for the rental garment and linen industry. Spectra successfully debuted its patented laser thread identification system at the "Clean Show '97", the biennial meeting of the World Educational Congress for Laundering and Drycleaning, in Las Vegas, Nevada. Spectra's breakthrough technology is the solution to an annual billion-dollar problem in both the textile rental and industrial linen industries. Attendees included linen and garment manufacturers and distributors as well as institutional and industrial users and launderers. Document security processes using LaserPaint(TM) technology have resulted in Spectra Science signing a licensing and Research & Development agreement with Crane & Company Inc., manufacturer of U. S. currency paper. ExpressTool ExpressTool is building molds, using its proprietary processes, for a number of Fortune 500 industrial companies. Its technical capabilities allow molds, cavities and other types of tools to be made more rapidly than is currently possible with traditional methods. It has been found that the ExpressTool's molds can be operated more rapidly than conventional tools, a major benefit for the user. The technology was developed over the last few years under a collaborative R&D agreement with a major industrial company. Laser Fare has exclusive rights to the technology for all industries other than the markets its industrial partner competes in. Management is currently searching for organizations having the needed capabilities that can be combined, through acquisition or some other business arrangement, to integrate ExpressTool's new technology with their established infrastructure and business base. Advanced Technology Group During the second quarter ending June 30, 1997, Laser Fare's Advance Technology Group, ("ATG"), was awarded a $500,000 follow-on contract by the United States Air Force/Phillips Laboratory, Kirtland AFB, New Mexico. The contract will focus on the continued development of direct materials processing applications and the commercialization of novel high power, high-brightness Laser diode technology, jointly 8 developed by Laser Fare and the A. F. Joffe Physico-Technical Institute, St. Petersburg, Russia. The grant will enable Laser Fare to complete the commercialization of new high power high brightness diode technology for a variety of applications, including materials processing. This program is expected to lead to the introduction of high-brightness diode lasers in a wide variety of commercial applications such as marking, micro-welding, micro-machining and desktop rapid prototyping and machining. LIQUIDITY AND CAPITAL RESOURCES The Company has financed its product development activities through a series of private placements of debt, equity securities and through the October 1993 public offering of its common stock. From inception, through June 30, 1997, an aggregate of approximately $15.1 million, net of expenses, has been provided by debt and equity offerings. As of June 30, 1997 the Company has cash, cash equivalents and marketable securities totaling approximately $437,673 available for its working capital needs and planned capital asset expenditures. While revenues were realized in the six months ending June 30, 1997, the majority of revenues were attributed to Laser Fare. While improved revenue is anticipated by the Company, and expense containment measures continue to be implemented, management is, nonetheless pursuing other strategies for raising additional resources through debt and equity transactions. The Board of Directors has given approval for management to vigorously purse other alternate sources of funding including conventional bank financing, private placement of debt and/or equity securities, and application for available governmental funds in the form of interest subsidized financing. The Company has been engaged in extensive discussions with banking institutions and investment bankers in furtherance of its capital raising efforts. Management estimates that a total of $4.0 million in funds would satisfy its cash requirements for the next 18 months. Based upon management's current estimates, these funds would be applied to fund continued ExpressTool start-up expense and expansion (approximately $2.0 million), to upgrade Laser Fare's equipment to support its growth ($750,000), additional capital for Spectra Science to further its research and development program ($1.1 million), and for general working capital purposes, including marketing efforts of the Company's technologies. There is no assurance, however, that management will be successful in raising all or part of this amount on satisfactory terms or that it will be sufficient to fund operations and scheduled debt repayment. RESULTS OF OPERATIONS Three Months Ended June 30, 1997 Compared to Three Months Ended June 30, 1996 Consolidated revenues for the three months ended June 30, 1997 were $1,574,818 and consisted primarily of laser division sales. Cost of sales totaled $836,361, and a gross profit of $738,457 was realized for the quarter. Consolidated revenues for the three months ended June 30, 1996 were $1,291,757 consisting solely of laser division sales. 9 Cost of sales totaled $837,578, and a gross profit of $454,179 was realized for the three months ended June 30, 1996. Operating expenses for the three months ended June 30, 1997 were $41,215 as compared to $21,779 for the second quarter of 1996. This increase was a result of operating expense from Spectra Science and ExpressTool subsidiaries. Research and Development expenses were $464,033 for the three months ended June 30, 1997, as compared to $0.00 in the second quarter on 1996. The increase in the second quarter of 1997 is contributed to the research and development efforts in the Company's new subsidiaries, Spectra Science in the amount of $198,710 and ExpressTool in the amount of $265,323. General and administrative expenses were $531,960 for the three months ended June 30, 1997 as compared to $345,043 for the second quarter of 1996. The increase of $186,917 or 54% was primarily due to the addition of the Spectra Science subsidiary, contributing approximately $228,102 of the total for the six months ended June 30, 1997. Selling expenses were $140,595 for the quarter ended June 30, 1997, as compared to $132,310 for the second quarter of 1996. The increase was primarily attributed to increased marketing activities of Laser Fare. Depreciation and amortization expenses totaled $253,706 for the second quarter of 1997, as compared to $151,142 for the second quarter of 1996. Increased depreciation and amortization expense of $102,564 or 68% from the second quarter of 1996, resulted primarily from depreciation and amortization of property and equipment and technology by Spectra Science. Interest expense during the second quarter ended June 30, 1997 was $517,930 as compared to $144,506 for the second quarter of 1996. The increase of $373,424 was primarily due to the recognition of the discount attributable to the beneficial conversion feature of convertible debentures in the amont of $406,849 for the second quarter of 1997 as compared to $60,222 for the second quarter of 1996. Interest and other income for the second quarter of 1997 was $86,233 as compared to $53,769 for the second quarter of 1996. The increase of $32,464 was primarily due to the minority interest in net loss of subsidiary in the amount of $60,068 recognized in the second quarter of 1997. The Company has a consolidated net loss of $1,124,749 for the three months ended June 30, 1997, as compared to the net loss of $296,170 for the three months ended June 30, 1996. The increase in net loss is primarily attributed to interest expense attributable to the beneficial conversion feature of convertible debentures in excess of amount recognized for the quarter ended June 30, 1996 in the amount of $346,627, research and development expenses of Spectra Science in the amount of $198,710, and research and development and set-up expenses associated with its ExpressTool subsidiary of $265,323, totaling $810,660 or 98% of increase. 10 Six Months Ended June 30, 1997 Compared to the Six Months Ended June 30, 1996 Consolidated revenues for the six months ended June 30, 1997 were $2,935,217 and consisted primarily of laser division sales. Cost of sales totaled $1,668,913, and a gross profit of $1,266,304 was realized for the period. For the six months ended June 30, 1996, sales totaled $2,594,592 and consisted solely of laser division sales. Consolidated cost of sales were $1,623,414 for the first six months of 1996 and the Company realized a gross profit of $971,178 for that period. Operating expenses increased from $55,217 during the first six months of 1996, to $59,923 for the first six months of 1997. Research and development expenses were $976,273 during the first six months of 1997 as compared to $ 0.00 for the six months ended June 30, 1996. The increase was due to the increase in research and development efforts in Spectra Science in the amount of $505,986 and ExpressTool in the amount of $470,287. General and administration expenses increased to $1,128,966 for the six months ended June 30, 1997 from $688,197 for the six months ended June 30, 1996. The increase of $440,769 was primarily due to the addition of the Spectra Science subsidiary contributing approximately $437,668 of the total for the six months ended June 30, 1997. Selling expenses were $270,676 for the first six months of 1997 as compared to $249,384 for the first six months of 1996. The increase was a result of increased sales efforts at Laser Fare. Depreciation and amortization expenses totaled $547,196 for the first six months of 1997 compared to $305,260 for the first six months of 1996. Increased depreciation and amortization expense of $241,936 or 79% from the first six months of 1996 resulted primarily from depreciation and amortization of property and equipment and technology by Spectra Science. Interest expense was $605,786 and $233,538 during the six month periods ended June 30, 1997 and 1996, respectively. The increase in interest expense of $372,248 was due primarily to the recognition of discount attributable to the beneficial conversion feature of the convertible debentures in the amount of $406,849 for the six month period ended June 30, 1997 as compared to $60,222 for the six month period ended June 30, 1996. Interest and other income for the first six months of 1997 amounted to $336,293 compared to $57,940 for the first six months ending June 30, 1996. The increase was primarily due to minority interest in net loss of subsidiary in the amount of $262,183 and gain on sale of assets of $38,064. The Company had a consolidated net loss of $1,986,223 for the six months ended June 30, 1997, as compared to a net loss of $523,478 during the six months ended June 30, 1996. Part II - Other Information Not Applicable 11 SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereto duly authorized. August 13, 1997 INFINITE MACHINES CORP. By: /s/ Clifford G. Brockmyre ----------------------------- Clifford G. Brockmyre, President And Chief Operating Officer By: /s/ Daniel T. Landi ----------------------------- Daniel T. Landi Chief Financial and Accounting Officer 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Form 10-QSB, 6/30/97 and is qualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 453,460 0 908,873 32,665 163,193 1,643,796 6,408,440 1,459,645 8,535,519 2,246,492 0 0 0 9,239 1,106,718 8,535,519 2,935,217 2,935,217 1,668,913 2,983,034 269,493 14,898 605,786 (1,986,223) 0 (1,986,223) 0 0 0 (1,986,223) (.24) (.24)
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