SEC Filing Summary: Form 8-K
Business Context and Reporting Period
Company: Integrated Management Information, Inc. (Note: Metadata lists "Where Food Comes From, Inc.", but the filing text identifies the registrant as Integrated Management Information, Inc.)
Date of Report: September 14, 2007
Reporting Period: Current event reported on September 14, 2007.
Key Financial Metrics
This filing reports a specific financing event rather than comprehensive financial statements. Key metrics disclosed include:
- Debt Financing: $300,000 unsecured debt note received.
- Interest Rate: 9% per annum, payable quarterly.
- Term: Four years with a balloon payment at maturity.
- Liquidity Use: Proceeds designated for general working capital.
- Revenue/Profit/Cash Flow: The filing text does not provide a clear value for revenue, profit, or operating cash flow.
Material Changes
The primary material change is the increase in liabilities due to the issuance of the $300,000 promissory note dated September 12, 2007. This represents a new obligation to a single investor.
Outlook, Risks, and Management Commentary
Management Commentary: The company intends to utilize the proceeds for general working capital purposes.
Risks/Contingencies: The note is unsecured, implying higher risk for the lender but no collateral requirement for the company. The balloon payment structure creates a significant liquidity requirement at the end of the four-year term. The filing does not disclose other specific risks or contingencies.
Investor Verification Checklist
- Verify the legal name discrepancy between the metadata ("Where Food Comes From, Inc.") and the filing ("Integrated Management Information, Inc.").
- Confirm the identity of the single investor holding the $300,000 note.
- Review the full text of the Promissory Note (Exhibit 4.1) for prepayment penalties or default clauses.
- Assess the company's current cash position to ensure it can meet quarterly 9% interest payments.
- Check subsequent filings for any amendments to the debt terms or additional financing needs.