Infinite Group Enters Material Agreement, Creates Financial Obligation

TL;DR

Infinite Group just signed a big deal creating a new financial obligation. Details TBD.

AI Summary

Infinite Group, Inc. entered into a material definitive agreement on August 16, 2024, which also created a direct financial obligation for the registrant. The filing does not specify the nature of the agreement or the financial obligation.

Why It Matters

This filing indicates a significant new financial commitment or contract for Infinite Group, Inc., which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation without immediate disclosure of its terms introduces uncertainty regarding the company's financial future.

Key Players & Entities

• Infinite Group, Inc. (company) — Registrant
• August 16, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $2,000,000 — may borrow up to an aggregate amount of $2,000,000 (the "Loan"). Pursuant to the Agreemen
• $1,200,000 — n August 16, 2024, the Company borrowed $1,200,000 from the Lender and issued to the Lende
• $800,000 — Company may borrow up to an additional $800,000 from the Lender to be evidenced by anot
• $52,500 — de that the Company will pay the Lender $52,500 per month until the Loan is paid in ful

Filing Documents

• igi_8k.htm (8-K) — 27KB
• igi_ex101.htm (EX-10.1) — 138KB
• igi_ex102.htm (EX-10.2) — 5KB
• igi_ex101img1.jpg (GRAPHIC) — 81KB
• 0001654954-24-011040.txt ( ) — 427KB
• igi-20240816.xsd (EX-101.SCH) — 6KB
• igi-20240816_lab.xml (EX-101.LAB) — 13KB
• igi-20240816_cal.xml (EX-101.CAL) — 1KB
• igi-20240816_pre.xml (EX-101.PRE) — 8KB
• igi-20240816_def.xml (EX-101.DEF) — 2KB
• igi_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On August 16, 2024, Infinite Group, Inc. (the "Company") entered into an amended and restated loan and security agreement (the "Agreement"), dated as of August 16, 2024, by and between the Company and Harry Hoyen (the "Lender"), pursuant to which the Company may borrow up to an aggregate amount of $2,000,000 (the "Loan"). Pursuant to the Agreement, on August 16, 2024, the Company borrowed $1,200,000 from the Lender and issued to the Lender a secured promissory note evidencing such portion of the Loan ("Note 1") having a term ending on August 16, 2028. Commencing on September 1, 2024, the Company may borrow up to an additional $800,000 from the Lender to be evidenced by another secured promissory note in the principal amount of $800,000 ("Note 2") having a term ending on the date that is four years after the date thereof. In accordance with the Agreement, the Loan is secured by all of the Company's right, title and interest in all of its assets whether now or hereafter acquired, including without limitation all of its equipment, fixtures, inventory, accounts, general intangibles, goods, investment property, deposit accounts, documents, letters-of-credit rights, chattel paper and the corresponding proceeds. The Loan bears interest at an annual rate of 8.0%, provided that upon an Event of Default, as defined in the Agreement, the interest rate increases to the lesser of (i) 15.0% per annum and (ii) the maximum non-usurious rate of interest that, under applicable law, the Lender is then permitted to contract for, charge or collect from the Company on the Loan or the other obligations of the Company under the Agreement.]. The Company may prepay the Loan, in whole or in part, at any time without fee or penalty. The Agreement and Note 1 provide that the Company will pay the Lender $52,500 per month until the Loan is paid in full. The Agreement contains provisions limiting the Company's incurrence of additional debt

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Amended and Restated Loan and Security Agreement, dated as of August 16, 2024, by and between Infinite Group, Inc. and Harry Hoyen 10.2 Secured Promissory Note in the principal amount of $1,200,000, dated August 16, 2024, issued by Infinite Group, Inc. to Harry Hoyen 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Infinite Group, Inc. Date: August 22, 2024 By: /s/ James Villa James Villa Chief Executive Officer 3

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View this 8-K filing on SEC EDGAR