Attached files
file | filename |
---|---|
EX-10 - MATERIAL CONTRACTS - INFINITE GROUP INC | exh101-sbappploan.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of
Report (Date of Earliest Event Reported): April 10,
2020
INFINITE GROUP, INC.
(Exact
name of Registrant as specified in its charter)
Delaware
|
|
0-21816
|
|
52-1490422
|
(State
or other jurisdictionof incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S.
EmployerIdentification No.)
|
175
Sully’s Trail, Suite 202
Pittsford, New York 14534
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code:
(585) 385-0610
|
(Former
name or former address, if changed since last report)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 1 – Registrant’s Business and
Operations
Item 1.01. Entry into a Material
Definitive Agreement
The
information required by this item is stated in Item 2.03 which is
incorporated herein by reference.
Section 2 – Financial Information
Item 2.03. Creation of a Direct
Financial Obligation or an Obligation Under an
Off-Balance
Sheet Arrangement of Registrant
On
April 10, 2020, Infinite Group, Inc. (“IGI” or the
“Company”) entered into a U. S. Small Business
Administration (“SBA”) Note Payable agreement (the
“Note”) with Upstate National Bank
(“Lender”). The signed Note was provided to IGI on
April 10, 2020. The Note was approved by a majority of the Board of
Directors (the “Board”). The Note provides for working
capital to IGI in the amount of $957,372.50. The Note will mature
in two years from the date of the Note. The interest rate on the
Note is fixed at 1.00% and the payments of principal and interest
shall be deferred for six months from the date of the Note.
Interest shall continue to accrue.
The
Loan evidenced by the Note was made under the Paycheck Protection
Plan (15 U.S.C. § 636(a)(36)) enacted by Congress under the
Coronavirus Aid, Relief and Economic Security Act (the
“Act”). The
Act (including the guidance issued by SBA and U.S. Department of
the Treasury related thereto) provides that all or a portion of
this Loan may be forgiven upon request from Borrower to Lender,
subject to requirements in the Note and Act.
All
remaining principal and accrued interest is due and payable two (2)
years from date of Note.
The
foregoing summary of the Note is qualified in its entirety by
reference to the SBA Note Agreement which is attached as Exhibit
10.1 hereto.
Section 9 – Financial
Statements and Exhibits
Item
9.01.
Financial
Statements and Exhibits
(d)
Exhibits
Exhibit
Number
|
Description
|
|
|
|
|
10.1
|
SBA
Note Payable Agreement between the Company and Upstate National
Bank dated April 10, 2020
|
|
|
|
* * * *
* *
SIGNATURE
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 thereunto duly authorized.
Date: April 16, 2020
|
|
|
|
INFINITE GROUP, INC.
|
|
|
By:
|
|
/s/ James Villa
James
Villa, President and Chief Executive
Officer
|
{2566997:
}