---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-004116"
form_type: "8-K"
ticker: null
cik: "0000884650"
company_name: "INFINITE GROUP INC"
filed_at: "2023-03-31T23:59:59+00:00"
generated_at: "2026-06-17T08:46:46.730818+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Infinite Group amends $250K line of credit with James Leonardo; CEO provides personal guarantee

## Summary
- Amended and restated line of credit note with James V. Leonardo for $250,000 principal, interest at 10% per annum.
- Quarterly interest payments of $6,250 due from Dec 31, 2022 through Sep 30, 2023; principal due at maturity.
- CEO James Villa personally guarantees the company's obligations under the new note.
- All prior amounts owed by RES Exhibit Services (owned by Leonardo) to the company were set off against amounts owed by company to Leonardo under the original note.
- Parties executed a mutual release of all claims except those under the new note and related agreements.

## SEC filing metadata
- accession: 0001654954-23-004116
- form_type: 8-K
- cik: 0000884650
- company_name: INFINITE GROUP INC
- filed_at: 2023-03-31T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/0001654954-23-004116-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/igi_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-004116
- JSON: https://secwatch.observer/filing/0001654954-23-004116.json
- Plain text: https://secwatch.observer/filing/0001654954-23-004116.txt

## Key facts
- Debt Financings
  INFINITE GROUP INC incurred debt of $250,000 with James V. Leonardo at ten percent (10%) per annum maturing September 30, 2023.
  - Principal: $250,000
  - Counterparty: James V. Leonardo
  - Rate: ten percent (10%) per annum
  - Maturity: September 30, 2023
  - Event: incurrence
  source text: On March 17, 2023, Infinite Group, Inc. (the “Company”), as borrower, entered into an Amended and Restated Line of Credit Note and Agreement (the “New Note”) effective as of October 1, 2022, which amended and restated that certain Line of Credit Note and Agreement dated March 14, 2016 (the “Original Note”) by and between the Company and James V. Leonardo (the “Holder,” together with the Company the “Parties”). The New Note has a principal amount of $250,000 (the ‘Principal Amount”) and accrues interest on the unpaid Principal Amount at a rate of ten percent (10%) per annum.
  evidence_url: https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/0001654954-23-004116-index.htm
- Material Agreements
  INFINITE GROUP INC amended Amended and Restated Line of Credit Note and Agreement with James V. Leonardo valued at $250,000 (effective 2023-03-17).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: James V. Leonardo
  - Value: $250,000
  - Effective: 2023-03-17
  source text: On March 17, 2023, Infinite Group, Inc. (the “Company”), as borrower, entered into an Amended and Restated Line of Credit Note and Agreement (the “New Note”) effective as of October 1, 2022, which amended and restated that certain Line of Credit Note and Agreement dated March 14, 2016 (the “Original Note”) by and between the Company and James V. Leonardo
  evidence_url: https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/0001654954-23-004116-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.