secwatch.observer — SEC 8-K summary
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Issuer:     INFINITE GROUP INC (—)
CIK:        0000884650
Form:       8-K
Filed at:   2023-03-31T23:59:59+00:00
Accession:  0001654954-23-004116
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/0001654954-23-004116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/884650/000165495423004116/igi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-004116

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