Item 1.01. Entry into a Material Definitive Agreement

On June 30, 2022, Infinite Group, Inc. ("IGI" or the "Company") and Donald W. Reeve ("Lender"), a director of the company, entered into two note modification agreements (each a "Modification" and collectively, the "Modifications") with respect to the Promissory Note originally dated December 30, 2020 ("2020 Note") and the Promissory Note originally dated May 25, 2021 ("2021 Note"). The 2020 Note, the 2021 Note and the Modifications were each approved by the disinterested members of the Board of Directors. The Modification of the 2020 Note extended the due date of the first balloon payment under the 2020 Note of $100,000 to September 1, 2022. The Modification of the 2021 Note extended the maturity date of the 2021 Note to September 1, 2022, on which date the principal balance of $100,000 and accrued interest of $6,591.78 will be due. Except as set forth above, the terms of the 2020 Note and the 2021 Note remain the same.

The foregoing summary of the Modifications are qualified in their entirety by reference to the Modifications which are attached as Exhibit 10.1 and Exhibit 10.2 hereto.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of Registrant

The information set forth in Item 1.01 with respect to the 2020 Note, the 2021 Note and the Modifications is hereby incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation of the Company.

Item 9.01. Financial Statements and Exhibits





(d) Exhibits



Exhibit
Number                                   Description

  10.1       Modification Agreement to Promissory Note originally dated December
           30, 2020 between the Company and Donald Reeve dated June 30, 2022
  10.2       Modification Agreement to Promissory Note originally dated May 25,
           2021 between the Company and Donald Reeve dated June 30, 2022
104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document)


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