Item 1.01. Entry into a Material Definitive Agreement

On August 8, 2022, Infinite Group, Inc. (the "Company"), as borrower, entered into a financing arrangement (the "Loan Agreement") with Celtic Bank (the "Lender"), a Utah corporation. Pursuant to the Loan Agreement, the Lender agreed to lend the Company $139,400.00 with a one-time fixed loan fee of $11,152.00 for a total obligation of $150,552.00. Under the terms of the Loan Agreement, payments are due beginning August 15, 2022, and shall consist of 25% of the Company's receivables processed through Stripe, Inc.'s payment processing platform and then due and owing to the Company or $16,728.00 over a sixty day period, whichever is higher. Subsequent payments shall also consist of 25% of the Company's receivables processed through Stripe, Inc.'s payment processing platform and then due and owing to the Company or $16,728.00 over a sixty day period, whichever is higher, with the final payment due on February 6, 2024. The Loan is subject to customary events of default. No material relationship exists between the Company or its affiliates and Lender, other than in respect to the processing of credit card payments through Stripe, Inc.'s payment processing platform, and the Loan Agreement.

The foregoing summary of the Loan Agreement is qualified in its entirety by reference to Loan Agreement which is attached as Exhibit 10.1 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 Loan Agreement 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       Loan Agreement between the Company and Celtic Bank dated August 8,
           2022

104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document)


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