Item 1.02. Termination of a Material Definitive Agreement
On Friday June 16, 2023, Infinite Group, Inc. ("IGI") received full payment from
the United States Internal Revenue Service (the "IRS") in respect of the
employee retention credits IGI on account of qualified wages paid by IGI and
identified as a "Claim for Refund" under Form 941-X Adjusted Employer's
Quarterly Federal Tax Return or Claim for Refund. The periods refunded were for
the third (3rd) and fourth (4th) quarters of 2020, and the first (1st), second
(2nd) and third (3rd) quarters of 2021. The amount received from the IRS (the
"Tax Refund Claim") was in the aggregate amount of $1,661,698 plus $71,699 of
interest for a total of $1,733,397.
As per the Risk Participation of ERC Claim Agreement, dated March 27, 2023
("Agreement") by and between IGI and 1861 Acquisition LLC (the "Buyer"), IGI
transferred all of its rights to receive any and all payments, proceeds or
distributions of any kind (without set-off, deduction or withholding of any
kind), including interest, from the IRS to the Buyer with regard to the Tax
Refund Claim. The terms of the Agreement are described in the Form 8-K filed on
April 4, 2023. On June 20, 2023, the Buyer confirmed receipt of the IRS payments
forwarded by IGI as required per the Agreement.
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Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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