UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 0R 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July
14, 2021
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LABOR SMART, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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45-2433287
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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3270 Florence Road, Suite 200, Powder Springs, GA
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30127
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area 770-800-3728
Copies to:
Ken Bart
Mitchell Silberberg & Knupp LLP.
437 Madison Avenue, 25th Floor
New York, NY 10022
Tel: 917-546-7768
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of
the Act:
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Title of each class
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Ticker symbol(s)
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Name of each exchange on which registered
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None
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Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
Forward-Looking
Statements
This Current Report on Form 8-K and
other written and oral statements made from time to time by us may contain so-called “forward-looking statements,” all of
which are subject to risks and uncertainties. Forward-looking statements can be identified by the use of words such as “expects,”
“plans,” “will,” “forecasts,” “projects,” “intends,” “estimates,”
and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts.
These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully
consider any such statement and should understand that many factors could cause actual results to differ from our forward looking statements.
These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and
some that are not. No forward looking statement can be guaranteed and actual future results may vary materially.
Information regarding market and industry
statistics contained in this Current Report on Form 8-K is included based on information available to us that we believe is accurate.
It is generally based on industry and other publications that are not produced for purposes of securities offerings or economic analysis.
We have not reviewed or included data from all sources, and cannot assure investors of the accuracy or completeness of the data included
in this Current Report. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications
and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and services.
We do not assume any obligation to update any forward-looking statement. As a result, investors should not place undue reliance on these
forward-looking statements.
Item 1.01 . Entry into a Material Definitive Agreement
On July 14, 2021, Labor Smart, Inc. (the “Company”)
entered into a Purchase and Sale Agreement (the “Agreement”), whereby the Company sold all of the assets and liabilities related
to its staffing business the (“Staffing Business”) to the former Chief Executive Officer of the Company. The Company, pursuant
to the Agreement, sold the Staffing Business for a purchase price of $500,000, $300,000 of which has been received by the Company, with
the additional $200,000 to be received within 90 days from the date of the Agreement.
The foregoing description of the above referenced
Agreement does not purport to be complete. For an understanding of the terms and provisions, reference should be made to the Agreement
attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 2.01. Completion of Acquisition or Disposition
of Assets.
The information described in Item 1.01 above is incorporated
herein by reference to this Item 2.01.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
In reviewing the agreements
included or incorporated by reference as exhibits to this Current Report on Form 8-K, please remember that they are included to provide
you with information regarding their terms and are not intended to provide any other factual or disclosure about the Company or the other
parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement.
These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and accordingly,
these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.
Additional information about the Company may be found elsewhere in this Current Report on Form 8-K and in our other public filings, which
are available without charge through the SEC’s website at http://www.sec.gov.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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LABOR SMART, INC.
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Date: July 15, 2021
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By:
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/s/ Joe Pavlik
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Joe Pavlik
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Chief Executive Officer
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