UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
February 12, 2021
Date of Report
(Date of earliest event reported)
LABOR SMART INC.
(Exact name of Registrant as specified in its Charter)
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Nevada |
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000-54654 |
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45-2433287 |
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or Other Jurisdiction of Incorporation) |
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(Commission
File Number) |
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(I.R.S.
Employer Identification No.) |
3270 Florence Road, Suite 200, Powder Springs, GA
30127
(Address of Principal Executive Offices)
(770) 800-3728
(Registrant’s Telephone Number, including area code)
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)
[ ] Soliciting material pursuant to Rule 14-a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement
On February 27, 2021, Labor Smart, Inc. (the “Company”) entered
into a Stock Purchase Agreement (the “Agreement”) with Takeover
Industries, Inc. (the “Seller”). Pursuant to the Agreement, the
Seller became a wholly owned subsidiary of the Company. In
consideration therefor, the Company shall issue 6,800,000,000
RESTRICTED shares of common stock to the shareholders of Takeover
Industries, Inc.
Item 2.01 Completion of Acquisition or Disposition of
Assets
In
connection with the Agreement and Exhibit A of the Agreement in
Item 1.01, the Company disposed of Restore Franchise Group, LLC, a
wholly owned subsidiary.
Item 5.01 Changes in Control of Registrant
Pursuant to the Agreement and Exhibit A of the Agreement in Item
1.01, there has been a change in control of the Company, whereby
Ryan Schadel no longer maintains voting control via Series A
Preferred shares.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Pursuant to the Agreement and Exhibit A of the Agreement in Item
1.01, Joe Pavlik has been appointed as President and Chief
Executive Officer of Labor Smart, Inc. Mr. Schadel, the outgoing
President and Chief Executive Officer has agreed to stay in an
advisory role as long as necessary for the Company to meet its
interim goals and complete its registration and filings with OTC
Markets Group to become “Pink Current”.
Item 8.01 Other Events.
On March 1, 2021, the Registrant issued a press release, a copy of
which is attached hereto as Exhibit 99.1 and is incorporated herein
by reference.
Item 9.01 Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: March 1, 2021
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LABOR SMART INC.
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By: |
/s/
Ryan Schadel |
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Name: |
Ryan
Schadel |
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Title: |
Chief
Executive Officer |