Current Report Filing (8-k)
March 11 2022 - 05:08PM
Edgar (US Regulatory)
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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
Date of Report (Date of earliest event reported): March 8, 2022
LIFE ON EARTH, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other
jurisdiction of incorporation) |
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000-55464
(Commission
File Number) |
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46-2552550
(I.R.S. Employer
Identification No.) |
1345 6th Ave., 2nd
Floor
New York, NY
(Address of principal executive offices) |
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10105
(Zip Code) |
Registrant’s telephone number, including area code: (646) 844-9897
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):
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-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))
Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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.
Section 1 - Registrant’s Business and
Operations
Item 1.01 Entry into a Material Definitive
Agreement
On March 8, 2022, we executed a Stock Purchase
and Mutual Release Agreement (the “Agreement”). Under the Agreement, we divested our ownership of our former subsidiary SmartAxiom,
Inc. (“SA”). The decision was made due to certain critical factors including, but not limited to, 1) the focus of our company
towards exclusively the medical technology industry, 2) the slow progress of performance from SA in comparison to the results already
underway with the CareClix acquisition, and 3) in order to redeploy resources towards the growth potential of the CareClix group of companies.
Under the Agreement, we agreed to transfer all of our equity ownership in SA to Amit Biyani in exchange for Mr. Biyani’s agreement
to return to us, for cancellation: (ii) 7,794,695 shares of our common stock; and (ii) 128,822 shares of our Series D Preferred Stock.
In addition, SA and Mr. Biyani have agreed to arrange for the return and cancellation of not less than 64,942 shares of our Series D Preferred
Stock currently held by other former shareholders of SA. By agreement among the parties, the divestiture of SA will be deemed legally
effective as of December 31, 2021. The Agreement also contains mutual releases amongst the parties.
Also on March 8, 2021, and in connection with
the Agreement, SA issued us an 8% Unsecured Convertible Note in the amount of $250,000 dated February 28, 2022 (the “Note”).
The Note bears interest at a rate of 8 percent per year, with all principal and interest due on or before February 28, 2024. All unpaid
principal and interest owing under the Note may, at our option, be converted in whole into a number of fully-paid and non-assessable shares
of common stock of SA having a value equal to the Note balance converted at an assumed total valuation of SA of $6,250,000 on fully diluted
basis.
The Agreement and the Note contain numerous additional
terms, covenants, and conditions and should be reviewed in their entirety for additional information.
Section 9 - Financial Statements and Exhibits Item
9.01 Financial Statements and Exhibits
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 hereunto
duly authorized.
Date: March 11, 2022 |
LIFE ON EARTH, INC. |
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By: |
/s/ Mahmood Khan |
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Name: |
Mahmood Khan |
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Title: |
Chief Executive Officer |
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Exhibit 10.1
Stock Purchase and Mutual Release Agreement
Please refer to the accompanying Exhibit 10.1. It is saved in PDF format.
Exhibit 10.2
8% Unsecured Convertible Note
Please refer to the accompanying Exhibit 10.2. It is saved in PDF format.
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This regulatory filing also includes additional resources:
exhibit_10-1.pdf
exhibit_10-2.pdf
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