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.





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 Number    Description
  10.1       Purchase and Sale Agreement.

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