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
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
Exhibit 99.1 Press release dated March 1, 2021
Exhibit 99.2 Acquisition Agreement
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