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LTNC > SEC Filings for LTNC > Form 8-K on 14-Apr-2014All Recent SEC Filings

Show all filings for LABOR SMART, INC.

Form 8-K for LABOR SMART, INC.


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into Definitive Material Agreement.

On April 9, 2014, the Registrant entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Shirley's Employment Service, Inc. (the "Seller"). Under the terms of the Asset Purchase Agreement, the Seller agreed to sell and the Registrant agreed to purchase all of the assets of the Seller, excluding cash, security deposits, and accounts receivable (the "Assets"). The purchase price for the Assets is $300,000 minus the open accounts receivable of the Seller. The Registrant agreed to pay a down payment equaling the total open accounts receivable of the Seller subtracted from $200,000, to be paid in full no later than one day prior to the delivery of the Assets by the Seller. On the 3rd day of each month following the Closing Date, and for at least 18 calendar months, the Registrant will pay to the Seller an amount equal to 5% of monthly accounts receivable collected from the business's operating location in Tulsa, OK. In the event the monthly aggregate payments total less than $100,000 after 18 calendar months, the Seller will issue to the Registrant a credit memo for the difference. The closing date for the agreement will be April 13, 2014.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Number  Description of Exhibit
10.1    Asset Purchase Agreement with Shirley's Employment Service, Inc.

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