UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On October 20, 2017, the Company acquired Compaction and Recycling Equipment, Inc. (“CARE”) for the purchase price of $902,700. $586,890 was paid in cash at closing and a promissory note was executed in the amount of $315,810 (the “CARE Note”). On this same date, the Company purchased Columbia Financial Services, Inc, (“CFSI”) for the purchase price of $597,300. $418,110 was paid in cash at closing and a promissory note was executed in the amount of $179,190 (the “CFSI Note”). Both CARE and CFSI were owned by Gordon Boorse (hereinafter “Boorse”) at the time of closing.
On July 25, 2018, the Company delivered a claim to Boorse pertaining to the historical net income figures provided to the Company by Boorse for purposes of calculating the purchase price.
On September 16, 2021, the Company entered into a Release and Settlement Agreement (the “Settlement Agreement”) with Boorse. Under the terms of the Settlement Agreement, the Company shall abandon all claims against Boorse with respect to its purchase of CARE and CFSI, and Boorse shall forgive the outstanding principal and interest due under the CARE and CFSI Notes.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Release and Settlement Agreement between Deep Green Waste & Recycling, Inc. and Gordon Boorse | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
Signature
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.
| DEEP GREEN WASTE & RECYCLING, INC. | ||
| Date: September 21, 2021 | By: | /s/ Lloyd Spencer |
| Lloyd Spencer | ||
| Chief Executive Officer | ||
| 3 |