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)
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