SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2017
NATIONAL WASTE MANAGEMENT HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction of incorporation or organization)||(Commission File Number)|
5920 N. Florida Avenue
|(Address of principal executive offices)||(Zip Code)|
Registrant’s telephone number, including area code: (352) 489-6912
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))|
National Waste Management Holdings, Inc. is referred to herein as “we”, “us” or “our”.
Item 1.01. Entry into a Material Definitive Agreement
On February 28, 2017 (the “Closing Date”), pursuant to Bills of Sale, Burts Refuse LLC, a New York Limited Liability Company (the “Seller”), sold its tangible and intangible assets (except for the Seller’s cash and accounts receivable), to our wholly owned subsidiary, Waste Recovery Enterprises, LLC, a New York limited liability company (the “Buyer”). The total purchase price of $420,000 (the “Purchase Price”) represents: (a) $150,000 cash on the Closing Date; and (b) a five year, 6% Buyer financed note (the “Note”) for $270,000 with monthly payments of $5,220 until the Purchase Price is paid in full. The Note is collateralized by vehicles, containers and dumpsters owned by the Buyer. The Note is secured with a purchase money security agreement and UCC-1 filing on the equipment. The Note is subject to a 5 year non-compete by the Seller to not compete within a 100-mile radius of 930 Co Road 11, West Davenport, New York, which address is near our office in Sidney, New York. The Purchase Price allocation is estimated as follows: (a) equipment of $225,000; (b) customer list of $75,000; (c) non-compete agreement of $10,000; and (d) goodwill of $110,000. The foregoing transaction expands our operations by adding garbage haulers, adding both residential and commercial customers to our routes and expanding our roll-off operations.
Item 2.01. Completion of Acquisition or Disposition of Assets.
The applicable information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 1.01.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
|NATIONAL WASTE MANAGEMENT HOLDINGS, INC.|
|Date: March 2, 2017||By:||/s/ Louis Paveglio|
| Louis Paveglio|
Chief Executive Officer