---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-048974"
form_type: "8-K"
ticker: "OLOX"
cik: "0001023994"
company_name: "OLENOX INDUSTRIES INC."
filed_at: "2023-06-14T23:59:59+00:00"
generated_at: "2026-06-14T00:50:09.030362+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# SG Echo secures $1.75M note and $1.5M factoring facility to fund Durant, OK facility purchase

## Summary
- SG Echo issued a secured promissory note for $1,750,000 at 23% interest, maturing June 1, 2025, secured by mortgage on 101 Waldron Rd., Durant, OK.
- Factoring agreement allows up to $1,500,000 of accounts receivable purchase; 80% advance rate plus 1.95% per 25 days and additional fees.
- Proceeds from note and factoring will pay the $1,000,000 purchase price of the 56,775 sq ft facility; funding not yet received as of filing date.
- Parent Safe & Green Holdings (SGBX) provides a corporate guaranty; note and factoring are cross-defaulted and cross-collateralized.

## SEC filing metadata
- accession: 0001213900-23-048974
- form_type: 8-K
- ticker: OLOX
- cik: 0001023994
- company_name: OLENOX INDUSTRIES INC.
- filed_at: 2023-06-14T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/ea179893-8k_safeandgreen.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-048974
- JSON: https://secwatch.observer/filing/0001213900-23-048974.json
- Plain text: https://secwatch.observer/filing/0001213900-23-048974.txt

## Key facts
- Debt Financings
  OLENOX INDUSTRIES INC. incurred loan of $1,750,000 with SouthStar Financial, LLC at 23% per annum maturing June 1, 2025.
  - Instrument: loan
  - Principal: $1,750,000
  - Counterparty: SouthStar Financial, LLC
  - Rate: 23% per annum
  - Maturity: June 1, 2025
  - Event: incurrence
  source text: issued a secured commercial promissory note, dated June 1, 2023 (the “Secured Note”) in the principal amount of $1,750,000 with SouthStar Financial, LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm
- Debt Financings
  OLENOX INDUSTRIES INC. incurred debt of up to $1,500,000 with SouthStar Financial, LLC at 1.95% of the face amount of the accounts receivable for the first twenty-five (2 maturing initial term of thirty-six (36) months.
  - Principal: up to $1,500,000
  - Counterparty: SouthStar Financial, LLC
  - Rate: 1.95% of the face amount of the accounts receivable for the first twenty-five (2
  - Maturity: initial term of thirty-six (36) months
  - Event: incurrence
  source text: ith SouthStar Financial, LLC, a South Carolina limited liability company (“SouthStar”), and entered into a Non-Recourse
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm
- Material Agreements
  OLENOX INDUSTRIES INC. entered into Factoring Agreement with SouthStar Financial, LLC valued at up to $1,500,000 (effective 2023-06-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: SouthStar Financial, LLC
  - Value: up to $1,500,000
  - Effective: 2023-06-01
  source text: entered into a Non-Recourse Factoring and Security Agreement, dated June 1, 2023 (the “Factoring Agreement”), with SouthStar providing for its purchase from SG Echo of up to $1,500,000 of accounts receivable
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm
- Material Agreements
  OLENOX INDUSTRIES INC. entered into Secured Note with SouthStar Financial, LLC valued at $1,750,000 (effective 2023-06-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: SouthStar Financial, LLC
  - Value: $1,750,000
  - Effective: 2023-06-01
  source text: issued a secured commercial promissory note, dated June 1, 2023 (the “Secured Note”) in the principal amount of $1,750,000 with SouthStar Financial, LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.