secwatch.observer — SEC 8-K summary
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Issuer:     OLENOX INDUSTRIES INC. (OLOX)
CIK:        0001023994
Form:       8-K
Filed at:   2023-06-14T23:59:59+00:00
Accession:  0001213900-23-048974
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/0001213900-23-048974-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023994/000121390023048974/ea179893-8k_safeandgreen.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-048974

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