Safe & Green Holdings cancels $4M subsidiary note, receives $908k note, issues shares

OLENOX INDUSTRIES INC.

Cancelled $4,000,000 promissory note from subsidiary SGDevCo; remaining balance forgiven effective July 1, 2023.
Received $908,322.95 non-interest bearing demand promissory note from SGDevCo for advances to parent.
Pro forma balance sheet includes issuance of 9,999,000 common shares to SGDevCo and RSU stock compensation.
Net effect: reduction in due-to-affiliate liability and increase in stockholders' equity by $4M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. terminated Note Cancellation Agreement with Safe and Green Development Corporation valued at $4,000,000 (effective 2023-07-01).

Action: termination
Agreement: credit facility
Counterparty: Safe and Green Development Corporation
Value: $4,000,000
Effective: 2023-07-01

Exact text from the filing

entered into a Note Cancellation Agreement, effective as of July 1, 2023 (the “Note Cancellation Agreement”), pursuant to which the Company cancelled and forgave the remaining $4,000,000 balance then due on that certain promissory note

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. entered into Note with Safe and Green Development Corporation valued at $908,322.95 (effective 2023-08-09).

Action: entry
Agreement: notes offering
Counterparty: Safe and Green Development Corporation
Value: $908,322.95
Effective: 2023-08-09

Exact text from the filing

the Company issued to SGDevCo a non-interest bearing promissory note, in the principal amount of $908,322.95 (the “Note”), payable on demand

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OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-065759

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