---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-065759"
form_type: "8-K"
ticker: "OLOX"
cik: "0001023994"
company_name: "OLENOX INDUSTRIES INC."
filed_at: "2023-08-11T23:59:59+00:00"
generated_at: "2026-06-11T13:47:21.183077+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-065759
- form_type: 8-K
- ticker: OLOX
- cik: 0001023994
- company_name: OLENOX INDUSTRIES INC.
- filed_at: 2023-08-11T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1023994/000121390023065759/0001213900-23-065759-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1023994/000121390023065759/ea183318-8k_safeandgreen.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-065759
- JSON: https://secwatch.observer/filing/0001213900-23-065759.json
- Plain text: https://secwatch.observer/filing/0001213900-23-065759.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023065759/0001213900-23-065759-index.htm
- Material Agreements
  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
  source text: the Company issued to SGDevCo a non-interest bearing promissory note, in the principal amount of $908,322.95 (the “Note”), payable on demand
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023994/000121390023065759/0001213900-23-065759-index.htm

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