OLENOX INDUSTRIES INC. (OLOX): auditor change — Safe & Green Holdings signs modular construction deal with unit; appoints new auditor

OLENOX INDUSTRIES INC.

SG Echo LLC (wholly owned sub) entered Master Purchase Agreement with Safe & Green Development Corp (majority-owned) for modular construction services on a project basis.
Initial project: Magnolia Gardens in Durant, OK – 800 residential units with $140M projected total cost; SG Echo receives 12% fee.
Payment terms: 40% deposit, monthly progress payments (up to 35%), delivery payment (15%), final 10% at substantial completion; prior Fabrication Agreement terminated.
Dismissed Whitley Penn as auditor; engaged M&K CPAS for FY ending Dec 31, 2023. No prior disagreements; Whitley Penn's 2022 report included a going concern paragraph.

item 1.01 item 1.02 item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

OLENOX INDUSTRIES INC. dismissed Whitley Penn LLP as its auditor.

Action: dismissal
Auditor: Whitley Penn LLP
Successor: M&K CPAS PLLC

Exact text from the filing

On December 15, 2023, the Company (i) entered into an engagement letter with M&K and engaged M&K as the Company’s independent registered public accounting firm effective immediately and (ii) dismissed Whitley Penn LLP

View on SEC.gov

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

OLENOX INDUSTRIES INC. engaged M&K CPAS PLLC as its auditor.

Action: engagement
Auditor: M&K CPAS PLLC

Exact text from the filing

On December 15, 2023, the Company (i) entered into an engagement letter with M&K and engaged M&K as the Company’s independent registered public accounting firm effective immediately

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

OLENOX INDUSTRIES INC. entered into Master Purchase Agreement with Safe and Green Development Corporation valued at Agreement for modular construction services; fee equal to 12% of agreed cost per project (effective 2023-12-17).

Action: entry
Counterparty: Safe and Green Development Corporation
Value: Agreement for modular construction services; fee equal to 12% of agreed cost per project
Effective: 2023-12-17

Exact text from the filing

On December 17, 2023, SG Echo LLC (“SG Echo”), a wholly owned subsidiary of Safe & Green Holdings Corp.(the “Company”), entered into a Master Purchase Agreement (the “Master Purchase Agreement”) with Safe and Green Development Corporation (“SG DevCo”), a majority owned subsidiary of the Company, pursuant to which SG DevCo may engage SG Echo from time to time to provide modular construction design, engineering, fabrication, delivery and other services (collectively, the “Work”) on such terms as the parties may mutually agree.

View on SEC.gov

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

OLENOX INDUSTRIES INC. terminated Fabrication Agreement dated December 2, 2022 with Safe and Green Development Corporation valued at Termination of Fabrication Agreement relating to McLean mixed-use site (effective 2023-12-18).

Action: termination
Counterparty: Safe and Green Development Corporation
Value: Termination of Fabrication Agreement relating to McLean mixed-use site
Effective: 2023-12-18

Exact text from the filing

In connection with the entry into the Master Purchase Agreement, on December 18, 2023, SG Echo and SG DevCo terminated that certain Fabrication Agreement, dated December 2, 2022, between the parties relating to the McLean mixed-use site.

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20 auditor changes filed in the last 30 days. Browse all auditor changes →

OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-097702

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