OLENOX INDUSTRIES INC. (OLOX): debt financing — Safe & Green subsidiary sells $1.73M future receivables for $1.18M; nets $215k after fees and repayment

OLENOX INDUSTRIES INC.

SG Building Blocks sold $1,733,420 in future receivables to Cedar Advance for $1,180,000 purchase price.
Net proceeds after underwriting fees and repayment of prior amounts: $215,575.
Cedar will withdraw $49,150 weekly from SG Building Blocks' bank account until the full amount is paid.
Obligations are guaranteed by wholly owned subsidiary SG Echo, LLC.
Default triggers demand for full remaining amount plus $2,500 blocked account fee.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OLENOX INDUSTRIES INC. incurred debt of $1,733,420 with Cedar Advance LLC.

Principal: $1,733,420
Counterparty: Cedar Advance LLC
Event: incurrence

Exact text from the filing

Corp.(the “Company”), entered into a Cash Advance Agreement (“Cash Advance Agreement”) with Cedar Advance LLC (“Cedar”) pursuant to which SG Building Blocks sold to Cedar $1,733,420 of its future receivables for a purchase price of $1,180,000, less underwriting fees and expenses paid and the repayment of prior amounts due Cedar , for net funds provided of $

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

OLENOX INDUSTRIES INC. entered into Cash Advance Agreement with Cedar Advance LLC valued at $1,733,420 of its future receivables for a purchase price of $1,180,000 (effective 2024-01-29).

Action: entry
Counterparty: Cedar Advance LLC
Value: $1,733,420 of its future receivables for a purchase price of $1,180,000
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024, SG Building Blocks, Inc. (“SG Building Blocks”), a wholly owned subsidiary of Safe & Green Holdings Corp.(the “Company”), entered into a Cash Advance Agreement (“Cash Advance Agreement”) with Cedar Advance LLC (“Cedar”) pursuant to which SG Building Blocks sold to Cedar $1,733,420 of its future receivables for a purchase price of $1,180,000

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283 debt financings filed in the last 30 days. Browse all debt financings →

OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-008481

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