Subsidiaries sell $224.9K future receivables for $150K; CFO salary raised to $350K

OLENOX INDUSTRIES INC.

Entered cash advance with Bridgecap: $224,850 future receivables sold for $150K purchase price; net proceeds $135K after fees.
Bridgecap to withdraw $2,248.50 daily from merchants' bank account; secured by all accounts and receivables.
CFO Patricia Kaelin salary raised to $350K; also receives $100K bonus and 300,000 RSUs (50% immediate vest).
CEO Paul Galvin awarded $350K bonus for 2023 service; voluntarily deferred Feb. 15 salary as cost-saving measure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

OLENOX INDUSTRIES INC. entered into Cash Advance Agreement with Bridgecap Advance LLC valued at $224,850 of their future receivables for a purchase price of $150,000 (effective 2024-02-23).

Action: entry
Counterparty: Bridgecap Advance LLC
Value: $224,850 of their future receivables for a purchase price of $150,000
Effective: 2024-02-23

Exact text from the filing

On February 23, 2024, SG Building Blocks, Inc. (“SG Building Blocks”), a wholly owned subsidiary of Safe & Green Holdings Corp.(the “Company”), and the Company’s wholly owned subsidiary, SG Echo, LLC (“SG Echo”, and together with SG Building Blocks, the “Merchants”), entered into a Cash Advance Agreement (“Cash Advance Agreement”) with Bridgecap Advance LLC (“Bridgecap”) pursuant to which the Merchants sold to Bridgecap $224,850 of their future receivables for a purchase price of $150,000, less underwriting fees and expenses paid, for net funds provided of $135,000.

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OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-018530

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