secwatch.observer — SEC 8-K summary
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Issuer:     OLENOX INDUSTRIES INC. (OLOX)
CIK:        0001023994
Form:       8-K
Filed at:   2025-01-29T23:59:59+00:00
Accession:  0001213900-25-007674
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Safe & Green obtains $188K via convertible note and cash advance; conversion price drops to $0.10 after 180 days
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- Issued $143,750 promissory note at 15% interest; net proceeds $125,000 after $18,750 original issue discount.
- Subsidiary SG Building Blocks sold $104,930 future receivables for net $63,000; daily withdrawal of $2,998.
- Note convertible at $1.30/share for first 180 days, then $0.10/share; 200% default penalty on unpaid amounts.
- Event of default includes Nasdaq delisting; conversion limitation (19.9%) waived upon delisting.
- Monthly payments of $18,368 start Feb 28, 2025; default interest rate 22% per annum.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023994/000121390025007674/0001213900-25-007674-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023994/000121390025007674/ea0229068-8k_safe.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-007674

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer