OLENOX INDUSTRIES INC.

Listed Company

OLOXCIK 0001023994NasdaqNon-AcceleratedSmaller ReportingWholesale-Lumber & Other Construction MaterialsDelawareFY ends Dec 31

Period

FY 2024

Revenue

$4.98M

Net Income

$-16.98M

Total Assets

$6.07M

Equity

$-12.46M

Shares Out

5.69M

Op. Cash Flow

$-9.30M

Business

SAFE & GREEN HOLDINGS CORP. provides modular building solutions and related services across construction, medical, real estate development and environmental segments. It designs, manufactures and supplies modular facilities (“Modules”) using modified shipping containers and wood, and offers turnkey medical testing and treatment solutions, biomedical waste treatment distribution, and property development services. Its key segments include construction (modular manufacturing and project services), Safe & Green Medical, Safe & Green Development, SG Echo manufacturing, and SG Environmental waste management. It serves contractors, builders, developers, government and healthcare customers nationwide through vertically integrated factories, direct sales, joint ventures and distribution agreements.

Summary from filing dated 2025-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenue	5	17	24	38	9
Cost of revenue	5	19	21	36	7
Gross loss	−244,077	−3	3	2	2
Payroll and related expenses	4	6	6	—	—
General and administrative expenses	3	7	4	—	—
Impairment loss	2	6	—	—	—
Marketing and business development expense	355,924	587,064	480,934	288,438	230,248
Total	9	19	10	8	7
Operating loss	−10	−22	−7	−6	−5
Interest expense	−3	−1	—	—	—
Interest income	—	119	73,821	57,266	61,675
Loss on disposition of equity-based investment	−320,408	—	—	—	—
Change in fair value of equity-based investment	−7	—	—	—	—
Other income	106,043	622,096	428,411	—	—
Total	−10	−808,157	140,728	74,478	74,670
Loss before income taxes	−20	−23	−7	−6	−5
Income tax expense	—	—	—	—	—
Loss from continuing operations	−20	−23	—	—	—
Income (loss) from discontinued operations	3	−4	—	—	—
Net loss	−17	−26	−8	−11	−5
Common stock deemed dividend reduction in conversion rate	−475,713	—	—	—	—
Common stock deemed dividend inducement	−5	—	—	—	—
Net loss attributable to common stockholders	−23	−26	—	—	—
Basic - continuing operations (in dollars per share)	−11.78	−29.21	—	—	—
Diluted - continuing operations (in dollars per share)	−11.78	−29.21	—	—	—
Basic - discontinued operations (in dollars per share)	1.25	−4.82	—	—	—
Diluted - discontinued operations (in dollars per share)	1.25	−4.82	—	—	—
Basic (in dollars per share)	−10.53	−34.03	−12.48	−1.16	—
Diluted (in dollars per share)	−10.53	−34.03	−12.48	−1.16	—
Basic	2	772,261	666,605	9	—
Diluted	2	772,261	666,605	9	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and cash equivalents	375,873	14,212	582,776	13	13
Accounts receivable, net	105,479	182,753	1	3	3
Contract assets	2,536	10,745	36,384	41,916	1
Inventories	471,468	156,512	465,560	1	778,144
Prepaid expenses and other current assets	204,596	340,790	744,211	656,279	570,775
Current assets of discontinued operations	—	5	—	—	—
Total current assets	1	5	8	18	18
Property, plant and equipment, net	4	4	6	7	3
Project development costs and other non-current assets	196,432	538,989	483,546	923,172	—
Right-of-use asset, net	—	2	4	1	2
Intangible assets, net	11,658	1,406	2	2	2
Deferred contract costs, net	—	30,589	71,374	112,159	152,944
Investment in and advances to equity affiliates	738,056	—	4	4	—
Long-term assets of discontinued operations	—	5	—	—	—
Total Assets	6	17	27	35	27
Accounts payable and accrued expenses	9	9	4	8	4
Contract liabilities	596,082	1	437,271	1	2
Lease liability, current maturities	66,821	856,088	1	337,469	326,654
Due to affiliates	2	—	—	—	5,000
Short term notes payable, net	2	2	3	2	—
Current liabilities of discontinued operations	—	7	—	—	—
Total current liabilities	14	21	8	12	7
Long-term note payable	5	2	750,000	750,000	—
Lease liability, net of current maturities	—	549,290	3	872,124	1
Total liabilities	19	24	12	13	8
Preferred stock, $1.00 par value, 5,405,010 shares authorized; none issued or outstanding.	—	—	—	—	—
Common stock, $0.01 par value, 75,000,000 shares authorized; 6,038,382 issued and 6,035,061 outstanding as of December 31, 2024 and 881,387 issued and 814,969 outstanding as of December 31, 2023.	60,384	8,814	6,307	119,869	85,962
Additional paid-in capital	86	69	56	53	40
Treasury stock, at cost 3,371 shares as of December 31, 2024 and 2023	−92,396	−92,396	−49,680	—	—
Accumulated deficit	−99	−76	−41	−33	−22
Non-controlling interests	—	675,931	−382,607	1	−184,567
Total Stockholders' equity (deficit)	−12	−6	14	22	18
Total Liabilities and Stockholders Equity (Deficit)	6	17	27	35	27

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Income (loss) from discontinued operations	3	−4	—	—	—
Depreciation expense	513,125	370,289	410,314	398,744	50,655
Direct write off of project development costs	266,129	—	—	—	—
Direct write off of investments in marketable securities and long-term notes receivable	—	2	—	—	—
Amortization of intangible assets	13,668	187,640	164,092	165,877	148,541
Impairment loss	2	4	—	—	—
Amortization of deferred license costs	30,589	40,785	40,785	40,785	40,786
Amortization of debt issuance costs	2	990,043	23,726	—	—
Amortization of right-of-use asset	971,833	2	691,227	—	—
Gain on deconsolidation SG DevCorp	−5	—	—	—	—
Bad debt expense and recoveries	—	491,388	10,526	167,202	10,018
SGB DevCorp stock issuances	—	195,000	—	—	—
Common stock issued for services	—	3	—	—	—
Stock-based compensation	1	653,575	3	2	1
Accounts receivable	77,274	606,315	553,132	−449,240	−890,531
Contract assets	8,209	25,639	5,532	1	−1
Inventories	−314,956	309,048	808,265	−495,681	−647,345
Intangible asset	−23,921	—	1,139	—	—
Prepaid expenses and other current assets	136,194	378,382	−87,932	−61,778	−489,437
Accounts payable and accrued expenses	748,670	6	−4	4	1
Contract liabilities	−770,916	929,727	−1	−337,161	1
Other current liability	—	−5,795	176,340	−5,000	5,000
Lease liability	−1	−3	−414,674	−472,492	−82,553
Net cash used in operating activities by continuing operations	−9	−7	—	—	—
Net cash provided from operating activities by discontinued operations	−2	70,665	—	—	—
Purchase of property, plant and equipment	−90,374	−600,064	−3	−5	−2
Purchase of intangible asset	—	−71,759	−67,832	−42,500	—
Cash received from sale of equity-based investment	125,000	—	—	—	—
Project development costs	76,428	−111,175	−426,194	−630,470	—
Net cash used in investing activities by continuing operations	111,054	−782,998	—	—	—
Net cash used in investing activities by discontinued operations	−104,352	−81,819	—	—	—
Proceeds from short-term note payable	7	3	500,000	2	—
Repayment of short term notes payable	−6	−1	—	—	—
Proceeds from long-term note payable	—	710,692	—	—	—
Proceeds from warrant inducement	3	—	—	707,188	—
Issuance of common stock under EP Agreement	28,867	—	—	—	—
Prefunded warrant exercise	125	—	—	—	—
Issuance of common stock for cash	4	394,735	—	—	—
Distribution paid to noncontrolling interest	—	−46,417	−3	−4	—
Repurchase of common stock	—	−42,716	−49,680	—	—
Net cash (used in) provided by financing activities by continuing operations	8	3	—	—	—
Net cash (used in) provided by financing activities by discontinued operations	4	4	—	—	—
Net (decrease) increase in cash and cash equivalents	361,661	−567,844	−12	14,025	—
Cash paid during the year for interest	2	2	271,744	562	2,614
Cash	567,473	—	—	—	—
Assets held for sale	4	—	—	—	—
Prepaid expenses and other current assets	429,331	—	—	—	—
Property and equipment, net	1	—	—	—	—
Project development costs and other assets	91,490	—	—	—	—
Goodwill	2	—	—	—	—
Intangible assets	138,678	—	—	—	—
Investments in equity-based investments	4	—	—	—	—
Accounts payable and accrued expenses	2	—	—	—	—
Contingent consideration payable	945,000	—	—	—	—
Short-term notes payable	6	—	—	—	—
Cashless warrant exercise	114	137	—	—	—
Fractional common share adjustment	1	—	—	—	—
Conversion of short-term notes payable and accrued interest to common stock	802,086	775,000	—	—	—
Fair value of warrants issued with debt	251,361	—	—	—	—
Common stock issuance for accounts payable settlement	1	—	—	—	—
Additions of property for debt	—	969,188	—	—	—
Restricted stock units issued	—	1,510	—	—	—
SG DevCorp Distribution	—	8	—	—	—
SG DevCorp. Transactions	—	448,547	—	—	—
Peak Stock and Warrants Issuances	—	354,329	—	—	—

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