Chisel AI Inc.

Chisel AI Inc. has been in bankruptcy under the Bankruptcy and Insolvency Act in Ontario since April 19, 2022, with MNP Ltd. acting as Licensed Insolvency Trustee under estate file 31-2822575. The Statement of Affairs, as at the date of bankruptcy and not reviewed or audited by the Trustee, records total assets of $843,490, secured and deemed trust claims of $650,416.37, unsecured claims of $757,448.76, and nil preferred and contingent claims. Silicon Valley Bank asserts approximately $608,226.66 plus ongoing interest and costs under a Loan and Security Agreement dated February 12, 2020, which an opinion from Loopstra Nixon LLP confirms was valid and enforceable as of April 8, 2022; the assets are subject to that security and in the possession and control of the Receiver. Former employees hold statutory security under s. 81.3 of the BIA for unpaid vacation pay, to $2,000 each, earned in the six months before bankruptcy. Unsecured proofs of claim filed as at 5 p.m. on May 6, 2022 totalled $137,832.25, admissibility not yet determined.