British Columbia · CCAA
First Report of the Monitor dated April 12, 2024
Court officer report · 12 April 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- cash on handnote: This is the opening balance in the Petitioners' forecast, not an independently verified bank balance. The forecast projects closing cash of about $604,067 at July 5, 2024 (forecast only). · as at: 2024-04-06 · amount: 89345 · currency: CAD · qualifier: beginning cash per the 13-week cash flow forecast
- financial positionnote: Different as-at dates apply by entity (Feb 28, 2023 for TMI/TMC/FFM; Feb 28, 2022 for Algon; Dec 31, 2022 for Ptolemytech/Photis), so no single as-at date is stated. Monitor's own figures differ from Mr. Khara's affidavit (para 78), which states $16,747,530 in total assets and $13,810,838 in total liabilities; the Monitor found TMI, TMC, FFM and Algon liabilities of $14,977,730. Monitor notes the group appears not to be balance-sheet insolvent on these dated statements. · basis: Based on dated financial statements provided by Management: externally prepared statements for TMI, TMC, FFM dated February 28, 2023; Algon dated February 28, 2022; and compiled (unaudited) statements for Ptolemytech/Photis Systems dated December 31, 2022. The Monitor states it has not audited or verified the information and that it is not in a position to comment further on the Petitioners' state of affairs because more recent financial statements and trial balances requested have not been provided. · scope: Combined figures for the TEBO Group: TMI, TMC, FFM and Algon ($16,747,530 assets / $14,977,730 liabilities per Monitor's review) plus Ptolemytech/Photis ($1,738,963 assets / $354,321 liabilities). · currency: CAD · total assets: 18486493 · total liabilities: 15332051
- operational summaryThe Petitioners have continued operating in the ordinary course since the Filing Date, operating on a cash basis after RBC locked them out of their operating line in March 2023, with about 25 employees and several ongoing domestic and international projects. The Monitor has been unable to verify the existence of the €4,997,955 Deutsche Funds.
- professional feesnote: Accrued work in progress for fees and disbursements: Bennett Jones LLP $24,000.00; Crowe MacKay & Company Ltd $25,891.00; Fasken Martineau DuMoulin LLP $19,850.55. Reported at RBC's request; tax treatment not stated. · party: Petitioners' counsel (Bennett Jones LLP), the Monitor (Crowe MacKay & Company Ltd), and Monitor's counsel (Fasken Martineau DuMoulin LLP), combined · amount: 69741.55 · period: to the date of the report (since the Filing Date) · currency: CAD
- report date12 April 2024
- report noFirst Report of the Monitor