Ontario · NOI
Fifth Report of the Proposal Trustee dated June 26, 2024
Court officer report · 26 June 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 cash figure in the 13-week Cashflow Forecast (forecast, not actual reported cash on hand). · amount: 42225 · currency: CAD · qualifier: forecast opening cash balance for the forecast period, not a stated actual cash position
- financial positionnote: Company currently owes a total of $2,406,000 in secured debt and $4,753,627.39 in unsecured debt (components only, no stated total assets); Approximately $1,000,000 owed to CRA for HST arrears included in unsecured debt; year-to-date fiscal 2024 losses of approximately $200,000 and estimated 2023 year-end loss of $500,000 are also noted. · basis: management estimate · scope: entity - National Traffic Safety Management Inc. · currency: CAD
- operational summaryThe Company continues to operate in the ordinary course under NOI protection, providing traffic management services under existing long-term and short-term contracts, while pursuing interim financing (including the FundThrough factoring facility) to fund payroll, rent, and operating expenses as it prepares a proposal to creditors.
- professional feesnote: This is a forecast line item in the Cashflow Forecast, not a stated actual fee incurred figure; includes estimated fees and disbursements payable to the Proposal Trustee and its counsel, as well as the Company's counsel. · party: Proposal Trustee, Company's counsel, and Proposal Trustee's counsel (forecast provision) · amount: 50000 · period: June 22, 2024 to September 20, 2024 · currency: CAD
- report date26 June 2024
- report noFifth Report