Ontario · NOI
Motion Record of Stewart's Vertical Farmc Inc Returnable October 24, 2025.pdf
Application / notice of application · 24 October 2025
What we verified from this filing8 verified
- secured creditorsnote: Post-filing DIP financing (not pre-filing debt); DIP Lender related to CEO Tanner Stewart and Birpal Aulakh, principal of 1577474 Alberta Ltd.; DIP Lender's Charge does not secure pre-NOI obligations · page: 9 · as of: DIP Term Sheet dated October 16, 2025 · amount: 1500000 · debtor: Stewart's Vertical Farms Inc. · creditor: 2754318 Alberta Ltd. (DIP Lender) · currency: CAD · security: DIP Lender's Charge (super-priority) over all Property, subordinate only to Administration Charge, maximum principal $1,500,000 plus fees/interest
- financial positionnote: Assets exceed liabilities by approximately $535,018.43 per affiant; primary assets: Chequing/Savings $241,470.75, Accounts Receivable $516,035.18, Inventory $1,233,769.59, Equipment $1,027,037.27, Building/Property $4,089,636.72; primary liabilities: Accounts Payable $1,395,797.11, Payroll Liabilities $2,024,058.36, Due to Factoring Partner $2,060,000.00, Due to Director $1,319,355.14 (related party) · page: 38 · as at: 2025-06-26 · basis: draft unaudited balance sheet ('2025 BS') · scope: entity - Stewart's Vertical Farms Inc. · currency: CAD · total assets: 8291394.53 · total liabilities: 7984739.04
- unsecured creditorsnote: Deemed trust class claim (source deductions/excise tax/GST/HST); excluded from the $5,651,877.37 List of Creditors figure per footnote · page: 39 · as of: NOI filing date · basis: Affidavit of Tanner Stewart, sworn July 18, 2025 - stated approximate amount owing for source deductions, excise tax, and GST/HST · amount: 2600000 · debtor: Stewart's Vertical Farms Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Amount is exclusive of approximately $2.6 million owed to CRA (deemed trust, reported separately above); document does not itemize individual creditor names on the pages provided; mirrors liabilities in 2025 draft balance sheet (Accounts Payable, Payroll Liabilities) · page: 39 · as of: NOI filing date · basis: List of Creditors filed with the NOI, as reported · amount: 5651877.37 · debtor: Stewart's Vertical Farms Inc. · creditor: Unsecured creditors (aggregate as reported in List of Creditors) · currency: CAD
- secured creditorsnote: Discharged/repaid in full per affiant's understanding - no amounts outstanding on this registration · page: 42 · as of: 2025-06-27 · amount: 0 · debtor: Stewart's Vertical Farms Inc. · creditor: Brian Clark · currency: CAD · security: PPSA registration (New Brunswick)
- secured creditorsnote: In respect of purchase order factoring arrangements; collateral mortgage dated December 5, 2023 · page: 43 · as of: 2025-06-27 · amount: 599917.28 · debtor: Stewart's Vertical Farms Inc. · creditor: 2061648 Alberta Inc. (206 Co.) · currency: CAD · security: Mortgage/charge; personal guarantee from Tanner Stewart; PPSA security interest registered December 4, 2023
- secured creditorsnote: Owed pursuant to promissory notes dated June 29, 2021 and August 1, 2022; also listed as 'Due to Factoring Partner' $2,060,000.00 on 2025 draft balance sheet · page: 43 · as of: 2025-06-27 · amount: 2060000 · debtor: Stewart's Vertical Farms Inc. · creditor: Factors Western Inc. (FWI) · currency: CAD · security: All present and after-acquired personal property (PPSA); mortgage on the Facility
- secured creditorsnote: SVF's largest secured creditor per affidavit; principal Birpal Aulakh related to DIP Lender; two term loan agreements dated July 27, 2020 and October 15, 2020; prose in Notice of Motion/affidavit describes DIP Lender as related to principal of largest secured creditor · page: 43 · as of: 2025-06-27 · amount: 382152 · debtor: Stewart's Vertical Farms Inc. · creditor: 1577474 Alberta Ltd. · currency: CAD · security: Mortgage over the Facility; all present and after-acquired personal property (PPSA); personal guarantee from Tanner Stewart