Ontario · CCAA
Pre-Filing Report of the Proposed Monitor
Pre-filing report · 27 February 2026
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What we verified from this filing2 verified
- financial positionnote: Figures are approximate as stated ('approximately $55.9 million' / 'approximately $95.9 million'). Current assets ~$54.9M, long-term assets ~$1.0M; current liabilities ~$94.8M. Negative working capital of ~$39.9 million reported as at September 30, 2025. A 'Shortfall' between restricted cash and program deposit obligations was ~$18.96 million as at September 30, 2025 (vs. ~$13.96 million at December 31, 2024, per Note 24 to the 2024 Audited Financial Statements). · page: 6 · as at: 2025-09-30 · basis: 2025 Q3 Interim Financial Statements (unaudited); prior-year comparative figures from 2024 Audited Financial Statements referenced for the restricted-cash shortfall · scope: Consolidated - XTM Inc. and its wholly owned subsidiaries (XTM USA Inc., QRails Inc., QRails Limited, QRails Ireland Ltd.) · currency: CAD · total assets: 55900000 · total liabilities: 95900000
- secured creditorsnote: Pre-filing secured lender to XTM under the 'Pre-Filing Loan Agreements'; no outstanding balance stated in these pages. Pateno is also the proposed post-filing DIP Lender in the CCAA proceeding, secured by a separate Court-ordered DIP Lender's Charge (not a pre-filing security interest). · page: 47 · debtor: XTM Inc. · creditor: Pateno Payments Inc. · currency: CAD · security: General Security Agreement dated April 28, 2025, granted pursuant to a Demand Loan Agreement dated January 1, 2025 (executed April 28, 2025, as amended August 22, 2025 and November 28, 2025)