A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Mortgage confirmed in default by BMO representative in telephone call to affiant on/about Oct 29, 2024; a further, separate line of credit debt owed to BMO also exists, but affiant states she is unaware how it arose or its outstanding balance · page: 3 · as of: 2024-10-29 · debtor: Kid Drop Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: Mortgage registered against the Property (Plan 6344AY, Block 8, Lots 3-5, Fort McMurray), registration no. 212 284 140; original principal amount $452,000 (registered principal, not a balance)
- secured creditorsnote: Affiant states certain KDI vehicles 'are subject to security agreements' and were sold/assigned by a director outside the ordinary course without approval; identities of financiers and amounts owing not disclosed in the document · page: 3 · debtor: Kid Drop Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase-money/vehicle financing security agreements over certain company vehicles
- financial positionnote: Shareholders' deficiency of $(971,734) as at March 31, 2024; liabilities include Due to shareholders $824,661 and Promissory notes $318,124 (both non-bank obligations); separately, a business valuation (Exhibit D, Aug 2024) estimated a NIL/negative business value given the debt load · page: 19 · as at: 2024-03-31 · basis: Compiled financial information prepared under CSRS 4200 (Compilation Engagements); no audit or review performed; readers cautioned the information may not be appropriate for their purposes · scope: entity-level - Kid Drop Inc. only · currency: CAD · total assets: 777691 · total liabilities: 1749425
- counselLeenen LLP