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What we verified from this filing5 verified
- secured creditorsnote: Also disclosed in 2023 audited financial statements as a $500,000 convertible secured debenture (5% interest, compounded semi-annually, due July 31, 2027) held by Avila Exploration & Development Canada Ltd., whose President is also President/CEO of Avila (related party); $101,497 interest owing at Dec 31, 2023. · page: 5 · as of: 2024-09-18 · amount: 500000 · debtor: Avila Energy Corporation · creditor: AVED Capital Corporation (Avila Exploration & Development Canada Ltd.) · currency: CAD · security: Secured obligations, aggregate principal amount approximately $500,000
- secured creditorsnote: Listed among key creditors; has agreed to forego enforcement or require payment until the restructuring process is completed. · page: 5 · as of: 2024-09-18 · amount: 3390000 · debtor: Avila Energy Corporation · creditor: Mark Girouard (Marc Girourard) · currency: CAD · security: Secured obligations, aggregate principal amount approximately $3,390,000
- secured creditorsnote: Approximate aggregate figure; $40,000 of which has been paid but not discharged. Individual judgments identified elsewhere in the affidavit: Gregory Q. Marr $19,089.56 (paid in full), Gregory Q. Marr $19,211.92 (paid in full), Royal Well Servicing $37,978.53, 2344963 Alberta Ltd. $104,019.06, Terroco Industries Ltd. $118,203.65. · page: 6 · as of: 2024-09-18 · amount: 387000 · debtor: Avila Energy Corporation · creditor: Judgment creditors (writs registered at Alberta Personal Property Registry) · currency: CAD · security: Writs/judgments registered against Avila at the Alberta PPR
- financial positionnote: Auditors' report notes a material uncertainty related to going concern: net loss of $20,093,893 for year ended Dec 31, 2023, and current liabilities exceeded current assets by $5,056,818 as at that date. Separately, as at September 18, 2024 (post year-end), the affidavit states collective liabilities of approximately $19,900,303.84 (a distinct, more current figure not reconciled to the audited balance sheet). · page: 28 · as at: 2023-12-31 · basis: Audited financial statements (International Financial Reporting Standards); affidavit at para 23 characterizes this as Avila's 'total consolidated assets value', though the underlying statements are presented for the single entity 'the Company' with no subsidiaries disclosed · scope: Avila Energy Corporation (entity-level, per audited Statement of Financial Position) · currency: CAD · total assets: 35834251 · total liabilities: 22392358
- secured creditorsnote: Term sheet signed July 5, 2023. President and CEO of Avila (Donald Benson) has provided a personal guarantee for the $3,000,000 loan, for which he is compensated 0.25% per month on the outstanding balance. · page: 55 · as of: 2023-12-31 · amount: 3000000 · debtor: Avila Energy Corporation · creditor: Private Canadian investment company (unnamed) - Term Loan · currency: CAD · security: Secured two-year term loan; interest-only at 12% per annum plus 10% administration fee payable on repayment