Ontario · Proposal
First Report of the Proposal Trustee
Court officer report · 23 April 2025
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 filing7 verified
- secured creditorsnote: Approximate amount ("370 Debt"); related party - Michael B. Davidson, sole director/shareholder of the Company, is also sole director and shareholder of 370 Ontario · page: 7 · as of: 2025-04-23 · amount: 8600000 · debtor: Indeed Laboratories Inc. · creditor: 1000481370 Ontario Inc. ("370 Ontario") · currency: CAD · security: General security agreement and secured convertible debenture against all Company assets, registered under the PPSA (Ontario); includes a $1,000,000 principal component (plus accruing interest) subject to a secured convertible debenture
- secured creditorsnote: Principal amount plus accruing interest (interest amount not separately stated) · page: 7 · as of: 2025-04-23 · amount: 1000000 · debtor: Indeed Laboratories Inc. · creditor: Cosmetic Synergies Incorporated ("CSI") · currency: CAD · security: Secured convertible debenture; general security interest against all Company assets registered under the PPSA (Ontario)
- unsecured creditorsnote: Chargeback claim estimated at $1.2 million resulting from discontinued product line and contractual return/chargeback rights against future invoices · page: 7 · basis: Reported in First Report narrative · amount: 1200000 · debtor: Indeed Laboratories Inc. · creditor: Shoppers Drug Mart ("Shoppers") · currency: CAD
- unsecured creditorsnote: Chargeback claim approximate; CVS ceased to be a customer within past 2 years · page: 7 · basis: Reported in First Report narrative · amount: 400000 · debtor: Indeed Laboratories Inc. · creditor: CVS Health Corporation ("CVS") · currency: USD
- unsecured creditorsnote: Chargeback claim approximate; Target ceased to be a customer within past 2 years · page: 7 · basis: Reported in First Report narrative · amount: 800000 · debtor: Indeed Laboratories Inc. · creditor: Target Corporation ("Target") · currency: USD
- unsecured creditorsnote: Aggregate figure; document names no individual trade creditors beyond Shoppers, CVS and Target which are listed separately · page: 8 · as of: NOI filing date · basis: Company's books and records as reported, as at the date of the NOI · amount: 90948 · debtor: Indeed Laboratories Inc. · creditor: Unsecured trade debt and other creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Source deduction arrears; deemed trust class claim. HST reported as current (no arrears) · page: 8 · as of: NOI filing date · basis: Reported in First Report narrative · amount: 8044 · debtor: Indeed Laboratories Inc. · creditor: Canada Revenue Agency · currency: CAD