Saskatchewan · Receivership (court-appointed)
First Report of the Interim Receiver
Court officer report · 19 January 2016
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 filing5 verified
- financial positionnote: SCALE: the table is in thousands; $4,042 and $20,880 thousand are reported here as $4,042,000 and $20,880,000. COLUMN: the table carries three — 30-Sep-15, 31-Oct-15 and 30-Nov-15 — and the as-at column (30-Nov-15) is used, matching the report's own prose. COMPOSITION MATTERS HERE: $12,913 thousand of the $20,880 thousand is DEFERRED REVENUE, which the report explains “relates to a sale of certain of the PDI's revenue streams related to its Assets to a third party” — an obligation to deliver rather than trade debt, and the counterparty is not named. A further $1,200 thousand is a deferred tax liability, an accounting provision rather than an assessed tax claim. Shareholders' equity is stated at $(16,838) thousand. · page: 6 · as at: 2015-11-30 · basis: PDI unaudited consolidated financial statements as at November 30, 2015, as reproduced in the Interim Receiver's First Report; the table is headed “Amounts in thousands (000s)” and the figures here are multiplied accordingly · scope: PDI consolidated. The report's prose gives the same figures rounded — “book value of assets of $4.0 million”, “book value of liabilities of $20.9 million”, and “operating losses of $3.2 million for the eight months ended November 30, 2015”. · currency: CAD · total assets: 4042000 · total liabilities: 20880000
- unsecured creditorsnote: RELATED PARTY, and the document classifies it: “the YBCI loan is an unsecured loan advanced from a related party of the Company”. Shown among current liabilities at $2,777 thousand. The report does not expand the abbreviation YBCI. · page: 6 · as of: 2015-11-30 · basis: PDI unaudited consolidated financial statements as at November 30, 2015, as reproduced in the Interim Receiver's First Report; the table is headed “Amounts in thousands (000s)” and the figures here are multiplied accordingly · amount: 2777000 · debtor: Phenomenome Discoveries Inc. (“PDI”) · creditor: YBCI · currency: CAD
- unsecured creditorsnote: PRE-FILING UNPAID RENT, and the landlord: PDI leased 407 Downey Road, Saskatoon from SOCO and “Prior to the Date of Appointment the Company issued a promissory note to the SOCO in respect of unpaid rent accrued prior to the Interim Receivership Proceedings”. THIS IS THE CURRENT PORTION ONLY — the line reads “Current portion SOCO promissory note”, $1,613 thousand; the full face of the note is not stated. Rent has been kept current since the appointment. · page: 6 · as of: 2015-11-30 · basis: PDI unaudited consolidated financial statements as at November 30, 2015, as reproduced in the Interim Receiver's First Report; the table is headed “Amounts in thousands (000s)” and the figures here are multiplied accordingly · amount: 1613000 · debtor: Phenomenome Discoveries Inc. (“PDI”) · creditor: Saskatchewan Opportunities Corporation (“SOCO”) · currency: CAD
- unsecured creditorsnote: an aggregate balance-sheet line; the document names no individual trade creditor and states no itemisation. · page: 6 · as of: 2015-11-30 · basis: PDI unaudited consolidated financial statements as at November 30, 2015, as reproduced in the Interim Receiver's First Report; the table is headed “Amounts in thousands (000s)” and the figures here are multiplied accordingly · amount: 1270000 · debtor: Phenomenome Discoveries Inc. (“PDI”) · creditor: Accounts payable and accrued liabilities (aggregate as reported) · currency: CAD
- secured creditorsnote: AMOUNT NOT REPORTED BECAUSE THE DOCUMENT STATES COMPONENTS, NOT A TOTAL: $833,000 principal and $263,552.16 accrued interest, with interest still accruing, and no combined figure given. The balance sheet carries a DIFFERENT and differently-based figure — “Current portion of Golden Opportunities debenture” at $1,103 thousand as at November 30, 2015, which is a current portion at a later date, not the whole indebtedness. GOFI is also the interim lender: the Interim Financing under the Interim Receivership Order “currently totals $250,000; however, has been authorized to total $650,000” — post-filing, and excluded here. · page: 7 · as of: 2015-11-10 · debtor: Phenomenome Discoveries Inc. (“PDI”) · creditor: Golden Opportunities Fund Inc. (“GOFI”) · currency: CAD · security: a security interest — “As at November 10, 2015 the indebtedness of PDI to GOFI, for which it holds a security interest, was $833,000 in principal, plus $263,552.16 in accrued interest, with additional interest accrued and accruing thereon”