Ontario · CCAA
Seventh Report of the Monitor - The Fuller Landau Group Inc - 21-OCT-2026
Court officer report · 21 October 2026
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 filing18 verified
- secured creditorsnote: Amount is the estimated DIP Indebtedness outstanding at closing, to be credit-bid as part of the purchase price (estimate, not a stated balance). Initial Order authorized DIP borrowings up to $600,000 (later increased). · page: 11 · as of: Closing Date (estimated; closing expected October 22, 2026) · amount: 9500000 · debtor: XTM Inc. and Everyday People Payments Inc. · creditor: Pateno Payments Inc. (DIP Lender) · currency: CAD · security: DIP Lender's Charge on the Property, ranking second behind the Administration Charge; DIP Facility increased to a maximum of $8 million DIP Lender's Charge per the Second Report; credited bid under the APA
- secured creditorsnote: Described as the Applicants' primary secured creditor; pre-filing Pateno Credit Facility balance not stated on these pages. No PPSA registrations against EPP. · page: 74 · debtor: XTM Inc. · creditor: Pateno Payments Inc. (pre-filing PPSA registrant / Pateno Credit Facility) · currency: CAD · security: Three PPSA registrations against XTM in favour of Pateno (one also naming DC Bank and Pateno Payments USA Limited as secured creditors), file currency February 12, 2026
- secured creditorsnote: Registered amount per PPSA search; stated as the registration amount, not a confirmed balance. · page: 75 · as of: 2026-02-12 · amount: 2572 · debtor: XTM Inc. · creditor: His Majesty in Right of Ontario, represented by the Minister of Finance (PPSA registrant) · currency: CAD · security: PPSA registration, file currency February 12, 2026
- unsecured creditorsnote: Aggregate only; no individual creditors named on these pages. Covers technology services, software subscriptions, logistics, professional services and other suppliers. · page: 75 · as of: 2026-02-15 · basis: Affidavit of Marilyn Schaffer: 'accounts payable balances totaled approximately $6.78 million' (approximate) · amount: 6780000 · debtor: XTM Inc. and Everyday People Payments Inc. · creditor: Trade and other unsecured creditors (accounts payable, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Crown statutory remittance obligation; approximate. · page: 75 · as of: 2026-02-27 · basis: Affidavit sworn February 27, 2026: outstanding HST, approximately · amount: 58034 · debtor: XTM Inc. · creditor: HST owing - Crown · currency: CAD
- unsecured creditorsnote: Crown deemed-trust class (statutory remittances); approximate. · page: 75 · as of: 2026-02-27 · basis: Affidavit sworn February 27, 2026: outstanding statutory remittance obligations, approximately · amount: 226683 · debtor: XTM Inc. · creditor: Source deductions (employee withholdings and employer remittances) - Crown · currency: CAD
- unsecured creditorsnote: Related party; amount and whether it is debt not stated on these pages. · page: 77 · basis: Affidavit states a director's personal contributions assisted the Company · debtor: XTM Inc. · creditor: Keith McKenzie (director) - financial support · currency: CAD
- cash on handnote: Actual closing cash per the cash flow variance analysis (forecast closing cash was $25,423). The Revised Cash Flow Forecast uses $155,021 as opening cash for the week ending Oct 23, 2026. · as at: 2026-10-16 · amount: 155021 · currency: CAD · qualifier: actual closing cash at end of the Reporting Period (Oct 16, 2026)
- disbursementsnote: Actual total operating disbursements for the Reporting Period versus a forecast of $211,428; this excludes restructuring costs and DIP repayments, and is a period figure rather than a total since the filing date. · since: Aug 22, 2026 (start of the Reporting Period, through Oct 16, 2026) · amount: 213245 · currency: CAD
- operational summaryThe Applicants have no employees and the Everyday Platform is operated by EPFC. A going-concern sale to Pateno is expected to close October 22, 2026, after which the Monitor will focus on winding down the estate and terminating the CCAA proceedings.
- process resultslois: 1 · ndas: 13 · note: approximately 1,070 Known Potential Bidders; one non-binding letter of intent received that did not become a Qualified Bid; the Stalking Horse Agreement was declared the Successful Bid on June 18, 2026 · as of: 2026-06-12 · solicited: 1070 · qualified bids: 0
- professional feesnote: Forecast figure (total restructuring costs in the Revised Cash Flow Forecast), described in the report as approximately $620,000. Actual restructuring costs paid during the Reporting Period (Aug 22 to Oct 16, 2026) were $755,582 versus a forecast of $1,142,521. Tax treatment not stated. · party: Applicants' counsel, the Monitor and its counsel, FAAN Advisors Group Inc., and the Chief Restructuring Officer (restructuring costs) · amount: 621083 · period: Oct 17, 2026 to Dec 4, 2026 (forecast), including costs incurred prior to the Cash Flow Period · currency: CAD
- purchaserPateno Payments Inc.
- receipts cumulativenote: Actual total receipts for the Reporting Period, all SaaS Fees, versus a forecast of $144,000; this is a period figure for the Reporting Period, not a total since the CCAA filing date. · since: Aug 22, 2026 (start of the Reporting Period, through Oct 16, 2026) · amount: 88476 · currency: CAD
- report date21 October 2026
- report noSeventh Report
- sale outcometext: Court approved the Transaction and granted the AVO on September 1, 2026; the Transaction is expected to close on October 22, 2026. · scope: whole_business · status: approved
- stalking horsePateno Payments Inc.