Nova Scotia · NOI
Affidavit of Songwen Gao dated July 11, 2023
Affidavit · 11 July 2023
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 filing6 verified
- secured creditorsnote: Invoice factoring financier; AP confirmed it has collected the two invoices and its debt is paid in full — no outstanding balance (discharged/satisfied). · page: 6 · as of: as at the date of the affidavit (July 2023) · debtor: Atlantic Sea Cucumber Ltd. · creditor: AP Canada Fund 1 Inc. · currency: CAD · security: PPSA registration (Nov 8, 2022) over accounts sold under a Receivables Finance Agreement
- secured creditorsnote: Company banks with RBC but has no loans/outstanding debt owing to RBC as of affidavit date; GSA registered but no balance outstanding. · page: 6 · as of: as at the date of the affidavit (July 2023) · debtor: Atlantic Sea Cucumber Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement over all present and after-acquired personal property (registered Nov 14, 2022)
- secured creditorsnote: Related party: parent company of debtor. AGAH bought out prior secured lenders (TD Bank, Farm Credit Canada) in 2022 and now advances funds on a revolving basis; balance comprised of routine advances in both CAD and USD. The mortgage figure ($2,748,183.00) is a registration ceiling, not the outstanding balance. · page: 7 · as of: as at the date of the affidavit (July 2023) · amount: 2163190 · debtor: Atlantic Sea Cucumber Ltd. · creditor: Atlantic Golden Age Holdings Inc. (AGAH) · currency: CAD · security: General Security Agreement over all present and after-acquired personal property (registered under PPRS March 14, 2023) pursuant to Loan Agreement dated Jan 2, 2018; also holds a Collateral Realty Mortgage on the Company's Facility (registered April 13, 2023) securing up to a registration ceiling of CDN $2,748,183.00
- secured creditorsnote: Judgment debt arising from disputed shipment litigation (Justice Coughlan order dated Feb 2, 2023) for damages of $986,256.75 USD or CAD equivalent; ranks second behind AGAH's mortgage on the Facility. · page: 7 · as of: 2023-02-02 · amount: 986256.75 · debtor: Atlantic Sea Cucumber Ltd. · creditor: Weihai Taiwei Haiyang Aquatic Food Co. Ltd. (WTH) · currency: USD · security: Judgment registered on PPR (April 18, 2023) against all present and after-acquired personal property; also registered as a second-ranking charge against the Company's Facility (April 28, 2023)
- secured creditorsnote: Deemed trust class - employee source deductions owing to CRA as of May 31, 2023. · page: 8 · as of: 2023-05-31 · amount: 15223.99 · debtor: Atlantic Sea Cucumber Ltd. · creditor: Canada Revenue Agency · currency: CAD
- financial positionnote: A later unaudited interim balance sheet as at May 31, 2023 (Exhibit C) is also referenced in the affidavit, but the total-assets figure as transcribed in that statement ($3,530,591.35) is internally inconsistent with its own current + non-current asset subtotals (summing to approx. $3,930,491) and with its stated total liabilities & equity ($3,930,581.36); the November 30, 2022 compiled statement is used here as the reliable reported financial position. · page: 24 · as at: 2022-11-30 · basis: Unaudited - see Compilation Engagement Report (historical cost basis, per Bluenose Accounting compilation dated April 22, 2023) · scope: Atlantic Sea Cucumber Ltd. (affidavit describes these as the Company's 'consolidated' year-end financial statements, though the balance sheet presented is entity-level for ASCL) · currency: CAD · total assets: 4602664 · total liabilities: 2816302