Alberta · Receivership (court-appointed)
First Report of the Receiver dated October 13, 2026
Court officer report · 13 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 filing17 verified
- financial positionnote: The total assets figure (US$32.3 million) is a sum of the table's components ($0.2M cash + $9.8M accounts receivable + $15.9M goodwill and intangibles + $6.4M capital and other assets), computed because the report states no total; the components are stated as US$ millions. As at date is the Appointment Date (September 3, 2026) per the report; the underlying financial statements are dated July 26, 2026. The Receiver anticipates amounts ultimately collected on receivables will be less than book value given the age of certain receivables. No total liabilities or balance sheet liabilities are stated in these pages. Since the Appointment Date approximately $805,000 has been collected and a further $1.4 million billed. · page: 10 · basis: Book value of assets of APMC and its subsidiaries as at the Appointment Date, per the Receiver's discussions with Management; goodwill/intangibles and capital/other assets figures are taken from unaudited consolidated financial statements drafted July 26, 2026. The Receiver has not audited or verified the Information. · scope: Consolidated - APMC and its subsidiaries. Assets only; no liabilities side is stated. · currency: USD · total assets: 32300000
- secured creditorsnote: Amount is the aggregate principal amount of $4,000,000; the holders advanced a net $2,000,000 reflecting a 50% original issue discount. The 2L Note matures July 31, 2028 absent earlier conversion or prepayment. Related party: each 2L Holder is directly or indirectly a director of APMC; the 2L Holders are also the Stalking Horse Bidder. The security opinion on 2L ranking is stated as obtained by the Receiver (subject to customary assumptions and qualifications). Event of default alleged on failure to subordinate 3L security within 30 days; demand and s.244 BIA notice issued August 28, 2026. · page: 11 · as of: 2L Note effective June 29, 2026 · amount: 4000000 · debtor: A Parent Media Co. Inc. (APMC) · creditor: 2L Holders (Senior Secured Second Lien Convertible Note holders: TriWest Lower Mid-Market Fund I, L.P., Douglas G. Nyhoff, James R. Lites, Charla Kim, and others) · currency: USD · security: General security agreement dated June 29, 2026, registered at the PPR on or about August 26, 2026 (reg. no. 26082620779) over all present and after-acquired personal property of APMC. Expressly subordinate to the BMO security. Ranks second to BMO and ahead of the 3L Holders by virtue of the 3L GSA's subordination clause (s.17) and PPSA s.40.
- secured creditorsnote: Report p.11 states the DeLuca Affidavit says APMC owes BMO approximately $3.8 million. The SISP (p.44) and the Stalking Horse LOI (p.58) both describe the BMO Debt as approximately US$4 million. These are approximations from different documents; no exact dated payout balance is stated in these pages. The debt arises under a letter of agreement amendment and restatement dated September 23, 2024; the debt figure includes accrued interest and costs. · page: 11 · as of: date of the DeLuca Affidavit (not stated in this report) · amount: 3800000 · debtor: A Parent Media Co. Inc. (APMC) · creditor: Bank of Montreal (BMO) - first lien · currency: USD · security: General security agreement dated effective October 2022, registered at the PPR October 26, 2022 (reg. no. 22102612634) against all present and after-acquired personal property of APMC. Receiver's independent security opinion: BMO holds a first-ranking secured interest in the Property of APMC, subject to customary assumptions and qualifications.
- secured creditorsnote: Amount is the aggregate principal of the 3L Notes plus interest (interest amount not stated); advanced between June 2025 and April 2026, maturity extended to December 31, 2026 in consideration of the granting of security. The SISP (p.45) calls the notes 'Unsecured Convertible Notes' in the aggregate principal amount of US$27,375,000, secured by the 3L GSA. The Stalking Horse Bid provides no cash recovery to the 3L Holders (p.20). · page: 13 · as of: date of the DeLuca Affidavit (not stated in this report) · amount: 27375000 · debtor: A Parent Media Co. Inc. (APMC) · creditor: 3L Holders (holders of Unsecured Convertible Notes - the 3L Notes) · currency: USD · security: General security agreement (3L GSA) dated June 29, 2026, registered at the PPR on or about August 7, 2026 (reg. no. 26080733373), amended August 17, 2026 - registered before the 2L GSA, but s.17 of the 3L GSA subordinates it to the 2L security. Ranks third.
- unsecured creditorsnote: Document names no individual unsecured creditors and states no aggregate. · page: 14 · basis: Receiver 'does not presently expect any recovery to the unsecured creditors of the Debtors' having regard to the quantum of secured indebtedness; the report names no individual unsecured creditors and states no aggregate figure. Statutory notice and statement of the receiver were sent to known creditors. · debtor: A Parent Media Co. Inc. and Kidoodle, Inc. · creditor: Unsecured creditors of the Debtors (general) · currency: USD
- unsecured creditorsnote: Existence and quantum not confirmed; deemed-trust class (potential). · page: 14 · basis: The Receiver is reviewing the status of these amounts, which may be subject to a statutory deemed trust or priority claim. · debtor: A Parent Media Co. Inc. (APMC) · creditor: Source deductions, GST and other potential statutory deemed trust / priority claims · currency: USD
- unsecured creditorsnote: Priority claim, not ordinary unsecured. Quantum not stated. All APMC employees were terminated on or about August 31, 2026. · page: 14 · basis: Claims ranking in priority to secured creditors under BIA s.81.4, with corresponding claims under the Wage Earner Protection Program Act; the Receiver continues to review and quantify them. · debtor: A Parent Media Co. Inc. (APMC) · creditor: Former employees of APMC - unpaid wages and vacation pay (BIA s.81.4 priority; WEPPA claims) · currency: USD
- cash on handnote: Balance in Receiver's Account per the receipts and disbursements table, which is headed 'in CAD' even though the report states generally that currency references are USD. Opening cash was 515,129. · as at: 2026-10-09 · amount: 1592131 · currency: CAD
- disbursementsnote: Total of software costs (35,242), insurance (24,844) and contractor fees (16,303); table headed 'in CAD'. · since: Appointment Date (September 3, 2026) to October 9, 2026 · amount: 76389 · currency: CAD
- financial positionnote: Document states only asset components, not a total: Cash 0.2; Accounts receivable 9.8; Goodwill and intangible assets 15.9; Capital and other assets 6.4 (all $USD millions, book value). The Receiver expects amounts ultimately collected on receivables to be less than book value. Liabilities are not stated as a total; secured debt figures cited are approximately $3.8 million owing to BMO per the DeLuca Affidavit, $4.0 million 2L principal, and $27,375,000 plus interest under the 3L Notes. · basis: Book value per consolidated financial statements drafted on July 26, 2026, as at the Appointment Date · scope: Consolidated - APMC and its subsidiaries · currency: USD
- operational summaryThe debtors have no employees (all terminated around August 31, 2026) and limited liquidity; the Kidoodle.TV platform remains online while Victory+ is offline, and the Receiver is using former employees as contractors to maintain operations while running a stalking-horse sale and investment solicitation process.
- purchaserthe holders of the 2L Note
- receipts cumulativenote: Collection of Receivables, the only receipts line in the table (headed 'in CAD'). Separately the text says approximately $805,000 collected into the receivership estate account and a further $1.4 million billed. · since: Appointment Date (September 3, 2026) to October 9, 2026 · amount: 1153391 · currency: CAD
- report date13 October 2026
- report noFirst Report
- sale outcometext: The Receiver seeks court approval of the SISP and the Stalking Horse Bid; the bid will be market-tested and presented for approval only if no Superior Offer is received. · scope: whole_business · status: process_approved
- stalking horsethe 2L Holders (holders of the 2L Note), represented by the Holder Representative