British Columbia · NOI

Proposal Trustees Report to Court filed April 6 2020

Court officer report · 6 April 2020

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 filing3 verified

financial positionnote: No total assets or total liabilities are stated. Components only: audited Fiscal 2019 statements report total net book value of equipment and capitalized leasehold improvements of approximately $1,520,000; Leasing's compiled statements for fiscal year ending February 2, 2019 report only a nominal amount owing from a related party equivalent to the value of share capital. Secured claims noted: RBC approximately $8,900,000 at the initial filing date; BC Ltd. approximately $1,769,000; unremitted PST approximately $112,950 at the date of initial filing. · basis: Draft financial statements prepared by management for Fiscal 2020 reported a substantial net loss; audited statements for Fiscal 2019 reported minimal net income; Leasing's statements for fiscal year ending February 2, 2019 were prepared by its external accountant on a compilation basis. · scope: Enterprises and Leasing (two entities, not consolidated); no total assets or liabilities stated for either. · currency: CAD
operational summaryEnterprises continues to operate its retail stores in the normal course (some with reduced hours due to COVID-19), paying suppliers mainly on a cash basis, though revenue is running roughly 25%-30% below projections and employee lay-offs have begun at the distribution center. Leasing has no employees or active operations.
report date2 April 2020