Ontario · Receivership (court-appointed)
Application Record – (Volume 2 of 2)
Application / notice of application · 2 September 2025
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What we verified from this filing12 verified
- secured creditorsnote: Sum of current ($34,838) and non-current ($1,791,340) portions per Note 11 borrowings table. Amended Sept 2023: maturity extended to Oct 1, 2026, rate increased from 6.25% to 9.25%; original 2019 principal was USD $1,440,000 (CAD $1,913,184). · page: 465 · as of: 2024-10-31 · amount: 1826178 · debtor: Flow Beverage Corp. · creditor: Seawright Mineral Springs Limited · currency: CAD · security: First lien on the 144-acre spring and land in Virginia.
- secured creditorsnote: Related party: Cliff Rucker / Rucker Investments LLC - Rucker is the affiant of the underlying affidavit and a significant investor (see private placement to Rucker Investments LLC). Listed under the same footnote [d] grouping as NFS-secured facilities in the Note 11 borrowings table; specific security terms for this facility are not detailed in the reviewed excerpt. · page: 465 · as of: 2024-10-31 · amount: 4175658 · debtor: Flow Beverage Corp. · creditor: Rucker Investment (Interim Financing Agreement) · currency: CAD
- secured creditorsnote: DISCHARGED - promissory note fully repaid; matured March 1, 2024. Original 2021 advance was USD $211,047 (CAD $265,612). · page: 466 · as of: 2024-10-31 · amount: 0 · debtor: Flow Beverage Corp. · creditor: Tetra Pak Canada Inc. (Loan VI) · currency: CAD · security: First priority security interest against the financed equipment.
- secured creditorsnote: CAD equivalent stated as $4,174,800. Loan matures six months from closing (~April 2025); interest 15% p.a. plus variable interest based on co-pack unit sales. · page: 466 · as of: 2024-10-31 · amount: 3000000 · debtor: Flow Beverage Corp. · creditor: RI Flow LLC · currency: USD · security: Secured against the Company's assets.
- secured creditorsnote: Amount financed at conversion, exclusive of tax; facility limit under original IFA was up to $4,536,392; not confirmed as current outstanding balance in reviewed excerpt. · page: 469 · as of: November 7, 2023 (IFA conversion to financing lease) · amount: 3175475 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (First IFA - Tetra Pak equipment financing lease, Aurora facility) · currency: CAD · security: 84-month financing lease under Master Equipment Lease dated Sept 22, 2023; PPSA/title-retention security interest in equipment (Master Lease Sections 1.2, 24.2).
- secured creditorsnote: Balance at Oct 31, 2024 was $12,812,571 ($802,617 current + $12,009,954 non-current); by Jan 31, 2025 entire balance classified current. Loan Documents definitions also reference a separate 'Senior Credit Agreement'/'Senior Lender' distinct from NFS (see Permitted Liens definition); identity/amount of that facility not stated in reviewed excerpt. Covenant non-compliance waived by lender for quarters ending Oct 31, 2024 and Jan 31, 2025. · page: 496 · as of: 2025-01-31 · amount: 12397340 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Senior Term Loan) · currency: CAD · security: Term Loan and Security Agreement dated December 30, 2022; general security interest over Borrower's personal property/assets; cross-guaranteed by Flow Beverages Inc., Flow Glow Beverages Inc., Flow Water Inc. and 2446692 Ontario Limited; Flow Beverage Corp. also pledged shares of Flow Water Inc. under a Securities Pledge Agreement dated December 30, 2022.
- secured creditorsnote: 36-month term, 14.75% p.a.; $400,278 current / $4,038,711 non-current at Jan 31, 2025. · page: 496 · as of: 2025-01-31 · amount: 4438989 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Delayed Draw Term Loan) · currency: CAD · security: Term Loan and Security Agreement dated December 30, 2022 (same security package as Senior Term Loan).
- secured creditorsnote: Amount financed at conversion, exclusive of tax; not confirmed as current outstanding balance in reviewed excerpt. · page: 497 · as of: November 1, 2024 (IFA conversion to financing lease) · amount: 5597000 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Second IFA - Simmtech equipment financing lease) · currency: CAD · security: 84-month financing lease; PPSA/title-retention security interest in alcohol production equipment purchased from Simmtech Process Engineering Ltd.
- secured creditorsnote: Facility limit up to $2,192,106 exclusive of tax (registration ceiling, not a balance); amount advanced recorded within prepaid expenses and deposits. · page: 497 · as of: 2025-01-31 · amount: 1957498 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Third Interim Financing Agreement - Aurora equipment) · currency: CAD · security: Equipment financing; will convert to 84-month financing lease with PPSA/title-retention security interest in equipment upon delivery/acceptance.
- secured creditorsnote: 5-year term, 14% p.a.; continuation fee of $3,000,000 due Mar 1, 2025 if not prepaid by Feb 28, 2025. · page: 497 · as of: 2025-01-31 · amount: 4376437 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Second Amendment Term Loan) · currency: CAD · security: Term Loan and Security Agreement (same security package as Senior Term Loan).
- secured creditorsnote: Originally $997,500 advanced Aug 30, 2024; amended Dec 31, 2024 to a principal balance of $1,573,247 (outstanding principal & interest at amendment date), repayable over 36 months at 18%; a separate $500,000 term loan amendment fee was previously accrued as a short-term payable. · page: 498 · as of: December 31, 2024 amendment · amount: 1573247 · debtor: Flow Beverage Corp. · creditor: NFS Leasing Canada Ltd. (Bridge Short-Term Note) · currency: CAD · security: Term Loan and Security Agreement (same security package as Senior Term Loan).
- secured creditorsnote: Original principal USD $2,000,000 (CAD $2,802,443); due Oct 29, 2029; convertible into SVS at $1.00/share; 10% interest p.a. · page: 498 · as of: 2025-01-31 · amount: 2654782 · debtor: Flow Beverage Corp. · creditor: BeatBox Beverages · currency: CAD · security: Convertible note secured against the assets of Flow.