British Columbia · CCAA
First Report of the Monitor filed Oct. 16, 2020
Court officer report · 16 October 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 filing10 verified
- financial positionnote: Related party receivable of $103,706,000 within assets excludes eliminated intercompany balances (amounts due from SMI to Sunniva of $29.5 million and from 116 to SMI of $559,000 as at August 31, 2020, eliminated in combination); PP&E book value $1.8 million written down to $500,000 held-for-sale per management; Sunniva Canada does not have any debts due to Sunniva US as at August 31, 2020 · page: 9 · as at: 2020-08-31 · basis: Unaudited, management prepared, combined financial statements · scope: Combined - Sunniva Canada (Sunniva Inc., Sunniva Medical Inc., 11111035 Canada Inc., 1167025 B.C. Ltd); excludes Sunniva US · currency: CAD · total assets: 114778000 · total liabilities: 61104000
- unsecured creditorsnote: Disputed contract claim; accrued liability recorded at $2.2 million; PTI seeks judgment for $2,253,321.47 plus interest under an Assignment and Amendment Agreement dated February 27, 2019 · page: 10 · as of: 2020-07-07 · basis: Claim filed in court (the PTI Claim) · amount: 2253321.47 · debtor: Sunniva Medical Inc. · creditor: PTI Transformers Inc. · currency: CAD
- unsecured creditorsnote: Finder's fee payable where IMK has obtained a judgement · page: 10 · as of: 2020-08-31 · basis: Accrued liability as reported in combined summary of liabilities · amount: 450000 · debtor: Sunniva Canada · creditor: IMK Management Services Inc. · currency: CAD
- unsecured creditorsnote: Recorded at net present value of $6.2 million; nominal outstanding balance is $6.7 million (used here per Rule 2 - exact balance over approximation) · page: 10 · as of: 2020-08-31 · basis: Accrued interest as reported in combined summary of liabilities · amount: 6700000 · debtor: Sunniva Canada · creditor: Debenture and promissory note interest (accrued) · currency: CAD
- unsecured creditorsnote: Severance payable to Sunniva's former CFO; preferred wage-type claim per BIA classification is not explicitly stated as preferred in this document, but flagged as individual-named accrued liability · page: 10 · as of: 2020-08-31 · basis: Accrued salaries and wages as reported in combined summary of liabilities · amount: 296000 · debtor: Sunniva Canada · creditor: Former Chief Financial Officer (severance) · currency: CAD
- unsecured creditorsnote: Aggregate figure; individual noteholders not named in these pages · page: 10 · as of: 2020-08-31 · basis: Combined summary of liabilities as reported (unaudited) · amount: 22066000 · debtor: Sunniva Canada · creditor: Promissory notes (noteholders) · currency: CAD
- unsecured creditorsnote: Document names no individual trade creditors for this line item · page: 10 · as of: 2020-08-31 · basis: Combined summary of liabilities as reported (unaudited) · amount: 1800000 · debtor: Sunniva Canada · creditor: Accounts payable (trade creditors, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual holders · page: 10 · as of: 2020-08-31 · basis: Combined summary of liabilities as reported (unaudited) · amount: 1101000 · debtor: Sunniva Canada · creditor: Warrant liabilities (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Represents rent payable for full term of lease ending October 31, 2027 under IFRS; lease was disclaimed October 14, 2020 · page: 10 · as of: 2020-08-31 · basis: Combined summary of liabilities as reported (unaudited) · amount: 2010000 · debtor: Sunniva Inc. · creditor: Lease liabilities - Calgary office lease landlord · currency: CAD
- unsecured creditorsnote: Aggregate figure; individual noteholders/debenture holders not named in these pages · page: 10 · as of: 2020-08-31 · basis: Combined summary of liabilities as reported (unaudited) · amount: 24459000 · debtor: Sunniva Canada · creditor: Convertible debenture financing (noteholders/debenture holders) · currency: CAD