British Columbia · Proposal
Trustee's Sixth Report dated April 20, 2023.pdf
Court officer report · 20 April 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
- cash on handnote: Ending cash balance at the end of the Second Cash Flow Period (end of Week 17); also the beginning cash balance of the Third Cash Flow Period. · as at: 2023-04-02 · amount: 6918 · currency: CAD
- financial positionnote: Figures converted from $000's (assets 1,155; total liabilities 6,280; shareholders' deficiency (5,125)). This is a forecast year-end position, not an actual one. Per the Sixth Report, secured debt at about April 2023 was approximately $6.0 million (para 29), but that is secured debt only and is not a statement of total liabilities. · as at: 2022-12-31 · basis: Unaudited consolidated balance sheet from the CIM (Appendix 4); the December 31, 2022 column is a forecast: it 'includes actual amounts to October 31, 2022 and forecast amounts for the two months ended December 31, 2022', and users are cautioned that actual results will vary, perhaps materially · scope: Consolidated (PaySlate Inc. and its subsidiaries, including the US subsidiary) · currency: CAD · total assets: 1155000 · total liabilities: 6280000
- operational summaryPaySlate continues to operate under NOI creditor protection, funded by DIP advances, with a forecast operating cash deficiency and customer attrition. It seeks court approval of an asset sale to the DIP lender's affiliate, a DIP increase and a stay extension to May 15, 2023.
- professional feesnote: Approximately $160,000 of professional fees to BLG, the Proposal Trustee and Fasken was outstanding as of April 3, 2023. Paid trustee and counsel fees in the Second Cash Flow Period were $164,204 and legal fees re restructuring $110,268. Unpaid Administration Charge professional fees were $180,000, plus about $20,000 of unbilled work in progress. Whether these figures exclude tax is not stated. · party: BLG, the Proposal Trustee and Fasken · amount: 160000 · currency: CAD
- report date20 April 2023
- report noSixth Report