Nova Scotia · NOI
Second Report of the Trustee
Court officer report · 11 July 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 filing8 verified
- cash on handas at: 2023-06-30 · amount: 84172 · currency: CAD
- disbursementsnote: Compared to forecast disbursements of $432,000 · since: May 1, 2023 (Filing Date) to June 30, 2023 · amount: 251000 · currency: CAD
- financial positionnote: Total assets not stated as a single figure in the report text (balance sheet table not rendered). Report states inventory was overstated: ending inventory as of June 16, 2023 estimated at $606,488 after a negative adjustment of $1.15 million from the April 30, 2023 figure of $1,908,094. Compiled FS at Nov 30, 2022 showed total assets $4,602,664 and total liabilities $2,816,302. · as at: 2023-05-31 · basis: Company's internal accounting records (unaudited; the Trustee relied on management information without audit or verification) · scope: Atlantic Sea Cucumber Ltd. (ASC) only, non-consolidated · currency: CAD · total liabilities: 6035253
- operational summaryThe Company continues operating its sea cucumber processing business with reduced production due to delayed sales orders, and seeks to convert the NOI proceedings to CCAA to run a stalking horse sale process on a going-concern basis.
- professional feesnote: Forecast figure from the July 1st CFF, not incurred fees; Administration Charge sought not to exceed $300,000 to secure professional fees. Actual legal fees May 1 to June 30, 2023 were $10,229 vs. $50,000 projected; actual professional fees $26,933. · party: Monitor, Monitor's legal counsel and Company's legal counsel (forecast, non-operating) · amount: 325000 · period: July 1, 2023 to October 31, 2023 (forecast) · currency: CAD
- receipts cumulativenote: Stated as approximately $285,000 vs. forecast $400,000 · since: May 1, 2023 (Filing Date) to June 30, 2023 · amount: 285000 · currency: CAD
- report date11 July 2023
- report noSecond Report