Nova Scotia · NOI
First Report of the Proposal Trustee
Court officer report · 16 October 2024
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 filing7 verified
- secured creditorsnote: Sole secured lender; provided multiple credit card facilities. Proposal Trustee has not completed a security opinion as at the date of the First Report (security opinion pending). · page: 7 · debtor: Motryx Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (PPSA Financing Statement, Registration No. 32356222, registered 2020-01-28) over all of the Debtor's present and after-acquired personal property except consumer goods and all proceeds thereof; sole security registration against the Company
- financial positionnote: Draft statements indicate limited operations (approximately $150,000 in assets) and a significantly undercapitalized balance sheet with negative retained earnings of approximately $2 million; total equity deficiency reported as -$1,947,830. · page: 8 · as at: 2023-12-31 · basis: Draft, unaudited financial statements at book value; Company in the process of updating its internal financials, noting limited operations in 2024 · scope: Motryx Inc. (entity-level, non-consolidated) · currency: CAD · total assets: 149379 · total liabilities: 2097209
- unsecured creditorsnote: Notes payable described by Trustee as forming part of the Company's unsecured creditor base. · page: 8 · as of: 2023-12-31 · basis: Company's draft financial statements for year-ended December 31, 2023, at book value · amount: 520066 · debtor: Motryx Inc. · creditor: Notes payable · currency: CAD
- unsecured creditorsnote: Related party (shareholder) loans; not individually named. · page: 8 · as of: 2023-12-31 · basis: Company's draft financial statements for year-ended December 31, 2023, at book value · amount: 47637 · debtor: Motryx Inc. · creditor: Shareholder Loans · currency: CAD
- unsecured creditorsnote: Aggregate trade payables and accrued liabilities; document names no individual trade creditors. · page: 8 · as of: 2023-12-31 · basis: Company's draft financial statements for year-ended December 31, 2023, at book value · amount: 33844 · debtor: Motryx Inc. · creditor: Accounts Payable & Accrued Liabilities · currency: CAD
- unsecured creditorsnote: Comprises a term loan from the Atlantic Canada Opportunities Agency and a refinanced Canada Emergency Business Account (CEBA) loan with RBC; classified by the Trustee as unsecured notwithstanding RBC's separate general security agreement over the Company's assets (see secured creditors). · page: 8 · as of: 2023-12-31 · basis: Company's draft financial statements for year-ended December 31, 2023, at book value · amount: 496229 · debtor: Motryx Inc. · creditor: Long Term Debt (ACOA term loan and refinanced CEBA loan with RBC) · currency: CAD
- unsecured creditorsnote: Per Trustee, Company's unsecured creditors primarily consist of privately held convertible debentures. · page: 8 · as of: 2023-12-31 · basis: Company's draft financial statements for year-ended December 31, 2023, at book value · amount: 999433 · debtor: Motryx Inc. · creditor: Convertible debentures (privately held) · currency: CAD