Alberta · CCAA
First Report of the Proposal Trustee and Proposed Monitor
Court officer report · 26 February 2026
Also filed as: First Report of Proposal Trustee; First Report of the Proposal Trustee and Proposed Monitor
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: Cash per the Companies' books and records as at the Filing Date. The CCAA cash flow forecast separately shows an opening cash balance of $1,595 thousand (CAD) as at the start of the forecast period (February 21, 2026). · as at: 2026-02-04 · amount: 1100000 · currency: USD
- financial positionnote: Assets (USD $4.8 million) consist of inventory of Products (USD $3.5 million), cash (USD $1.1 million), and prepaid expenses (USD $160,968); no GST receivables noted. Liabilities of approximately $9.2 million, of which approximately $7.9 million relate to FUM Canada and $1.3 million to FUM US; currency of liabilities not separately stated beyond the report's convention that dollars are Canadian unless noted. Prior comparative: August 31, 2025 consolidated financial statements showed total assets USD $5.3 million. · as at: 2026-02-04 · basis: Companies' review of books and records as at the Filing Date (assets); creditor listings of the Companies as at February 4, 2026 (liabilities); unaudited, not audited or verified by the Proposal Trustee · scope: Consolidated: RDFN FUM Natural Products Ltd. (FUM Canada) and RDFN FUM Natural Products Inc. (FUM US) · currency: mixed (assets USD; liabilities stated as approximate, apparently CAD) · total assets: 4800000 · total liabilities: 9200000
- operational summaryThe Companies continue to operate and sell their wellness products (primarily in the USA) and employ 18 staff while restructuring, seeking to continue the NOI proceedings under the CCAA and obtain US Chapter 15 recognition to stabilize operations against creditor enforcement, notably from BFL.
- professional feesnote: Forecast, not incurred: $735 thousand (Canada) plus $142 thousand (US) in the CCAA Cash Flow Statement. The report states no actual fees incurred to date. Administration Charge sought up to $150,000 to secure these fees. · party: Restructuring professionals (Proposal Trustee/Proposed Monitor and its counsel, and Canadian and US counsel to the Companies) · amount: 877000 · period: 13-week forecast period, Feb 21 - May 23, 2026 · currency: CAD
- report date26 February 2026
- report noFirst Report