British Columbia · CCAA
Proposed Monitor's First Report to Court
Pre-filing report · 15 May 2025
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 filing4 verified
- financial positionnote: Liabilities table breaks down Secured Liabilities ($3,497,203: National Bank of Canada $3,139,179; Fraser River Paint & Body Ltd. $17,024; Nuts & Bolts Productions, LLC $341,000) and Unsecured Liabilities ($4,974,506: Canadian Trade Creditors $2,916,465; U.S./International Trade Creditors $1,899,246 [USD$1,361,467 converted]; Former Leased Premises $141,295; Unremitted Source Deductions $17,500). No total-assets figure is stated; assets are described individually and narratively only: contingent claims against Studio (unvalued), cash on hand ~$215,000 (as at May 12, 2025, incl. $100,000 Interim Facility advance), Actor's Union Bond receivable ~$35,000, and Tax Refund Receivable ~$3,300,000 (expected September 2025). · page: 9 · as at: 2025-05-12 · basis: Unaudited financial information per First Volturno Affidavit; Company's trial balance as at March 31, 2025 not yet reviewed in detail by Proposed Monitor · scope: Mercy Falls BC Inc. (single entity) · currency: CAD · total liabilities: 8471709
- secured creditorsnote: Company's primary secured creditor. Per Company, as at April 30, 2024 indebtedness was approximately $3,018,214 plus interest of $120,965 (sums to the May 12, 2025 balance reported). · page: 9 · as of: 2025-05-12 · amount: 3139179 · debtor: Mercy Falls BC Inc. · creditor: National Bank of Canada · currency: CAD · security: Tax Credit Facility (demand loan agreement dated November 21, 2024) secured against refundable tax credits, via General Security Agreement dated November 22, 2024 (the 'National GSA')
- secured creditorsnote: Related party: parent company of the Company, and also acting as Interim Lender in these proceedings. Prose in the report states Nuts & Bolts 'advanced a demand loan to the Company in the amount of $674,000' (original advance for payroll obligations); table balance as at May 12, 2025 shown as $341,000. · page: 9 · as of: 2025-05-12 · amount: 341000 · debtor: Mercy Falls BC Inc. · creditor: Nuts & Bolts Productions, LLC · currency: CAD · security: General security agreement in favour of Nuts & Bolts (Exhibit 10 to First Volturno Affidavit)
- secured creditorspage: 10 · as of: 2025-05-12 · amount: 17024 · debtor: Mercy Falls BC Inc. · creditor: Fraser River Paint & Body Ltd. · currency: CAD · security: Registered security interest in two Chevrolet G3500 trucks (for paint work performed on the vehicles)