Alberta · NOI
Second Report of the Proposal Trustee
Court officer report · 25 September 2026
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 filing10 verified · 1 withheld
- secured creditorsnote: Post-filing priority charge for professional fees; under appeal. No balance stated. · page: 3 · debtor: AdvEn Inc. and AdvEn Industries Inc. · creditor: Proposal Trustee, counsel to the Proposal Trustee and counsel to the Companies (Administration Charge) · currency: CAD · security: Administration Charge over the Property, first-ranking priority charge, up to a maximum of $500,000 (a ceiling, not a balance)
- secured creditorsnote: Post-filing interim financing priority charge, not pre-filing debt. Charge is under appeal (Notice of Appeal filed August 26, 2026; Court of Appeal decision reserved). No outstanding balance stated. · page: 3 · debtor: AdvEn Inc. and AdvEn Industries Inc. · creditor: 2841034 Alberta Ltd. (Interim Lender) · currency: USD · security: Interim Lender's Charge over the Property, ranking third behind the Administration Charge and D&O Charge. Facility maximum US$650,000; US$550,000 advanced to the Proposal Trustee in trust on August 26, 2026 (limit and advance are not an outstanding balance; proceeds not yet released to the Companies, accruing interest to the Interim Lender)
- secured creditorsnote: Post-filing priority charge for post-filing director/officer liabilities; under appeal. No balance stated. · page: 4 · debtor: AdvEn Inc. and AdvEn Industries Inc. · creditor: Directors and officers of the Companies (D&O Charge) · currency: CAD · security: D&O Charge over the Property, second-ranking priority charge, up to a maximum of $100,000 (a ceiling, not a balance)
- cash on handnote: Actual ending cash for the Reporting Period ending September 18, 2026 (CAD 000's table: 155); opening cash for the Updated CF Forecast is also 155. Interim financing proceeds (US$550,000 advanced Aug 26, 2026) are held by the Proposal Trustee and not yet funded to the Companies. Under the current scenario (charge stayed), cash is forecast to go negative in the week of September 25, 2026. · as at: 2026-09-18 · amount: 155000 · currency: CAD
- disbursementsnote: Total actual cash disbursements for the seven-week Reporting Period ending September 18, 2026 (forecast was 1,492). · since: August 1, 2026 · amount: 898000 · currency: CAD
- operational summaryThe Companies continue operating under NOI protection with four full-time employees, but certain facility and operations spending has been deferred pending the Appellants' appeal of the August 19 Order, and the SISP is advancing only through data room diligence. Liquidity is tight: the interim financing is not available to the Companies while the appeal is unresolved.
- receipts cumulativenote: Total actual cash receipts for the seven-week Reporting Period ending September 18, 2026 (GST refunds of 101; no SR&ED receipts). Forecast for the period was 688. · since: August 1, 2026 · amount: 101000 · currency: CAD
- report date25 September 2026
- report noSecond Report
- sale outcometext: The Proposal Trustee has not taken any steps to advance the SISP beyond populating information in, and providing potential bidders access to, the virtual data room. · scope: whole_business · status: process_approved
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.