Ontario · NOI
Fourth Report of the Proposal Trustee dated June 17, 2024
Court officer report · 17 June 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 filing8 verified
- cash on handnote: Opening cash balance in Cashflow Forecast for week ended 7-Jun-24; Company has sufficient funds on hand to continue operations through June 21, 2024 per report text. · as at: 2024-06-07 · amount: 5334 · currency: CAD
- disbursementsnote: Total Disbursements over the three-week forecast period. · since: June 7, 2024 to June 28, 2024 (Cashflow Forecast period) · amount: 450100 · currency: CAD
- financial positionnote: Secured debt of $2,406,000 and unsecured debt of $4,753,627.39 stated; also individual PPSA secured amounts and HST arrears of approximately $1,000,000 and $17,000 owed to LIUNA Local 837 noted separately. Losses since start of fiscal 2024 totalling approximately $200,000; 2023 year-end loss estimated at $500,000 (forecast/estimate, not a balance sheet position). · basis: management estimate / affidavit statement · scope: entity - National Traffic Safety Management Inc. · currency: CAD
- operational summaryThe Company continues to operate under NOI protection while experiencing cash flow issues from slow accounts receivable collection, and is seeking a stay extension and new interim financing to continue post-filing operations.
- professional feesnote: Estimated fees and disbursements payable to the Proposal Trustee and its counsel, as well as the Company's counsel, per Cashflow Forecast. · party: Proposal Trustee, its counsel, and the Company's counsel · amount: 25000 · period: week ended June 28, 2024 · currency: CAD
- receipts cumulativenote: Total Receipts over the three-week forecast period, not actual cumulative receipts since filing date. · since: June 7, 2024 to June 28, 2024 (Cashflow Forecast period) · amount: 332187 · currency: CAD
- report date17 June 2024
- report noFourth Report