Ontario · CCAA
Monitor's Fourth Report (August 17, 2026)
Court officer report · 17 August 2026
What we verified from this filing16 verified · 1 withheld
- secured creditorsnote: Total Espresso Indebtedness per payout statements delivered to Monitor (Appendix 1); Monitor's counsel opinion confirms valid, enforceable, perfected, first-in-priority security interest in Companies' property (para 37, p.13). Components: Facility A CAD balance $15,895,657.64 + USD $48,757.00; Facility B CAD $13,935,657.26; Facility C CAD $1,175,383.08; DIP Facility USD $1,129,077.40 (all as of 2026-08-07 payout statements) — see Appendix 1. · page: 4 · as of: 2026-08-07 · amount: 23640235 · debtor: Thentia Global Systems Inc. and subsidiaries (the Companies) · creditor: Espresso Capital Ltd. and Espresso Venture Debt LP (Espresso) · currency: USD · security: Senior Secured Indebtedness under Espresso Credit Facilities (dating to Sept 2018, amended and restated Sept 30, 2025), Receiver Certificate Indebtedness ($1,050,000 CAD from four Receiver's Certificates), and DIP Facility Indebtedness; PPSA/UCC/UK charge security per Schedule D (Ontario PPSA registrations, Quebec registrations, Delaware UCC financing statements, UK Charge)
- secured creditorsnote: DIP loan principal $1,087,350 plus $39,782 interest = $1,127,132 as at Aug 7, 2026; increased to $1,377,132 after further $250,000 borrowed Aug 11, 2026 · page: 18 · as of: 2026-08-07 · amount: 1127132 · debtor: Thentia Corporation / Companies · creditor: Espresso Venture Debt LP (DIP Lender) · currency: USD · security: DIP Lender's Charge - priority charge on Property of the Companies pursuant to DIP Facility Term Sheet, quantum increased to $2,800,000 USD by endorsement Feb 19, 2026 (facility limit, not balance)
- unsecured creditorsnote: Itemized list of individual trade creditors provided in Schedule C (over 90 vendors, largest being SADA $1,666,912.68, CDW Canada $617,183.45, Salesforce.com Canada $452,411.74, Lenczner Slaght LLP $424,806.28, First Ascent Ventures Management Inc. $315,501.84 - related party, Gardiner Roberts $262,037.43, Allied REIT $223,040.03, among many others); designated Excluded Liabilities to be transferred to ResidualCo · page: 33 · as of: 2026-07-31 · basis: Accounts Payable listing as of 7.31.26, Schedule C to Subscription Agreement (Excluded Liabilities) · amount: 5474295.36 · debtor: Thentia Canada Inc, Thentia USA Inc., Thentia UK Limited, Thentia Global Systems Inc. (various entities per vendor listing) · creditor: Unsecured trade creditors (aggregate, Excluded Liabilities Schedule C, accounts payable as of 7.31.26) · currency: USD
- unsecured creditorsnote: Related party/shareholder promissory notes: First Ascent Ventures CAD $8,445,538.93 (USD $6,234,283.97), Spring Mountain Capital CAD $2,581,750.00 (USD $1,905,782.78), COLMAC Holdings CAD $6,326,107.90 (USD $4,669,773.40), plus FX adjustment CAD $819,798.00 (USD $605,154.22), total CAD $18,173,194.83 (USD $13,414,994.37); components not summed per instructions - each holder is a related-party shareholder (see para 41 re: FAV, TTA, SMC as principal shareholders); status as secured/unsecured not stated in document · page: 35 · basis: Promissory Notes listing, GL 25218 · debtor: Companies · creditor: TTA / First Ascent Ventures / Spring Mountain Capital / COLMAC Holdings (Promissory Notes) · currency: CAD
- unsecured creditorsnote: Retained Liability; may include preferred wage claims under BIA but not separately designated as such in document · page: 38 · as of: 2026-07-31 · basis: General ledger account 20030 - Payroll Liability, Schedule E to Subscription Agreement · amount: 425316.95 · debtor: Companies · creditor: Payroll liabilities (employees - wages, withholdings, employer taxes) · currency: USD
- unsecured creditorsnote: Itemized list of individual trade creditors designated as Retained Liabilities to be assumed post-closing; largest: Amazon Web Services $101,612.50, Brian Utley (CMO, related party) $40,000.00, Holland & Hart LLP $37,367.67 · page: 38 · as of: 2026-07-31 · basis: Accounts Payable listing as of 7.31.26, Schedule E to Subscription Agreement (Retained Liabilities) · amount: 336107.88 · debtor: Thentia Canada Inc, Thentia USA Inc., Thentia Global Systems Inc. · creditor: Retained accounts payable creditors (Schedule E) · currency: USD
- unsecured creditorsnote: Retained Liability; components: GST/HST Payable $8,128.43, PST Payable MB $1,412.97, PST Payable SK $1,200.75, RBC Credit Card USD $7,544.83, RBC Credit Card CAD $3,855.73 · page: 39 · as of: 2026-07-31 · basis: General ledger accounts, Schedule E to Subscription Agreement · amount: 22142.71 · debtor: Companies · creditor: Other liabilities (GST/HST, PST payable, RBC Credit Cards) · currency: USD
- unsecured creditorsnote: Customer Contract Liabilities (prepaid subscriptions), designated Retained Liability · page: 39 · as of: 2026-07-31 · basis: General ledger account 22501 - Deferred Revenue, Schedule E to Subscription Agreement · amount: 930633.22 · debtor: Companies · creditor: Prepaid subscription/deferred revenue liabilities (customers) · currency: USD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · label: Fee Period · quote: the rates charged by GTL throughout the course of the Fee Period · approval: state: unstated · averages: · currency: · invoices: · firm text: Grant Thornton Limited · firm quote: GRANT THORNTON LIMITED IN ITS CAPACITY AS COURT-APPOINTED MONITOR · context quote: To the best of my knowledge, the rates charged by GTL throughout the course of the Fee Period is comparable to those charged by other firms in Toronto for the provision of similar services. · firm unverified: true · comparability quote: To the best of my knowledge, the rates charged by GTL throughout the course of the Fee Period is comparable to those charged by other firms in Toronto for the provision of similar services.; form: prose · rows: · money: approximate: false · period: kind: unstated · label: Fee Period · quote: the rates charged by MT throughout the course of the Fee Period · approval: state: unstated · averages: rate: 741.99 · quote: The average hourly rate during the Fee Period was $741.99. · currency: · invoices: · context quote: To the best of my knowledge, the rates charged by MT throughout the course of the Fee Period is comparable to those charged by other law firms in Toronto for the provision of similar services. · firm unverified: true · comparability quote: To the best of my knowledge, the rates charged by MT throughout the course of the Fee Period is comparable to those charged by other law firms in Toronto for the provision of similar services.
- operational summaryThe Companies continue to operate in the ordinary course of business through the CCAA proceedings while pursuing a going-concern sale via a proposed reverse vesting order/credit bid transaction with Espresso, after the SISP failed to produce a qualified bid.
- process resultsbids: 2 · note: SISP terminated; two Phase 2 Bids received but neither qualified · as of: 2026-06-30 · qualified bids: 0
- professional feesnote: Fees $348,451 plus expenses/disbursements $16,337 plus GST $18,239 totaling $383,027; separately Miller Thomson (Monitor's counsel) fees $746,396 plus expenses $3,986 plus HST $97,299 totaling $847,681 for February 1, 2026 to June 30, 2026 · party: Monitor (Grant Thornton Limited) · amount: 383027 · period: February 8, 2026 to June 15, 2026 · currency: USD
- purchaserThentia Holdings Ltd.
- report noFourth Report
- sale advisorDoane Grant Thornton Corporate Finance Inc.
- sale outcometext: SISP terminated; pivot to credit bid/subscription transaction pending approval · scope: whole_business · status: pending_approval
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.