December 5, 2022
Payslate Inc., a federally incorporated technology company that operates an online rental payment processing service for property owners and managers, filed an NOI on December 5, listing approximately $5.1 million in liabilities. The company is extra-provincially registered in British Columbia and Alberta, and also operates in the US through its wholly-owned subsidiary, RentMoola Payment Solutions LLC. The company's 21 employees, the majority of whom are located in British Columbia, operate entirely on a remote basis, and the company has no physical premises. The company began operations in April 2013 and, since that time, has incurred consolidated operating losses of approximately $39.4 million, primarily as a result of the company's inability to generate sufficient revenue or sufficient gross margins from revenue to cover its operating expenses. The company introduced a convertible note offering in an attempt to raise financing while it restructured its operations, but raised significantly less than the $4 million required. Grant Thornton is the proposal trustee. BLG is counsel for the company.
By Dina Milivojevic