EX-99.1 3 dex991.txt MONTHLY OPERATING REPORT KITTY HAWK, INC. 6-30-2001 Exhibit 99.1
Monthly Operating Report ----------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS ----------------------------------------------------- ----------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ----------------------------------------------------- ----------------------------------------------------- JUDGE: Barbara J. Houser ----------------------------------------------------- UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS SIXTH DIVISION MONTHLY OPERATING REPORT MONTH ENDING: JUNE 30, 2001 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ Drew Keith Chief Financial Officer ------------------------------------------ ------------------------------ ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE Drew Keith 7/27/01 ------------------------------------------ ------------------------------ PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: /s/ Jessica L. Wilson Chief Accounting Officer ------------------------------------------- ------------------------------ ORIGINAL SIGNATURE OF PREPARER TITLE Jessica L. Wilson 7/27/01 ------------------------------------------- ------------------------------ PRINTED NAME OF PREPARER DATE
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-1 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- COMPARATIVE BALANCE SHEET SCHEDULE MONTH MONTH MONTH ------------------------------------------------------- ASSETS AMOUNT April 2001 May 2001 June 2000 --------------------------------------------------------------------------------------------------------------------------- 1. UNRESTRICTED CASH $ 13,401,586 $ 43,348,802 $ 43,878,846 $ 38,294,348 --------------------------------------------------------------------------------------------------------------------------- 2. RESTRICTED CASH $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 3. TOTAL CASH $ 13,401,586 $ 43,348,802 $ 43,878,846 $ 38,294,348 --------------------------------------------------------------------------------------------------------------------------- 4. ACCOUNTS RECEIVABLE (NET) ($12,614,884) ($12,434,824) ($12,270,627) --------------------------------------------------------------------------------------------------------------------------- 5. INVENTORY ($1,016,667) ($1,016,667) ($1,016,667) --------------------------------------------------------------------------------------------------------------------------- 6. NOTES RECEIVABLE $ 15,000 $ 15,000 $ 15,000 $ 15,000 --------------------------------------------------------------------------------------------------------------------------- 7. PREPAID EXPENSES $ 646,650 $ 633,586 $ 636,855 --------------------------------------------------------------------------------------------------------------------------- 8. OTHER (ATTACH LIST) $422,186,692 $ 339,561,086 $ 337,816,272 $ 342,464,579 --------------------------------------------------------------------------------------------------------------------------- 9. TOTAL CURRENT ASSETS $435,603,278 $ 369,939,987 $ 368,892,213 $ 368,123,488 --------------------------------------------------------------------------------------------------------------------------- 10. PROPERTY, PLANT & EQUIPMENT $ 2,425,652 $ 6,083,445 $ 6,092,495 $ 6,096,803 --------------------------------------------------------------------------------------------------------------------------- 11. LESS: ACCUMULATED DEPRECIATION / DEPLETION $ 2,254,713 $ 2,333,098 $ 2,411,855 --------------------------------------------------------------------------------------------------------------------------- 12. NET PROPERTY, PLANT & EQUIPMENT $ 2,425,652 $ 3,828,732 $ 3,759,397 $ 3,684,948 --------------------------------------------------------------------------------------------------------------------------- 13. DUE FROM INSIDERS $ 62,465 $ 219,367 $ 219,367 $ 219,367 --------------------------------------------------------------------------------------------------------------------------- 14. OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) $ 10,967,208 $ 9,579,218 $ 9,508,617 $ 9,438,016 --------------------------------------------------------------------------------------------------------------------------- 15. OTHER (ATTACH LIST) $138,370,015 $ 138,370,015 $ 138,370,015 $ 138,370,015 --------------------------------------------------------------------------------------------------------------------------- 16. TOTAL ASSETS $587,428,618 $ 521,937,319 $ 520,749,609 $ 519,835,834 --------------------------------------------------------------------------------------------------------------------------- POSTPETITION LIABILITIES --------------------------------------------------------------------------------------------------------------------------- 17. ACCOUNTS PAYABLE $ 533,734 $ 167,453 $ 733,951 --------------------------------------------------------------------------------------------------------------------------- 18. TAXES PAYABLE $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 19. NOTES PAYABLE $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 20. PROFESSIONAL FEES $ 790,477 $ 1,003,051 $ 1,470,036 --------------------------------------------------------------------------------------------------------------------------- 21. SECURED DEBT $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 22. OTHER (ATTACH LIST) $ 2,365,553 $ 1,933,271 $ 1,482,984 --------------------------------------------------------------------------------------------------------------------------- 23. TOTAL POSTPETITION LIABILITIES $ 3,689,764 $ 3,103,775 $ 3,686,971 --------------------------------------------------------------------------------------------------------------------------- PREPETITION LIABILITIES --------------------------------------------------------------------------------------------------------------------------- 24. SECURED DEBT $466,119,468 $ 388,707,807 $ 388,106,144 $386,609,173 --------------------------------------------------------------------------------------------------------------------------- 25. PRIORITY DEBT $ 29,661 $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 26. UNSECURED DEBT $ 22,580,547 $ 2,232,268 $ 2,232,210 $ 2,232,210 --------------------------------------------------------------------------------------------------------------------------- 27. OTHER (ATTACH LIST) $ 0 $ 28,849,513 $ 28,849,513 $ 28,849,513 --------------------------------------------------------------------------------------------------------------------------- 28. TOTAL PREPETITION LIABILITIES $488,729,676 $ 419,789,588 $ 419,187,867 $417,690,896 --------------------------------------------------------------------------------------------------------------------------- 29. TOTAL LIABILITIES $488,729,676 $ 423,479,352 $ 422,291,642 $421,377,867 --------------------------------------------------------------------------------------------------------------------------- EQUITY --------------------------------------------------------------------------------------------------------------------------- 30. PREPETITION OWNERS' EQUITY $ 98,457,967 $ 98,457,967 $ 98,457,967 --------------------------------------------------------------------------------------------------------------------------- 31. POSTPETITION CUMULATIVE PROFIT OR (LOSS) $ 0 $ 0 $ 0 --------------------------------------------------------------------------------------------------------------------------- 32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) --------------------------------------------------------------------------------------------------------------------------- 33. TOTAL EQUITY $ 0 $ 98,457,967 $ 98,457,967 $ 98,457,967 --------------------------------------------------------------------------------------------------------------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY $488,729,676 $ 521,937,319 $ 520,749,609 $519,835,834 ---------------------------------------------------------------------------------------------------------------------------
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-2 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- INCOME STATEMENT MONTH MONTH MONTH QUARTER ----------------------------------------------------------------- REVENUES April 2001 May 2001 June 2000 TOTAL ----------------------------------------------------------------------------------------------------------------------------------- 1. GROSS REVENUES $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 2. LESS: RETURNS & DISCOUNTS $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 3. NET REVENUE $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- COST OF GOODS SOLD ----------------------------------------------------------------------------------------------------------------------------------- 4. MATERIAL $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 5. DIRECT LABOR $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 6. DIRECT OVERHEAD $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 7. TOTAL COST OF GOODS SOLD $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 8. GROSS PROFIT $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES ----------------------------------------------------------------------------------------------------------------------------------- 9. OFFICER / INSIDER COMPENSATION $ 107,083 $ 107,083 $ 107,083 $ 321,249 ----------------------------------------------------------------------------------------------------------------------------------- 10. SELLING & MARKETING $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 11. GENERAL & ADMINISTRATIVE ($926,888) ($1,385,667) ($1,085,090) ($3,397,645) ----------------------------------------------------------------------------------------------------------------------------------- 12. RENT & LEASE $ 29,233 $ 29,683 $ 33,997 $ 92,913 ----------------------------------------------------------------------------------------------------------------------------------- 13. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 14. TOTAL OPERATING EXPENSES ($790,572) ($1,248,901) ($944,010) ($2,983,483) ----------------------------------------------------------------------------------------------------------------------------------- 15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE $ 790,572 $ 1,248,901 $ 944,010 $ 2,983,483 ----------------------------------------------------------------------------------------------------------------------------------- OTHER INCOME & EXPENSES ----------------------------------------------------------------------------------------------------------------------------------- 16. NON-OPERATING INCOME (ATT. LIST) ($134,266) ($205,976) ($102,299) ($442,541) ----------------------------------------------------------------------------------------------------------------------------------- 17. NON-OPERATING EXPENSE (ATT. LIST) $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 18. INTEREST EXPENSE $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 19. DEPRECIATION / DEPLETION $ 78,385 $ 78,385 $ 78,757 $ 235,527 ----------------------------------------------------------------------------------------------------------------------------------- 20. AMORTIZATION $ 76,984 $ 76,984 $ 76,984 $ 230,952 ----------------------------------------------------------------------------------------------------------------------------------- 21. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 22. NET OTHER INCOME & EXPENSES $ 21,103 ($50,607) $ 53,442 $ 23,938 ----------------------------------------------------------------------------------------------------------------------------------- REORGANIZATION EXPENSES ----------------------------------------------------------------------------------------------------------------------------------- 23. PROFESSIONAL FEES $ 769,469 $ 1,299,508 $ 880,568 $ 2,949,545 ----------------------------------------------------------------------------------------------------------------------------------- 24. U.S. TRUSTEE FEES $ 0 $ 0 $ 10,000 $ 10,000 ----------------------------------------------------------------------------------------------------------------------------------- 25. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 26. TOTAL REORGANIZATION EXPENSES $ 769,469 $ 1,299,508 $ 890,568 $ 2,959,545 ----------------------------------------------------------------------------------------------------------------------------------- 27. INCOME TAX $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------------------------------------- 28. NET PROFIT (LOSS) $ 0 $ 0 $ 0 $ 0 -----------------------------------------------------------------------------------------------------------------------------------
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-3 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- MONTH MONTH MONTH QUARTER CASH RECEIPTS AND ------------------------------------------------------------- DISBURSEMENTS April 2001 May 2001 June 2000 TOTAL ------------------------------------------------------------------------------------------------------------------------------- 1. CASH - BEGINNING OF MONTH $41,616,063 $43,348,802 $ 43,878,846 $ 41,616,063 ------------------------------------------------------------------------------------------------------------------------------- RECEIPTS FROM OPERATIONS ------------------------------------------------------------------------------------------------------------------------------- 2. CASH SALES $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- COLLECTION OF ACCOUNTS RECEIVABLE ------------------------------------------------------------------------------------------------------------------------------- 3. PREPETITION $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 4. POSTPETITION $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 5. TOTAL OPERATING RECEIPTS $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- NON - OPERATING RECEIPTS ------------------------------------------------------------------------------------------------------------------------------- 6. LOANS & ADVANCES (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 7. SALE OF ASSETS $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 8. OTHER (ATTACH LIST) $30,936,700 $23,052,811 $ 25,788,299 $ 79,777,810 ------------------------------------------------------------------------------------------------------------------------------- 9. TOTAL NON-OPERATING RECEIPTS $30,936,700 $23,052,811 $ 25,788,299 $ 79,777,810 ------------------------------------------------------------------------------------------------------------------------------- 10. TOTAL RECEIPTS $30,936,700 $23,052,811 $ 25,788,299 $ 79,777,810 ------------------------------------------------------------------------------------------------------------------------------- 11. TOTAL CASH AVAILABLE $72,552,763 $66,401,613 $ 69,667,145 $121,393,873 ------------------------------------------------------------------------------------------------------------------------------- OPERATING DISBURSEMENTS ------------------------------------------------------------------------------------------------------------------------------- 12. NET PAYROLL $ 3,222,346 $ 3,014,395 $ 4,000,183 $ 10,236,924 ------------------------------------------------------------------------------------------------------------------------------- 13. PAYROLL TAXES PAID $ 1,369,709 $ 1,264,576 $ 1,653,402 $ 4,287,687 ------------------------------------------------------------------------------------------------------------------------------- 14. SALES, USE & OTHER TAXES PAID $ 54,341 $ 16,721 $ 0 $ 71,062 ------------------------------------------------------------------------------------------------------------------------------- 15. SECURED / RENTAL / LEASES $ 5,981,950 $ 2,738,449 $ 6,099,286 $ 14,819,685 ------------------------------------------------------------------------------------------------------------------------------- 16. UTILITIES $ 62,628 $ 70,288 $ 42,005 $ 174,921 ------------------------------------------------------------------------------------------------------------------------------- 17. INSURANCE $ 866,402 $ 536,597 $ 1,068,931 $ 2,471,930 ------------------------------------------------------------------------------------------------------------------------------- 18. INVENTORY PURCHASES $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 19. VEHICLE EXPENSES $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 20. TRAVEL $ 1,000,365 $ 766,320 $ 786,185 $ 2,552,870 ------------------------------------------------------------------------------------------------------------------------------- 21. ENTERTAINMENT $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 22. REPAIRS & MAINTENANCE $ 3,431,410 $ 3,205,047 $ 2,560,828 $ 9,197,285 ------------------------------------------------------------------------------------------------------------------------------- 23. SUPPLIES $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 24. ADVERTISING $ 8,340 $ 10,525 $ 12,831 $ 31,696 ------------------------------------------------------------------------------------------------------------------------------- 25. OTHER (ATTACH LIST) $12,732,723 $ 9,818,790 $ 14,692,197 $ 37,243,710 ------------------------------------------------------------------------------------------------------------------------------- 26. TOTAL OPERATING DISBURSEMENTS $28,730,214 $21,441,708 $ 30,915,848 $ 81,087,770 ------------------------------------------------------------------------------------------------------------------------------- REORGANIZATION EXPENSES ------------------------------------------------------------------------------------------------------------------------------- 27. PROFESSIONAL FEES $ 456,997 $ 1,081,059 $ 456,949 $ 1,995,005 ------------------------------------------------------------------------------------------------------------------------------- 28. U.S. TRUSTEE FEES $ 16,750 $ 0 $ 0 $ 16,750 ------------------------------------------------------------------------------------------------------------------------------- 29. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------------------- 30. TOTAL REORGANIZATION EXPENSES $ 473,747 $ 1,081,059 $ 456,949 $ 2,011,755 ------------------------------------------------------------------------------------------------------------------------------- 31. TOTAL DISBURSEMENTS $29,203,961 $22,522,767 $ 31,372,797 $ 83,099,525 ------------------------------------------------------------------------------------------------------------------------------- 32. NET CASH FLOW $ 1,732,739 $ 530,044 ($5,584,498) ($3,321,715) ------------------------------------------------------------------------------------------------------------------------------- 33. CASH - END OF MONTH $43,348,802 $43,878,846 $ 38,294,348 $ 38,294,348 -------------------------------------------------------------------------------------------------------------------------------
Monthly Operating Report ------------------------------------------------------ CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-4 ------------------------------------------------------ ------------------------------------------------------ CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ------------------------------------------------------ SCHEDULE MONTH MONTH MONTH ----------------------------------------------- ACCOUNTS RECEIVABLE AGING AMOUNT April 2001 May 2001 June 2000 ------------------------------------------------------------------------------------------------------------------ 1. 0-30 $ 14,120 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 2. 31-60 $ 0 $ 12,885 $ 0 ------------------------------------------------------------------------------------------------------------------ 3. 61-90 $ 2,752 $ 1,234 $ 12,885 ------------------------------------------------------------------------------------------------------------------ 4. 91+ $ 47,000 $ 49,752 $ 50,986 ------------------------------------------------------------------------------------------------------------------ 5. TOTAL ACCOUNTS RECEIVABLE $ 0 $ 63,872 $ 63,871 $ 63,871 ------------------------------------------------------------------------------------------------------------------ 6. AMOUNT CONSIDERED UNCOLLECTIBLE $ 12,678,756 $ 12,498,695 $ 12,334,498 ------------------------------------------------------------------------------------------------------------------ 7. ACCOUNTS RECEIVABLE (NET) $ 0 ($12,614,884) ($12,434,824) ($12,270,627) ------------------------------------------------------------------------------------------------------------------ AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June 2001 -------------------------------- 0-30 31-60 61-90 91+ TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL ------------------------------------------------------------------------------------------------------------------ 1. FEDERAL $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 2. STATE $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 3. LOCAL $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 4. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 5. TOTAL TAXES PAYABLE $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 6. ACCOUNTS PAYABLE $240,503 $58,461 $ 9,694 $ 425,293 $ 733,951 ------------------------------------------------------------------------------------------------------------------ STATUS OF POSTPETITION TAXES MONTH: June 2001 -------------------------------- BEGINNING AMOUNT ENDING TAX WITHHELD AND/ AMOUNT TAX FEDERAL LIABILITY* 0R ACCRUED PAID LIABILITY ------------------------------------------------------------------------------------------------------------------ 1. WITHHOLDING** $ 0 $ 136,497 $ 136,497 $ 0 ------------------------------------------------------------------------------------------------------------------ 2. FICA-EMPLOYEE** $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 3. FICA-EMPLOYER** $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 4. UNEMPLOYMENT $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 5. INCOME $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 6. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 7. TOTAL FEDERAL TAXES $ 0 $ 136,497 $ 136,497 $ 0 ------------------------------------------------------------------------------------------------------------------ STATE AND LOCAL ------------------------------------------------------------------------------------------------------------------ 8. WITHHOLDING $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 9. SALES $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 10. EXCISE $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 11. UNEMPLOYMENT $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 12. REAL PROPERTY $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 13. PERSONAL PROPERTY $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 14. OTHER (ATTACH LIST) $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 15. TOTAL STATE & LOCAL $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------------------------------------------ 16. TOTAL TAXES $ 0 $ 136,497 $ 136,497 $ 0 ------------------------------------------------------------------------------------------------------------------ * The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-5 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: June 2001 -------------------------------------------------- BANK RECONCILIATIONS Account #1 Account #2 Account #3 ---------------------------------------------------------------------------------------------- A. BANK: Bank One Bank One Wells Fargo ---------------------------------------------------------------------------------------------- B. ACCOUNT NUMBER: 100140334 9319959434 4417-881463 TOTAL ---------------------------------------------------------------------------------------------- C. PURPOSE (TYPE): Operating Disbursement Operating ---------------------------------------------------------------------------------------------------------- 1. BALANCE PER BANK STATEMENT $ 197,094 $ 50,000 $ 635,648 $ 1,044,796 ---------------------------------------------------------------------------------------------------------- 2. ADD: TOTAL DEPOSITS NOT CREDITED $ 0 $ 0 $ 0 $ 0 ---------------------------------------------------------------------------------------------------------- 3. SUBTRACT: OUTSTANDING CHECKS $ 2,715,679 $ 0 $ 0 $ 2,857,569 ---------------------------------------------------------------------------------------------------------- 4. OTHER RECONCILING ITEMS ($7,482) $ 0 $ 0 ($7,482) ---------------------------------------------------------------------------------------------------------- 5. MONTH END BALANCE PER BOOKS ($2,526,067) $ 50,000 $ 635,648 ($1,840,419) ---------------------------------------------------------------------------------------------------------- 6. NUMBER OF LAST CHECK WRITTEN No checks 33111 No checks ---------------------------------------------------------------------------------------------------------- INVESTMENT ACCOUNTS ----------------------------------------------- DATE OF TYPE OF PURCHASE CURRENT BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE ---------------------------------------------------------------------------------------------------------- 7. Wells Fargo Certificate of Deposit CD $ 600,000 $ 605,115 ---------------------------------------------------------------------------------------------------------- 8. Bank One 6/30/01 Overnight Sweep $ 39,507,988 $39,507,988 ---------------------------------------------------------------------------------------------------------- 9. N/A ---------------------------------------------------------------------------------------------------------- 10. N/A ---------------------------------------------------------------------------------------------------------- 11. TOTAL INVESTMENTS $ 40,107,988 $40,113,103 ---------------------------------------------------------------------------------------------------------- CASH ----------------------------------------------- 12. CURRENCY ON HAND $ 1,500 ---------------------------------------------------------------------------------------------------------- 13. TOTAL CASH - END OF MONTH $38,294,348 ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------- Monthly Operating Report ---------------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-5 ---------------------------------------------------------- ---------------------------------------------------------- CASE NUMBER: 400-42141-BJH 2/13/95, RWD, 2/96 ---------------------------------------------------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: June 2001 --------------------------------------- ------------------------------------------------------- BANK RECONCILIATIONS Account #4 Account #5 Account #6 -------------------------------------------------------------------------------------------------------------- A. BANK: Bank One Bank One Bank One --------------------------------------------------------------------------------------------- B. ACCOUNT NUMBER: 1570695922 100129949/9319958451 1586268961 TOTAL -------------------------------------------------------------------------------------------------------------- C. PURPOSE (TYPE): Payroll Health Insurance Flex Spending -------------------------------------------------------------------------------------------------------------- 1. BALANCE PER BANK STATEMENT $0 $141,890 $20,164 $162,054 -------------------------------------------------------------------------------------------------------------- 2. ADD: TOTAL DEPOSITS NOT CREDITED $0 $0 $0 $0 -------------------------------------------------------------------------------------------------------------- 3. SUBTRACT: OUTSTANDING CHECKS $0 $141,890 $0 $141,890 -------------------------------------------------------------------------------------------------------------- 4. OTHER RECONCILING ITEMS $0 $0 $0 $0 -------------------------------------------------------------------------------------------------------------- 5. MONTH END BALANCE PER BOOKS $0 $0 $20,164 $ 20,164 -------------------------------------------------------------------------------------------------------------- 6. NUMBER OF LAST CHECK WRITTEN 82113 149953 11065 -------------------------------------------------------------------------------------------------------------- --------------------------------------- INVESTMENT ACCOUNTS -------------------------------------------------------------------------------------------------------------- DATE OF TYPE OF PURCHASE CURRENT BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE -------------------------------------------------------------------------------------------------------------- 7. -------------------------------------------------------------------------------------------------------------- 8. -------------------------------------------------------------------------------------------------------------- 9. -------------------------------------------------------------------------------------------------------------- 10. -------------------------------------------------------------------------------------------------------------- 11. TOTAL INVESTMENTS $0 $0 -------------------------------------------------------------------------------------------------------------- --------------------------------------- CASH -------------------------------------------------------------------------------------------------------------- 12. CURRENCY ON HAND $0 -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- 13. TOTAL CASH - END OF MONTH $ 20,164 -------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-5 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: June 2001 --------------------------------------- BANK RECONCILIATIONS Account #7 Account #8 Account #9 --------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------ A. BANK: Bank One ------------------------------------------------------------------------------------ B. ACCOUNT NUMBER: 1586269860 TOTAL ------------------------------------------------------------------------------------ C. PURPOSE (TYPE): COD --------------------------------------------------------------------------------------------- 1. BALANCE PER BANK STATEMENT $ 0 $0 $0 $0 --------------------------------------------------------------------------------------------- 2. ADD: TOTAL DEPOSITS NOT CREDITED $ 0 $0 $0 $0 --------------------------------------------------------------------------------------------- 3. SUBTRACT: OUTSTANDING CHECKS $ 0 $0 $0 $0 --------------------------------------------------------------------------------------------- 4. OTHER RECONCILING ITEMS $ 0 $0 $0 $0 --------------------------------------------------------------------------------------------- 5. MONTH END BALANCE PER BOOKS $ 0 $0 --------------------------------------------------------------------------------------------- 6. NUMBER OF LAST CHECK WRITTEN 2111 --------------------------------------------------------------------------------------------- INVESTMENT ACCOUNTS --------------------------------------------------------------------------------------------- DATE OF TYPE OF PURCHASE CURRENT BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE --------------------------------------------------------------------------------------------- 7. --------------------------------------------------------------------------------------------- 8. --------------------------------------------------------------------------------------------- 9. --------------------------------------------------------------------------------------------- 10. --------------------------------------------------------------------------------------------- 11. TOTAL INVESTMENTS $0 $0 --------------------------------------------------------------------------------------------- CASH --------------------------------------------------------------------------------------------- 12. CURRENCY ON HAND --------------------------------------------------------------------------------------------- 13. TOTAL CASH - END OF MONTH $0 ---------------------------------------------------------------------------------------------
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-6 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- MONTH: June 2001 ----------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. INSIDERS ----------------------------------------------------------------------------------- TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE ----------------------------------------------------------------------------------- 1. Mike Clark Salary $ 7,916 $ 105,833 ----------------------------------------------------------------------------------- 2. Jim Craig Salary $ 33,333 $ 333,334 ----------------------------------------------------------------------------------- 3. Janie Garrard Salary $ 0 $ 2,625 ----------------------------------------------------------------------------------- 4. Drew Keith Salary $ 32,500 $ 331,462 ----------------------------------------------------------------------------------- 5 Lena Baker Salary $ 0 $ 7,500 ----------------------------------------------------------------------------------- 6 Jim Reeves Salary $ 33,333 $ 433,329 ----------------------------------------------------------------------------------- 7 John Turnipseed Salary $ 0 $ 41,668 ----------------------------------------------------------------------------------- 8 TOTAL PAYMENTS TO INSIDERS $107,082 $1,255,751 ----------------------------------------------------------------------------------- PROFESSIONALS ----------------------------------------------------------------------------------------------------------------------- DATE OF COURT TOTAL ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ----------------------------------------------------------------------------------------------------------------------- 1. Lain Faulkner $ 0 $ 818,587 $ 150,583 ----------------------------------------------------------------------------------------------------------------------- 2. Haynes and Boone $ 0 $3,015,110 $ 587,959 ----------------------------------------------------------------------------------------------------------------------- 3. The Seabury Group $ 225,000 $1,950,000 $ 0 ----------------------------------------------------------------------------------------------------------------------- 4. Forshey & Prostock $ 0 $ 365,670 $ 0 ----------------------------------------------------------------------------------------------------------------------- 5 Price Waterhouse $ 0 $ 386,015 $ 257,477 Coopers ----------------------------------------------------------------------------------------------------------------------- 6 Jay Alix and $ 0 $ 785,310 $ 95,158 Associates ----------------------------------------------------------------------------------------------------------------------- 7 Andrews & Kurth $ 0 $ 995,467 $ 270,000 ----------------------------------------------------------------------------------------------------------------------- 8 Jenkins & Gilchrist $ 0 $ 47,474 $ 0 ----------------------------------------------------------------------------------------------------------------------- 9 Ford and Harrison $ 0 $ 218,196 $ 5,629 ----------------------------------------------------------------------------------------------------------------------- 10 Grant Thornton $ 0 $ 245,344 $ 7,450 ----------------------------------------------------------------------------------------------------------------------- 11 Verner Liipfert $ 0 $ 580,106 $ 95,780 ----------------------------------------------------------------------------------------------------------------------- 12 The Ivy Group $ 81,900 $ 81,900 $ 0 ----------------------------------------------------------------------------------------------------------------------- 13 TOTAL PAYMENTS TO PROFESSIONALS $ 0 $ 306,900 $9,489,179 $1,470,036 ----------------------------------------------------------------------------------------------------------------------- * INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPETITION ----------------------------------------------------------------------------------------------------- 1. N/A ----------------------------------------------------------------------------------------------------- 2. N/A ----------------------------------------------------------------------------------------------------- 3. N/A ----------------------------------------------------------------------------------------------------- 4. N/A ----------------------------------------------------------------------------------------------------- 5. N/A ----------------------------------------------------------------------------------------------------- 6. TOTAL $ 0 $ 0 $ 0 -----------------------------------------------------------------------------------------------------
Monthly Operating Report ---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. ACCRUAL BASIS-7 ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH 02/13/95, RWD, 2/96 ---------------------------------------------------- MONTH: June 2001 ---------------------- QUESTIONNAIRE YES NO ----------------------------------------------------------------------------------------------------------------------- 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X ----------------------------------------------------------------------------------------------------------------------- 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X ----------------------------------------------------------------------------------------------------------------------- 3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X ----------------------------------------------------------------------------------------------------------------------- 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? X ----------------------------------------------------------------------------------------------------------------------- 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X ----------------------------------------------------------------------------------------------------------------------- 6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X ----------------------------------------------------------------------------------------------------------------------- 7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X ----------------------------------------------------------------------------------------------------------------------- 8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X ----------------------------------------------------------------------------------------------------------------------- 9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X ----------------------------------------------------------------------------------------------------------------------- 10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X ----------------------------------------------------------------------------------------------------------------------- 11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X ----------------------------------------------------------------------------------------------------------------------- 12. ARE ANY WAGE PAYMENTS PAST DUE? X ----------------------------------------------------------------------------------------------------------------------- IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. Item #4 - the Company has paid down approximately $1.5 million on its revolving credit facility in accordance with various court orders. Cash used in the payments were a result of asset sales (aircraft and inventory) and internally generated cash. ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- INSURANCE YES NO ----------------------------------------------------------------------------------------------------------------------- 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X ----------------------------------------------------------------------------------------------------------------------- 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X ----------------------------------------------------------------------------------------------------------------------- 3. PLEASE ITEMIZE POLICIES BELOW. ----------------------------------------------------------------------------------------------------------------------- IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- INSTALLMENT PAYMENTS ----------------------------------------------------------------------------------------------------------------------- TYPE OF PAYMENT AMOUNT POLICY CARRIER PERIOD COVERED & FREQUENCY ----------------------------------------------------------------------------------------------------------------------- 121 Aircraft Aviation 6/1/2001 - 5/31/2002 781,160 Quarterly Insurance Agency ----------------------------------------------------------------------------------------------------------------------- Workers Comp Aviation 01/01/2001 - 12/31/2001 95,000 Monthly Agency ----------------------------------------------------------------------------------------------------------------------- Inland CGU 4/1/2001 - 3/31/2002 9,902 Monthly Marine/Property ----------------------------------------------------------------------------------------------------------------------- Professional Liab Aviation 6/1/2001 - 5/31/2002 25,291 Annual Agency ----------------------------------------------------------------------------------------------------------------------- 135 Aircraft Aviation 10/1/2000 - 9/30/2001 100,266 Quarterly Insurance Agency ----------------------------------------------------------------------------------------------------------------------- Primary Auto Aviation 4/1/2001 - 3/31/2002 10,827 Monthly Agency ----------------------------------------------------------------------------------------------------------------------- Excess Auto Aviation 4/1/2001 - 3/31/2002 29,870 Annual Agency ----------------------------------------------------------------------------------------------------------------------- Aggregate Claims Liab Reliastar 5/1/2001 - 4/30/2002 15,000 Annually ----------------------------------------------------------------------------------------------------------------------- Claims Admin Runout CIGNA 5/1/2001 - 4/30/2002 125,779 One time ----------------------------------------------------------------------------------------------------------------------- Pilot Long Term UNUM 5/1/2001 - 4/30/2002 7,975 Monthly Disabl ----------------------------------------------------------------------------------------------------------------------- Stop Loss Reliastar 5/1/2001 - 4/30/2002 31,635 Monthly ----------------------------------------------------------------------------------------------------------------------- Case Management Reliastar 5/1/2001 - 4/30/2002 1,329 Monthly ----------------------------------------------------------------------------------------------------------------------- Claims Administration Allied 5/1/2001 - 4/30/2002 25,052 Monthly Benefit System ----------------------------------------------------------------------------------------------------------------------- Life/AD&D CIGNA 5/1/2001 - 4/30/2002 11,732 Monthly ----------------------------------------------------------------------------------------------------------------------- EAP Behavioral 5/1/2001 - 4/30/2002 2,941 Monthly Health Partners ----------------------------------------------------------------------------------------------------------------------- Section 125 Admin Taxsaver 5/1/2001 - 4/30/2002 1,179 Monthly -----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------- CASE NAME: Kitty Hawk, Inc. FOOTNOTES SUPPLEMENT ---------------------------------------------------- ---------------------------------------------------- CASE NUMBER: 400-42141-BJH ACCRUAL BASIS ---------------------------------------------------- MONTH: June 2001 --------------------------------- ACCRUAL BASIS FORM NUMBER LINE NUMBER FOOTNOTE / EXPLANATION ---------------------------------------------------------------------------------------------------------------------------- 3 8 All cash received into the each subsidiary cash account is swept each night to Kitty Hawk, Inc. Master Account ---------------------------------------------------------------------------------------------------------------------------- 3 31 All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. controlled disbursement account. ---------------------------------------------------------------------------------------------------------------------------- 4 6 All assessments of uncollectible accounts receivable are done at Kitty Hawk, Inc. All reserves are recorded at Inc. and pushed down to Inc.'s subsidiaries as deemed necessary. ---------------------------------------------------------------------------------------------------------------------------- 7 All insurance policies are carried in the name of Kitty Hawk, Inc. and its subsidiaries. Therefore, they are listed here accordingly. ---------------------------------------------------------------------------------------------------------------------------- 6 Insiders Payments to insiders include a portion of the Court approved retention payments in the month of June ----------------------------------------------------------------------------------------------------------------------------
CASE NAME: Kitty Hawk, Inc. CASE NUMBER: 400-42141 Details of Other Items ACCRUAL BASIS-1 June 2001 8. OTHER (ATTACH LIST) $ 342,464,579 Reported -------------- Intercompany Receivables 340,121,409 Escrow JRC 400,000 A/R Other 440,535 A/R Employees (147) A/R 401(k) Loan (1,645) A/R Reconciling item (12,587) Deferred Taxes 776,266 Deposits - Other 324,749 Deposits - Retainers 415,999 -------------- 342,464,579 Detail -------------- - Difference 14. OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) 9,438,016 Reported -------------- Loan organizaiton costs 954,068 Bond offering costs 7,151,860 Goodwill - KH Cargo 1,332,088 -------------- 9,438,016 Detail -------------- - Difference 15. OTHER (ATTACH LIST) 138,370,015 -------------- Investment in KH Aircargo 1,000 Investment in KH 81,974,302 International Investment in Longhorn 2,266,436 Investment in KH Cargo 54,128,277 -------------- 138,370,015 Detail -------------- - Difference 22. OTHER (ATTACH LIST) $ 1,482,984 Reported -------------- Accrued expenses 81,742 Accrued interest 375,953 Accrued health savings 634,422 A/P Aging reconciling item (25,746) A/P clearing 3 Accrued 401(k) 16,610 Accrued Salaries/Wages 400,000 -------------- 1,482,984 Detail -------------- - Difference 27. OTHER (ATTACH LIST) $ 28,849,513 Reported -------------- Deferred Taxes 31,006,505 Accrued Taxes payable (17,685,739) Interest payable 15,528,747 -------------- 28,849,513 Detail -------------- - Difference CASE NAME: Kitty Hawk, Inc. CASE NUMBER: 400-42141 Details of Other Items ACCRUAL BASIS-2 16. NON-OPERATING INCOME (ATT. LIST) (102,299) Reported -------------- Interest Income (102,299) Other Misc Income - -------------- (102,299) Detail - Difference ACCRUAL BASIS-3 8. OTHER (ATTACH LIST) 25,788,299 Reported -------------- Transfers from Charters 730,876 Transfers from Cargo 7,494,155 Transfers from Aircargo 14,401,441 Transfers from International 408,500 Cash deposits - non-lockbox 2,592,915 Interest income 100,571 Misc Deposits 69,830 NSF Checks (9,989) -------------- 25,788,299 Detail -------------- - Difference -------------- 25. OTHER (ATTACH LIST) 14,692,197 Reported -------------- Inc. 401(k) 287,233 Employee Expenses 47,473 Bank charges 7,179 Refunds/Claims 4,655 Fuel 6,403,044 Ground Handling 1,997,195 Shipping 94,588 Ondemand Charter costs 9,793 135 Airline costs 8,066 Building maintenance/security 82,920 Contract Labor 477,413 Trucking 444,574 Customs/Parking/Landing 665,372 Containers 73,089 Simulator/Communication/Other Training 243,570 Misc 64,263 Voided checks and corrections (9,576) Asset purchase 420,000 Charts/Manuals 62,597 Taxes 31,014 Deicing 22,531 Office 86,630 Commissions 175,000 Deposits 100,000 Subcharter Aircraft 2,893,574 -------------- 14,692,197 Detail - Difference