-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vkyg+NUbXd+nzIRwqt/kEoB7MDsvLW/E4nn37uVEgxpedjEXGlP3ywhGsP3NZH8Z a6IrOdeq3SQka7inSMoReQ== 0000950129-08-000091.txt : 20080107 0000950129-08-000091.hdr.sgml : 20080107 20080107172318 ACCESSION NUMBER: 0000950129-08-000091 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20080107 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080107 DATE AS OF CHANGE: 20080107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KITTY HAWK INC CENTRAL INDEX KEY: 0000932110 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 752564006 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32284 FILM NUMBER: 08515991 BUSINESS ADDRESS: STREET 1: P O BOX 612787 STREET 2: 1515 W 20TH ST CITY: DALLAS/FT WORTH INTN STATE: TX ZIP: 75261 BUSINESS PHONE: 9724562200 MAIL ADDRESS: STREET 1: P O BOX 612787 STREET 2: 1515 W 20TH ST CITY: DALLAS/FT WORTH INTN STATE: TX ZIP: 75261 8-K 1 h52889e8vk.htm FORM 8-K e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 7, 2008
Kitty Hawk, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation) 		  001-32284
(Commission File Number)
   75-2564006
(IRS Employer Identification No.)
         
1515 West 20th Street
P.O. Box 612787
DFW International Airport,
Texas
(Address of principal executive offices) 		     


75261
(Zip Code)
Registrant’s telephone number, including area code: (972) 456-2200
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

     Item 8.01 Other Events.
     As previously reported, on October 15, 2007, Kitty Hawk, Inc. (the “Company”) and all of its wholly-owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company also announced on November 14, 2007 that, during the pendency of the Company’s bankruptcy proceedings, it has adopted a modified reporting program with respect to its reporting obligations under the federal securities laws. In lieu of filing annual reports on Form 10-K and quarterly reports on Form 10-Q, each month the Company will file with the Securities and Exchange Commission (the “SEC”) a current report on Form 8-K that will have attached to it the monthly financial reports required by the Bankruptcy Court. The Company will not file a quarterly report on Form 10-Q for the quarter ended September 30, 2007, or an annual report on Form 10-K for the year ended December 31, 2007. The Company will continue to file current reports on Form 8-K as required by the federal securities laws.
     On December 31, 2007, the Company submitted to the Bankruptcy Court its monthly financial reports for itself and all of its wholly-owned subsidiaries for the month ended November 30, 2007 (the “Monthly Reports”). The Monthly Reports are filed as Exhibits 99.1 through 99.5 to this Form 8-K and are incorporated herein by this reference.
     Cautionary Statement Regarding the Monthly Reports
     The Monthly Reports contain financial statements and other financial information that have not been audited or reviewed by any independent public accounting firm and may be subject to future reconciliation or adjustments. The Monthly Reports are in a format prescribed by applicable bankruptcy laws and should not be used for investment purposes. The Monthly Reports may not be indicative of the Company’s financial condition or operating results. Results set forth in the Monthly Reports should not be viewed as indicative of future results.
     Statement under the Private Securities Litigation Reform Act
     This report may contain forward-looking statements that are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements relate to future events or future financial and operating performance and involve known and unknown risks and uncertainties that may cause actual results or performance to be materially different from those indicated by any forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “forecast,” “may,” “will,” “could,” “should,” “expect,” “intends,” “plan,” “believe,” “potential” or other similar words indicating future events or contingencies. Some of the things that could cause actual results to differ from expectations are: economic conditions; the impact of high fuel prices; our inability to successfully reorganize pursuant to Chapter 11 of the Bankruptcy Code; our inability to successfully implement and operate our expanded scheduled airport-to-airport expedited ground freight network; failure of key suppliers and vendors to perform; our inability to attract sufficient customers at economical prices for our air network or ground network; unforeseen increases in liquidity and working capital requirements related to our air and ground network; potential competitive responses from other operators of nationwide airport-to-airport ground freight networks; the continued impact of terrorist attacks, global instability and potential U.S. military involvement; the Company’s significant lease obligations and indebtedness; the competitive environment and other trends in the Company’s industry; changes in laws and regulations; changes in the Company’s operating costs including fuel; changes in the Company’s business plans; interest rates and the availability of financing; limitations upon financial and operating flexibility due to the terms of our revolving facility; liability and other claims asserted against the Company; labor disputes; the Company’s ability to attract and retain qualified personnel; and inflation. For a discussion of these and other risk factors, see the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed therein. These risk factors may not be exhaustive. The Company operates in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on the Company’s business or events described in any forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements after the date of this release to conform them to actual results.

 

 

     Item 9.01 Financial Statements and Exhibits.
          (d)     Exhibits.
     
Exhibit Number   Description
Exhibit 99.1  
Monthly Financial Report of Kitty Hawk, Inc. for Month Ending November 30, 2007
   
 
Exhibit 99.2  
Monthly Financial Report of Kitty Hawk Ground, Inc. for Month Ending November 30, 2007
   
 
Exhibit 99.3  
Monthly Financial Report of Kitty Hawk Cargo, Inc. for Month Ending November 30, 2007
   
 
Exhibit 99.4  
Monthly Financial Report of Kitty Hawk Aircargo, Inc. for Month Ending November 30, 2007
   
 
Exhibit 99.5  
Monthly Financial Report of KH Ground, Inc. for Month Ending November 30, 2007

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  KITTY HAWK, INC.
 		  
Date: January 7, 2008  By:   /s/ James R. Kupferschmid    
    Name:   James R. Kupferschmid   
    Title:   Vice President and Chief Financial Officer   
 

 

EX-99.1 2 h52889exv99w1.htm MONTHLY FINANCIAL REPORT OF KITTY HAWK, INC. exv99w1
 

Exhibit 99.1
Monthly Operating Report
ACCRUAL BASIS
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
JUDGE: Russell F. Nelms
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: NOVEMBER 30, 2007
     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/ James R. Kupferschmid
 
       VP and Chief Financial Officer
 
    
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
      TITLE    
 
            
James R. Kupferschmid
      December 31, 2007    
 
           
PRINTED NAME OF RESPONSIBLE PARTY
      DATE    
 
            
PREPARER:
            
 
            
/s/ Jessica L. Wilson
      Chief Accounting Officer    
 
           
ORIGINAL SIGNATURE OF PREPARER
      TITLE    
 
            
Jessica L. Wilson
      December 31, 2007    
 
           
PRINTED NAME OF PREPARER
      DATE    

 

 

Monthly Operating Report
ACCRUAL BASIS-1
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
COMPARATIVE BALANCE SHEET
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007    
 
ASSETS
                                
1. UNRESTRICTED CASH
   $ 0     $ 690,282     $ 37,748          
2. RESTRICTED CASH
   $ 2,869,929     $ 2,874,759     $ 2,882,870          
 
3. TOTAL CASH
   $ 2,869,929     $ 3,565,041     $ 2,920,618     $ 0  
 
4. ACCOUNTS RECEIVABLE (NET)
          $ (1,000,146 )   $ (999,465 )        
5. INVENTORY
           $ 0     $ 0          
6. NOTES RECEIVABLE
           $ 0     $ 0          
7. PREPAID EXPENSES
           $ 699,558     $ 611,276          
8. OTHER (ATTACH LIST)
   $ 15,953     $ 46,850,577     $ 35,937,044          
 
9. TOTAL CURRENT ASSETS
   $ 2,885,882     $ 50,115,030     $ 38,469,473     $ 0  
 
10. PROPERTY, PLANT & EQUIPMENT
   $ 1,425,325     $ 3,362,423     $ 3,362,423          
11. LESS: ACCUMULATED DEPRECIATION / DEPLETION
   $ 0     $ 1,794,013     $ 1,825,608          
12. NET PROPERTY, PLANT & EQUIPMENT
   $ 1,425,325     $ 1,568,410     $ 1,536,815     $ 0  
13. DUE FROM INSIDERS
   $ 0     $ 0     $ 0          
14. OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)
   $ 0     $ 4,758,694     $ 4,622,732          
15. OTHER (ATTACH LIST)
   $ 1,109,030     $ 0     $ 0          
 
16. TOTAL ASSETS
   $ 5,420,237     $ 56,442,134     $ 44,629,020     $ 0  
 
POSTPETITION LIABILITIES
                                
17. ACCOUNTS PAYABLE
           $ 52,754     $ 80,583          
18. TAXES PAYABLE
           $ 0     $ 0          
19. NOTES PAYABLE
           $ 0     $ 0          
20. PROFESSIONAL FEES
           $ 110,000     $ 323,000          
21. SECURED DEBT
           $ 0     $ 0          
22. OTHER (ATTACH LIST)
           $ 21,691     $ 6,666          
 
23. TOTAL POSTPETITION LIABILITIES
           $ 184,445     $ 410,249     $ 0  
 
PREPETITION LIABILITIES
                                
24. SECURED DEBT
   $ 15,602,760     $ 14,376,295     $ 2,519,599          
25. PRIORITY DEBT
   $ 56,297     $ 0     $ 0          
26. UNSECURED DEBT
   $ 1,010,347     $ 906,948     $ 933,789          
27. OTHER (ATTACH LIST)
           $ 0     $ 0          
 
28. TOTAL PREPETITION LIABILITIES
   $ 16,669,404     $ 15,283,243     $ 3,453,388     $ 0  
 
29. TOTAL LIABILITIES
   $ 16,669,404     $ 15,467,688     $ 3,863,637     $ 0  
 
EQUITY
                                
30. PREPETITION OWNERS’ EQUITY
           $ 41,090,061     $ 41,090,061          
31. POSTPETITION CUMULATIVE PROFIT OR (LOSS)
           $ (115,615 )   $ (324,678 )        
32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)
           $ 0     $ 0          
 
33. TOTAL EQUITY
   $ 0     $ 40,974,446     $ 40,765,383     $ 0  
 
34. TOTAL LIABILITIES & OWNERS’ EQUITY
   $ 16,669,404     $ 56,442,134     $ 44,629,020     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-2
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
INCOME STATEMENT
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007   0   TOTAL
 
REVENUES
                                
1. GROSS REVENUES
   $ 0     $ 0             $ 0  
2. LESS: RETURNS & DISCOUNTS
   $ 0     $ 0             $ 0  
3. NET REVENUE
   $ 0     $ 0     $ 0     $ 0  
COST OF GOODS SOLD
                                
4. MATERIAL
   $ 0     $ 0             $ 0  
5. DIRECT LABOR
   $ 0     $ 0             $ 0  
6. DIRECT OVERHEAD
   $ 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
   $ 83,222     $ 104,681             $ 187,903  
10. SELLING & MARKETING
   $ 0     $ 0             $ 0  
11. GENERAL & ADMINISTRATIVE
   $ 384,473     $ 416,364             $ 800,837  
12. RENT & LEASE
   $ 20,452     $ 38,729             $ 59,181  
13. OTHER (ATTACH LIST)
   $ (616,445 )   $ (744,571 )           $ (1,361,016 )
 
14. TOTAL OPERATING EXPENSES
   $ (128,298 )   $ (184,797 )   $ 0     $ (313,095 )
 
15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE
   $ 128,298     $ 184,797     $ 0     $ 313,095  
OTHER INCOME & EXPENSES
                                
16. NON-OPERATING INCOME (ATT. LIST)
   $ 5,440     $ 16,337             $ 21,777  
17. NON-OPERATING EXPENSE (ATT. LIST)
   $ 0     $ 0             $ 0  
18. INTEREST EXPENSE
   $ 121,056     $ 165,373             $ 286,429  
19. DEPRECIATION / DEPLETION
   $ 17,327     $ 31,595             $ 48,922  
20. AMORTIZATION
   $ 971     $ 0             $ 971  
21. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
22. NET OTHER INCOME & EXPENSES
   $ 133,914     $ 180,631     $ 0     $ 314,545  
REORGANIZATION EXPENSES
                           $ 0  
23. PROFESSIONAL FEES
   $ 110,000     $ 213,228             $ 323,228  
24. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
26. TOTAL REORGANIZATION EXPENSES
   $ 110,000     $ 213,228     $ 0     $ 323,228  
 
27. INCOME TAX
   $ 0     $ 0             $ 0  
 
28. NET PROFIT (LOSS)
   $ (115,616 )   $ (209,062 )   $ 0     $ (324,678 )
 

 

 

Monthly Operating Report
ACCRUAL BASIS-3
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007       TOTAL
 
CASH RECEIPTS AND DISBURSEMENTS
                                
1. CASH — BEGINNING OF MONTH
   $ 0     $ 690,282             $ 0  
RECEIPTS FROM OPERATIONS
                                
2. CASH SALES
   $ 0     $ 0             $ 0  
COLLECTION OF ACCOUNTS RECEIVABLE
                                
3. PREPETITION
   $ 0     $ 0             $ 0  
4. POSTPETITION
   $ 0     $ 0             $ 0  
 
5. TOTAL OPERATING RECEIPTS
   $ 0     $ 0     $ 0     $ 0  
 
NON-OPERATING RECEIPTS
                                
6. LOANS & ADVANCES (ATTACH LIST)
   $ 7,635,000     $ 1,760,000             $ 9,395,000  
7. SALE OF ASSETS
   $ 0     $ 0             $ 0  
8. OTHER (ATTACH LIST)
   $ 48,022     $ 658             $ 48,680  
 
9. TOTAL NON-OPERATING RECEIPTS
   $ 7,683,022     $ 1,760,658     $ 0     $ 9,443,680  
 
10. TOTAL RECEIPTS
   $ 7,683,022     $ 1,760,658     $ 0     $ 9,443,680  
 
11. TOTAL CASH AVAILABLE
   $ 7,683,022     $ 2,450,940     $ 0     $ 9,443,680  
 
OPERATING DISBURSEMENTS
                                
12. NET PAYROLL
   $ 1,091,326     $ 1,086,991             $ 2,178,317  
13. PAYROLL TAXES PAID
   $ 379,056     $ 404,775             $ 783,831  
14. SALES, USE & OTHER TAXES PAID
   $ 0     $ 0             $ 0  
15. SECURED / RENTAL / LEASES
   $ 165,069     $ 210,417             $ 375,486  
16. UTILITIES
   $ 0     $ 2,777             $ 2,777  
17. INSURANCE
   $ 545,270     $ 188,148             $ 733,418  
18. INVENTORY PURCHASES
   $ 600     $ 0             $ 600  
19. VEHICLE EXPENSES
   $ 0     $ 0             $ 0  
20. TRAVEL
   $ 181,109     $ 103,268             $ 284,377  
21. ENTERTAINMENT
   $ 0     $ 0             $ 0  
22. REPAIRS & MAINTENANCE
   $ 29,762     $ 2,932             $ 32,694  
23. SUPPLIES
   $ 0     $ 0             $ 0  
24. ADVERTISING
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 4,600,548     $ 413,884             $ 5,014,432  
 
26. TOTAL OPERATING DISBURSEMENTS
   $ 6,992,740     $ 2,413,192     $ 0     $ 9,405,932  
 
REORGANIZATION EXPENSES
                                
27. PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
28. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
29. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
30. TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
31. TOTAL DISBURSEMENTS
   $ 6,992,740     $ 2,413,192     $ 0     $ 9,405,932  
 
32. NET CASH FLOW
   $ 690,282       ($652,534 )   $ 0     $ 37,748  
 
33. CASH — END OF MONTH
   $ 690,282     $ 37,748     $ 0     $ 37,748  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-4
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007        
 
ACCOUNTS RECEIVABLE AGING
                                
1. 0-30
   $ 0     $ 0     $ 0          
2. 31-60
   $ 0     $ 0     $ 0          
3. 61-90
   $ 0     $ 0     $ 0          
 
4. 91+
   $ 0     $ 0     $ 0          
 
5. TOTAL ACCOUNTS RECEIVABLE
   $ 0     $ 0     $ 0     $ 0  
 
6. AMOUNT CONSIDERED UNCOLLECTIBLE
   $ 0     $ 1,000,146     $ 999,465          
 
7. ACCOUNTS RECEIVABLE (NET)
   $ 0     $ (1,000,146 )   $ (999,465 )   $ 0  
 
     
AGING OF POSTPETITION TAXES AND PAYABLES
  MONTH: November 2007
                                         
    0-30   31-60   61-90   91+    
    DAYS   DAYS   DAYS   DAYS   TOTAL
 
TAXES PAYABLE
                                        
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
   $ 63,146     $ 16,059     $ 1,378     $ 0     $ 80,583  
 
     
STATUS OF POSTPETITION TAXES
  MONTH: October & November 2007
                                 
    BEGINNING   AMOUNT           ENDING
    TAX   WITHHELD AND/   AMOUNT   TAX
    LIABILITY*   OR ACCRUED   PAID   LIABILITY
 
FEDERAL
                                
1. WITHHOLDING**
   $ 0     $ 42,450     $ 42,450     $ 0  
2. FICA-EMPLOYEE**
   $ 0     $ 16,685     $ 16,685     $ 0  
3. FICA-EMPLOYER**
   $ 0     $ 16,685     $ 16,685     $ 0  
4. UNEMPLOYMENT
   $ 0     $ 39     $ 39     $ 0  
5. INCOME
   $ 0     $ 0     $ 0     $ 0  
 
6. OTHER (ATTACH LIST)
   $ 0     $ 0     $ 0     $ 0  
 
7. TOTAL FEDERAL TAXES
   $ 0     $ 75,859     $ 75,859     $ 0  
 
STATE AND LOCAL
                                
8. WITHHOLDING
   $ 0     $ 1,557     $ 1,557     $ 0  
9. SALES
   $ 0     $ 0     $ 0     $ 0  
10. EXCISE
   $ 0     $ 0     $ 0     $ 0  
11. UNEMPLOYMENT
   $ 0     $ 162     $ 162     $ 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     $ 1,719     $ 1,719     $ 0  
 
16. TOTAL TAXES
   $ 0     $ 77,578     $ 77,578     $ 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
ACCRUAL BASIS-5
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
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: November 2007
BANK RECONCILIATIONS
                                 
    Account #1   Account #2   Account #3   TOTAL
 
A. BANK:
   JP Morgan Chase   JP Morgan Chase   JP Morgan Chase        
B. ACCOUNT NUMBER:
     100140334       9319959434       1570695922          
C. PURPOSE (TYPE):
   Master Funding   Gen’l Disbursements   Payroll        
 
1. BALANCE PER BANK STATEMENT
   $ 0     $ 0     $ 0     $ 0  
2. ADD: TOTAL DEPOSITS NOT CREDITED
   $ 0     $ 0     $ 0     $ 0  
3. SUBTRACT: OUTSTANDING CHECKS
   $ 0     $ 97,522     $ 28,261     $ 125,783  
4. OTHER RECONCILING ITEMS
   $ 67,935     $ 0     $ 0     $ 67,935  
5. MONTH END BALANCE PER BOOKS
   $ 67,935     $ (97,522 )   $ (28,261 )   $ (57,848 )
6. NUMBER OF LAST CHECK WRITTEN
   No checks     109202       066582/210522          
 
INVESTMENT ACCOUNTS
                                 
    DATE OF   TYPE OF   PURCHASE   CURRENT
    PURCHASE   INSTRUMENT   PRICE   VALUE
 
BANK, ACCOUNT NAME & NUMBER
                                
7. JP Morgan Chase — Overnight Sweep -
     11/30/2007     money market   $ 95,396     $ 95,396  
8.
                                
9.
                                
10.
                                
 
11. TOTAL INVESTMENTS
                   $ 95,396     $ 95,396  
 
CASH
         
 
12. CURRENCY ON HAND
   $ 200  
 
 
        
13. TOTAL CASH — END OF MONTH
   $ 37,748  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-6
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
MONTH: November 2007
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. James R. Kupferschmid
   Salary, Expense Reports   $ 16,667     $ 33,376  
2. Jessica L. Wilson
   Salary, Expense Reports   $ 10,417     $ 20,834  
3. Brad Eagelston
   Salary, Expense Reports   $ 12,917     $ 25,834  
4. David Rescino
   Salary, Expense Reports   $ 16,737     $ 33,401  
5. Steven Markhoff
   Salary, Expense Reports   $ 0     $ 18,333  
6. Mel Keating
   Executive Committee Fee, Exp Reports   $ 48,014     $ 72,902  
 
7. TOTAL PAYMENTS TO INSIDERS
       $ 104,752     $ 204,680  
 
PROFESSIONALS
                                         
    DATE OF COURT                           TOTAL
    ORDER AUTHORIZING   AMOUNT   AMOUNT   TOTAL PAID   INCURRED
NAME   PAYMENT   APPROVED   PAID   TO DATE   & UNPAID *
 
1. Andrews Kurth LLP
                                   $ 223,000  
2. Otterbourg, Steindler, Houston & Rosen, P.C.
                                   $ 100,000  
3.
                                        
4.
                                        
5.
                                        
 
6. TOTAL PAYMENTS TO PROFESSIONALS
           $ 0     $ 0     $ 0     $ 323,000  
 
*   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. Laurus Master Fund
   Revolver   $ 13,735,949     $ 2,146,512  
2. Cananwill
   $ 12,020     $ 24,040     $ 0  
3. Citicorp Vendor Finance
   $ 6,005     $ 0     $ 12,010  
4. DFW Airport — Facility rent
   $ 37,295     $ 37,295     $ 0  
5.
                        
 
6. TOTAL
   $ 55,320     $ 13,797,284     $ 2,158,522  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
MONTH: November 2007
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.
#   1 — Misc equipment sold when locations closed i/a/w de minimis asset sale motion approved by the Court
 
#   4 — Payments made pursuant to employee wage motion (wages and health insurance policies); property and aircraft insurance also paid pursuant to insurance motions — general liability
 
#   10 — due to operation shut down, DIP order will not allow payment of expenditures between 10/15 and 10/29 until DIP lender paid in full; expect payments to resume in 12/07
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
D&O Insurance
  AIG   6/1/07 – 5/31/08   Paid in full
Aviation & Liability
  Illinois National Insurance   7/1/07 – 6/30/08   Quarterly; $281,953 (original policy)
B737 Aviation Deductible
  Illinois National Insurance   7/1/07 – 6/30/08   Paid in full
Property & Business Interruption
  Affiliated FM Insurance   6/1/07 – 5/31/08   Financed; monthly $12,020
Employee Practices
  RLI Insurance   6/1/07 – 5/31/08   Paid in full
Fidiciary Liability
  RLI Insurance   6/1/07 – 5/31/08   Paid in full
Workers Compensation
  Insurance Co of PA   6/1/07 – 5/31/08   Paid in full
D&O InsuranceSide A
  Chubb   6/1/07 – 5/31/08   Paid in full
Environmental Impairment
  Hudson Insurance   6/1/05 – 5/31/08   Paid in full

 

 

Footnotes Supplement
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk, Inc.
CASE NUMBER: 07-44536
MONTH: November 2007
             
Accrual Basis   Line    
Form Number   Number   Footnote/Explanation
3
    8    
All available cash received into each subsidiary cash account is transferred to pay down the Revolving Credit Facility with Laurus Master Fund, carried on Kitty Hawk, Inc. books
 
            
3
    31    
All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. disbursement accounts
 
            
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 for Kitty Hawk Cargo, Inc. (Case #07-44538) and Kitty Hawk Aircargo, Inc. (Case #07-44539) are carried in the name of Kitty Hawk, Inc. Therefore, they are listed here accordingly.
 
            
6
  Professional
Fees 		 
The fees noted on this schedule are initial estimates and are subject to change once final billings are prepared.

 

 

Case Name: Kitty Hawk, Inc.
Case Number: 07-44536
Details of Other Items
                             
    October 2007   November 2007            
                 
ACCRUAL BASIS — 1
                            
 
                            
8. OTHER (ATTACH LIST)
     46,850,577       35,937,044     Reported        
                 
Flex Spending deposit
     17,283       17,283              
A/R — 401(k) Loan
     37       37              
A/R — Travel Advance
     18,009       18,009              
Deposits
     30,953       54,869              
Professional Fees Retainer
     200,000       200,000              
Intercompany Receivables
     46,584,295       35,646,846              
 
                            
                 
 
     46,850,577       35,937,044     Detail        
                 
 
     0       0     Difference        
 
                            
14. OTHER ASSETS — NET OF AMORTIZATION ATTACH LIST
     4,758,694       4,622,732     Reported        
                 
Laurus Loan Organization Costs
     4,758,694       4,622,732              
 
                            
                 
 
     4,758,694       4,622,732     Detail        
                 
 
     0       0     Difference        
 
                            
22. OTHER (ATTACH LIST)
     21,691       6,666     Reported        
                 
A/P Clearing
     (3,953 )     (3,953 )            
General Accrued AP
     18,577       27,485              
Accrued Health Savings Plan
     (2,361 )     (17,096 )            
AFLAC Deductions
     1,402       4              
Accrued Wages
     7,800       0              
Accrued 401(k)
     226       226              
 
                            
                 
 
     21,691       6,666     Detail        
                 
 
     0       0     Difference        
 
                            
ACCRUAL BASIS — 2
                            
 
                            
13. OTHER (ATTACH LIST)
     (616,445 )     (744,571 )   Reported        
                 
G&A allocation to subsidiaries
     (616,445 )     (744,571 )            
 
                            
                 
 
     (616,445 )     (744,571 )   Detail        
                 
 
     0       0     Difference        
 
                            
16. NON-OPERATING INCOME (ATT. LIST)
     5,440       16,337     Reported        
                 
Interest Income
     5,440       8,770              
Gain on Sale of assets
     0       7,567              
 
                            
                 
 
     5,440       16,337     Detail        
                 
 
     0       0     Difference        
 
                            
ACCRUAL BASIS — 3
                            
 
                            
6. LOANS & ADVANCES (ATTACH LIST)
     7,635,000       1,760,000     Reported        
                 
Borrowings from Laurus
     7,635,000       1,760,000              
 
                            
                 
 
     7,635,000       1,760,000     Detail        
                 
 
     0       0     Difference        
 
                            
8. OTHER (ATTACH LIST)
     48,022       658     Reported        
                 
Opening reconciling item
     36,298       0              
Opening reconciling item — Petty Cash
     200       0              
Misc Refunds
     10,913       0              
Interest income
     611       658              
 
                            
                 
 
     48,022       658     Detail        
                 
 
     0       0     Difference        
 
                            
25. OTHER (ATTACH LIST)
     4,600,548       413,884     Reported        
                 
401(k)
     73,208       53,113              
Aircraft parking
     1,312       0              
Bank fees
     2,519       15,324              
BOD Fees
     0       33,875              
Cleaning
     11,876       0              
Communications
     387       0              
Contract labor
     31,142       45,326              
Deposits
     15,000       36,500              
Employee expense reports
     26,824       18,572              
Executive committee fees
     18,114       29,389              
Flight crew expense
     0       5,450              
Freight handling
     247,031       24,469              
Fuel
     2,367,313       40,000              
IT support
     7,356       4,903              
Payroll processing fees
     0       14,243              
Non-reorganization professional fees
     0       5,233              
Security
     84       11,962              
Shipping
     0       23,297              
Subcharter aircraft
     187,050       0              
Training
     24,060       0              
Trucking
     1,262,658       46,045              
Misc
     6,431       1,971              
Taxes
     318,183       4,212              
 
                            
                 
 
     4,600,548       413,884     Detail        
                 
 
     0       0     Difference        

 

EX-99.2 3 h52889exv99w2.htm MONTHLY FINANCIAL REPORT OF KITTY HAWK GROUND, INC. exv99w2
 

Exhibit 99.2
Monthly Operating Report
ACCRUAL BASIS
2007
CASE NAME: Kitty Hawk Ground, Inc.
CASE NUMBER: 07-44537
JUDGE: Russell F. Nelms
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: NOVEMBER 30, 2007
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/ James R. Kupferschmid
      VP and Chief Financial Officer    
 
           
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
      TITLE    
 
            
James R. Kupferschmid
      December 31, 2007    
 
           
PRINTED NAME OF RESPONSIBLE PARTY
      DATE    
 
            
PREPARER:
            
 
            
/s/ Jessica L. Wilson
      Chief Accounting Officer    
 
           
ORIGINAL SIGNATURE OF PREPARER
      TITLE    
 
            
Jessica L. Wilson
      December 31, 2007    
 
           
PRINTED NAME OF PREPARER
      DATE    

 

 

Monthly Operating Report
ACCRUAL BASIS-1
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
COMPARATIVE BALANCE SHEET
                                     
        SCHEDULE   MONTH   MONTH    
    AMOUNT   October 2007   November 2007   MONTH
 
ASSETS
                                    
1.
   UNRESTRICTED CASH   $ 106,914     $ 294,348     $ 178,251          
2.
   RESTRICTED CASH   $ 0     $ 0                  
 
3.
   TOTAL CASH   $ 106,914     $ 294,348     $ 178,251     $ 0  
 
4.
   ACCOUNTS RECEIVABLE (NET)   $ 7,763,152     $ 7,094,959     $ 4,268,132          
5.
   INVENTORY           $ 0                  
6.
   NOTES RECEIVABLE           $ 0     $ 0          
7.
   PREPAID EXPENSES           $ 974,118     $ 827,271          
8.
   OTHER (ATTACH LIST)   $ 767,230     $ 312,210     $ 288,467          
 
9.
   TOTAL CURRENT ASSETS   $ 8,637,296     $ 8,675,635     $ 5,562,121     $ 0  
 
10.
   PROPERTY, PLANT & EQUIPMENT   $ 1,146,152     $ 2,567,960     $ 2,567,960          
11.
   LESS: ACCUMULATED DEPRECIATION / DEPLETION   $ 0     $ 876,815     $ 919,209          
 
12.
   NET PROPERTY, PLANT & EQUIPMENT   $ 1,146,152     $ 1,691,145     $ 1,648,751     $ 0  
 
13.
   DUE FROM INSIDERS   $ 0     $ 0     $ 0          
14.
   OTHER ASSETS-NET OF AMORTIZATION (ATTACH LIST)   $ 0     $ 2,407,948     $ 0          
15.
   OTHER (ATTACH LIST)   $ 603,884     $ 0     $ 0          
 
16.
   TOTAL ASSETS   $ 10,387,332     $ 12,774,728     $ 7,210,872     $ 0  
 
POSTPETITION LIABILITIES
17.
   ACCOUNTS PAYABLE           $ 1,077,712     $ 1,523,311          
18.
   TAXES PAYABLE           $ 13,564     $ 26,935          
19.
   NOTES PAYABLE                                
20.
   PROFESSIONAL FEES                                
21.
   SECURED DEBT                                
22.
   OTHER (ATTACH LIST)           $ 21,014,404     $ 18,311,145          
 
23.
   TOTAL POSTPETITION LIABILITIES           $ 22,105,680     $ 19,861,391     $ 0  
 
PREPETITION LIABILITIES
24.
   SECURED DEBT   $ 17,206,526     $ 1,068,310     $ 1,063,770          
25.
   PRIORITY DEBT   $ 277,316                          
26.
   UNSECURED DEBT   $ 7,503,343     $ 7,928,109     $ 7,934,673          
27.
   OTHER (ATTACH LIST)                                
 
28.
   TOTAL PREPETITION LIABILITIES   $ 24,987,185     $ 8,996,419     $ 8,998,443     $ 0  
 
29.
   TOTAL LIABILITIES   $ 24,987,185     $ 31,102,099     $ 28,859,834     $ 0  
 
EQUITY
30.
   PREPETITION OWNERS' EQUITY     0     $ (17,803,179 )   $ (17,803,179 )        
31.
   POSTPETITION CUMULATIVE PROFIT OR (LOSS)           $ (524,192 )   $ (3,845,783 )        
32.
   DIRECT CHARGES TO EQUITY(ATTACH EXPLANATION)           $ 0     $ 0          
 
33.
   TOTAL EQUITY   $ 0     $ (18,327,371 )   $ (21,648,962 )   $ 0  
 
34.
   TOTAL LIABILITIES & OWNERS’ EQUITY   $ 24,987,185     $ 12,774,728     $ 7,210,872     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-2
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
INCOME STATEMENT
                                     
        MONTH   MONTH   MONTH   QUARTER
        October 2007   November 2007       TOTAL
 
REVENUES
                                
1.
   GROSS REVENUES   $ 2,107,185     $ (21,780 )           $ 2,085,405  
2.
   LESS: RETURNS & DISCOUNTS   $ 0     $ 0             $ 0  
3.
   NET REVENUE   $ 2,107,185     $ (21,780 )   $ 0     $ 2,085,405  
COST OF GOODS SOLD                                
4.
   MATERIAL   $ 0     $ 0             $ 0  
5.
   DIRECT LABOR   $ 0     $ 0             $ 0  
6.
   DIRECT OVERHEAD   $ 0     $ 0             $ 0  
 
7.
   TOTAL COST OF GOODS SOLD   $ 0     $ 0     $ 0     $ 0  
 
8.
   GROSS PROFIT   $ 2,107,185     $ (21,780 )   $ 0     $ 2,085,405  
OPERATING EXPENSES                                
9.
   OFFICER/INSIDER COMPENSATION   $ 38,446     $ 20,521             $ 58,967  
10.
   SELLING & MARKETING   $ 0     $ 0             $ 0  
11.
   GENERAL & ADMINISTRATIVE   $ 332,049     $ 471,610             $ 803,659  
12.
   RENT & LEASE   $ 139,342     $ 171,876             $ 311,218  
13.
   OTHER (ATTACH LIST)   $ 2,069,041     $ 203,610             $ 2,272,651  
 
14.
   TOTAL OPERATING EXPENSES   $ 2,578,878     $ 867,617     $ 0     $ 3,446,495  
 
15.
   INCOME BEFORE NON-OPERATING INCOME & EXPENSE   $ (471,693 )   $ (889,397 )   $ 0     $ (1,361,090 )
OTHER INCOME & EXPENSES                                
16.
   NON-OPERATING INCOME (ATT. LIST)   $ 627     $ 20,356             $ 20,983  
17.
   NON-OPERATING EXPENSE (ATT. LIST)   $ 0     $ 0             $ 0  
18.
   INTEREST EXPENSE   $ 2,457     $ 2,208             $ 4,665  
19.
   DEPRECIATION / DEPLETION   $ 23,249     $ 42,395             $ 65,644  
20.
   AMORTIZATION   $ 27,419     $ 2,407,948             $ 2,435,367  
21.
   OTHER (ATTACH LIST)   $ 0     $ 0             $ 0  
22.
   NET OTHER INCOME & EXPENSES   $ 52,498     $ 2,432,195     $ 0     $ 2,484,693  
REORGANIZATION EXPENSES                           $ 0  
23.
   PROFESSIONAL FEES   $ 0     $ 0             $ 0  
24.
   U.S. TRUSTEE FEES   $ 0     $ 0             $ 0  
25.
   OTHER (ATTACH LIST)   $ 0     $ 0             $ 0  
 
26.
   TOTAL REORGANIZATION EXPENSES   $ 0     $ 0     $ 0     $ 0  
 
27.
   INCOME TAX   $ 0     $ 0             $ 0  
 
28.
   NET PROFIT (LOSS)   $ (524,191 )   $ (3,321,592 )   $ 0     $ (3,845,783 )
 

 

Monthly Operating Report
ACCRUAL BASIS-3
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
                                     
        MONTH   MONTH   MONTH   QUARTER
        October 2007   November 2007       TOTAL
 
CASH RECEIPTS AND DISBURSEMENTS
                                
1.
   CASH — BEGINNING OF MONTH   $ 106,914     $ 294,349             $ 106,914  
RECEIPTS FROM OPERATIONS                                
2.
   CASH SALES   $ 0     $ 0             $ 0  
COLLECTION OF ACCOUNTS RECEIVABLE                                
3.
   PREPETITION   $ 2,600,470     $ 2,768,856             $ 5,369,325  
4.
   POSTPETITION   $ 0                     $ 0  
 
5.
   TOTAL OPERATING RECEIPTS   $ 2,600,470     $ 2,768,856     $ 0     $ 5,369,325  
 
NON - OPERATING RECEIPTS                                
6.
   LOANS & ADVANCES (ATTACH LIST)   $ 0     $ 0             $ 0  
7.
   SALE OF ASSETS   $ 0     $ 0             $ 0  
8.
   OTHER (ATTACH LIST)   $ (3,127 )   $ 0             $ (3,127 )
 
9.
   TOTAL NON-OPERATING RECEIPTS   $ (3,127 )   $ 0     $ 0     $ (3,127 )
 
10.
   TOTAL RECEIPTS   $ 2,597,343     $ 2,768,856     $ 0     $ 5,366,198  
 
11.
   TOTAL CASH AVAILABLE   $ 2,704,257     $ 3,063,205     $ 0     $ 5,473,112  
 
OPERATING DISBURSEMENTS                                
12.
   NET PAYROLL   $ 0     $ 0             $ 0  
13.
   PAYROLL TAXES PAID   $ 0     $ 0             $ 0  
14.
   SALES, USE & OTHER TAXES PAID   $ 0     $ 0             $ 0  
15.
   SECURED / RENTAL / LEASES   $ 2,409,908     $ 2,884,954             $ 5,294,862  
16.
   UTILITIES   $ 0     $ 0             $ 0  
17.
   INSURANCE   $ 0     $ 0             $ 0  
18.
   INVENTORY PURCHASES   $ 0     $ 0             $ 0  
19.
   VEHICLE EXPENSES   $ 0     $ 0             $ 0  
20.
   TRAVEL   $ 0     $ 0             $ 0  
21.
   ENTERTAINMENT   $ 0     $ 0             $ 0  
22.
   REPAIRS & MAINTENANCE   $ 0     $ 0             $ 0  
23.
   SUPPLIES   $ 0     $ 0             $ 0  
24.
   ADVERTISING   $ 0     $ 0             $ 0  
25.
   OTHER (ATTACH LIST)   $ 0     $ 0             $ 0  
 
26.
   TOTAL OPERATING DISBURSEMENTS   $ 2,409,908     $ 2,884,954     $ 0     $ 5,294,862  
 
REORGANIZATION EXPENSES                                
27.
   PROFESSIONAL FEES   $ 0     $ 0             $ 0  
28.
   U.S. TRUSTEE FEES   $ 0     $ 0             $ 0  
29.
   OTHER (ATTACH LIST)   $ 0     $ 0             $ 0  
 
30.
   TOTAL REORGANIZATION EXPENSES   $ 0     $ 0     $ 0     $ 0  
 
31.
   TOTAL DISBURSEMENTS   $ 2,409,908     $ 2,884,954     $ 0     $ 5,294,862  
 
32.
   NET CASH FLOW   $ 187,435     $ (116,098 )   $ 0     $ 71,337  
 
33.
   CASH — END OF MONTH   $ 294,349     $ 178,251     $ 0     $ 178,251  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-4
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER:07-44537
                                     
        SCHEDULE   MONTH   MONTH   MONTH
        AMOUNT   October 2007   November 2007    
 
ACCOUNTS RECEIVABLE AGING
                                
1.
   0-30           $ 3,382,257     $ 14,425          
2.
   31-60           $ 2,723,624     $ 2,320,252          
3.
   61-90           $ 69,181     $ 1,180,279          
 
4.
   91+           $ 656,170     $ 1,029,866          
 
5.
   TOTAL ACCOUNTS RECEIVABLE   $ 7,763,152     $ 6,831,232     $ 4,544,822     $ 0  
 
6.
   AMOUNT CONSIDERED UNCOLLECTIBLE   $ 0     $ 108,193     $ 108,193          
 
7.
   ACCOUNTS RECEIVABLE (NET)   $ 7,763,152     $ 6,723,039     $ 4,436,629     $ 0  
 
     
AGING OF POSTPETITION TAXES AND PAYABLES   MONTH: November 2007
                                             
        0-30   31-60   61-90   91+    
        DAYS   DAYS   DAYS   DAYS   TOTAL
 
TAXES PAYABLE                                        
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)   $ 15,699     $ 11,236     $ 0     $ 0     $ 26,935  
 
5.
   TOTAL TAXES PAYABLE   $ 15,699     $ 11,236     $ 0     $ 0     $ 26,935  
 
 
                                            
6.
   ACCOUNTS PAYABLE   $ 1,194,441     $ 326,789     $ 1,068     $ 1,013     $ 1,523,311  
 
     
STATUS OF POSTPETITION TAXES   MONTH: October & November 2007
                                     
        BEGINNING   AMOUNT           ENDING
        TAX   WITHHELD AND/   AMOUNT   TAX
        LIABILITY*   0R ACCRUED   PAID   LIABILITY
 
FEDERAL                                
1.
   WITHHOLDING**   $ 0     $ 77,581     $ 77,581     $ 0  
2.
   FICA-EMPLOYEE**   $ 0     $ 53,801     $ 53,801     $ 0  
3.
   FICA-EMPLOYER**   $ 0     $ 53,801     $ 53,801     $ 0  
4.
   UNEMPLOYMENT   $ 0     $ 175     $ 175     $ 0  
5.
   INCOME   $ 0     $ 0     $ 0     $ 0  
6.
   OTHER (ATTACH LIST)   $ 0     $ 0     $ 0     $ 0  
 
7.
   TOTAL FEDERAL TAXES   $ 0     $ 185,358     $ 185,358     $ 0  
 
STATE AND LOCAL                                
8.
   WITHHOLDING   $ 0     $ 17,767     $ 17,767     $ 0  
9.
   SALES   $ 0     $ 0     $ 0     $ 0  
10.
   EXCISE   $ 0     $ 0     $ 0     $ 0  
11.
   UNEMPLOYMENT   $ 0     $ 2,171     $ 2,171     $ 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     $ 19,938     $ 19,938     $ 0  
 
16.
   TOTAL TAXES   $ 0     $ 205,296     $ 205,296     $ 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
ACCRUAL BASIS-5
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
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: November 2007
BANK RECONCILIATIONS
                                 
    Account #1   Account #2   Account #3   TOTAL
 
A. BANK:
   Capital One     N/A       N/A          
B. ACCOUNT NUMBER:
     3620477825                          
C. PURPOSE (TYPE):
   Depository                        
 
1. BALANCE PER BANK STATEMENT
   $ 178,188                     $ 178,188  
2. ADD: TOTAL DEPOSITS NOT CREDITED
   $ 0                     $ 0  
3. SUBTRACT: OUTSTANDING CHECKS
   $ 0                     $ 0  
4. OTHER RECONCILING ITEMS
   $ 63                     $ 63  
5. MONTH END BALANCE PER BOOKS
   $ 178,251     $ 0     $ 0     $ 178,251  
6. NUMBER OF LAST CHECK WRITTEN
   None                        
 
INVESTMENT ACCOUNTS
                                 
    DATE OF   TYPE OF   PURCHASE   CURRENT
    PURCHASE   INSTRUMENT   PRICE   VALUE
 
BANK, ACCOUNT NAME & NUMBER
                                
7.  N/A
                                
8.
                                
9.
                                
10.
                                
 
11. TOTAL INVESTMENTS
                   $ 0     $ 0  
 
CASH
         
 
12. CURRENCY ON HAND
   $ 0  
 
         
13. TOTAL CASH — END OF MONTH
   $ 178,251  
 

 

Monthly Operating Report
ACCRUAL BASIS-6
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
MONTH: November 2007
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. Gary Jensen
  Salary, Expense Reports   $14,615   $30,769
2. Mark Lasky
  Salary, Expense Reports   $  1,388   $12,078
3. Dan Yongue
  Salary, Expense Reports   $  6,506   $21,349
4.
                    
5.
                    
 
6. TOTAL PAYMENTS TO INSIDERS       $22,510   $64,196
 
PROFESSIONALS
                                         
      DATE OF COURT                           TOTAL
      ORDER AUTHORIZING   AMOUNT   AMOUNT   TOTAL PAID   INCURRED
NAME
   PAYMENT   APPROVED   PAID   TO DATE   & UNPAID *
 
1. See Case #07-44536, Kitty Hawk, Inc.                                
2.  
                                        
3.  
                                        
4.  
                                        
5.  
                                        
 
6. TOTAL PAYMENTS TO PROFESSIONALS
           $ 0     $ 0     $ 0     $ 0  
 
     
*   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. AICCO
   $ 106,001     $ 0     $ 212,002  
2. Crown Credit
   $ 12,474     $ 0     $ 24,948  
3. Other Facility leases cancelled 11/07
                        
4.  
                        
5.  
                        
 
6. TOTAL
   $ 118,475     $ 0     $ 236,950  
 

 

 

              
Monthly Operating Report
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Ground Inc.    
CASE NUMBER: 07-44537
MONTH: November 2007
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.
1 — Misc equipment sold when locations closed i/a/w de minimis asset sale motion approved by the Court
4 — During 10/07, Court approved motion to pay critical vendors (owner/operators) for pre-petition activty
7, 8,10 — DIP order in place with Laurus does not allow post-petition payments after 10/29 until Laurus is paid in full.
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.
See summary of policies below for status.
    INSTALLMENT PAYMENTS    
                     
 TYPE OF           PAYMENT AMOUNT
 POLICY   CARRIER   PERIOD COVERED   & FREQUENCY
 
Cargo Liability
  The Hanover Insurance Group   6/1/07 – 5/31/08     $49,538.50 Annual – paid in full
General Liability
  Chubb   6/1/07 – 5/31/08     $45,004 Annual – paid in full
Commerical Umbrella
  Lexington   6/1/07 – 5/31/08      cancelled   $48,684.11, monthly financed
Auto Physical Damage
  Lloyd’s of London   6/1/07 – 5/31/08     $14,000 (est), monthly
Workers Compensation
  American Home Assurance   6/1/07 – 5/31/08      cancelled   $57,316.96, monthly financed
Business Auto
  American Home Assurance   6/1/07 – 5/31/08     $42,259 Annual – paid in full
Trucker Liability
  American Home Assurance   6/1/07 – 5/31/08      cancelled   $63,829, monthly

 

 

Case Name:     Kitty Hawk Ground, Inc.
Case Number: 07-44537
Details of Other Items
                                                 
                                               
                                               
      October 2007     November 2007                                  
ACCRUAL BASIS — 1
                                                
   
                                                
8. OTHER (ATTACH LIST)
     312,210       288,467    Reported                        
                                     
  A/R — 401(k)
     (583 )     (119 )                                
  A/R — Owner/Operator
     23,562       12,915                                  
  A/R — Employees
     1,185       3,488                                  
  A/R — Payroll Advance
     (101 )     (101 )                                
  Deposits
     288,147       272,284                                  
                                     
   
                                                
   
     312,210       288,467    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
14. OTHER ASSETS, NET OF AMORTIZATION
     2,407,948       0    Reported                        
                                     
  Non compete — Scherer
     166,667       0                                  
  Non compete — Bonino
     444,444       0                                  
  Goodwill — ACT
     217,948       0                                  
  Intangibles — Customer List
     1,473,333       0                                  
  Intangibles — Trade Name
     105,556       0                                  
                                     
   
                                                
   
     2,407,948       0    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
22. OTHER (ATTACH LIST)
     21,014,404       18,311,145    Reported                        
                                     
  General Accrued AP
     917,884       638,432                                  
  Intercompany Payables
     20,064,763       17,678,727                                  
  Accrued Wages
     27,728       (5,575 )                                
  Accrued 401(k) contribution
     4,029       (439 )                                
                                     
   
                                                
   
     21,014,404       18,311,145    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
ACCRUAL BASIS — 2
                                                
 
                                                
13. OTHER OPERATING EXPENSE
     2,069,041       203,610    Reported                        
                                     
  Trucking expense
     1,420,468       (21,463 )                                
  Driver Wages
     191,728       24,720                                  
  Dispatch Wages
     14,267       7,591                                  
  Truck Lease
     31,608       15,548                                  
  Allocation to Cargo
     (552,615 )     (2,440 )                                
  Fuel
     119,526       32,227                                  
  Truck Maintenance
     67,321       7,036                                  
  Freight Handling Wages
     198,936       55,055                                  
  Freight Handling Contract Costs
     522,556       3,182                                  
  Equipment Lease
     14,024       954                                  
  Non-reorganization Professional Fees
     13,777       16,324                                  
  Other support
     27,445       64,876                                  
                                     
   
                                                
   
     2,069,041       203,610    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
16. NON-OPERATING INCOME (ATT. LIST)
     627       20,356    Reported                        
                                     
  Interest income
     627       571                                  
  Gain on Sale of Asset
     0       19,785                                  
                                     
   
                                                
   
     627       20,356    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
ACCRUAL BASIS — 3
                                                
 
                                                
8. OTHER (ATTACH LIST)  
     (3,127 )     0    Reported                        
                                     
  Opening Reconciling Item
     (3,127 )     0                                  
 
                                     
   
     (3,127 )     0    Detail                        
                                     
   
     0       0    Difference                        
 
                                                
ACCRUAL BASIS — 4
                                                
 
                                                
Aging of Post-petition Taxes
             26,935    Reported                        
 
                                              
  O/O Fuel Tax
             2,100                                  
  Fuel Tax
             24,835                                  
 
                                              
 
             26,935    Detail                        
 
                                              
 
             0    Difference                        

 

 

Footnotes Supplement
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Ground Inc.
CASE NUMBER: 07-44537
MONTH: November 2007
             
Accrual Basis   Line    
Form Number   Number   Footnote/Explanation
 
3
    8    
All available cash received into each subsidiary cash account was transferred to paydown the Laurus Master Fund Secured Debt at Kitty Hawk, Inc. (Case #07-44536)
 
            
3
    31    
All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. disbursement accounts (Case #07-44536)
 
            
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. (Case #07-44536)
 
            
6
  Secured
Notes 		 
AICCO finance agreement was cancelled when underlying insurance policies were cancelled; pending Stipulation with Court; Crown Credit — all forklifts were returned mid November 2007, waiting final administrative claim to make payment
 
            
1
    14     The intangible assets were written down to zero once operations ceased.
 
           

 

EX-99.3 4 h52889exv99w3.htm MONTHLY FINANCIAL REPORT OF KITTY HAWK CARGO, INC. exv99w3
 

Exhibit 99.3
Monthly Operating Report
ACCRUAL BASIS
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
JUDGE: Russell F. Nelms
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: NOVEMBER 30, 2007
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/ James R. Kupferschmid
 
       VP and Chief Financial Officer
 
    
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
      TITLE    
 
            
James R. Kupferschmid
      December 31, 2007    
 
           
PRINTED NAME OF RESPONSIBLE PARTY
      DATE    
 
            
PREPARER:
            
 
            
/s/ Jessica L. Wilson
      Chief Accounting Officer    
 
           
ORIGINAL SIGNATURE OF PREPARER
      TITLE    
 
            
Jessica L. Wilson
      December 31, 2007    
 
           
PRINTED NAME OF PREPARER
      DATE    

 

 

Monthly Operating Report
ACCRUAL BASIS-1
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
COMPARATIVE BALANCE SHEET
                                     
        SCHEDULE   MONTH   MONTH   MONTH
        AMOUNT   October 2007   November 2007    
 
ASSETS                                
1.  
UNRESTRICTED CASH
   $ 901,444     $ 1,369,171     $ 783,166          
2.  
RESTRICTED CASH
           $ 0     $ 0          
 
3.  
TOTAL CASH
   $ 901,444     $ 1,369,171     $ 783,166     $ 0  
 
4.  
ACCOUNTS RECEIVABLE (NET)
   $ 14,522,323     $ 12,340,333     $ 3,826,311          
5.  
INVENTORY
           $ 0     $ 0          
6.  
NOTES RECEIVABLE
           $ 0     $ 0          
7.  
PREPAID EXPENSES
           $ 161,981     $ 156,667          
8.  
OTHER (ATTACH LIST)
   $ 129,586     $ 40,715     $ 56,513          
 
9.  
TOTAL CURRENT ASSETS
   $ 15,553,353     $ 13,912,200     $ 4,822,657     $ 0  
 
10.  
PROPERTY, PLANT & EQUIPMENT
   $ 511,103     $ 2,906,397     $ 2,906,397          
11.  
LESS: ACCUMULATED DEPRECIATION / DEPLETION
   $ 0     $ 2,121,736     $ 2,158,768          
 
12.  
NET PROPERTY, PLANT & EQUIPMENT
   $ 511,103     $ 784,661     $ 747,629     $ 0  
 
13.  
DUE FROM INSIDERS
   $ 0     $ 0     $ 0          
14.  
OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)
   $ 0     $ 0     $ 0          
15.  
OTHER (ATTACH LIST)
   $ 150,000     $ 0     $ 0          
 
   
 
                                
16.  
TOTAL ASSETS
   $ 16,214,456     $ 14,696,861     $ 5,570,286     $ 0  
 
POSTPETITION LIABILITIES                                
17.  
ACCOUNTS PAYABLE
           $ 346,032     $ 454,865          
18.  
TAXES PAYABLE
           $ 13,470     $ 5,249          
19.  
NOTES PAYABLE
           $ 0     $ 0          
20.  
PROFESSIONAL FEES
           $ 0     $ 0          
21.  
SECURED DEBT
           $ 0     $ 0          
22.  
OTHER (ATTACH LIST)
           $ 34,272,677     $ 25,886,488          
 
23.  
TOTAL POSTPETITION LIABILITIES
           $ 34,632,179     $ 26,346,602     $ 0  
 
PREPETITION LIABILITIES                                
24.  
SECURED DEBT
   $ 16,684,744     $ 139,928     $ 139,611          
25.  
PRIORITY DEBT
   $ 223,906     $ 0     $ 0          
26.  
UNSECURED DEBT
   $ 3,562,306     $ 4,571,009     $ 4,502,984          
27.  
OTHER (ATTACH LIST)
           $ 0     $ 0          
 
   
 
                                
28.  
TOTAL PREPETITION LIABILITIES
   $ 20,470,956     $ 4,710,937     $ 4,642,595     $ 0  
 
   
 
                                
29.  
TOTAL LIABILITIES
   $ 20,470,956     $ 39,343,116     $ 30,989,197     $ 0  
 
EQUITY                                
30.  
PREPETITION OWNERS’ EQUITY
           $ (23,236,677 )   $ (23,236,677 )        
31.  
POSTPETITION CUMULATIVE PROFIT OR (LOSS)
           $ (1,409,578 )   $ (2,182,234 )        
32.  
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)
           $ 0                  
 
   
 
                                
33.  
TOTAL EQUITY
   $ 0     $ (24,646,255 )   $ (25,418,911 )   $ 0  
 
   
 
                                
34.  
TOTAL LIABILITIES & OWNERS’ EQUITY
   $ 20,470,956     $ 14,696,861     $ 5,570,286     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-2
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
INCOME STATEMENT
                                     
        MONTH   MONTH   MONTH   QUARTER
        October 2007   November 2007       TOTAL
 
REVENUES                                
1.  
GROSS REVENUES
   $ 4,887,660     $ (20,196 )           $ 4,867,464  
2.  
LESS: RETURNS & DISCOUNTS
   $ 0     $ 0             $ 0  
3.  
NET REVENUE
   $ 4,887,660     $ (20,196 )   $ 0     $ 4,867,464  
COST OF GOODS SOLD                                
4.  
MATERIAL
   $ 0     $ 0             $ 0  
5.  
DIRECT LABOR
   $ 0     $ 0             $ 0  
6.  
DIRECT OVERHEAD
   $ 0     $ 0             $ 0  
 
7.  
TOTAL COST OF GOODS SOLD
   $ 0     $ 0     $ 0     $ 0  
 
8.  
GROSS PROFIT
   $ 4,887,660     $ (20,196 )   $ 0     $ 4,867,464  
OPERATING EXPENSES                                
9.  
OFFICER / INSIDER COMPENSATION
   $ 5,769     $ 3,462             $ 9,231  
10.  
SELLING & MARKETING
   $ 127,489     $ 7,772             $ 135,261  
11.  
GENERAL & ADMINISTRATIVE
   $ 524,543     $ 423,736             $ 948,279  
12.  
RENT & LEASE
   $ 124,862     $ 227,416             $ 352,278  
13.  
OTHER (ATTACH LIST)
   $ 5,492,493     $ 74,316             $ 5,566,809  
 
14.  
TOTAL OPERATING EXPENSES
   $ 6,275,156     $ 736,702     $ 0     $ 7,011,858  
 
15.  
INCOME BEFORE NON-OPERATING INCOME & EXPENSE
   $ (1,387,496 )   $ (756,898 )   $ 0     $ (2,144,394 )
OTHER INCOME & EXPENSES                                
16.  
NON-OPERATING INCOME (ATT. LIST)
   $ 0     $ 21,366             $ 21,366  
17.  
NON-OPERATING EXPENSE (ATT. LIST)
   $ 0     $ 0             $ 0  
18.  
INTEREST EXPENSE
   $ 0     $ 91             $ 91  
19.  
DEPRECIATION / DEPLETION
   $ 22,082     $ 37,033             $ 59,115  
20.  
AMORTIZATION
   $ 0     $ 0             $ 0  
21.  
OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
22.  
NET OTHER INCOME & EXPENSES
   $ 22,082     $ 15,758     $ 0     $ 37,840  
REORGANIZATION EXPENSES                           $ 0  
23.  
PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
24.  
U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
25.  
OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
26.  
TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
27.  
INCOME TAX
   $ 0     $ 0             $ 0  
 
28.  
NET PROFIT (LOSS)
   $ (1,409,578 )   $ (772,656 )   $ 0     $ (2,182,234 )
 

 

 

Monthly Operating Report
ACCRUAL BASIS-3
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
                                     
        MONTH   MONTH   MONTH   QUARTER
        October 2007   November 2007       TOTAL
 
CASH RECEIPTS AND DISBURSEMENTS                                
1.  
CASH — BEGINNING OF MONTH
   $ 901,444     $ 1,369,171             $ 901,444  
RECEIPTS FROM OPERATIONS                                
2.  
CASH SALES
   $ 0     $ 0             $ 0  
COLLECTION OF ACCOUNTS RECEIVABLE                                
3.  
PREPETITION
   $ 7,326,436     $ 9,431,173             $ 16,757,609  
4.  
POSTPETITION
   $ 0     $ 0             $ 0  
5.  
TOTAL OPERATING RECEIPTS
   $ 7,326,436     $ 9,431,173     $ 0     $ 16,757,609  
NON-OPERATING RECEIPTS                                
6.  
LOANS & ADVANCES (ATTACH LIST)
   $ 0     $ 0             $ 0  
7.  
SALE OF ASSETS
   $ 0     $ 0             $ 0  
8.  
OTHER (ATTACH LIST)
   $ 2,350     $ 0             $ 2,350  
 
9.  
TOTAL NON-OPERATING RECEIPTS
   $ 2,350     $ 0     $ 0     $ 2,350  
 
10.  
TOTAL RECEIPTS
   $ 7,328,786     $ 9,431,173     $ 0     $ 16,759,959  
 
11.  
TOTAL CASH AVAILABLE
   $ 8,230,230     $ 10,800,344     $ 0     $ 17,661,403  
OPERATING DISBURSEMENTS                                
12.  
NET PAYROLL
   $ 0     $ 0             $ 0  
13.  
PAYROLL TAXES PAID
   $ 0     $ 0             $ 0  
14.  
SALES, USE & OTHER TAXES PAID
   $ 0     $ 0             $ 0  
15.  
SECURED / RENTAL / LEASES
   $ 6,857,106     $ 10,010,919             $ 16,868,025  
16.  
UTILITIES
   $ 0     $ 0             $ 0  
17.  
INSURANCE
   $ 0     $ 0             $ 0  
18.  
INVENTORY PURCHASES
   $ 0     $ 0             $ 0  
19.  
VEHICLE EXPENSES
   $ 0     $ 0             $ 0  
20.  
TRAVEL
   $ 0                     $ 0  
21.  
ENTERTAINMENT
   $ 0     $ 0             $ 0  
22.  
REPAIRS & MAINTENANCE
   $ 0     $ 0             $ 0  
23.  
SUPPLIES
   $ 0     $ 0             $ 0  
24.  
ADVERTISING
   $ 0     $ 0             $ 0  
25.  
OTHER (ATTACH LIST)
   $ 3,953     $ 6,259             $ 10,212  
26.  
TOTAL OPERATING DISBURSEMENTS
   $ 6,861,059     $ 10,017,178     $ 0     $ 16,878,237  
REORGANIZATION EXPENSES                                
27.  
PROFESSIONAL FEES
                           $ 0  
28.  
U.S. TRUSTEE FEES
                           $ 0  
29.  
OTHER (ATTACH LIST)
                           $ 0  
 
30.  
TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
31.  
TOTAL DISBURSEMENTS
   $ 6,861,059     $ 10,017,178     $ 0     $ 16,878,237  
 
32.  
NET CASH FLOW
   $ 467,727     $ (586,005 )   $ 0     $ (118,278 )
 
33.  
CASH — END OF MONTH
   $ 1,369,171     $ 783,166     $ 0     $ 783,166  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-4
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
                                         
            SCHEDULE   MONTH   MONTH   MONTH
            AMOUNT   October 2007   November 2007        
 
ACCOUNTS RECEIVABLE AGING                                
  1.    
0-30
           $ 10,350,494     $ (200,386 )        
  2.    
31-60
           $ 2,329,444     $ 3,884,160          
  3.    
61-90
           $ 172,339     $ 485,728          
  4.    
91+
           $ (343,249 )   $ (268,040 )        
 
  5.    
TOTAL ACCOUNTS RECEIVABLE
   $ 14,522,323     $ 12,509,028     $ 3,901,462     $ 0  
 
  6.    
AMOUNT CONSIDERED UNCOLLECTIBLE
           $ 174,153     $ 75,351          
 
  7.    
ACCOUNTS RECEIVABLE (NET)
   $ 14,522,323     $ 12,334,875     $ 3,826,111     $ 0  
 
     
AGING OF POSTPETITION TAXES AND PAYABLES   MONTH: November 2007
                                                 
            0-30   31-60   61-90   91+    
            DAYS   DAYS   DAYS   DAYS   TOTAL
 
TAXES PAYABLE                                        
  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)
   $ 5,249     $ 0     $ 0     $ 0     $ 5,249  
 
  5.    
TOTAL TAXES PAYABLE
   $ 5,249     $ 0     $ 0     $ 0     $ 5,249  
 
       
 
                                        
  6.    
ACCOUNTS PAYABLE
   $ 378,326     $ 76,539     $ 0     $ 0     $ 454,865  
 
     
STATUS OF POSTPETITION TAXES   MONTH: October & November 2007
                                         
            BEGINNING   AMOUNT           ENDING
            TAX   WITHHELD AND/   AMOUNT   TAX
            LIABILITY*   0R ACCRUED   PAID   LIABILITY
 
FEDERAL                                
  1.    
WITHHOLDING**
   $ 0     $ 37,219     $ 37,219     $ 0  
  2.    
FICA-EMPLOYEE**
   $ 0     $ 31,383     $ 31,383     $ 0  
  3.    
FICA-EMPLOYER**
   $ 0     $ 31,383     $ 31,383     $ 0  
  4.    
UNEMPLOYMENT
   $ 0     $ 308     $ 308     $ 0  
  5.    
INCOME
   $ 0     $ 0     $ 0     $ 0  
  6.    
OTHER (ATTACH LIST)
   $ 0     $ 318,182     $ 318,182     $ 0  
 
  7.    
TOTAL FEDERAL TAXES
   $ 0     $ 418,475     $ 418,475     $ 0  
 
STATE AND LOCAL                                
  8.    
WITHHOLDING
   $ 0     $ 15,724     $ 15,724     $ 0  
  9.    
SALES
   $ 0     $ 0     $ 0     $ 0  
  10.    
EXCISE
   $ 0     $ 0     $ 0     $ 0  
  11.    
UNEMPLOYMENT
   $ 0     $ 877     $ 877     $ 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     $ 16,601     $ 16,601     $ 0  
 
  16.    
TOTAL TAXES
   $ 0     $ 435,076     $ 435,076     $ 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
ACCRUAL BASIS-5
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
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: November 2007
BANK RECONCILIATIONS
                                         
            Account #1   Account #2   Account #3   TOTAL
 
  A.    
BANK:
   Capital One     N/A       N/A          
  B.    
ACCOUNT NUMBER:
     3620477841                          
  C.    
PURPOSE (TYPE):
   Depository                        
 
  1.    
BALANCE PER BANK STATEMENT
   $ 793,333                     $ 793,333  
  2.    
ADD: TOTAL DEPOSITS NOT CREDITED
     ($13,997 )                     ($13,997 )
  3.    
SUBTRACT: OUTSTANDING CHECKS
   $ 0                     $ 0  
  4.    
OTHER RECONCILING ITEMS
   $ 1,480                     $ 1,480  
  5.    
MONTH END BALANCE PER BOOKS
   $ 780,816     $ 0     $ 0     $ 780,816  
  6.    
NUMBER OF LAST CHECK WRITTEN
   None                        
 
INVESTMENT ACCOUNTS
                                         
            DATE OF   TYPE OF   PURCHASE   CURRENT
            PURCHASE   INSTRUMENT   PRICE   VALUE
 
BANK, ACCOUNT NAME & NUMBER                                
  7.    
N/A
                                
  8.    
 
                                
  9.    
 
                                
  10.    
 
                                
 
  11.    
TOTAL INVESTMENTS
                   $ 0     $ 0  
 
       
 
                                
CASH                                
       
 
                                
 
  12.    
CURRENCY ON HAND
                           $ 2,350  
 
 
  13.    
TOTAL CASH — END OF MONTH
                           $ 783,166  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-6
2007
CASE NAME: Kitty Hawk Cargo, Inc.

CASE NUMBER: 07-44538
MONTH: November 2007
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. Gregg Saylor
   Salary, Expense Reports   $ 3,462     $ 9,231  
2.
                        
3.
                        
4.
                        
5.
                        
 
6. TOTAL PAYMENTS TO INSIDERS           $ 3,462     $ 9,231  
 
PROFESSIONALS
                                                 
            DATE OF COURT                       TOTAL
            ORDER AUTHORIZING   AMOUNT   AMOUNT   TOTAL PAID   INCURRED
        NAME   PAYMENT   APPROVED   PAID   TO DATE   & UNPAID *
 
  1.     See Case #07-44536, Kitty Hawk, Inc.                                
  2.    
 
                                        
  3.    
 
                                        
  4.    
 
                                        
  5.    
 
                                        
 
  6.     TOTAL PAYMENTS TO PROFESSIONALS   $ 0     $ 0     $ 0     $ 0  
 
 
*   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.    
Crown Credit (4 leases)
   $ 1,434     $ 0     $ 2,868  
  2.    
Duxbury Capital
   $ 669     $ 0     $ 1,338  
  3.    
Coactive Capital
   $ 1,048     $ 0     $ 3,332  
  4.    
US Bank
   $ 168,775     $ 92,554     $ 168,775  
  5.    
Other facility leases cancelled 11/07
                        
 
  6.    
TOTAL
   $ 171,926     $ 92,554     $ 176,313  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
MONTH: November 2007
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.
1 — Misc equipment sold when locations closed i/a/w de minimis asset sale motion approved by the Court
8, 10 — DIP order in place with Laurus does not allow post-petition payments after 10/29 until Laurus is paid in full.
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
 
See Case #07-44536, Kitty Hawk, Inc.        

 

 

Footnotes Supplement
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Cargo, Inc.
CASE NUMBER: 07-44538
MONTH: November 2007
             
Accrual Basis   Line    
Form Number   Number   Footnote/Explanation
 
3
    8    
All available cash received into each subsidiary cash account was transferred to paydown the Laurus Master Fund Secured Debt at Kitty Hawk, Inc. (Case #07-44536)
 
            
3
    31    
All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. disbursement accounts (Case #07-44536)
 
            
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. ( Case #07-44536)
 
            
7
         
All insurance policies for Kitty Hawk Cargo, Inc. are carried in the name of Kitty Hawk, Inc. (Case #07-44536)

 

 

     
Case Name:
Kitty Hawk Cargo, Inc.
Case Number:
  07-44538
Details of Other Items
                         
    October 2007     November 2007          
             
ACCRUAL BASIS — 1
                        
 
                        
8. OTHER (ATTACH LIST)
     40,715       56,513     Reported
             
A/R Employees
     250       1,048          
A/R Other
     22,831       22,831          
Deposits
     17,634       32,634          
 
                        
             
 
     40,715       56,513     Detail
             
 
     0       0     Difference
 
                        
22. OTHER (ATTACH LIST)
     34,272,677       25,886,488     Reported
             
Intercompany Payables
     33,945,562       25,535,057          
Accrued Wages
     165,800       25,404          
Accrued 401(k)
     2,114       2,114          
General Accrued AP
     159,201       323,882          
Accrued Union Dues
             31          
             
 
     34,272,677       25,886,488     Detail
             
 
     0       0     Difference
 
                        
ACCRUAL BASIS — 2
                        
 
                        
13. OTHER OPERATING EXPENSE
     5,492,493       74,316     Reported
             
Airline Allocation
     1,711,813       80,740          
Chartered Airline Expense
     190,833       262          
Trucking expense
     3,398       0          
Allocation from Ground
     552,615       2,440          
Aircraft Ground Operations
     223,067       (9,766 )        
Fuel
     2,230,525       (14,201 )        
Freight Handling Wages
     170,037       22,021          
Freight Handling Contractors
     336,547       (25,302 )        
GSE Wages
     20,588       15,240          
Other Support
     47,235       4,897          
Non-reorganization Professional Fees
     5,835       (2,015 )        
 
                        
             
 
     5,492,493       74,316     Detail
             
 
     0       0     Difference
 
                        
16. NON-OPERATING INCOME (ATT. LIST)
     0       21,366     Reported
             
Gain on Sale of Asset
     0       21,366          
 
             
 
     0       21,366     Detail
             
 
     0       0     Difference
 
                        
ACCRUAL BASIS — 3
                        
 
8. OTHER (ATTACH LIST)
     2,350       0     Reported
             
Opening Reconciling Item — Petty Cash
     2,350       0          
 
                        
             
 
     2,350       0     Detail
             
 
     0       0     Difference
 
                        
25. OTHER (ATTACH LIST)
     3,953       6,259     Reported
             
Bank Charges
     3,953       6,259          
 
                        
             
 
     3,953       6,259     Detail
             
 
     0       0     Difference
 
                        
ACCRUAL BASIS — 4
                        
 
                        
Status of Post Petition Taxes
             318,182     Reported
 
                      
Federal Excise Taxes — collected and remitted
             318,182          
 
                        
 
                      
 
             318,182     Detail
 
                      
 
             0     Difference

 

EX-99.4 5 h52889exv99w4.htm MONTHLY FINANCIAL REPORT OF KITTY HAWK AIRCARGO, INC. exv99w4
 

Exhibit 99.4
Monthly Operating Report
ACCRUAL BASIS
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
JUDGE: Russell F. Nelms
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: NOVEMBER 30, 2007
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/ James R. Kupferschmid
  VP and Chief Financial Officer
 
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
 
 
 TITLE
 
    
James R. Kupferschmid
  December 31, 2007
 
PRINTED NAME OF RESPONSIBLE PARTY
 
 
 DATE
 
    
PREPARER:
    
 
    
/s/ Jessica L. Wilson
  Chief Accounting Officer
 
ORIGINAL SIGNATURE OF PREPARER
 
 
 TITLE
 
    
Jessica L. Wilson
  December 31, 2007
 
PRINTED NAME OF PREPARER
 
 
 DATE

 

 

Monthly Operating Report
ACCRUAL BASIS-1
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
COMPARATIVE BALANCE SHEET
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007        
 
ASSETS
                                
1. UNRESTRICTED CASH
   $ 2,913     $ 54,334     $ 37,623          
2. RESTRICTED CASH
           $ 0     $ 0          
 
3. TOTAL CASH
   $ 2,913     $ 54,334     $ 37,623     $ 0  
 
4. ACCOUNTS RECEIVABLE (NET)
   $ 428,572     $ 563,239     $ 536,016          
5. INVENTORY
   $ 1,807,835     $ 1,434,407     $ 1,412,526          
6. NOTES RECEIVABLE
   $ 0     $ 0     $ 0          
7. PREPAID EXPENSES
   $ 538,000     $ 1,669,075     $ 1,225,335          
8. OTHER (ATTACH LIST)
   $ 2,114,882     $ 211,081     $ 203,835          
 
9. TOTAL CURRENT ASSETS
   $ 4,892,202     $ 3,932,136     $ 3,415,335     $ 0  
 
10. PROPERTY, PLANT & EQUIPMENT
   $ 359,058     $ 2,342,879     $ 2,342,879          
11. LESS: ACCUMULATED DEPRECIATION / DEPLETION
   $ 0     $ 1,146,213     $ 1,171,285          
 
12. NET PROPERTY, PLANT & EQUIPMENT
   $ 359,058     $ 1,196,666     $ 1,171,594     $ 0  
 
13. DUE FROM INSIDERS
   $ 0     $ 0     $ 0          
14. OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)
   $ 0     $ 0     $ 0          
15. OTHER (ATTACH LIST)
   $ 0     $ 7,421,133     $ 7,562,840          
 
 
                                
16. TOTAL ASSETS
   $ 5,251,260     $ 12,549,935     $ 12,149,769     $ 0  
 
POSTPETITION LIABILITIES
                                
17. ACCOUNTS PAYABLE
           $ 86,113     $ 212,527          
18. TAXES PAYABLE
           $ 70,240     $ 68,056          
19. NOTES PAYABLE
           $ 0     $ 0          
20. PROFESSIONAL FEES
           $ 0     $ 0          
21. SECURED DEBT
           $ 0     $ 0          
22. OTHER (ATTACH LIST)
           $ 1,582,074     $ 1,729,985          
 
23. TOTAL POSTPETITION LIABILITIES
           $ 1,738,427     $ 2,010,568     $ 0  
 
PREPETITION LIABILITIES
                                
24. SECURED DEBT
   $ 16,684,744     $ 0     $ 0          
25. PRIORITY DEBT
   $ 810,299     $ 0     $ 0          
26. UNSECURED DEBT
   $ 4,675,404     $ 6,974,813     $ 6,618,679          
27. OTHER (ATTACH LIST)
           $ 0     $ 0          
 
                                
 
28. TOTAL PREPETITION LIABILITIES
   $ 22,170,447     $ 6,974,813     $ 6,618,679     $ 0  
 
 
                                
29. TOTAL LIABILITIES
   $ 22,170,447     $ 8,713,240     $ 8,629,247     $ 0  
 
EQUITY
                                
30. PREPETITION OWNERS’ EQUITY
           $ 3,848,021     $ 3,848,021          
31. POSTPETITION CUMULATIVE PROFIT OR (LOSS)
           $ (11,326 )   $ (327,499 )        
32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)
           $ 0     $ 0          
 
 
                                
33. TOTAL EQUITY
   $ 0     $ 3,836,695     $ 3,520,522     $ 0  
 
34. TOTAL LIABILITIES & OWNERS’ EQUITY
   $ 22,170,447     $ 12,549,935     $ 12,149,769     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-2
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
INCOME STATEMENT
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007           TOTAL
 
REVENUES
                                
1. GROSS REVENUES
   $ 233,545     $ 1,141,483             $ 1,375,028  
2. LESS: RETURNS & DISCOUNTS
   $ 0     $ 0             $ 0  
3. NET REVENUE
   $ 233,545     $ 1,141,483     $ 0     $ 1,375,028  
COST OF GOODS SOLD
                                
4. MATERIAL
   $ 0     $ 0             $ 0  
5. DIRECT LABOR
   $ 0     $ 0             $ 0  
6. DIRECT OVERHEAD
   $ 0     $ 0             $ 0  
 
7. TOTAL COST OF GOODS SOLD
   $ 0     $ 0     $ 0     $ 0  
 
8. GROSS PROFIT
   $ 233,545     $ 1,141,483     $ 0     $ 1,375,028  
OPERATING EXPENSES
                                
9. OFFICER / INSIDER COMPENSATION
   $ 16,884     $ 34,072             $ 50,956  
10. SELLING & MARKETING
   $ 0     $ 0             $ 0  
11. GENERAL & ADMINISTRATIVE
   $ 62,224     $ 182,698             $ 244,922  
12. RENT & LEASE
   $ 554,557     $ 802,250             $ 1,356,807  
13. OTHER (ATTACH LIST)
   $ (402,542 )   $ 954,103             $ 551,561  
 
14. TOTAL OPERATING EXPENSES
   $ 231,123     $ 1,973,123     $ 0     $ 2,204,246  
 
15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE
   $ 2,422     $ (831,640 )   $ 0     $ (829,218 )
OTHER INCOME & EXPENSES
                                
16. NON-OPERATING INCOME (ATT. LIST)
   $ 0     $ 540,539             $ 540,539  
17. NON-OPERATING EXPENSE (ATT. LIST)
   $ 0     $ 0             $ 0  
18. INTEREST EXPENSE
   $ 0     $ 0             $ 0  
19. DEPRECIATION / DEPLETION
   $ 13,749     $ 25,072             $ 38,821  
20. AMORTIZATION
   $ 0     $ 0             $ 0  
21. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
22. NET OTHER INCOME & EXPENSES
   $ 13,749     $ (515,467 )   $ 0     $ (501,718 )
REORGANIZATION EXPENSES
                           $ 0  
23. PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
24. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
26. TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
27. INCOME TAX
   $ 0     $ 0             $ 0  
 
28. NET PROFIT (LOSS)
   $ (11,327 )   $ (316,173 )   $ 0     $ (327,500 )
 

 

 

Monthly Operating Report
ACCRUAL BASIS-3
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007           TOTAL
 
CASH RECEIPTS AND DISBURSEMENTS
                                
1. CASH — BEGINNING OF MONTH
   $ 2,913     $ 54,334             $ 2,913  
RECEIPTS FROM OPERATIONS
                                
2. CASH SALES
   $ 0     $ 0             $ 0  
COLLECTION OF ACCOUNTS RECEIVABLE
                                
3. PREPETITION
   $ 209,638     $ 823,366             $ 1,033,004  
4. POSTPETITION
   $ 0     $ 0             $ 0  
5. TOTAL OPERATING RECEIPTS
   $ 209,638     $ 823,366     $ 0     $ 1,033,004  
NON-OPERATING RECEIPTS
                                
6. LOANS & ADVANCES (ATTACH LIST)
   $ 0     $ 0             $ 0  
7. SALE OF ASSETS
   $ 0     $ 0             $ 0  
8. OTHER (ATTACH LIST)
   $ 6,169     $ 1,309             $ 7,478  
 
9. TOTAL NON-OPERATING RECEIPTS
   $ 6,169     $ 1,309     $ 0     $ 7,478  
 
10. TOTAL RECEIPTS
   $ 215,807     $ 824,675     $ 0     $ 1,040,482  
 
11. TOTAL CASH AVAILABLE
   $ 218,720     $ 879,009     $ 0     $ 1,043,395  
OPERATING DISBURSEMENTS
                                
12. NET PAYROLL
   $ 0     $ 0             $ 0  
13. PAYROLL TAXES PAID
   $ 0     $ 0             $ 0  
14. SALES, USE & OTHER TAXES PAID
   $ 0     $ 0             $ 0  
15. SECURED / RENTAL / LEASES
   $ 158,566     $ 840,078             $ 998,644  
16. UTILITIES
   $ 0     $ 0             $ 0  
17. INSURANCE
   $ 0     $ 0             $ 0  
18. INVENTORY PURCHASES
   $ 0     $ 0             $ 0  
19. VEHICLE EXPENSES
   $ 0     $ 0             $ 0  
20. TRAVEL
   $ 0     $ 0             $ 0  
21. ENTERTAINMENT
   $ 0     $ 0             $ 0  
22. REPAIRS & MAINTENANCE
   $ 0     $ 0             $ 0  
23. SUPPLIES
   $ 0     $ 0             $ 0  
24. ADVERTISING
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 5,820     $ 1,308             $ 7,128  
26. TOTAL OPERATING DISBURSEMENTS
   $ 164,386     $ 841,386     $ 0     $ 1,005,772  
REORGANIZATION EXPENSES
                                
27. PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
28. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
29. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
30. TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
31. TOTAL DISBURSEMENTS
   $ 164,386     $ 841,386     $ 0     $ 1,005,772  
 
32. NET CASH FLOW
   $ 51,421     $ (16,711 )   $ 0     $ 34,710  
 
33. CASH — END OF MONTH
   $ 54,334     $ 37,623     $ 0     $ 37,623  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-4
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007        
 
ACCOUNTS RECEIVABLE AGING
                                
1. 0-30
           $ 132,450     $ 57,548          
2. 31-60
           $ 90,860     $ 23,746          
3. 61-90
           $ 3,486     $ 70,488          
 
4. 91+
           $ 210,396     $ 213,881          
 
5. TOTAL ACCOUNTS RECEIVABLE
   $ 428,572     $ 437,192     $ 365,663     $ 0  
 
6. AMOUNT CONSIDERED UNCOLLECTIBLE
   $ 0     $ 0     $ 0          
 
7. ACCOUNTS RECEIVABLE (NET)
   $ 428,572     $ 437,192     $ 365,663     $ 0  
 
         
AGING OF POSTPETITION TAXES AND PAYABLES
  MONTH: November 2007
                                         
    0-30   31-60   61-90   91+    
    DAYS   DAYS   DAYS   DAYS   TOTAL
 
TAXES PAYABLE
                                        
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  
 
5. TOTAL TAXES PAYABLE
   $ 0     $ 0     $ 0     $ 0     $ 0  
 
 
                                        
6. ACCOUNTS PAYABLE
   $ 157,790     $ 54,737     $ 0     $ 0     $ 212,527  
 
         
STATUS OF POSTPETITION TAXES
  MONTH: October & November 2007
                                 
    BEGINNING   AMOUNT           ENDING
    TAX   WITHHELD AND/   AMOUNT   TAX
    LIABILITY*   0R ACCRUED   PAID   LIABILITY
 
FEDERAL
                                
1. WITHHOLDING**
   $ 0     $ 193,018     $ 193,018     $ 0  
2. FICA-EMPLOYEE**
   $ 0     $ 86,847     $ 86,847     $ 0  
3. FICA-EMPLOYER**
   $ 0     $ 86,850     $ 86,850     $ 0  
4. UNEMPLOYMENT
   $ 0     $ 69     $ 69     $ 0  
5. INCOME
   $ 0     $ 0     $ 0     $ 0  
 
6. OTHER (ATTACH LIST)
   $ 0     $ 7,128     $ 7,128     $ 0  
 
7. TOTAL FEDERAL TAXES
   $ 0     $ 373,912     $ 373,912     $ 0  
 
STATE AND LOCAL
                                
8. WITHHOLDING
   $ 0     $ 17,029     $ 17,029     $ 0  
9. SALES
   $ 0     $ 0     $ 0     $ 0  
10. EXCISE
   $ 0     $ 0     $ 0     $ 0  
11. UNEMPLOYMENT
   $ 0     $ 240     $ 240     $ 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     $ 17,269     $ 17,269     $ 0  
 
16. TOTAL TAXES
   $ 0     $ 391,181     $ 391,181     $ 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
ACCRUAL BASIS-5
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
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.
BANK RECONCILIATIONS
MONTH: November 2007
                                 
    Account #1   Account #2   Account #3   TOTAL
 
A. BANK:
   Capital One   JP Morgan Chase   N/A          
B. ACCOUNT NUMBER:
     3620477833       100130152                  
C. PURPOSE (TYPE):
   Depository   Operating                
 
1. BALANCE PER BANK STATEMENT
   $ 37,273     $ 0             $ 37,273  
2. ADD: TOTAL DEPOSITS NOT CREDITED
   $ 0     $ 0             $ 0  
3. SUBTRACT: OUTSTANDING CHECKS
   $ 0     $ 0             $ 0  
4. OTHER RECONCILING ITEMS
   $ 0     $ 0             $ 0  
5. MONTH END BALANCE PER BOOKS
   $ 37,273     $ 0     $ 0     $ 37,273  
 
6. NUMBER OF LAST CHECK WRITTEN
   None
   No Checks
                
 
INVESTMENT ACCOUNTS
                                 
    DATE OF   TYPE OF   PURCHASE   CURRENT
    PURCHASE   INSTRUMENT   PRICE   VALUE
 
BANK, ACCOUNT NAME & NUMBER
                                
7. N/A
                                
8.
                                
9.
                                
10.
                                
 
11. TOTAL INVESTMENTS
                   $ 0     $ 0  
 
CASH
         
 
12. CURRENCY ON HAND
   $ 350  
 
 
        
13. TOTAL CASH — END OF MONTH
   $ 37,623  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-6
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
PAYMENTS TO INSIDERS AND PROFESSIONALS
MONTH: November 2007
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. Robbie Barron
   Salary, Expense Reports   $ 15,487     $ 26,998  
2. Danny Clifton
   Salary, Expense Reports   $ 10,476     $ 15,668  
3. Mark Luman
   Salary, Expense Reports   $ 8,302     $ 12,302  
4.
                        
5.
                        
 
6. TOTAL PAYMENTS TO INSIDERS
           $ 34,265     $ 54,968  
 
PROFESSIONALS
                                         
    DATE OF COURT                           TOTAL
    ORDER AUTHORIZING   AMOUNT   AMOUNT   TOTAL PAID   INCURRED
NAME   PAYMENT   APPROVED   PAID   TO DATE   & UNPAID *
 
1. See Case #07-44536, Kitty Hawk, Inc.
                                        
2.
                                        
3.
                                        
4.
                                        
5.
                                        
 
6. TOTAL PAYMENTS TO PROFESSIONALS
     $ 0     $ 0     $ 0     $ 0  
 
*   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. GECAS
   $ 738,159     $ 0     $ 1,372,597  
2. AirLease International
   $ 48,910     $ 0     $ 48,910  
3.
                        
4.
                        
5.
                        
 
6. TOTAL
   $ 787,069     $ 0     $ 1,421,507  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
MONTH: November 2007
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.
1 — Misc equipment sold when locations closed i/a/w de minimis asset sale motion approved by the Court
10 — DIP order in place with Laurus does not allow post-petition payments after 10/29 until Laurus is paid in full.
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
 
See Case #07-44536, Kitty Hawk, Inc.
                        

 

 

Footnotes Supplement
ACCRUAL BASIS-7
2007
CASE NAME: Kitty Hawk Aircargo, Inc.
CASE NUMBER: 07-44539
MONTH: November 2007
             
Accrual Basis   Line    
Form Number   Number   Footnote/Explanation
 
3
    8    
All available cash received into each subsidiary cash account was transferred to paydown the Laurus Master Fund Secured Debt at Kitty Hawk, Inc. (Case #07-44536)
 
            
3
    31    
All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. disbursement accounts (Case #07-44536)
 
            
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. ( Case #07-44536)
 
            
6
  Post Pet
Leases 		 
GECAS and AirLease are aircraft and engine leases which are protected under Section 1110; Debtor may delay lease payment 60 days from petition date
 
            
7
         
All insurance policies for Kitty Hawk Aircargo, Inc. are carried in the name of Kitty Hawk, Inc. (Case #07-44536)
 
            
1
    4     Accounts Receivable (Net) includes accrued AR at the end of the reporting period

 

 

     
Case Name: Kitty Hawk Aircargo, Inc.
 
Case Number: 07-44539 
 
Details of Other Items
                         
    October 2007   November 2007        
             
ACCRUAL BASIS — 1
                        
 
                        
8. OTHER (ATTACH LIST)
     211,081       203,835     Reported
             
AR 401(k)
     (834 )     (834 )        
AR Employees
     (1,604 )     (1,604 )        
Fuel intoplane suspense
     (30,458 )     (37,704 )        
Deposits
     243,977       243,977          
 
                        
             
 
     211,081       203,835     Detail
             
 
     0       0     Difference
 
                        
15. OTHER (ATTACH LIST)
     7,421,133       7,562,840     Reported
             
Intercompany receivable
     7,421,133       7,562,840          
 
                        
             
 
     7,421,133       7,562,840     Detail
             
 
     0       0     Difference
 
                        
22. OTHER (ATTACH LIST)
     1,582,074       1,729,985     Reported
             
Deferred gain
     575,831       22,673          
Payroll clearing
     (3,394 )     (3,394 )        
General Accrued AP
     326,652       1,147,089          
Accrued Union Dues
     (13,480 )     (1,118 )        
Accrued wages
     696,537       117,932          
Accrued 401(k)
     (72 )     (72 )        
Deferred revenue
     0       446,875          
 
                        
             
 
     1,582,074       1,729,985     Detail
             
 
     0       0     Difference
 
                        
ACCRUAL BASIS — 2
                        
 
                        
             
13. OTHER OPERATING EXPENSE
     (402,542 )     954,103     Reported
             
Crewmember wages
     501,892       254,041          
Crewmember travel
     163,607       94,256          
Training
     16,696       14,100          
Flight Operations Admin wages & travel
     42,799       36,994          
Flight Planning Expense
     14,313       6,508          
Aircraft Insurance
     51,561       83,336          
Ground Operating Expense
     5,825       1,537          
Fuel
     23,736       70,517          
Maintenance wages & travel
     140,652       201,189          
Support costs
     6,172       5,104          
Contract labor
     35,350       4,005          
Parts Related Expense
     16,627       (2,085 )        
Contractual Maintenance agreements
     291,708       261,145          
Allocation to Cargo
     (1,711,813 )     (80,740 )        
On demand charter expense
     (1,667 )     (1,829 )        
Non-reorganization Professional Fees
     0       6,025          
 
                        
             
 
     (402,542 )     954,103     Detail
             
 
     0       0     Difference
 
                        
16. NON-OPERATING INCOME (ATT. LIST)
     0       540,539     Reported
             
Recognize deferred gain on 727 sale
             540,539          
 
                        
             
 
     0       540,539     Detail
             
 
     0       0     Difference
 
                        
ACCRUAL BASIS — 3
                        
 
                        
8. OTHER (ATTACH LIST)
     6,169       1,309     Reported
             
Transfer in from Inc
     5,819       1,309          
Opening cash reconciling item — petty cash
     350                  
 
                        
             
 
     6,169       1,309     Detail
             
 
     0       0     Difference
 
                        
25. OTHER (ATTACH LIST)
     5,820       1,308     Reported
             
Federal Excise Tax payments
     5,819       1,309          
Misc balancing
     1       (1 )        
 
                        
             
 
     5,820       1,308     Detail
             
 
     0       0     Difference

 

EX-99.5 6 h52889exv99w5.htm MONTHLY FINANCIAL REPORT OF KH GROUND, INC. exv99w5
 

Exhibit 99.5
Monthly Operating Report
ACCRUAL BASIS
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
JUDGE: Russell F. Nelms
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: NOVEMBER 30, 2007
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/ James R. Kupferschmid
  VP and Chief Financial Officer    
 
       
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
  TITLE    
 
        
James R. Kupferschmid
  December 31, 2007    
 
       
PRINTED NAME OF RESPONSIBLE PARTY
  DATE    
 
        
PREPARER:
        
 
                
/s/ Jessica L. Wilson
  Chief Accounting Officer    
 
       
ORIGINAL SIGNATURE OF PREPARER
  TITLE    
 
        
Jessica L. Wilson
  December 31, 2007    
 
       
PRINTED NAME OF PREPARER
  DATE    

 

 

Monthly Operating Report
ACCRUAL BASIS-1
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
COMPARATIVE BALANCE SHEET
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007        
 
ASSETS
                                
1. UNRESTRICTED CASH
   $ 0     $ 0     $ 0          
2. RESTRICTED CASH
   $ 0     $ 0     $ 0          
 
3. TOTAL CASH
   $ 0     $ 0     $ 0     $ 0  
 
4. ACCOUNTS RECEIVABLE (NET)
   $ 0     $ 0     $ 0          
5. INVENTORY
   $ 0     $ 0     $ 0          
6. NOTES RECEIVABLE
   $ 0     $ 0     $ 0          
7. PREPAID EXPENSES
   $ 0     $ 0     $ 0          
8. OTHER (ATTACH LIST)
   $ 0     $ 0     $ 0          
 
9. TOTAL CURRENT ASSETS
   $ 0     $ 0     $ 0     $ 0  
 
10. PROPERTY, PLANT & EQUIPMENT
   $ 0     $ 0     $ 0          
11. LESS: ACCUMULATED DEPRECIATION / DEPLETION
   $ 0     $ 0     $ 0          
 
12. NET PROPERTY, PLANT & EQUIPMENT
   $ 0     $ 0     $ 0     $ 0  
 
13. DUE FROM INSIDERS
   $ 0     $ 0     $ 0          
14. OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)
   $ 0     $ 0     $ 0          
15. OTHER (ATTACH LIST)
   $ 0     $ 0     $ 0          
 
16. TOTAL ASSETS
   $ 0     $ 0     $ 0     $ 0  
 
POSTPETITION LIABILITIES
                                
17. ACCOUNTS PAYABLE
           $ 0     $ 0          
18. TAXES PAYABLE
           $ 0     $ 0          
19. NOTES PAYABLE
           $ 0     $ 0          
20. PROFESSIONAL FEES
           $ 0     $ 0          
21. SECURED DEBT
           $ 0     $ 0          
22. OTHER (ATTACH LIST)
           $ 0     $ 0          
 
23. TOTAL POSTPETITION LIABILITIES
           $ 0     $ 0     $ 0  
 
PREPETITION LIABILITIES
                                
24. SECURED DEBT
   $ 16,684,744     $ 0     $ 0          
25. PRIORITY DEBT
   $ 0     $ 0     $ 0          
26. UNSECURED DEBT
   $ 0     $ 0     $ 0          
27. OTHER (ATTACH LIST)
   $ 0     $ 0     $ 0          
 
28. TOTAL PREPETITION LIABILITIES
   $ 16,684,744     $ 0     $ 0     $ 0  
 
29. TOTAL LIABILITIES
   $ 16,684,744     $ 0     $ 0     $ 0  
 
EQUITY
                                
30. PREPETITION OWNERS’ EQUITY
     0     $ 0     $ 0          
31. POSTPETITION CUMULATIVE PROFIT OR (LOSS)
           $ 0     $ 0          
32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)
           $ 0     $ 0          
 
33. TOTAL EQUITY
   $ 0     $ 0     $ 0     $ 0  
 
34. TOTAL LIABILITIES & OWNERS’ EQUITY
   $ 16,684,744     $ 0     $ 0     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-2
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
INCOME STATEMENT
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007           TOTAL
 
REVENUES
                                
1. GROSS REVENUES
   $ 0     $ 0             $ 0  
2. LESS: RETURNS & DISCOUNTS
   $ 0     $ 0             $ 0  
3. NET REVENUE
   $ 0     $ 0     $ 0     $ 0  
COST OF GOODS SOLD
                                
4. MATERIAL
   $ 0     $ 0             $ 0  
5. DIRECT LABOR
   $ 0     $ 0             $ 0  
6. DIRECT OVERHEAD
   $ 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
   $ 0     $ 0             $ 0  
10. SELLING & MARKETING
   $ 0     $ 0             $ 0  
11. GENERAL & ADMINISTRATIVE
   $ 0     $ 0             $ 0  
12. RENT & LEASE
   $ 0     $ 0             $ 0  
13. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
14. TOTAL OPERATING EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE
   $ 0     $ 0     $ 0     $ 0  
OTHER INCOME & EXPENSES
                                
16. NON-OPERATING INCOME (ATT. LIST)
   $ 0     $ 0             $ 0  
17. NON-OPERATING EXPENSE (ATT. LIST)
   $ 0     $ 0             $ 0  
18. INTEREST EXPENSE
   $ 0     $ 0             $ 0  
19. DEPRECIATION / DEPLETION
   $ 0     $ 0             $ 0  
20. AMORTIZATION
   $ 0     $ 0             $ 0  
21. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
22. NET OTHER INCOME & EXPENSES
   $ 0     $ 0     $ 0     $ 0  
REORGANIZATION EXPENSES
                                
23. PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
24. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
26. TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
27. INCOME TAX
   $ 0     $ 0                  
 
28. NET PROFIT (LOSS)
   $ 0     $ 0     $ 0     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-3
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
                                 
    MONTH   MONTH   MONTH   QUARTER
    October 2007   November 2007           TOTAL
 
CASH RECEIPTS AND DISBURSEMENTS
                                
1. CASH — BEGINNING OF MONTH
   $ 0     $ 0     $ 0     $ 0  
RECEIPTS FROM OPERATIONS
                                
2. CASH SALES
   $ 0     $ 0             $ 0  
COLLECTION OF ACCOUNTS RECEIVABLE
                                
3. PREPETITION
   $ 0     $ 0             $ 0  
4. POSTPETITION
   $ 0     $ 0             $ 0  
5. TOTAL OPERATING RECEIPTS
   $ 0     $ 0     $ 0     $ 0  
NON-OPERATING RECEIPTS
                                
6. LOANS & ADVANCES (ATTACH LIST)
   $ 0     $ 0             $ 0  
7. SALE OF ASSETS
   $ 0     $ 0             $ 0  
8. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
9. TOTAL NON-OPERATING RECEIPTS
   $ 0     $ 0     $ 0     $ 0  
 
10. TOTAL RECEIPTS
   $ 0     $ 0     $ 0     $ 0  
 
11. TOTAL CASH AVAILABLE
   $ 0     $ 0     $ 0     $ 0  
OPERATING DISBURSEMENTS
                                
12. NET PAYROLL
   $ 0     $ 0             $ 0  
13. PAYROLL TAXES PAID
   $ 0     $ 0             $ 0  
14. SALES, USE & OTHER TAXES PAID
   $ 0     $ 0             $ 0  
15. SECURED / RENTAL / LEASES
   $ 0     $ 0             $ 0  
16. UTILITIES
   $ 0     $ 0             $ 0  
17. INSURANCE
   $ 0     $ 0             $ 0  
18. INVENTORY PURCHASES
   $ 0     $ 0             $ 0  
19. VEHICLE EXPENSES
   $ 0     $ 0             $ 0  
20. TRAVEL
   $ 0     $ 0             $ 0  
21. ENTERTAINMENT
   $ 0     $ 0             $ 0  
22. REPAIRS & MAINTENANCE
   $ 0     $ 0             $ 0  
23. SUPPLIES
   $ 0     $ 0             $ 0  
24. ADVERTISING
   $ 0     $ 0             $ 0  
25. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
26. TOTAL OPERATING DISBURSEMENTS
   $ 0     $ 0     $ 0     $ 0  
REORGANIZATION EXPENSES
                                
27. PROFESSIONAL FEES
   $ 0     $ 0             $ 0  
28. U.S. TRUSTEE FEES
   $ 0     $ 0             $ 0  
29. OTHER (ATTACH LIST)
   $ 0     $ 0             $ 0  
 
30. TOTAL REORGANIZATION EXPENSES
   $ 0     $ 0     $ 0     $ 0  
 
31. TOTAL DISBURSEMENTS
   $ 0     $ 0     $ 0     $ 0  
 
32. NET CASH FLOW
   $ 0     $ 0     $ 0     $ 0  
 
33. CASH — END OF MONTH
   $ 0     $ 0     $ 0     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-4
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
                                 
    SCHEDULE   MONTH   MONTH   MONTH
    AMOUNT   October 2007   November 2007        
 
ACCOUNTS RECEIVABLE AGING
                                
1. 0-30
   $ 0     $ 0     $ 0          
2. 31-60
   $ 0     $ 0     $ 0          
3. 61-90
   $ 0     $ 0     $ 0          
 
4. 91+
   $ 0     $ 0     $ 0          
 
5. TOTAL ACCOUNTS RECEIVABLE
   $ 0     $ 0     $ 0     $ 0  
 
6. AMOUNT CONSIDERED UNCOLLECTIBLE
   $ 0     $ 0     $ 0          
 
7. ACCOUNTS RECEIVABLE (NET)
   $ 0     $ 0     $ 0     $ 0  
 
     
AGING OF POSTPETITION TAXES AND PAYABLES
  MONTH: November 2007
                                         
    0-30   31-60   61-90   91+    
    DAYS   DAYS   DAYS   DAYS   TOTAL
 
TAXES PAYABLE
                                        
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
   $ 0     $ 0     $ 0     $ 0     $ 0  
 
     
STATUS OF POSTPETITION TAXES
  MONTH: November 2007
                                 
    BEGINNING   AMOUNT           ENDING
    TAX   WITHHELD AND/   AMOUNT   TAX
    LIABILITY*   0R ACCRUED   PAID   LIABILITY
 
FEDERAL
                                
1. WITHHOLDING**
   $ 0     $ 0     $ 0     $ 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     $ 0     $ 0     $ 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     $ 0     $ 0     $ 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
ACCRUAL BASIS-5
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
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.
     
BANK RECONCILIATIONS
  MONTH: November 2007
                                 
    Account #1   Account #2   Account #3   TOTAL
 
A. BANK:
   No Accounts                        
B. ACCOUNT NUMBER:
                                
 
C. PURPOSE (TYPE):
                                
 
1. BALANCE PER BANK STATEMENT
                                
2. ADD: TOTAL DEPOSITS NOT CREDITED
                                
3. SUBTRACT: OUTSTANDING CHECKS
                                
4. OTHER RECONCILING ITEMS
                                
5. MONTH END BALANCE PER BOOKS
   $ 0     $ 0     $ 0     $ 0  
6. NUMBER OF LAST CHECK WRITTEN
                                
 
INVESTMENT ACCOUNTS
                                 
    DATE OF   TYPE OF   PURCHASE   CURRENT
    PURCHASE   INSTRUMENT   PRICE   VALUE
 
BANK, ACCOUNT NAME & NUMBER
                                
7.
                                
8.
                                
9.
                                
10.
                                
 
11. TOTAL INVESTMENTS
                   $ 0     $ 0  
 
         
CASH
        
 
        
 
12. CURRENCY ON HAND
   $ 0  
 
 
        
13. TOTAL CASH — END OF MONTH
   $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-6
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
MONTH: November 2007
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. No insiders
                        
2.
                        
3.
                        
4.
                        
5.
                        
 
6. TOTAL PAYMENTS TO INSIDERS
           $ 0     $ 0  
 
PROFESSIONALS
                                         
    DATE OF COURT                           TOTAL
    ORDER AUTHORIZING   AMOUNT   AMOUNT   TOTAL PAID   INCURRED
NAME   PAYMENT   APPROVED   PAID   TO DATE   & UNPAID *
 
1. See Case #07-44536, Kitty Hawk, Inc.
                                        
2.
                                        
3.
                                        
4.
                                        
5.
                                        
 
6. TOTAL PAYMENTS TO PROFESSIONALS
           $ 0     $ 0     $ 0     $ 0  
 
*   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. See Case #07-44536, Kitty Hawk, Inc.
                        
2.
                        
3.
                        
4.
                        
5.
                        
 
6. TOTAL
   $ 0     $ 0     $ 0  
 

 

 

Monthly Operating Report
ACCRUAL BASIS-7
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
     
 
   MONTH: November 2007
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.
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.
This is a non-operating entity with no assets or employees and therefore has no insurance policies
INSTALLMENT PAYMENTS
             
TYPE OF           PAYMENT AMOUNT
POLICY   CARRIER   PERIOD COVERED   & FREQUENCY
 
No insurance due to being a non-operating entity with no assets or employees

 

 

Footnotes Supplement
ACCRUAL BASIS-7
2007
CASE NAME: KH Ground, Inc.
CASE NUMBER: 07-44540
MONTH: November 2007
         
Accrual Basis   Line    
Form Number   Number   Footnote/Explanation
 
General
      This is a non-operating entity.

 

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