exv99w1

ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

PLEASE ITEMIZE POLICIES BELOW.

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

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