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.