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