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