EX-99.1 2 a08-3762_1ex99d1.htm EX-99.1

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:  DECEMBER 31, 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

 

Senior VP and Chief Restructing Officer

ORIGINAL  SIGNATURE  OF RESPONSIBLE PARTY

 

TITLE

 

 

 

 

 

 

James R. Kupferschmid

 

January 24, 2008

PRINTED NAME OF RESPONSIBLE PARTY

 

DATE

 

 

 

 

 

 

PREPARER:

 

 

 

 

 

/s/ Jessica L. Wilson

 

VP and Chief Financial Officer

ORIGINAL  SIGNATURE  OF  PREPARER

 

TITLE

 

 

 

 

 

 

Jessica L. Wilson

 

January 24, 2008

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

 

December 2007

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

0

 

$

690,282

 

$

37,748

 

$

1,657,197

 

2.

RESTRICTED CASH

 

$

2,869,929

 

$

2,874,759

 

$

2,882,870

 

$

2,818,971

 

3.

TOTAL CASH

 

$

2,869,929

 

$

3,565,041

 

$

2,920,618

 

$

4,476,168

 

4.

ACCOUNTS RECEIVABLE (NET)

 

 

 

$

(1,000,146

)

$

(999,465

)

$

(939,218

)

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

$

699,558

 

$

611,276

 

$

492,787

 

8.

OTHER (ATTACH LIST)

 

$

15,953

 

$

46,850,577

 

$

35,937,044

 

$

33,323,620

 

9.

TOTAL CURRENT ASSETS

 

$

2,885,882

 

$

50,115,030

 

$

38,469,473

 

$

37,353,357

 

10.

PROPERTY, PLANT  & EQUIPMENT

 

$

1,425,325

 

$

3,362,423

 

$

3,362,423

 

$

3,362,423

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

1,794,013

 

$

1,825,608

 

$

1,852,250

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

1,425,325

 

$

1,568,410

 

$

1,536,815

 

$

1,510,173

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

 

 

14.

OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

4,758,694

 

$

4,622,732

 

$

3,486,848

 

15.

 OTHER (ATTACH LIST)

 

$

1,109,030

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

5,420,237

 

$

56,442,134

 

$

44,629,020

 

$

42,350,378

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

52,754

 

$

80,583

 

$

(17,944

)

18.

TAXES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

110,000

 

$

323,000

 

$

737,144

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

21,691

 

$

6,666

 

$

358,817

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

184,445

 

$

410,249

 

$

1,078,017

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

15,602,760

 

$

14,376,295

 

$

2,519,599

 

$

(43,454

)

25.

PRIORITY DEBT

 

$

56,297

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

1,010,347

 

$

906,948

 

$

933,789

 

$

787,383

 

27.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

 

 

28.

TOTAL PREPETITION LIABILITIES

 

$

16,669,404

 

$

15,283,243

 

$

3,453,388

 

$

743,929

 

29.

TOTAL LIABILITIES

 

$

16,669,404

 

$

15,467,688

 

$

3,863,637

 

$

1,821,946

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

41,090,061

 

$

41,090,061

 

$

41,090,061

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(115,615

)

$

(324,678

)

$

(561,629

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

 

 

33.

TOTAL EQUITY

 

$

0

 

$

40,974,446

 

$

40,765,383

 

$

40,528,432

 

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

16,669,404

 

$

56,442,134

 

$

44,629,020

 

$

42,350,378

 

 

 


 

 

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

 

December 2007

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

0

 

$

0

 

$

0

 

$

0

 

COST OF GOODS SOLD

 

 

 

 

 

 

 

 

 

4.

MATERIAL

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

DIRECT LABOR

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

DIRECT OVERHEAD

 

$

0

 

$

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

 

$

80,738

 

$

268,641

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

384,473

 

$

416,364

 

$

1,433,575

 

$

2,234,412

 

12.

RENT & LEASE

 

$

20,452

 

$

38,729

 

$

40,588

 

$

99,769

 

13.

OTHER (ATTACH LIST)

 

$

(616,445

)

$

(744,571

)

$

(1,758,293

)

$

(3,119,309

)

14.

TOTAL OPERATING EXPENSES

 

$

(128,298

)

$

(184,797

)

$

(203,392

)

$

(516,487

)

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

128,298

 

$

184,797

 

$

203,392

 

$

516,487

 

OTHER INCOME  & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

5,440

 

$

16,337

 

$

13,814

 

$

35,591

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

18.

INTEREST EXPENSE

 

$

121,056

 

$

165,373

 

$

3,599

 

$

290,028

 

19.

DEPRECIATION / DEPLETION

 

$

17,327

 

$

31,595

 

$

26,642

 

$

75,564

 

20.

AMORTIZATION

 

$

971

 

$

0

 

$

0

 

$

971

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENES

 

$

133,914

 

$

180,631

 

$

16,427

 

$

330,972

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

110,000

 

$

213,228

 

$

413,916

 

$

737,144

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

10,000

 

$

10,000

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

110,000

 

$

213,228

 

$

423,916

 

$

747,144

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(115,616

)

$

(209,062

)

$

(236,951

)

$

(561,629

)

 

 


 

 

Monthly Operating Report

 

ACCRUAL BASIS-3
2007

CASE NAME:  Kitty Hawk, Inc.

 

CASE  NUMBER: 07-44536

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

October 2007

 

November 2007

 

December 2007

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH — BEGINNING OF MONTH

 

$

0

 

$

690,282

 

$

37,748

 

$

0

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

4.

POSTPETITION

 

$

0

 

$

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

 

$

486,566

 

$

9,881,566

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

48,022

 

$

658

 

$

6,255,189

 

$

6,303,869

 

9.

TOTAL NON-OPERATING RECEIPTS

 

$

7,683,022

 

$

1,760,658

 

$

6,741,755

 

$

16,185,435

 

10.

TOTAL RECEIPTS

 

$

7,683,022

 

$

1,760,658

 

$

6,741,755

 

$

16,185,435

 

11.

TOTAL CASH AVAILABLE

 

$

7,683,022

 

$

2,450,940

 

$

6,779,503

 

$

16,185,435

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

1,091,326

 

$

1,086,991

 

$

845,842

 

$

3,024,159

 

13.

PAYROLL TAXES PAID

 

$

379,056

 

$

404,775

 

$

307,312

 

$

1,091,143

 

14.

SALES, USE & OTHER TAXES PAID

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

SECURED / RENTAL / LEASES

 

$

165,069

 

$

210,417

 

$

797,213

 

$

1,172,699

 

16.

UTILITIES

 

$

0

 

$

2,777

 

$

81,208

 

$

83,985

 

17.

INSURANCE

 

$

545,270

 

$

188,148

 

$

122,743

 

$

856,161

 

18.

INVENTORY PURCHASES

 

$

600

 

$

0

 

$

0

 

$

600

 

19.

VEHICLE EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

TRAVEL

 

$

181,109

 

$

103,268

 

$

102,256

 

$

386,633

 

21.

ENTERTAINMENT

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

$

29,762

 

$

2,932

 

$

85,868

 

$

118,562

 

23.

SUPPLIES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

ADVERTISING

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

4,600,548

 

$

413,884

 

$

2,779,864

 

$

7,794,296

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

6,992,740

 

$

2,413,192

 

$

5,122,306

 

$

14,528,238

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

27.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

29.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

30.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

31.

TOTAL DISBURSEMENTS

 

$

6,992,740

 

$

2,413,192

 

$

5,122,306

 

$

14,528,238

 

32.

NET CASH FLOW

 

$

690,282

 

$

(652,534

)

$

1,619,449

 

$

1,657,197

 

33.

CASH — END OF MONTH

 

$

690,282

 

$

37,748

 

$

1,657,197

 

$

1,657,197

 

 

 


 

 

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

 

December 2007

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

 

 

1.

0-30

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

31-60

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

61-90

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

4.

91+

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

0

 

$

1,000,146

 

$

999,465

 

$

939,218

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

0

 

$

(1,000,146

)

$

(999,465

)

$

(939,218

)

 

AGING OF POSTPETITION TAXES AND PAYABLES

MONTH: December 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

 

$

(52,176

)

$

19,813

 

$

12,193

 

$

2,226

 

$

(17,944

)

 

STATUS OF POSTPETITION TAXES

MONTH: December 2007

 

 

 

 

 

 

 

 

 

BEGINNING
TAX

 

AMOUNT
WITHHELD AND/

 

AMOUNT

 

ENDING
TAX

 

 

 

 

 

 

 

 

 

LIABILITY*

 

OR ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

 

 

 

 

$

0

 

$

27,119

 

$

27,119

 

$

0

 

2.

FICA-EMPLOYEE**

 

 

 

 

 

$

0

 

$

9,205

 

$

9,205

 

$

0

 

3.

FICA-EMPLOYER**

 

 

 

 

 

$

0

 

$

9,205

 

$

9,205

 

$

0

 

4.

UNEMPLOYMENT

 

 

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

INCOME

 

 

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

OTHER (ATTACH LIST)

 

 

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

TOTAL FEDERAL TAXES

 

 

 

 

 

$

0

 

$

45,529

 

$

45,529

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

 

 

 

 

$

0

 

$

745

 

$

745

 

$

0

 

9.

SALES

 

 

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

EXCISE

 

 

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

UNEMPLOYMENT

 

 

 

 

 

$

0

 

$

104

 

$

104

 

$

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

 

$

849

 

$

849

 

16.

TOTAL TAXES

 

 

 

 

 

$

0

 

$

46,378

 

$

46,378

 

$

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:  December 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

 

$

150,000

 

$

0

 

$

0

 

$

150,000

 

2.    ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

$

0

 

$

0

 

$

0

 

3.    SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

$

578,079

 

$

434,579

 

$

1,012,658

 

4.    OTHER RECONCILING ITEMS

 

$

4,793

 

$

0

 

$

0

 

$

4,793

 

5.    MONTH END BALANCE PER BOOKS

 

$

154,793

 

$

(578,079

)

$

(434,579

)

$

(857,865

)

6.    NUMBER OF LAST CHECK WRITTEN

 

No checks

 

109350

 

066991/210577

 

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

 

 

 

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

BANK, ACCOUNT NAME  & NUMBER

 

 

 

 

 

 

 

 

 

 

 

7.    JP Morgan Chase — Overnight Sweep -

 

 

 

12/31/2007

 

money market

 

$

2,514,862

 

$

2,514,862

 

8.    

 

 

 

 

 

 

 

 

 

 

 

9.    

 

 

 

 

 

 

 

 

 

 

 

10.  

 

 

 

 

 

 

 

 

 

 

 

11.  TOTAL INVESTMENTS

 

 

 

 

 

 

 

$

2,514,862

 

$

2,514,862

 

 

CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

12.  CURRENCY ON HAND

 

 

 

 

 

 

 

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

13.  TOTAL CASH — END OF MONTH

 

 

 

 

 

 

 

 

 

$

1,657,197

 

 

 


 

 

Monthly Operating Report

ACCRUAL BASIS-6

2007

 

CASE NAME: Kitty Hawk, Inc.

CASE NUMBER: 07-44536

 

 

 

MONTH:  December 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

 

$

50,043

 

2.

 

Jessica L. Wilson

 

Salary, Expense Reports

 

$

10,417

 

$

31,251

 

3.

 

Brad Eagelston

 

Salary, Expense Reports

 

$

12,917

 

$

38,751

 

4.

 

David Rescino

 

Salary, Expense Reports

 

$

16,737

 

$

50,068

 

5.

 

Steven Markhoff

 

Salary, Expense Reports

 

$

0

 

$

18,333

 

6.

 

Mel Keating

 

Executive Committee Fee, Exp Reports

 

$

24,000

 

$

96,902

 

7.

 

TOTAL PAYMENTS
TO INSIDERS

 

 

 

$

80,738

 

$

285,348

 

 

PROFESSIONALS

 

 

 

 

 

DATE OF COURT

 

 

 

 

 

 

 

TOTAL

 

 

 

 

 

ORDER AUTHORIZING

 

AMOUNT

 

AMOUNT

 

TOTAL PAID

 

INCURRED

 

 

 

NAME

 

PAYMENT

 

APPROVED

 

PAID

 

TO DATE

 

& UNPAID*

 

1.

 

Andrews Kurth LLP

 

 

 

 

 

 

 

 

 

$

515,144

 

2.

 

Otterbourg, Steindler, Houston & Rosen, P.C.

 

 

 

 

 

 

 

 

 

$

180,000

 

3.

 

Munsch Hardt Kopf & Harr, P.C.

 

 

 

 

 

 

 

 

 

$

42,000

 

4.

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

TOTAL PAYMENTS
TO PROFESSIONALS

 

 

 

$

0

 

$

0

 

$

0

 

$

737,144

 

*                                         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

 

$

4,039,062

 

$

0

 

2.

Cananwill

 

$

12,020

 

$

0

 

$

12,020

 

3.

Citicorp Vendor Finance

 

$

6,005

 

$

0

 

$

18,015

 

4.

DFW Airport — Facility rent

 

$

37,295

 

$

38,760

 

$

0

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL

 

$

55,320

 

$

4,077,822

 

$

30,035

 

 

 


 

 

Monthly Operating Report

ACCRUAL BASIS-7

2007

 

CASE NAME: Kitty Hawk, Inc.

CASE NUMBER: 07-44536

 

 

 

MONTH:  December 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  —  Payment made on pre-petition credit card charges $(72,000) through Chase Bank from cash collateral account as approved by Court. Payment also made on accrued vacation balances and insurance liabilities in accordance with first day orders.

# 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 1/08

 

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.

# 2 — 12/07 Property Insurance premium paid 1/10/08.

 

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

 

Fiduciary 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:  December 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

 

The fees noted on this schedule are initial estimates and are subject to change

 

 

Fees

 

once final billings are prepared.

 

 

 

 

 

1

 

24

 

Secured Debt pre-petition includes $257,365 Laurus is holding after payment

 

 

 

 

in full for the outstanding obligations on 12/7/07, pending their final receipt

 

 

 

 

and reconciliation of professional fees they expended during the proceedings

 

 


 

 

Case Name: Kitty Hawk, Inc.

Case Number: 07-44536

 

Details of Other Items

 

 

 

 

 

 

 

 

 

 

December 2007

 

 

 

ACCRUAL BASIS — 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

33,323,620

 

Reported

 

Flex Spending deposit

 

17,283

 

 

 

A/R — 401(k) Loan

 

37

 

 

 

A/R — Travel Advance

 

15,720

 

 

 

Deposits

 

54,868

 

 

 

Professional Fees Retainer

 

457,365

 

 

 

Intercompany Receivables

 

32,778,347

 

 

 

 

 

 

 

 

 

 

 

33,323,620

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

14. OTHER ASSETS — NET OF AMORTIZATION ATTACH LIST

 

3,486,848

 

Reported

 

Laurus Loan Organization Costs

 

3,486,848

 

 

 

 

 

 

 

 

 

 

 

3,486,848

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

358,817

 

Reported

 

A/P Clearing

 

(3,953

)

 

 

General Accrued AP

 

382,817

 

 

 

Accrued Health Savings Plan

 

(20,277

)

 

 

AFLAC Deductions

 

4

 

 

 

Accrued Wages

 

0

 

 

 

Accrued 401(k)

 

226

 

 

 

 

 

 

 

 

 

 

 

358,817

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER (ATTACH LIST)

 

(1,758,293

)

Reported

 

G&A allocation to subsidiaries

 

(1,758,293

)

 

 

 

 

 

 

 

 

 

 

(1,758,293

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

13,814

 

Reported

 

Interest Income

 

8,290

 

 

 

Gain on Sale of assets

 

5,524

 

 

 

 

 

 

 

 

 

 

 

13,814

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 3

 

 

 

 

 

 

 

 

 

 

 

6. LOANS  & ADVANCES (ATTACH LIST)

 

486,566

 

Reported

 

Borrowings from Laurus

 

486,566

 

 

 

 

 

 

 

 

 

 

 

486,566

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

6,255,189

 

Reported

 

Transfers in from Kitty Hawk Cargo (Case 07-44538)

 

1,447,402

 

 

 

Transfers in from Kitty Hawk Ground (Case 07-44537)

 

927,796

 

 

 

Transfers in from Kitty Hawk Aircargo (Case 07-44539)

 

3,655,632

 

 

 

Misc Refunds

 

224,170

 

 

 

Interest income

 

189

 

 

 

 

 

 

 

 

 

 

 

6,255,189

 

Detail

 

 

 

0

 

Difference

 

 

 


 

 

25. OTHER (ATTACH LIST)

 

2,779,864

 

Reported

 

401(k)

 

91,012

 

 

 

Aircraft landing and parking

 

43,653

 

 

 

Bank fees

 

9,200

 

 

 

BOD Fees

 

0

 

 

 

Cleaning

 

7,836

 

 

 

Contract labor

 

41,971

 

 

 

Employee expense reports

 

16,292

 

 

 

Executive committee fees

 

24,000

 

 

 

Flight crew expense

 

2,135

 

 

 

Freight handling

 

13,548

 

 

 

IT support

 

5,943

 

 

 

Payroll processing fees

 

3,962

 

 

 

Non-reorganization professional fees

 

2,000

 

 

 

Security

 

0

 

 

 

Shipping

 

4,213

 

 

 

Trucking

 

0

 

 

 

Misc

 

1,729

 

 

 

Transfer to Kitty Hawk Aircargo (Case 07-44539)

 

14,730

 

 

 

Refund Post-Petition Deposit — DHL

 

2,500,000

 

 

 

Void Checks

 

(2,360

)

 

 

 

 

 

 

 

 

 

 

2,779,864

 

Detail

 

 

 

0

 

Difference