EX-99.2 3 a08-3762_1ex99d2.htm EX-99.2

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: 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 Ground Inc.

 

CASE NUMBER: 07-44537

 

COMPARATIVE BALANCE SHEET

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

 

AMOUNT

 

October 2007

 

November 2007

 

December 2007

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

106,914

 

$

294,348

 

$

178,251

 

$

68,770

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

106,914

 

$

294,348

 

$

178,251

 

$

68,770

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

7,763,152

 

$

7,094,959

 

$

4,268,132

 

$

2,427,370

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

$

974,118

 

$

827,271

 

$

864,500

 

8.

OTHER (ATTACH LIST)

 

$

767,230

 

$

312,210

 

$

288,467

 

$

267,378

 

9.

TOTAL CURRENT ASSETS

 

$

8,637,296

 

$

8,675,635

 

$

5,562,121

 

$

3,628,018

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

1,146,152

 

$

2,567,960

 

$

2,567,960

 

$

2,531,210

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

876,815

 

$

919,209

 

$

936,181

 

12.

NET PROPERTY,  PLANT & EQUIPMENT

 

$

1,146,152

 

$

1,691,145

 

$

1,648,751

 

$

1,595,029

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

$

0

 

14.

OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

2,407,948

 

$

0

 

$

0

 

15.

OTHER (ATTACH LIST)

 

$

603,884

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

10,387,332

 

$

12,774,728

 

$

7,210,872

 

$

5,223,047

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

1,077,712

 

$

1,523,311

 

$

1,577,331

 

18.

TAXES PAYABLE

 

 

 

$

13,564

 

$

26,935

 

$

27,895

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

21,014,404

 

$

18,311,145

 

$

17,322,289

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

22,105,680

 

$

19,861,391

 

$

18,927,515

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

17,206,526

 

$

1,068,310

 

$

1,063,770

 

$

1,064,069

 

25.

PRIORITY DEBT

 

$

277,316

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

7,503,343

 

$

7,928,109

 

$

7,934,673

 

$

7,868,369

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

24,987,185

 

$

8,996,419

 

$

8,998,443

 

$

8,932,438

 

29.

TOTAL LIABILITIES

 

$

24,987,185

 

$

31,102,099

 

$

28,859,834

 

$

27,859,953

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

0

 

$

(17,803,179

)

$

(17,803,179

)

$

(17,803,179

)

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(524,192

)

$

(3,845,783

)

$

(4,833,727

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

(18,327,371

)

$

(21,648,962

)

$

(22,636,906

)

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

24,987,185

 

$

12,774,728

 

$

7,210,872

 

$

5,223,047

 

 


 

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

 

December 2007

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

2,107,185

 

$

(21,780

)

$

(79,171

)

$

2,006,234

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

2,107,185

 

$

(21,780

)

$

(79,171

)

$

2,006,234

 

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

 

$

2,107,185

 

$

(21,780

)

$

(79,171

)

$

2,006,234

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

38,446

 

$

20,521

 

$

7,201

 

$

66,168

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

332,049

 

$

471,610

 

$

782,852

 

$

1,586,511

 

12.

RENT & LEASE

 

$

139,342

 

$

171,876

 

$

20,964

 

$

332,182

 

13.

OTHER (ATTACH LIST)

 

$

2,069,041

 

$

203,610

 

$

32,758

 

$

2,305,409

 

14.

TOTAL OPERATING EXPENSES

 

$

2,578,878

 

$

867,617

 

$

843,775

 

$

4,290,270

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(471,693

)

$

(889,397

)

$

(922,946

)

$

(2,284,036

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

627

 

$

20,356

 

$

374

 

$

21,357

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

23,757

 

$

23,757

 

18.

INTEREST EXPENSE

 

$

2,457

 

$

2,208

 

$

0

 

$

4,665

 

19.

DEPRECIATION / DEPLETION

 

$

23,249

 

$

42,395

 

$

31,615

 

$

97,259

 

20.

AMORTIZATION

 

$

27,419

 

$

2,407,948

 

$

0

 

$

2,435,367

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

52,498

 

$

2,432,195

 

$

54,998

 

$

2,539,691

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

10,000

 

$

10,000

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

10,000

 

$

10,000

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(524,191

)

$

(3,321,592

)

$

(987,944

)

$

(4,833,727

)

 


 

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

 

December 2007

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH — BEGINNING OF MONTH

 

$

106,914

 

$

294,349

 

$

178,251

 

$

106,914

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

2,600,470

 

$

2,768,856

 

$

1,769,099

 

$

7,138,424

 

4.

POSTPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

2,600,470

 

$

2,768,856

 

$

1,769,099

 

$

7,138,424

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

(3,127

)

$

0

 

$

(927,796

)

$

(930,923

)

9.

TOTAL NON-OPERATING RECEIPTS

 

$

(3,127

)

$

0

 

$

(927,796

)

$

(930,923

)

10.

TOTAL RECEIPTS

 

$

2,597,343

 

$

2,768,856

 

$

841,303

 

$

6,207,501

 

11.

TOTAL CASH AVAILABLE

 

$

2,704,257

 

$

3,063,205

 

$

1,019,554

 

$

6,314,415

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

0

 

$

0

 

$

0

 

$

0

 

13.

PAYROLL TAXES PAID

 

$

0

 

$

0

 

$

0

 

$

0

 

14.

SALES, USE & OTHER TAXES PAID

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

SECURED / RENTAL / LEASES

 

$

2,409,908

 

$

2,884,954

 

$

950,784

 

$

6,245,646

 

16.

UTILITIES

 

$

0

 

$

0

 

$

0

 

$

0

 

17.

INSURANCE

 

$

0

 

$

0

 

$

0

 

$

0

 

18.

INVENTORY PURCHASES

 

$

0

 

$

0

 

$

0

 

$

0

 

19.

VEHICLE EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

TRAVEL

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

ENTERTAINMENT

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

$

0

 

$

0

 

$

0

 

$

0

 

23.

SUPPLIES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

ADVERTISING

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

2,409,908

 

$

2,884,954

 

$

950,784

 

$

6,245,646

 

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

 

$

2,409,908

 

$

2,884,954

 

$

950,784

 

$

6,245,646

 

32.

NET CASH FLOW

 

$

187,435

 

$

(116,098

)

$

(109,481

)

$

(38,144

)

33.

CASH — END OF MONTH

 

$

294,349

 

$

178,251

 

$

68,770

 

$

68,770

 

 


 

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

 

December 2007

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

1.

0-30

 

 

 

$

3,382,257

 

$

14,425

 

$

10,733

 

2.

31-60

 

 

 

$

2,723,624

 

$

2,320,252

 

$

8,620

 

3.

61-90

 

 

 

$

69,181

 

$

1,180,279

 

$

1,176,140

 

4.

91+

 

 

 

$

656,170

 

$

1,029,866

 

$

1,473,182

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

7,763,152

 

$

6,831,232

 

$

4,544,822

 

$

2,668,675

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

0

 

$

108,193

 

$

108,193

 

$

108,193

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

7,763,152

 

$

6,723,039

 

$

4,436,629

 

$

2,560,482

 

 

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)

 

$

960

 

$

15,699

 

$

11,236

 

$

0

 

$

27,895

 

5.

TOTAL TAXES PAYABLE

 

$

960

 

$

15,699

 

$

11,236

 

$

0

 

$

27,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

265,929

 

$

981,996

 

$

321,473

 

$

7,933

 

$

1,577,331

 

 

STATUS OF POSTPETITION TAXES

MONTH: December 2007

 

 

 

 

BEGINNING
TAX
LIABILITY*

 

AMOUNT
WITHHELD AND/
OR ACCRUED

 

AMOUNT
PAID

 

ENDING
TAX
LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

$

0

 

$

10,402

 

$

10,402

 

$

0

 

2.

FICA-EMPLOYEE**

 

$

0

 

$

7,300

 

$

7,300

 

$

0

 

3.

FICA-EMPLOYER**

 

$

0

 

$

7,300

 

$

7,300

 

$

0

 

4.

UNEMPLOYMENT

 

$

0

 

$

7

 

$

7

 

$

0

 

5.

INCOME

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

TOTAL FEDERAL TAXES

 

$

0

 

$

25,009

 

$

25,009

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

$

0

 

$

2,686

 

$

2,686

 

$

0

 

9.

SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

EXCISE

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

UNEMPLOYMENT

 

$

0

 

$

68

 

$

68

 

$

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

 

$

2,754

 

$

2,754

 

$

0

 

16.

TOTAL TAXES

 

$

0

 

$

27,763

 

$

27,763

 

$

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:

07-44537

 

 

 

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.

 

BANK RECONCILIATIONS

MONTH: December 2007

 

 

 

 

 

 

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

 

$

68,853

 

 

 

 

 

$

68,853

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

 

 

$

0

 

4.

OTHER RECONCILING ITEMS

 

$

(83

)

 

 

 

 

$

(83

)

5.

MONTH END BALANCE PER BOOKS

 

$

68,770

 

$

0

 

$

0

 

$

68,770

 

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

 

 

 

 

 

 

 

$

68,770

 

 

 


 

 

Monthly Operating Report

 

ACCRUAL BASIS-6
2007

CASE NAME:  Kitty Hawk Ground, Inc.

 

 

 

 

 

 

CASE  NUMBER:

07-44537

 

 

 

 

 

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.

Gary Jensen

 

Salary, Expense Reports

 

$

3,258

 

$

34,027

 

2.

Mark Lasky

 

Salary, Expense Reports

 

$

0

 

$

12,078

 

3.

Dan Yongue

 

Salary, Expense Reports

 

$

3,943

 

$

25,292

 

4.

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO INSIDERS

 

 

 

 

 

$

7,201

 

$

71,397

 

 

 

PROFESSIONALS

 

 

 

 

 

DATE OF COURT

 

 

 

 

 

 

 

 

 

 

 

 

 

ORDER AUTHORIZING

 

AMOUNT

 

AMOUNT

 

TOTAL PAID

 

TOTAL
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, cancelled during 12/07

 

 

 

$

106,001

 

$

0

 

$

212,002

 

2.

Crown Credit, cancelled during 12/07

 

 

 

$

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: 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

 

7, 8,10 — DIP order in place with Laurus does not allow post-petition payments after 10/29 until Laurus is paid in full; expect payments to resume in 1/08

 

4 — Payment made on accrued vacation balances in accordance with first day orders.

 

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

 

 


 

 

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.

 

 

 

 

 

3

 

15

 

Cash receipts collected was automatically transferred to Laurus Master Fund to paydown revolver until paid in full on 12/07; afterwards, cash receipts tranferred directly to Kitty Hawk, Inc. (Case #07-44536)

 

 

 

 

 

4

 

AR - 7

 

Total Accounts Receivable does not agree to Accrual Basis — 1, line 4 due to Accrued Accounts Receivable balance at the end of the reporting cycle, $199,280.

 

 


 

CASE NAME:  Kitty Hawk Ground, Inc.

 

CASE NUMBER:  07-44537

 

Details of Other Items

 

 

December 2007

 

 

 

ACCRUAL BASIS — 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

267,378

 

Reported

 

A/R — 401(k)

 

(119

)

 

 

A/R — Owner/Operator

 

22,902

 

 

 

A/R — Employees

 

3,488

 

 

 

A/R — Payroll Advance

 

(101

)

 

 

A/R — Other

 

40,887

 

 

 

Deposits

 

200,321

 

 

 

 

 

267,378

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

14. OTHER ASSETS, NET OF AMORTIZATION

 

0

 

Reported

 

Non compete — Scherer

 

0

 

 

 

Non compete — Bonino

 

0

 

 

 

Goodwill — ACT

 

0

 

 

 

Intangibles — Customer List

 

0

 

 

 

Intangibles — Trade Name

 

0

 

 

 

 

 

0

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

17,322,289

 

Reported

 

General Accrued AP

 

544,054

 

 

 

Intercompany Payables

 

16,784,249

 

 

 

Accrued Wages

 

(5,575

)

 

 

Accrued 401(k) contribution

 

(439

)

 

 

 

 

17,322,289

 

Detail

 

 

 

0

 

Difference

 

ACCRUAL BASIS — 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

32,758

 

Reported

 

Trucking expense

 

(906

)

 

 

Driver Wages

 

2,015

 

 

 

Dispatch Wages

 

7,032

 

 

 

Truck Lease

 

15,548

 

 

 

Allocation to Cargo

 

0

 

 

 

Fuel

 

(5,834

)

 

 

Truck Maintenance

 

835

 

 

 

Freight Handling Wages

 

13,381

 

 

 

Freight Handling Contract Costs

 

0

 

 

 

Equipment Lease

 

0

 

 

 

Non-reorganization Professional Fees

 

0

 

 

 

Other support

 

687

 

 

 

 

 

32,758

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

374

 

Reported

 

 

 

 

 

 

 

Interest income

 

374

 

 

 

 

 

 

 

 

 

 

 

374

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

17. NON-OPERATING EXPENSE (ATT. LIST)

 

23,757

 

Reported

 

 

 

 

 

 

 

Loss on Sale of Assets

 

23,757

 

 

 

 

 

 

 

 

 

 

 

23,757

 

Detail

 

 

 

0

 

Difference

 

ACCRUAL BASIS — 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(927,796

)

Reported

 

Transfer to Kitty Hawk, Inc. (Case 07-44536)

 

(927,796

)

 

 

 

 

(927,796

)

Detail

 

 

 

0

 

Difference

 

ACCRUAL BASIS — 4

 

 

 

 

 

 

 

 

 

 

 

Aging of Post-petition Taxes

 

27,895

 

Reported

 

Accrued franchise taxes

 

960

 

 

 

O/O Fuel Tax

 

2,100

 

 

 

Fuel Tax

 

24,835

 

 

 

 

 

 

 

 

 

 

 

27,895

 

Detail

 

 

 

0

 

Difference