EX-99.3 4 a08-3762_1ex99d3.htm EX-99.3

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: 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 Cargo, Inc.

 

CASE NUMBER: 07-44538

 

 

COMPARATIVE BALANCE SHEET

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

AMOUNT

 

October 2007

 

November 2007

 

December 2007

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

901,444

 

$

1,369,171

 

$

783,166

 

$

68,445

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

901,444

 

$

1,369,171

 

$

783,166

 

$

68,445

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

12,340,333

 

$

3,826,311

 

$

1,013,546

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

 

$

161,981

 

$

156,667

 

$

153,917

 

8.

OTHER (ATTACH LIST)

 

$

129,586

 

$

40,715

 

$

56,513

 

$

56,359

 

9.

TOTAL CURRENT ASSETS

 

$

15,553,353

 

$

13,912,200

 

$

4,822,657

 

$

1,292,267

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

2,906,397

 

$

2,906,397

 

$

2,573,264

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

2,121,736

 

$

2,158,768

 

$

2,090,922

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

784,661

 

$

747,629

 

$

482,342

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

$

0

 

14.

OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

OTHER (ATTACH LIST)

 

$

150,000

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

16,214,456

 

$

14,696,861

 

$

5,570,286

 

$

1,774,609

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

346,032

 

$

454,865

 

$

337,025

 

18.

TAXES PAYABLE

 

 

 

$

13,470

 

$

5,249

 

$

12,170

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

34,272,677

 

$

25,886,488

 

$

22,752,796

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

34,632,179

 

$

26,346,602

 

$

23,101,991

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

16,684,744

 

$

139,928

 

$

139,611

 

$

137,746

 

25.

PRIORITY DEBT

 

$

223,906

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

3,562,306

 

$

4,571,009

 

$

4,502,984

 

$

4,388,326

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

20,470,956

 

$

4,710,937

 

$

4,642,595

 

$

4,526,072

 

29.

TOTAL LIABILITIES

 

$

20,470,956

 

$

39,343,116

 

$

30,989,197

 

$

27,628,063

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

(23,236,677

)

$

(23,236,677

)

$

(23,236,677

)

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(1,409,578

)

$

(2,182,234

)

$

(2,616,777

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

(24,646,255

)

$

(25,418,911

)

$

(25,853,454

)

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

20,470,956

 

$

14,696,861

 

$

5,570,286

 

$

1,774,609

 

 

 

 


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

 

December 2007

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

4,887,660

 

$

(20,196

)

$

19,249

 

$

4,886,713

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

4,887,660

 

$

(20,196

)

$

19,249

 

$

4,886,713

 

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

 

$

4,887,660

 

$

(20,196

)

$

19,249

 

$

4,886,713

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

5,769

 

$

3,462

 

$

0

 

$

9,231

 

10.

SELLING & MARKETING

 

$

127,489

 

$

7,772

 

$

2,577

 

$

137,838

 

11.

GENERAL & ADMINISTRATIVE

 

$

524,543

 

$

423,736

 

$

505,054

 

$

1,453,333

 

12.

RENT & LEASE

 

$

124,862

 

$

227,416

 

$

64,760

 

$

417,038

 

13.

OTHER (ATTACH LIST)

 

$

5,492,493

 

$

74,316

 

$

15,134

 

$

5,581,943

 

14.

TOTAL OPERATING EXPENSES

 

$

6,275,156

 

$

736,702

 

$

587,525

 

$

7,599,383

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(1,387,496

)

$

(756,898

)

$

(568,276

)

$

(2,712,670

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

0

 

$

21,366

 

$

369,015

 

$

390,381

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

228,393

 

$

228,393

 

18.

INTEREST EXPENSE

 

$

0

 

$

91

 

$

449

 

$

540

 

19.

DEPRECIATION / DEPLETION

 

$

22,082

 

$

37,033

 

$

(3,560

)

$

55,555

 

20.

AMORTIZATION

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

22,082

 

$

15,758

 

$

(143,733

)

$

(105,893

)

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)

 

$

(1,409,578

)

$

(772,656

)

$

(434,543

)

$

(2,616,777

)

 

 

 

 

 


 

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

 

December 2007

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH — BEGINNING OF MONTH

 

$

901,444

 

$

1,369,171

 

$

783,166

 

$

901,444

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

7,326,436

 

$

9,431,173

 

$

2,761,940

 

$

19,519,549

 

4.

POSTPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

7,326,436

 

$

9,431,173

 

$

2,761,940

 

$

19,519,549

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

$

0

 

$

0

 

$

0

 

$

0

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

2,350

 

$

0

 

$

(1,447,402

)

$

(1,445,052

)

9.

TOTAL NON-OPERATING RECEIPTS

 

$

2,350

 

$

0

 

$

(1,447,402

)

$

(1,445,052

)

10.

TOTAL RECEIPTS

 

$

7,328,786

 

$

9,431,173

 

$

1,314,538

 

$

18,074,497

 

11.

TOTAL CASH AVAILABLE

 

$

8,230,230

 

$

10,800,344

 

$

2,097,704

 

$

18,975,941

 

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

 

$

6,857,106

 

$

10,010,919

 

$

2,024,612

 

$

18,892,637

 

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)

 

$

3,953

 

$

6,259

 

$

4,647

 

$

14,859

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

6,861,059

 

$

10,017,178

 

$

2,029,259

 

$

18,907,496

 

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

 

$

6,861,059

 

$

10,017,178

 

$

2,029,259

 

$

18,907,496

 

32.

NET CASH FLOW

 

$

467,727

 

$

(586,005

)

$

(714,721

)

$

(832,999

)

33.

CASH — END OF MONTH

 

$

1,369,171

 

$

783,166

 

$

68,445

 

$

68,445

 

 

 

 

 


 

 

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

 

December 2007

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

1.

0-30

 

 

 

 

 

$

10,350,494

 

$

(200,386

)

$

(99,587

)

2.

31-60

 

 

 

 

 

$

2,329,444

 

$

3,884,160

 

$

(89,793

)

3.

61-90

 

 

 

 

 

$

172,339

 

$

485,728

 

$

1,236,194

 

4.

91+

 

 

 

 

 

$

(343,249

)

$

(268,040

)

$

40,749

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

14,522,323

 

$

12,509,028

 

$

3,901,462

 

$

1,087,563

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

 

 

$

174,153

 

$

75,351

 

$

74,213

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

12,334,875

 

$

3,826,111

 

$

1,013,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

12,170

 

$

0

 

$

0

 

$

0

 

$

12,170

 

5.

TOTAL TAXES PAYABLE

 

$

12,170

 

$

0

 

$

0

 

$

0

 

$

12,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

(93,796

)

$

313,135

 

$

95,261

 

$

22,425

 

$

337,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATUS OF POSTPETITION TAXES

 

 

 

MONTH:

 

December 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

 

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

 

 

LIABILITY*

 

0R ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

 

 

$

0

 

$

12,059

 

$

12,059

 

$

0

 

2.

FICA-EMPLOYEE**

 

 

 

$

0

 

$

7,594

 

$

7,594

 

$

0

 

3.

FICA-EMPLOYER**

 

 

 

$

0

 

$

7,594

 

$

7,594

 

$

0

 

4.

UNEMPLOYMENT

 

 

 

$

0

 

$

5

 

$

5

 

$

0

 

5.

INCOME

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

TOTAL FEDERAL TAXES

 

 

 

$

0

 

$

27,252

 

$

27,252

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

 

 

$

0

 

$

4,250

 

$

4,250

 

$

0

 

9.

SALES

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

EXCISE

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

UNEMPLOYMENT

 

 

 

$

0

 

$

5

 

$

5

 

$

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

 

$

4,255

 

$

4,255

 

$

0

 

16.

TOTAL TAXES

 

 

 

$

0

 

$

31,507

 

$

31,507

 

$

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:

December 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

 

$

66,597

 

 

 

 

 

$

66,597

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

 

 

$

0

 

4.

OTHER RECONCILING ITEMS

 

$

(502

)

 

 

 

 

$

(502

)

5.

MONTH END BALANCE PER BOOKS

 

$

66,095

 

$

0

 

$

0

 

$

66,095

 

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

 

 

 

 

 

 

 

$

68,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Monthly Operating Report

 

ACCRUAL BASIS-6

2007

 

CASE NAME: Kitty Hawk Cargo, Inc.

 

CASE NUMBER: 07-44538

 

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.

Gregg Saylor

 

 

 

 

 

Salary, Expense Reports

 

$

0

 

$

9,231

 

2.

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO INSIDERS

 

 

 

 

 

$

0

 

$

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), lease cancelled 11/07

 

$

1,434

 

$

0

 

$

2,868

 

2.

Duxbury Capital, lease cancelled 11/07

 

 

 

$

669

 

$

0

 

$

1,338

 

3.

Coactive Capital

 

 

 

 

 

$

1,048

 

$

3,332

 

$

0

 

4.

US Bank

 

 

 

 

 

$

168,775

 

$

338,775

 

$

0

 

5.

Other facility leases cancelled 11/07

 

 

 

 

 

 

 

 

 

 

 

6.

TOTAL

 

 

 

 

 

$

171,926

 

$

342,107

 

$

4,206

 

 

 


Monthly Operating Report

 

ACCRUAL BASIS-7

2007

 

CASE NAME: Kitty Hawk Cargo, Inc.

 

CASE NUMBER: 07-44538

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

 

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.

INSTALLMENT PAYMENTS

 

 

TYPE OF

 

 

PAYMENT AMOUNT

POLICY

CARRIER

PERIOD COVERED

& FREQUENCY

See Case #07-44536, Kitty Hawk, Inc.

 

 

 

 

 

 

 

 

 


Footnotes Supplement

 

ACCRUAL BASIS

2007

CASE NAME: Kitty Hawk Cargo, Inc.

 

CASE NUMBER: 07-44538

 

MONTH: December 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)

 

 

 

 

 

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 miscellaneous reconciling item of $196.

 

 


 

Case Name: Kitty Hawk Cargo, Inc.

Case Number: 07-44538

 

Details of Other Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 2007

 

 

 

ACCRUAL BASIS — 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

56,359

 

Reported

 

A/R Employees

 

988

 

 

 

A/R Other

 

22,831

 

 

 

Deposits

 

32,634

 

 

 

A/R — 401(k) loan

 

(94

)

 

 

 

 

 

 

 

 

 

 

56,359

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

22,752,796

 

Reported

 

Intercompany Payables

 

22,653,097

 

 

 

Accrued Wages

 

16,440

 

 

 

Accrued 401(k)

 

2,114

 

 

 

General Accrued AP

 

81,145

 

 

 

Accrued Union Dues

 

0

 

 

 

 

 

22,752,796

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

15,134

 

Reported

 

Airline Allocation

 

0

 

 

 

Chartered Airline Expense

 

0

 

 

 

Trucking expense

 

(4,711

)

 

 

Allocation from Ground

 

0

 

 

 

Aircraft Ground Operations

 

3,340

 

 

 

Fuel

 

0

 

 

 

Freight Handling Wages

 

17,815

 

 

 

Freight Handling Contractors

 

(7,233

)

 

 

GSE Wages

 

5,923

 

 

 

Other Support

 

0

 

 

 

Non-reorganization Professional Fees

 

0

 

 

 

 

 

 

 

 

 

 

 

15,134

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

369,015

 

Reported

 

Gain on Sale of Assets

 

366,093

 

 

 

Other misc income

 

2,922

 

 

 

 

 

 

 

 

 

 

 

369,015

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

17. NON-OPERATING EXPENSE (ATT. LIST)

 

228,393

 

Reported

 

Write off software development costs

 

228,393

 

 

 

 

 

 

 

 

 

 

 

228,393

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(1,447,402

)

Reported

 

Transfer to Inc (#07-44536)

 

(1,447,402

)

 

 

 

 

 

 

 

 

 

 

(1,447,402

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

25. OTHER (ATTACH LIST)

 

4,647

 

Reported

 

Bank Charges

 

4,647

 

 

 

 

 

 

 

 

 

 

 

4,647

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 4

 

 

 

 

 

 

 

 

 

 

 

Aging of Post-petition Taxes

 

12,170

 

Reported

 

 

 

 

 

 

 

Accrued franchise tax

 

341

 

 

 

Accrued property tax

 

25,484

 

 

 

Federal Excise Tax

 

(13,655

)

 

 

 

 

 

 

 

 

 

 

12,170

 

Detail

 

 

 

0

 

Difference