EX-99.4 5 a08-3762_1ex99d4.htm EX-99.4

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: 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 Aircargo, Inc.

 

CASE  NUMBER: 07-44539

 

COMPARATIVE BALANCE SHEET

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

AMOUNT

 

October 2007

 

November 2007

 

December 2007

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

2,913

 

$

54,334

 

$

37,623

 

$

564,506

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

2,913

 

$

54,334

 

$

37,623

 

$

564,506

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

428,572

 

$

563,239

 

$

536,016

 

$

599,968

 

5.

INVENTORY

 

$

1,807,835

 

$

1,434,407

 

$

1,412,526

 

$

1,402,954

 

6.

NOTES RECEIVABLE

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

$

538,000

 

$

1,669,075

 

$

1,225,335

 

$

576,529

 

8.

OTHER (ATTACH LIST)

 

$

2,114,882

 

$

211,081

 

$

203,835

 

$

202,704

 

9.

TOTAL CURRENT ASSETS

 

$

4,892,202

 

$

3,932,136

 

$

3,415,335

 

$

3,346,661

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

359,058

 

$

2,342,879

 

$

2,342,879

 

$

1,345,962

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

1,146,213

 

$

1,171,285

 

$

1,067,386

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

359,058

 

$

1,196,666

 

$

1,171,594

 

$

278,576

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

$

0

 

14.

OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

OTHER (ATTACH LIST)

 

$

0

 

$

7,421,133

 

$

7,562,840

 

$

6,655,018

 

16.

TOTAL ASSETS

 

$

5,251,260

 

$

12,549,935

 

$

12,149,769

 

$

10,280,255

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

86,113

 

$

212,527

 

$

194,208

 

18.

TAXES PAYABLE

 

 

 

$

70,240

 

$

68,056

 

$

90,224

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

1,582,074

 

$

1,729,985

 

$

1,234,436

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

1,738,427

 

$

2,010,568

 

$

1,518,868

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

16,684,744

 

$

0

 

$

0

 

$

0

 

25.

PRIORITY DEBT

 

$

810,299

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

4,675,404

 

$

6,974,813

 

$

6,618,679

 

$

6,319,708

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

22,170,447

 

$

6,974,813

 

$

6,618,679

 

$

6,319,708

 

29.

TOTAL LIABILITIES

 

$

22,170,447

 

$

8,713,240

 

$

8,629,247

 

$

7,838,576

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

3,848,021

 

$

3,848,021

 

$

3,848,021

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(11,326

)

$

(327,499

)

$

(1,406,342

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

3,836,695

 

$

3,520,522

 

$

2,441,679

 

34.

TOTAL LIABILITIES  & OWNERS’ EQUITY

 

$

22,170,447

 

$

12,549,935

 

$

12,149,769

 

$

10,280,255

 

 


 

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

 

December 2007

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

233,545

 

$

1,141,483

 

$

1,482,950

 

$

2,857,978

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

233,545

 

$

1,141,483

 

$

1,482,950

 

$

2,857,978

 

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

 

$

233,545

 

$

1,141,483

 

$

1,482,950

 

$

2,857,978

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

16,884

 

$

34,072

 

$

31,058

 

$

82,014

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

62,224

 

$

182,698

 

$

359,611

 

$

604,533

 

12.

RENT & LEASE

 

$

554,557

 

$

802,250

 

$

530,956

 

$

1,887,763

 

13.

OTHER (ATTACH LIST)

 

$

(402,542

)

$

954,103

 

$

864,731

 

$

1,416,292

 

14.

TOTAL OPERATING EXPENSES

 

$

231,123

 

$

1,973,123

 

$

1,786,356

 

$

3,990,602

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

2,422

 

$

(831,640

)

$

(303,406

)

$

(1,132,624

)

OTHER INCOME  & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

0

 

$

540,539

 

$

122,582

 

$

663,121

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

530,250

 

$

530,250

 

18.

INTEREST EXPENSE

 

$

0

 

$

0

 

$

0

 

$

0

 

19.

DEPRECIATION / DEPLETION

 

$

13,749

 

$

25,072

 

$

362,768

 

$

401,589

 

20.

AMORTIZATION

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

13,749

 

$

(515,467

)

$

770,436

 

$

268,718

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

5,000

 

$

5,000

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

5,000

 

$

5,000

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(11,327

)

$

(316,173

)

$

(1,078,842

)

$

(1,406,342

)

 


 

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

 

December 2007

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1. CASH — BEGINNING OF MONTH

 

$

2,913

 

$

54,334

 

$

37,623

 

$

2,913

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2. CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3. PREPETITION

 

$

209,638

 

$

823,366

 

$

0

 

$

1,033,004

 

4. POSTPETITION

 

$

0

 

$

0

 

$

3,882,001

 

$

3,882,001

 

5. TOTAL OPERATING RECEIPTS

 

$

209,638

 

$

823,366

 

$

3,882,001

 

$

4,915,005

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6. LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7. SALE OF ASSETS

 

$

0

 

$

0

 

$

436,424

 

$

436,424

 

8. OTHER (ATTACH LIST)

 

$

6,169

 

$

1,309

 

$

(3,641,597

)

$

(3,634,119

)

9. TOTAL NON-OPERATING RECEIPTS

 

$

6,169

 

$

1,309

 

$

(3,205,173

)

$

(3,197,695

)

10. TOTAL RECEIPTS

 

$

215,807

 

$

824,675

 

$

676,828

 

$

1,717,310

 

11. TOTAL CASH AVAILABLE

 

$

218,720

 

$

879,009

 

$

714,451

 

$

1,720,223

 

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

 

$

158,566

 

$

840,078

 

$

135,870

 

$

1,134,514

 

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)

 

$

5,820

 

$

1,308

 

$

14,075

 

$

21,203

 

26. TOTAL OPERATING DISBURSEMENTS

 

$

164,386

 

$

841,386

 

$

149,945

 

$

1,155,717

 

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

 

$

164,386

 

$

841,386

 

$

149,945

 

$

1,155,717

 

32. NET CASH FLOW

 

$

51,421

 

$

(16,711

)

$

526,883

 

$

561,593

 

33. CASH — END OF MONTH

 

$

54,334

 

$

37,623

 

$

564,506

 

$

564,506

 

 


 

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

 

December 2007

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

1. 0-30

 

 

 

$

132,450

 

$

57,548

 

$

74,907

 

2. 31-60

 

 

 

$

90,860

 

$

23,746

 

$

23,794

 

3. 61-90

 

 

 

$

3,486

 

$

70,488

 

$

23,746

 

4. 91+

 

 

 

$

210,396

 

$

213,881

 

$

278,241

 

5. TOTAL ACCOUNTS RECEIVABLE

 

$

428,572

 

$

437,192

 

$

365,663

 

$

400,688

 

6. AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

0

 

$

0

 

$

0

 

$

0

 

7. ACCOUNTS RECEIVABLE (NET)

 

$

428,572

 

$

437,192

 

$

365,663

 

$

400,688

 

 

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)

 

$

90,224

 

$

0

 

$

0

 

$

0

 

$

90,224

 

5. TOTAL TAXES PAYABLE

 

$

90,224

 

$

0

 

$

0

 

$

0

 

$

90,224

 

 

 

 

 

 

 

 

 

 

 

 

 

6. ACCOUNTS PAYABLE

 

$

(41,950

)

$

179,890

 

$

56,268

 

$

0

 

$

194,208

 

 

STATUS OF POSTPETITION TAXES

MONTH: December 2007

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

LIABILITY*

 

0R ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1. WITHHOLDING**

 

$

0

 

$

107,029

 

$

107,029

 

$

0

 

2. FICA-EMPLOYEE**

 

$

0

 

$

40,662

 

$

40,662

 

$

0

 

3. FICA-EMPLOYER**

 

$

0

 

$

40,662

 

$

40,662

 

$

0

 

4. UNEMPLOYMENT

 

$

0

 

$

131

 

$

131

 

$

0

 

5. INCOME

 

$

0

 

$

0

 

$

0

 

$

0

 

6. OTHER (ATTACH LIST)

 

$

0

 

$

14,034

 

$

14,034

 

$

0

 

7. TOTAL FEDERAL TAXES

 

$

0

 

$

202,518

 

$

202,518

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8. WITHHOLDING

 

$

0

 

$

9,981

 

$

9,981

 

$

0

 

9. SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

10. EXCISE

 

$

0

 

$

0

 

$

0

 

$

0

 

11. UNEMPLOYMENT

 

$

0

 

$

433

 

$

433

 

$

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

 

$

10,414

 

$

10,414

 

$

0

 

16. TOTAL TAXES

 

$

0

 

$

212,932

 

$

212,932

 

$

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.

 

 

MONTH: December 2007

BANK RECONCILIATIONS

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

TOTAL

 

A. BANK:

 

Capital One

 

JP Morgan Chase

 

Capital One

 

 

 

B. ACCOUNT NUMBER:

 

3620477833

 

100130152

 

3620562563

 

 

 

C. PURPOSE (TYPE):

 

Depository

 

Operating

 

Asset Sales

 

 

 

1. BALANCE PER BANK STATEMENT

 

$

127,772

 

$

0

 

$

436,202

 

$

563,974

 

2. ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

$

0

 

$

0

 

$

0

 

3. SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

$

0

 

$

0

 

$

0

 

4. OTHER RECONCILING ITEMS

 

$

0

 

$

0

 

$

182

 

$

182

 

5. MONTH END BALANCE PER BOOKS

 

$

127,772

 

$

0

 

$

436,384

 

$

564,156

 

6. NUMBER OF LAST CHECK WRITTEN

 

None

 

No Checks

 

No Checks

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

DATE OF
PURCHASE

 

TYPE OF
INSTRUMENT

 

PURCHASE
PRICE

 

CURRENT
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

 

 

 

 

 

 

 

$

564,506

 

 

 


 

Monthly Operating Report

 

ACCRUAL BASIS-6

2007

 

CASE NAME: Kitty Hawk Aircargo, Inc.

 

CASE  NUMBER: 07-44539

 

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

 

NAME

 

TYPE OF
PAYMENT

 

AMOUNT
PAID

 

TOTAL PAID
TO DATE

 

1. Robbie Barron

 

Salary, Expense Reports

 

$

15,385

 

$

42,383

 

2. Danny Clifton

 

Salary, Expense Reports

 

$

6,750

 

$

22,418

 

3. Mark Luman

 

Salary, Expense Reports

 

$

8,923

 

$

21,225

 

4.

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

6. TOTAL PAYMENTS  TO INSIDERS

 

 

 

$

31,058

 

$

86,026

 

 

PROFESSIONALS

 

NAME

 

DATE OF COURT
ORDER AUTHORIZING
PAYMENT

 

AMOUNT
APPROVED

 

AMOUNT
PAID

 

TOTAL PAID
TO DATE

 

TOTAL
INCURRED
& 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

 

NAME OF CREDITOR

 

SCHEDULED
MONTHLY
PAYMENTS
DUE

 

AMOUNTS
PAID
DURING
MONTH

 

TOTAL
UNPAID
POSTPETITION

 

1. GECAS

 

$

738,159

 

$

214,403

 

$

1,372,597

 

2. AirLease International

 

$

48,910

 

$

175,365

 

$

0

 

3.

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

6. TOTAL

 

$

787,069

 

$

389,768

 

$

1,372,597

 

 

 


 

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; 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
POLICY

 

CARRIER

 

PERIOD COVERED

 

PAYMENT AMOUNT
& FREQUENCY

 

See Case #07-44536, Kitty Hawk, Inc.

 

 

 

 

 

 

 

 

 


 

Footnotes Supplement

 

ACCRUAL  BASIS

2007

 

CASE NAME: Kitty Hawk Aircargo, Inc.

 

CASE  NUMBER: 07-44539

 

MONTH: November 2007

 

Accrual Basis
Form Number

 

Line 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

 

 

 

 

 

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)

 

 

 

 

 

3

 

7

 

All proceeds from the sale of assets in all 5 cases (07-44536, 44537, 44538, 44539, 44540) are deposited into the account maintained at Capital One Bank in the name of Kitty Hawk Aircargo, Inc. Asset Sales Account

 

 

 

 

 

4

 

AR - 7

 

Total Accounts Receivable does not agree to Accrual Basis — 1, line 4 due to Unapplied Cash ($140,346) and miscellaneous reconciling items ($7,234) at the end of the reporting cycle.

 

 


 

Case Name: Kitty Hawk Aircargo, Inc.

Case Number: 07-44539

 

Details of Other Items

 

 

 

December 2007

 

 

 

ACCRUAL BASIS — 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

202,704

 

Reported

 

AR 401(k)

 

(834

)

 

 

AR Employees

 

(1,604

)

 

 

Fuel intoplane suspense

 

(36,546

)

 

 

Deposits

 

241,688

 

 

 

 

 

 

 

 

 

 

 

202,704

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

15. OTHER (ATTACH LIST)

 

6,655,018

 

Reported

 

Intercompany receivable

 

6,655,018

 

 

 

 

 

 

 

 

 

 

 

6,655,018

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

1,234,436

 

Reported

 

Deferred gain

 

10,054

 

 

 

Payroll clearing

 

(3,394

)

 

 

General Accrued AP

 

1,144,856

 

 

 

Accrued Union Dues

 

(9,686

)

 

 

Accrued wages

 

92,536

 

 

 

Accrued 401(k)

 

70

 

 

 

Deferred revenue

 

0

 

 

 

 

 

 

 

 

 

 

 

1,234,436

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

864,731

 

Reported

 

Crewmember wages

 

320,430

 

 

 

Crewmember travel

 

104,440

 

 

 

Training

 

0

 

 

 

Flight Operations Admin wages & travel

 

63,649

 

 

 

Flight Planning Expense

 

50,357

 

 

 

Aircraft Insurance

 

75,097

 

 

 

Ground Operating Expense

 

1,636

 

 

 

Fuel

 

(70,998

)

 

 

Maintenance wages & travel

 

104,847

 

 

 

Support costs

 

10,840

 

 

 

Contract labor

 

(696

)

 

 

Parts Related Expense

 

10,717

 

 

 

Contractual Maintenance agreements

 

182,646

 

 

 

Allocation to Cargo

 

0

 

 

 

On demand charter expense

 

7,366

 

 

 

Non-reorganization Professional Fees

 

4,400

 

 

 

 

 

 

 

 

 

 

 

864,731

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

122,582

 

Reported

 

Interest income

 

144

 

 

 

Gain on sale of assets

 

5,994

 

 

 

Insurance claims on damaged aircraft

 

116,444

 

 

 

 

 

 

 

 

 

 

 

122,582

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

17. NON-OPERATING EXPENSE (ATT. LIST)

 

530,250

 

Reported

 

Write off software development costs

 

530,250

 

 

 

 

 

 

 

 

 

 

 

530,250

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(3,641,597

)

Reported

 

Transfer to Inc (#07-44536)

 

(3,655,632

)

 

 

Transfer from Inc (#07-44536)

 

14,035

 

 

 

 

 

 

 

 

 

 

 

(3,641,597

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

25. OTHER (ATTACH LIST)

 

14,075

 

Reported

 

Federal Excise Tax payments

 

14,035

 

 

 

Bank Fees

 

40

 

 

 

 

 

 

 

 

 

 

 

14,075

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 4

 

 

 

 

 

Status of Post Petition Taxes

 

14,034

 

Reported

 

Federal Excise Taxes — collected and remitted

 

14,034

 

 

 

 

 

 

 

 

 

 

 

14,034

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS — 4

 

 

 

 

 

Aging of Post-petition Taxes

 

90,224

 

Reported

 

Accrued FICA related to accrued wages

 

8,622

 

 

 

Accrued state excise/use tax

 

157

 

 

 

Accrued property tax

 

39,869

 

 

 

Federal Excise Tax

 

19,408

 

 

 

 

 

 

 

 

 

 

 

68,056

 

Detail

 

 

 

22,168

 

Difference