EX-99.3 4 a08-6514_1ex99d3.htm EX-99.3

Exhibit 99.3

 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

 

 

JUDGE:  Russell F. Nelms

 

 

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN DISTRICT OF TEXAS

 

DIVISION 6

 

MONTHLY OPERATING REPORT

 

MONTH ENDING: JANUARY 31, 2008

 

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

 

February 21, 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

 

February 21, 2008

PRINTED NAME OF PREPARER

 

DATE

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-1

 

 

2008

CASE NUMBER:

07-44538

 

 

 

COMPARATIVE BALANCE SHEET

 

 

 

SCHEDULE

 

MONTH

 

 

 

 

 

 

 

AMOUNT

 

January 2008

 

MONTH

 

MONTH

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

901,444

 

$

23,495

 

 

 

 

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

901,444

 

$

23,495

 

$

0

 

$

0

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

3,717,170

 

 

 

 

 

5.

INVENTORY

 

 

 

$

0

 

 

 

 

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

 

 

 

 

7.

PREPAID EXPENSES

 

 

 

$

10,204

 

 

 

 

 

8.

OTHER (ATTACH LIST)

 

$

129,586

 

$

56,359

 

 

 

 

 

9.

TOTAL CURRENT ASSETS

 

$

15,553,353

 

$

3,807,228

 

$

0

 

$

0

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

155,567

 

 

 

 

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

52,297

 

 

 

 

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

103,270

 

$

0

 

$

0

 

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

 

$

3,910,498

 

$

0

 

$

0

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

335,328

 

 

 

 

 

18.

TAXES PAYABLE

 

 

 

$

21,134

 

 

 

 

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

22,550,477

 

 

 

 

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

22,906,939

 

$

0

 

$

0

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

16,684,744

 

$

136,918

 

 

 

 

 

25.

PRIORITY DEBT

 

$

223,906

 

$

0

 

 

 

 

 

26.

UNSECURED DEBT

 

$

3,562,306

 

$

4,044,264

 

 

 

 

 

27.

OTHER (ATTACH LIST)

 

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

20,470,956

 

$

4,181,182

 

$

0

 

$

0

 

29.

TOTAL LIABILITIES

 

$

20,470,956

 

$

27,088,121

 

$

0

 

$

0

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

(23,236,677

)

 

 

 

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

59,054

 

 

 

 

 

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

(23,177,623

)

$

0

 

$

0

 

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

20,470,956

 

$

3,910,498

 

$

0

 

$

0

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-2

 

 

2008

CASE NUMBER:

07-44538

 

 

 

INCOME STATEMENT

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

January 2008

 

0

 

0

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

31,385

 

$

0

 

$

0

 

$

31,385

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

31,385

 

$

0

 

$

0

 

$

31,385

 

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

 

$

31,385

 

$

0

 

$

0

 

$

31,385

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

245,237

 

$

0

 

$

0

 

$

245,237

 

12.

RENT & LEASE

 

$

85,000

 

$

0

 

$

0

 

$

85,000

 

13.

OTHER (ATTACH LIST)

 

$

(8,412

)

$

0

 

$

0

 

$

(8,412

)

14.

TOTAL OPERATING EXPENSES

 

$

321,825

 

$

0

 

$

0

 

$

321,825

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(290,440

)

$

0

 

$

0

 

$

(290,440

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

2,966,440

 

$

0

 

$

0

 

$

2,966,440

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

18.

INTEREST EXPENSE

 

$

169

 

$

0

 

$

0

 

$

169

 

19.

DEPRECIATION / DEPLETION

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

AMORTIZATION

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

(2,966,271

)

$

0

 

$

0

 

$

(2,966,271

)

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

2,675,831

 

$

0

 

$

0

 

$

2,675,831

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-3

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

January 2008

 

0

 

0

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH

 

$

68,445

 

 

 

 

 

$

68,445

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

 

 

$

802,171

 

$

0

 

$

0

 

$

802,171

 

4.

POSTPETITION

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

802,171

 

$

0

 

$

0

 

$

802,171

 

NON - OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

SALE OF ASSETS

 

 

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

(841,242

)

$

0

 

$

0

 

$

(841,242

)

9.

TOTAL NON-OPERATING RECEIPTS

 

$

(841,242

)

$

0

 

$

0

 

$

(841,242

 

10.

TOTAL RECEIPTS

 

 

 

$

(39,071

)

$

0

 

$

0

 

$

(39,071

)

11.

TOTAL CASH AVAILABLE

 

$

29,374

 

$

0

 

$

0

 

$

29,374

 

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

 

$

0

 

$

0

 

$

0

 

$

0

 

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)

 

$

5,879

 

$

0

 

$

0

 

$

5,879

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

5,879

 

$

0

 

$

0

 

$

5,879

 

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

 

$

5,879

 

$

0

 

$

0

 

$

5,879

 

32.

NET CASH FLOW

 

 

 

$

(44,950

)

$

0

 

$

0

 

$

(44,950

)

33.

CASH - END OF MONTH

 

$

23,495

 

$

0

 

$

0

 

$

23,495

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-4

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

AMOUNT

 

January 2008

 

0

 

0

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

1.

0-30

 

 

 

$

(35,549

)

 

 

 

 

2.

31-60

 

 

 

$

(46,035

)

 

 

 

 

3.

61-90

 

 

 

$

(81,009

)

 

 

 

 

4.

91+

 

 

 

$

403,678

 

 

 

 

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

14,522,323

 

$

241,085

 

$

0

 

$

0

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

 

 

$

0

 

 

 

 

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

241,085

 

$

0

 

$

0

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

 

 

 

MONTH:

 

January 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

21,134

 

$

0

 

$

0

 

$

0

 

$

21,134

 

5.

TOTAL TAXES PAYABLE

 

$

21,134

 

$

0

 

$

0

 

$

0

 

$

21,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

(17,704

)

$

14,135

 

$

195,180

 

$

143,717

 

$

335,328

 

 

STATUS OF POSTPETITION TAXES

 

 

 

MONTH:

 

January 2008

 

 

 

 

 

 

 

 

 

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

LIABILITY*

 

0R ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

FICA-EMPLOYEE**

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

FICA-EMPLOYER**

 

$

0

 

$

0

 

$

0

 

$

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

 

$

0

 

$

0

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

$

0

 

$

0

 

$

0

 

$

0

 

9.

SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

EXCISE

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

UNEMPLOYMENT

 

$

0

 

$

0

 

$

0

 

$

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

 

$

0

 

$

0

 

$

0

 

16.

TOTAL TAXES

 

$

0

 

$

0

 

$

0

 

$

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

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-5

 

 

2008

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:

 

 

January 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account #1

 

 

 

 

 

 

 

 

 

 

Capital One

 

 

 

 

 

 

 

 

 

 

3620477841

 

Account #2

 

Account #3

 

 

 

 

 

 

Depository

 

N/A

 

N/A

 

TOTAL

 

BANK RECONCILIATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.

BANK:

 

 

 

 

 

 

 

 

 

 

 

B.

ACCOUNT NUMBER:

 

 

 

 

 

 

 

 

 

 

 

C.

PURPOSE (TYPE):

 

 

 

 

 

 

 

 

 

 

 

1.

BALANCE PER BANK STATEMENT

 

$

21,601

 

 

 

 

 

$

21,601

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

 

 

$

0

 

4.

OTHER RECONCILING ITEMS

 

$

107

 

 

 

 

 

$

107

 

5.

MONTH END BALANCE PER BOOKS

 

$

21,708

 

$

0

 

$

0

 

$

21,708

 

6.

NUMBER OF LAST CHECK WRITTEN

 

None

 

 

 

 

 

 

 

 

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

 

 

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

INVESTMENT ACCOUNTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANK, ACCOUNT NAME & NUMBER

 

 

 

 

 

 

 

 

 

7.

N/A

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

11.

TOTAL INVESTMENTS

 

 

 

 

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

CASH

 

 

 

 

 

 

 

 

 

12.

CURRENCY ON HAND

 

 

 

 

 

 

 

$

1,787

 

 

 

 

 

 

 

 

 

 

 

 

13.

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

$

23,495

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-6

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

MONTH:

January 2008

 

 

 

 

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, prepaid 1/08 in 12/07

 

$

1,048

 

$

0

 

$

0

 

4.

US Bank, cancelled 1/08

 

$

168,775

 

$

0

 

$

0

 

5.

Other facility leases cancelled 11/07

 

 

 

 

 

 

 

6.

TOTAL

 

$

171,926

 

$

0

 

$

4,206

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS-7

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

MONTH:

January 2008

 

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 XPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

1 - Court approved auction held in Fort Wayne, IN during 1/08

8, 10 - due to operation shut down, DIP order did not allow payment of expenditures between 10/15 and 10/29 until DIP lender paid in full; payments on post petition liabilties have resumed during 1/08 and should be brought current during 2/08

 

INSURANCE

 

 

 

 

YES

 

NO

 

 

 

 

 

 

 

 

1.

ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER ECESSARY 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

 

 

 

CASE NAME:

Kitty Hawk Cargo, Inc.

 

ACCRUAL BASIS

 

 

2008

CASE NUMBER:

07-44538

 

 

 

 

 

MONTH:

January 2008

 

 

 

 

 

Accrual Basis

 

Line

 

 

Form Number

 

Number

 

Footnote/Explanation

3

 

8

 

All available cash received into each subsidiary cash account is transferred to 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 Accrued AR of $3.5 million related to the proceeds from the Fort Wayne, IN. auction. Funds received in 2/08.

 

 

 

 

 

4

 

Payroll Taxes

 

There were no employees for Kitty Hawk Cargo, Inc. during this reporting period, therefore, there are no payroll tax liabilities or payments reported.

 


 

Case Name:

 

Kitty Hawk Cargo, Inc.

Case Number:

 

07-44538

 

Details of Other Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 2008

 

 

 

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)

 

22,550,477

 

Reported

 

 

Intercompany Payables

 

22,467,772

 

 

 

 

Accrued Wages

 

16,440

 

 

 

 

Accrued 401(k)

 

2,114

 

 

 

 

General Accrued AP

 

64,151

 

 

 

 

 

 

22,550,477

 

Detail

 

 

 

 

0

 

Difference

 

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

 

13.

OTHER OPERATING EXPENSE

 

(8,412

)

Reported

 

 

Chartered Airline Expense

 

(810

)

 

 

 

Allocation from Ground

 

(3,715

)

 

 

 

Freight Handling Wages

 

10,930

 

 

 

 

Freight Handling Contractors

 

(20,617

)

 

 

 

GSE Wages

 

5,800

 

 

 

 

 

 

(8,412

)

Detail

 

 

 

 

0

 

Difference

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

2,966,440

 

Reported

 

 

Gain on Sale of Assets

 

2,966,440

 

 

 

 

 

 

2,966,440

 

Detail

 

 

 

 

0

 

Difference

 

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

 

8.

OTHER (ATTACH LIST)

 

(841,242

)

Reported

 

 

Transfer to Inc (#07-44536)

 

(841,242

)

 

 

 

 

 

 

 

 

 

 

 

 

(841,242

)

Detail

 

 

 

 

0

 

Difference

 

 

 

 

 

 

 

 

25.

OTHER (ATTACH LIST)

 

5,879

 

Reported

 

 

Bank Charges

 

5,316

 

 

 

 

Misc - Petty Cash usage

 

563

 

 

 

 

 

 

5,879

 

Detail

 

 

 

 

0

 

Difference