EX-99.2 3 a08-12484_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME:

 

Kitty Hawk Ground, Inc.

 

ACCRUAL BASIS

 

 

 

 

2008

CASE NUMBER:

 

07-44537

 

 

 

 

 

JUDGE:

 

Russell F. Nelms

 

 

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN DISTRICT OF TEXAS

 

DIVISION 6

 

MONTHLY OPERATING REPORT

 

MONTH ENDING: March 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

 

April 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

 

April 21, 2008

PRINTED NAME OF PREPARER

 

DATE

 


 

Monthly Operating Report

 

CASE NAME: Kitty Hawk Ground Inc.

 

 

 

ACCRUAL BASIS-1

 

 

 

 

2008

CASE NUMBER: 07-44537

 

 

 

 

 

COMPARATIVE BALANCE SHEET

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

AMOUNT

 

January 2008

 

February 2008

 

March 2008

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

106,914

 

$

123,003

 

$

2,562

 

$

53,024

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

106,914

 

$

123,003

 

$

2,562

 

$

53,024

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

7,763,152

 

$

1,192,901

 

$

796,914

 

$

396,844

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

$

854,169

 

$

922,938

 

$

918,310

 

8.

OTHER (ATTACH LIST)

 

$

767,230

 

$

220,181

 

$

206,609

 

$

198,605

 

9.

TOTAL CURRENT ASSETS

 

$

8,637,296

 

$

2,390,254

 

$

1,929,023

 

$

1,566,783

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

1,146,152

 

$

2,291,849

 

$

590,499

 

$

590,499

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

914,056

 

$

68,892

 

$

68,892

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

1,146,152

 

$

1,377,793

 

$

521,607

 

$

521,607

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

$

0

 

14.

OTHER ASSETS – NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

OTHER (ATTACH LIST)

 

$

603,884

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

10,387,332

 

$

3,768,047

 

$

2,450,630

 

$

2,088,390

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

780,571

 

$

644,197

 

$

559,716

 

18.

TAXES PAYABLE

 

 

 

$

27,895

 

$

16,826

 

$

16,826

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

18,082,012

 

$

17,711,751

 

$

17,501,310

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

18,890,478

 

$

18,372,774

 

$

18,077,852

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

17,206,526

 

$

1,064,069

 

$

1,064,069

 

$

1,064,069

 

25.

PRIORITY DEBT

 

$

277,316

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

7,503,343

 

$

7,207,239

 

$

7,251,717

 

$

7,310,451

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

24,987,185

 

$

8,271,308

 

$

8,315,786

 

$

8,374,520

 

29.

TOTAL LIABILITIES

 

$

24,987,185

 

$

27,161,786

 

$

26,688,560

 

$

26,452,372

 

EQUITY

 

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

0

 

$

(17,803,179

)

$

(17,803,179

)

$

(17,803,179

)

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(5,590,560

)

$

(6,434,751

)

$

(6,560,803

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

(23,393,739

)

$

(24,237,930

)

$

(24,363,982

)

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

24,987,185

 

$

3,768,047

 

$

2,450,630

 

$

2,088,390

 

 


 

Monthly Operating Report

 

CASE NAME: Kitty Hawk Ground Inc.

 

 

 

ACCRUAL BASIS-2

 

 

 

 

2008

CASE  NUMBER: 07-44537

 

 

 

 

 

INCOME STATEMENT

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

January 2008

 

February 2008

 

March 2008

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

(2,029

)

$

(7,194

)

$

(26,914

)

$

(36,137

)

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

(2,029

)

$

(7,194

)

$

(26,914

)

$

(36,137

)

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

 

$

(2,029

)

$

(7,194

)

$

(26,914

)

$

(36,137

)

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

374,955

 

$

170,444

 

$

97,375

 

$

642,774

 

12.

RENT & LEASE

 

$

25,309

 

$

16,814

 

$

0

 

$

42,123

 

13.

OTHER (ATTACH LIST)

 

$

(119,152

)

$

17,602

 

$

(834

)

$

(102,384

)

14.

TOTAL OPERATING EXPENSES

 

$

281,112

 

$

204,860

 

$

96,541

 

$

582,513

 

15.

INCOME BEFORE NON-OPERATING

 

 

 

 

 

 

 

 

 

 

INCOME & EXPENSE

 

$

(283,141

)

$

(212,054

)

$

(123,455

)

$

(618,650

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

505

 

$

110

 

$

7,088

 

$

7,703

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

445,711

 

$

632,247

 

$

9,360

 

$

1,087,318

 

18.

INTEREST EXPENSE

 

$

0

 

$

0

 

$

0

 

$

0

 

19.

DEPRECIATION / DEPLETION

 

$

28,486

 

$

0

 

$

0

 

$

28,486

 

20.

AMORTIZATION

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

473,692

 

$

632,137

 

$

2,272

 

$

1,108,101

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

325

 

$

325

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

325

 

$

325

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(756,833

)

$

(844,191

)

$

(126,052

)

$

(1,727,076

)

 


 

 

Monthly Operating Report

 

 

CASE NAME: Kitty Hawk Ground Inc.

ACCRUAL BASIS-3

 

2008

CASE NUMBER:  07-44537

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

January 2008

 

February 2008

 

March 2008

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH

 

$

68,770

 

$

123,003

 

$

2,562

 

$

68,770

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

1,205,023

 

$

567,482

 

$

164,399

 

$

1,936,904

 

4.

POSTPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

1,205,023

 

$

567,482

 

$

164,399

 

$

1,936,904

 

NON - OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

(1,150,790

)

$

(687,923

)

$

(113,937

)

$

(1,952,650

)

9.

TOTAL NON-OPERATING RECEIPTS

 

$

(1,150,790

)

$

(687,923

)

$

(113,937

)

$

(1,952,650

)

10.

TOTAL RECEIPTS

 

$

54,233

 

$

(120,441

)

$

50,462

 

$

(15,746

)

11.

TOTAL CASH AVAILABLE

 

$

123,003

 

$

2,562

 

$

53,024

 

$

53,024

 

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)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

0

 

$

0

 

$

0

 

$

0

 

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

 

$

0

 

$

0

 

$

0

 

$

0

 

32.

NET CASH FLOW

 

$

54,233

 

$

(120,441

)

$

50,462

 

$

(15,746

)

33.

CASH - END OF MONTH

 

$

123,003

 

$

2,562

 

$

53,024

 

$

53,024

 

 


 

 

Monthly Operating Report

 

 

CASE NAME: Kitty Hawk Ground Inc.

ACCRUAL BASIS-4

 

2008

CASE NUMBER: 07-44537

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

AMOUNT

 

January 2008

 

February 2008

 

March 2008

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

1.

0-30

 

 

 

$

(26,011

)

$

43,012

 

$

19,427

 

2.

31-60

 

 

 

$

3,644

 

$

(44,944

)

$

24,645

 

3.

61-90

 

 

 

$

8,131

 

$

(245

)

$

(45,664

)

4.

91+

 

 

 

$

1,302,864

 

$

644,880

 

$

434,475

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

7,763,152

 

$

1,288,628

 

$

642,703

 

$

432,883

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

0

 

$

48,193

 

$

0

 

$

0

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

7,763,152

 

$

1,240,435

 

$

642,703

 

$

432,883

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

MONTH: 

March 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)

 

$

16,826

 

$

0

 

$

0

 

$

0

 

$

16,826

 

5.

TOTAL TAXES PAYABLE

 

$

16,826

 

$

0

 

$

0

 

$

0

 

$

16,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

(47,155

)

$

7,844

 

$

1,762

 

$

597,265

 

$

559,716

 

 

STATUS OF POSTPETITION TAXES

MONTH: 

March 2008

 

 

 

BEGINNING
TAX
LIABILITY*

 

AMOUNT
WITHHELD AND/
0R ACCRUED

 

AMOUNT
PAID

 

ENDING
TAX
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 Ground Inc.

 

ACCRUAL BASIS-5

 

 

2008

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:

 

March 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

 

 

A.  BANK:

 

Capital One

 

 

 

 

 

 

 

B.  ACCOUNT NUMBER:

 

3620477825

 

 

 

 

 

 

 

C.  PURPOSE (TYPE):

 

Depository

 

N/A

 

N/A

 

TOTAL

 

1.  BALANCE PER BANK STATEMENT

 

$

54,458

 

 

 

 

 

$

54,458

 

2.  ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

$

0

 

3.  SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

 

 

$

0

 

4.  OTHER RECONCILING ITEMS

 

$

(1,434

)

 

 

 

 

$

(1,434

) 

5.  MONTH END BALANCE PER BOOKS

 

$

53,024

 

$

0

 

$

0

 

$

53,024

 

6.  NUMBER OF LAST CHECK WRITTEN

 

None

 

 

 

 

 

 

 

 

INVESTMENT ACCOUNTS

 

BANK, ACCOUNT NAME & NUMBER

 

DATE OF
PURCHASE

 

TYPE OF
INSTRUMENT

 

PURCHASE
PRICE

 

CURRENT
VALUE

 

7.  N/A

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

11. TOTAL INVESTMENTS

 

 

 

 

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

CASH

 

 

 

 

 

 

 

 

 

12. CURRENCY ON HAND

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

 

13. TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

$

53,024

 

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME: Kitty Hawk Ground Inc.

 

ACCRUAL BASIS-6

 

 

2008

CASE  NUMBER: 07-44537

 

 

 

MONTH:

February 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.  Gary Jensen

 

Salary, Expense Reports

 

$

0

 

$

34,027

 

2.  Mark Lasky

 

Salary, Expense Reports

 

$

0

 

$

12,078

 

3.  Dan Yongue

 

Salary, Expense Reports

 

$

0

 

$

25,292

 

4.

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

6.  TOTAL PAYMENTS TO INSIDERS

 

 

 

$

0

 

$

71,397

 

 

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.  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

 

 

 

CASE NAME: Kitty Hawk Ground Inc.

 

ACCRUAL BASIS-7

 

 

2008

CASE  NUMBER: 07-44537

 

 

 

MONTH:

February 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 EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

7, 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 continued during 3/08

 

INSURANCE

 

 

 

 

YES

 

NO

 

1.

ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

 

 

 

X

 

2.

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

 

 

 

X

 

3.

PLEASE ITEMIZE POLICIES BELOW.

 

 

 

 

 

 

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW.  ATTACH ADDITIONAL SHEETS IF NECESSARY.

See summary of policies below for status.

 

INSTALLMENT  PAYMENTS

 

TYPE  OF
POLICY

 

CARRIER

 

PERIOD COVERED

 

 

 

PAYMENT AMOUNT
& 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

 

cancelled

 

$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

 

 

 

CASE NAME: Kitty Hawk Ground Inc.

 

ACCRUAL BASIS

 

 

2008

CASE  NUMBER:  07-44537

 

 

 

MONTH:

February 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)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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 Unapplied cash at the end of the reporting cycle, not included on the AR aging, $37,142, and Accrued AR of $1,103

 

 

 

 

 

 

 

4

 

Payroll
Taxes

 

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

 

 


 

Case Name:

 

Kitty Hawk Ground, Inc.

 

Case Number:

 

07-44537

 

 

 

 

 

 

 

 

 

Details of Other Items

 

 

 

 

 

 

March 2008

 

 

 

ACCRUAL BASIS - 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

198,605

 

Reported

 

A/R - Clearing

 

3,187

 

 

 

A/R - Customer Refund

 

536

 

 

 

A/R - 401(k)

 

(119

)

 

 

A/R - Owner/Operator

 

0

 

 

 

A/R - Employees

 

3,488

 

 

 

A/R - Payroll Advance

 

(102

)

 

 

A/R - Other

 

4,243

 

 

 

Deposits

 

187,372

 

 

 

 

 

 

 

 

 

 

 

198,605

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

17,501,310

 

Reported

 

General Accrued AP

 

735,498

 

 

 

Intercompany Payables

 

16,771,826

 

 

 

A/P - Clearing

 

0

 

 

 

Accrued Wages

 

(5,575

)

 

 

Accrued 401(k) contribution

 

(439

)

 

 

 

 

17,501,310

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

(834

)

Reported

 

Trucking expense

 

163

 

 

 

Driver Wages

 

0

 

 

 

Fuel

 

0

 

 

 

Truck Maintenance

 

301

 

 

 

Freight Handling Contract Costs

 

(1,462

)

 

 

Equipment Lease

 

0

 

 

 

Other support

 

164

 

 

 

 

 

(834

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

7,088

 

Reported

 

Other Income

 

0

 

 

 

Gain on sale of asset

 

5,300

 

 

 

Interest income

 

1,788

 

 

 

 

 

7,088

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

17. NON-OPERATING EXPENSE (ATT. LIST)

 

9,360

 

Reported

 

Lease rejection accrual

 

9,360

 

 

 

Other Expense

 

0

 

 

 

Net Loss on Disposal of Assets

 

0

 

 

 

 

 

9,360

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(113,937

)

Reported

 

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

 

(113,937

)

 

 

 

 

 

 

 

 

 

 

(113,937

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 4

 

 

 

 

 

 

 

 

 

 

 

Aging of Post-petition Taxes

 

16,826

 

Reported

 

Accrued franchise taxes

 

960

 

 

 

O/O Fuel Tax

 

35

 

 

 

Fuel Tax

 

15,831

 

 

 

 

 

16,826

 

Detail

 

 

 

0

 

Difference