EX-99.3 4 a08-17473_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:  MAY 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

 

June 20, 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

 

June 20, 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

 

MONTH

 

 

 

 

 

AMOUNT

 

April 2008

 

May 2008

 

MONTH

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

901,444

 

$

9,171

 

$

4,624

 

 

 

2.

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

TOTAL CASH

 

$

901,444

 

$

9,171

 

$

4,624

 

$

0

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

(116,775

)

$

(131,392

) 

 

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

 

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

 

 

7.

PREPAID EXPENSES

 

 

 

$

334

 

$

334

 

 

 

8.

OTHER (ATTACH LIST)

 

$

129,586

 

$

72,914

 

$

72,914

 

 

 

9.

TOTAL CURRENT ASSETS

 

$

15,553,353

 

$

(34,356

)

$

(53,520

) 

$

0

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

155,567

 

$

155,567

 

 

 

11.  

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

52,297

 

$

52,297

 

 

 

12.  

NET PROPERTY, PLANT & EQUIPMENT

 

$

511,103

 

$

103,270

 

$

103,270

 

$

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

 

$

68,914

 

$

49,750

 

$

0

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

188,615

 

$

183,886

 

 

 

18.

TAXES PAYABLE

 

 

 

$

71,088

 

$

70,913

 

 

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

19,372,064

 

$

19,022,744

 

 

 

23.  

TOTAL POSTPETITION LIABILITIES

 

 

 

$

19,631,767

 

$

19,277,543

 

$

0

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

16,684,744

 

$

136,918

 

$

136,917

 

 

 

25.

PRIORITY DEBT

 

$

223,906

 

$

0

 

 

 

 

 

26.

UNSECURED DEBT

 

$

3,562,306

 

$

3,798,977

 

$

3,793,424

 

 

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

20,470,956

 

$

3,935,895

 

$

3,930,341

 

$

0

 

29.

TOTAL LIABILITIES

 

$

20,470,956

 

$

23,567,662

 

$

23,207,884

 

$

0

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

(23,236,677

)

$

(23,236,677

) 

 

 

31.  

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(262,071

)

$

78,543

 

 

 

32.  

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

TOTAL EQUITY

 

$

0

 

$

(23,498,748

)

$

(23,158,134

) 

$

0

 

34.  

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

20,470,956

 

$

68,914

 

$

49,750

 

$

0

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS-2

 

2008

CASE NUMBER:  07-44538

 

 

INCOME STATEMENT

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

April 2008

 

May 2008

 

MONTH

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

(4,606

)

$

(2,792

) 

$

0

 

$

(7,398

)

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

(4,606

)

$

(2,792

) 

$

0

 

$

(7,398

)

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

 

$

(4,606

)

$

(2,792

) 

$

0

 

$

(7,398

)

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

(429

)

$

842

 

$

0

 

$

413

 

12.

RENT & LEASE

 

$

0

 

$

0

 

$

0

 

$

0

 

13.

OTHER (ATTACH LIST)

 

$

(5,915

)

$

(23,057

) 

$

0

 

$

(28,972

)

14.

TOTAL OPERATING EXPENSES

 

$

(6,344

)

$

(22,215

) 

$

0

 

$

(28,559

)

15.  

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

1,738

 

$

19,423

 

$

0

 

$

21,161

 

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

0

 

$

321,191

 

$

0

 

$

321,191

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

18.

INTEREST EXPENSE

 

$

0

 

$

0

 

$

0

 

$

0

 

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

 

$

0

 

$

(321,191

) 

$

0

 

$

(321,191

) 

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)

 

$

1,738

 

$

340,614

 

$

0

 

$

342,352

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS-3

 

2008

CASE NUMBER:  07-44538

 

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

April 2008

 

May 2008

 

MONTH

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH

 

$

37,931

 

$

9,171

 

 

 

$

37,931

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

27,771

 

$

11,083

 

$

0

 

$

38,854

 

4.

POSTPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

27,771

 

$

11,083

 

$

0

 

$

38,854

 

NON - OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

(53,415

)

$

12,842

 

$

0

 

$

(66,257

)

9.

TOTAL NON-OPERATING RECEIPTS

 

$

(53,415

)

$

12,842

 

$

0

 

$

 

(66,257

)

10.

TOTAL RECEIPTS

 

$

(25,644

)

$

1,759

 

$

0

 

$

(27,403

)

11.

TOTAL CASH AVAILABLE

 

$

12,287

 

$

7,412

 

$

0

 

$

10,528

 

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)

 

$

3,116

 

$

2,788

 

$

0

 

$

5,904

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

3,116

 

$

2,788

 

$

0

 

$

5,904

 

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

 

$

3,116

 

$

2,788

 

$

0

 

$

 

5,904

 

32.

NET CASH FLOW

 

$

(28,760

)

$

(4,547)

 

$

0

 

$

(33,307

)

33.

CASH - END OF MONTH

 

$

9,171

 

$

4,624

 

$

0

 

$

4,624

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS-4

 

2008

CASE NUMBER:  07-44538

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

ACCOUNTS RECEIVABLE AGING

 

AMOUNT

 

April 2008

 

May 2008

 

0

 

1.

0-30

 

 

 

$

(5,830

)

$

(2,944)

 

 

 

2.

31-60

 

 

 

$

(2,325

)

$

(5,356)

 

 

 

3.

61-90

 

 

 

$

(1,021

)

$

(2,634)

 

 

 

4.

91+

 

 

 

$

(107,795

)

$

(120,631

) 

 

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

14,522,323

 

$

(116,971

)

$

(131,565

) 

$

0

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

 

 

$

0

 

$

0

 

 

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

14,522,323

 

$

(116,971

)

$

(131,565

) 

$

0

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

MONTH:

May 2008

 

 

 

0-30

 

31-60

 

61-90

 

91+

 

 

 

TAXES PAYABLE

 

DAYS

 

DAYS

 

DAYS

 

DAYS

 

TOTAL

 

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)

 

$

70,913

 

$

0

 

$

0

 

$

0

 

$

70,913

 

5.

TOTAL TAXES PAYABLE

 

$

70,913

 

$

0

 

$

0

 

$

0

 

$

70,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

(21,508

)

$

0

 

$

46

 

$

205,348

 

$

183,886

 

 

STATUS OF POSTPETITION TAXES

 

MONTH:

May 2008

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

LIABILITY*

 

OR 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.

 

BANK RECONCILIATIONS

MONTH:

May 2008

 

 

 

Account #1

 

Account #2

 

Account #3

 

 

 

A.

BANK:

 

Capital One

 

N/A

 

N/A

 

 

 

B.

ACCOUNT NUMBER:

 

3620477841

 

 

 

 

 

 

 

C.

PURPOSE (TYPE):

 

Depository

 

 

 

 

 

TOTAL

 

1.

BALANCE PER BANK STATEMENT

 

$

3,713

 

 

 

 

 

$

3,713

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

 

 

$

0

 

4.

OTHER RECONCILING ITEMS

 

$

911

 

 

 

 

 

$

911

 

5.

MONTH END BALANCE PER BOOKS

 

$

4,624

 

$

0

 

$

0

 

$

4,624

 

6.

NUMBER OF LAST CHECK WRITTEN

 

None

 

 

 

 

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

BANK, ACCOUNT NAME & NUMBER

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

7.

N/A

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

11.

TOTAL INVESTMENTS

 

 

 

 

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12.

CURRENCY ON HAND

 

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

 

$

4,624

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS-6

 

2008

CASE  NUMBER:  07-44538

 

 

 

MONTH:

May 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

 

$

1,018

 

4.

US Bank, cancelled 1/08

 

$

168,775

 

$

0

 

$

0

 

5.

Other facility leases cancelled 11/07

 

 

 

 

 

 

 

6.

TOTAL

 

$

171,926

 

$

0

 

$

5,224

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS-7

 

2008

CASE NUMBER:  07-44538

 

 

 

MONTH:

May 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.

 

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 and will be paid i/a/w Plan of Reorganization

 

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

 

 

CASE NAME:  Kitty Hawk Cargo, Inc.

ACCRUAL BASIS

 

2008

CASE NUMBER:  07-44538

 

 

 

MONTH:

May 2008

 

Accrual Basis

 

Line

 

 

 

Form Number

 

Number

 

Footnote/Explanation

 

1

 

10

 

The amount listed for fixed assets includes assets under capital leases. These assets have not been removed from the records pending the claims reconciliation process with the lessor; these assets are not available to be sold on behalf of the estate

 

 

 

 

 

 

 

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 misc reconciling item of $173.

 

 

 

 

 

 

 

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

 

 

 

May 2008

 

 

 

ACCRUAL BASIS - 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

72,914

 

Reported

 

A/R Employees

 

988

 

 

 

A/R Other

 

59,360

 

 

 

Deposits

 

12,794

 

 

 

A/R - 401(k) loan

 

(228

)

 

 

 

 

 

 

 

 

 

 

72,914

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

19,022,744

 

Reported

 

Intercompany Payables

 

18,977,008

 

 

 

Accrued 401(k)

 

2,340

 

 

 

General Accrued AP

 

43,396

 

 

 

 

 

 

 

 

 

 

 

19,022,744

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

(23,057

)

Reported

 

Chartered Airline Expense

 

0

 

 

 

Allocation from Aircargo

 

0

 

 

 

Aircraft Ground Operations

 

(20,571

)

 

 

Freight Handling Contractors

 

(3,594

)

 

 

Third party support

 

1,108

 

 

 

 

 

 

 

 

 

 

 

(23,057

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

321,191

 

Reported

 

Interest income

 

874

 

 

 

Reversal for Allowance for Doubtful accounts

 

320,317

 

 

 

 

 

 

 

 

 

 

 

321,191

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(12,842

)

Reported

 

Transfer to Inc (#07-44536)

 

(12,726

)

 

 

Transfer to Ground (#07-44537)

 

(116

)

 

 

 

 

(12,842

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

25. OTHER (ATTACH LIST)

 

2,788

 

Reported

 

Bank Charges

 

2,788

 

 

 

 

 

 

 

 

 

 

 

2,788

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 4

 

 

 

 

 

 

 

 

 

 

 

Aging of Post-petition Taxes

 

70,913

 

Reported

 

 

 

 

 

 

 

Accrued franchise tax

 

2,877

 

 

 

Accrued property tax

 

65,483

 

 

 

Federal Excise Tax

 

2,553

 

 

 

 

 

 

 

 

 

 

 

70,913

 

Detail

 

 

 

0

 

Difference