EX-99.4 5 a08-17473_1ex99d4.htm EX-99.4

Exhibit 99.4

 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS

 

2008

CASE NUMBER:  07-44539

 

 

 

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 Aircargo, Inc.

ACCRUAL BASIS-1

 

2008

CASE NUMBER:  07-44539

 

COMPARATIVE BALANCE SHEET

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

 

 

 

 

 

 

AMOUNT

 

April 2008

 

May 2008

 

MONTH

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

 

UNRESTRICTED CASH

 

$

2,913

 

$

472,092

 

$

419,982

 

 

 

2.

 

RESTRICTED CASH

 

 

 

$

0

 

$

0

 

$

0

 

3.

 

TOTAL CASH

 

$

2,913

 

$

472,092

 

$

419,982

 

$

0

 

4.

 

ACCOUNTS RECEIVABLE (NET)

 

$

428,572

 

$

267,452

 

$

265,676

 

 

 

5.

 

INVENTORY

 

$

1,807,835

 

$

216,535

 

$

216,535

 

 

 

6.

 

NOTES RECEIVABLE

 

$

0

 

$

0

 

$

0

 

 

 

7.

 

PREPAID EXPENSES

 

$

538,000

 

$

399,821

 

$

207,619

 

 

 

8.

 

OTHER (ATTACH LIST)

 

$

2,114,882

 

$

238,351

 

$

238,633

 

 

 

9.

 

TOTAL CURRENT ASSETS

 

$

4,892,202

 

$

1,594,251

 

$

1,348,445

 

$

0

 

10.

 

PROPERTY, PLANT & EQUIPMENT

 

$

359,058

 

$

0

 

$

0

 

 

 

11.

 

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

0

 

$

0

 

 

 

12.

 

NET PROPERTY, PLANT & EQUIPMENT

 

$

359,058

 

$

0

 

$

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)

 

$

0

 

$

6,995,873

 

$

7,078,814

 

 

 

16.

 

TOTAL ASSETS

 

$

5,251,260

 

$

8,590,124

 

$

8,427,259

 

$

0

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

 

ACCOUNTS PAYABLE

 

 

 

$

858,107

 

$

1,023,310

 

 

 

18.

 

TAXES PAYABLE

 

 

 

$

165,257

 

$

190,424

 

 

 

19.

 

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

 

PROFESSIONAL FEES

 

 

 

$

0

 

$

0

 

$

0

 

21.

 

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

 

OTHER (ATTACH LIST)

 

 

 

$

833,653

 

$

759,863

 

 

 

23.

 

TOTAL POSTPETITION LIABILITIES

 

 

 

$

1,857,017

 

$

1,973,597

 

$

0

 

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

 

$

4,350,594

 

$

4,217,101

 

 

 

27.

 

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

 

TOTAL PREPETITION LIABILITIES

 

$

22,170,447

 

$

4,350,594

 

$

4,217,101

 

$

0

 

29.

 

TOTAL LIABILITIES

 

$

22,170,447

 

$

6,207,611

 

$

6,190,698

 

$

0

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

 

PREPETITION OWNERS’ EQUITY

 

 

 

$

3,848,021

 

$

3,848,021

 

 

 

31.

 

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(1,465,508

)

$

(1,611,460

)

 

 

32.

 

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

$

0

 

33.

 

TOTAL EQUITY

 

$

0

 

$

2,382,513

 

$

2,236,561

 

$

0

 

34.

 

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

22,170,447

 

$

8,590,124

 

$

8,427,259

 

$

0

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS-2

 

2008

CASE NUMBER:  07-44539

 

 

INCOME STATEMENT

 

 

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

 

 

April 2008

 

May 2008

 

MONTH

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

 

GROSS REVENUES

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

 

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

 

NET REVENUE

 

$

0

 

$

0

 

$

0

 

$

0

 

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

 

$

0

 

$

0

 

$

0

 

$

0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

 

OFFICER / INSIDER COMPENSATION

 

$

3,589

 

$

0

 

$

0

 

$

3,589

 

10.

 

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

 

GENERAL & ADMINISTRATIVE

 

$

190,466

 

$

183,910

 

$

0

 

$

374,376

 

12.

 

RENT & LEASE

 

$

198

 

$

18,534

 

$

0

 

$

18,732

 

13.

 

OTHER (ATTACH LIST)

 

$

(37,946

)

$

(56,201

)

$

0

 

$

(94,147

)

14.

 

TOTAL OPERATING EXPENSES

 

$

156,307

 

$

146,243

 

$

0

 

$

302,550

 

15.

 

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(156,307

)

$

(146,243

)

$

0

 

$

(302,550

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

 

NON-OPERATING INCOME (ATT. LIST)

 

$

40,775

 

$

291

 

$

0

 

$

41,066

 

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

 

$

(40,775

)

$

(291

)

$

0

 

$

(41,066

)

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)

 

$

(115,532

)

$

(145,952

)

$

0

 

$

(261,484

)

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS-3

 

2008

CASE NUMBER:  07-44539

 

 

 

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

 

 

April 2008

 

May 2008

 

MONTH

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

 

CASH - BEGINNING OF MONTH

 

$

400,376

 

$

472,092

 

 

 

$

400,376

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

 

CASH SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

 

PREPETITION

 

$

89,134

 

$

0

 

$

0

 

$

89,134

 

4.

 

POSTPETITION

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

 

TOTAL OPERATING RECEIPTS

 

$

89,134

 

$

0

 

$

0

 

$

89,134

 

NON - OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

 

LOANS & ADVANCES (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

 

SALE OF ASSETS

 

$

1,650

 

$

0

 

$

0

 

$

1,650

 

8.

 

OTHER (ATTACH LIST)

 

$

(19,068

)

$

(52,110

)

$

0

 

$

(71,178

)

9.

 

TOTAL NON-OPERATING RECEIPTS

 

$

(17,418

)

$

(52,110

)

$

0

 

$

(69,528

)

10.

 

TOTAL RECEIPTS

 

$

71,716

 

$

(52,110

)

$

0

 

$

19,606

 

11.

 

TOTAL CASH AVAILABLE

 

$

472,092

 

$

419,982

 

$

0

 

$

419,982

 

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

 

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

 

$

71,716

 

$

(52,110

)

$

0

 

$

19,606

 

33.

 

CASH - END OF MONTH

 

$

472,092

 

$

419,982

 

$

0

 

$

419,982

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS-4

 

2008

CASE NUMBER:  07-44539

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

ACCOUNTS RECEIVABLE AGING

 

AMOUNT

 

April 2008

 

May 2008

 

0

 

1.

 

0-30

 

 

 

$

0

 

$

0

 

 

 

2.

 

31-60

 

 

 

$

0

 

$

0

 

 

 

3.

 

61-90

 

 

 

$

0

 

$

0

 

 

 

4.

 

91+

 

 

 

$

267,452

 

$

267,452

 

 

 

5.

 

TOTAL ACCOUNTS RECEIVABLE

 

$

428,572

 

$

267,452

 

$

267,452

 

$

0

 

6.

 

AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

 

ACCOUNTS RECEIVABLE (NET)

 

$

428,572

 

$

267,452

 

$

267,452

 

$

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)

 

$

190,424

 

$

0

 

$

0

 

$

0

 

$

190,424

 

5.

 

TOTAL TAXES PAYABLE

 

$

0

 

$

0

 

$

0

 

$

0

 

$

190,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

ACCOUNTS PAYABLE

 

$

(26,273

)

$

17

 

$

0

 

$

1,049,566

 

$

1,023,310

 

 

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 Aircargo, Inc.

ACCRUAL BASIS-5

 

2008

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.

 

BANK RECONCILIATIONS

 

MONTH:

May 2008

 

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

 

 

A.

 

BANK:

 

Capital One

 

JP Morgan Chase

 

Capital One

 

 

 

B.

 

ACCOUNT NUMBER:

 

3620477833

 

100130152

 

3620562563

 

 

 

C.

 

PURPOSE (TYPE):

 

Depository

 

Operating

 

Asset Sales

 

TOTAL

 

1.

 

BALANCE PER BANK STATEMENT

 

$

0

 

Acct Closed

 

$

419,982

 

$

419,982

 

2.

 

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

$

0

 

$

0

 

3.

 

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

 

 

$

0

 

$

0

 

4.

 

OTHER RECONCILING ITEMS

 

$

0

 

 

 

$

0

 

$

0

 

5.

 

MONTH END BALANCE PER BOOKS

 

$

0

 

 

 

$

419,982

 

$

419,982

 

6.

 

NUMBER OF LAST CHECK WRITTEN

 

None

 

 

 

No Checks

 

 

 

 

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

 

 

 

 

 

 

 

$419,982

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS-6

 

2008

CASE NUMBER:  07-44539

 

 

 

 

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.

Robbie Barron

 

Salary, Expense Reports

 

$

0

 

$

106,934

 

2.

Danny Clifton

 

Salary, Expense Reports

 

$

0

 

$

22,418

 

3.

Mark Luman

 

Salary, Expense Reports

 

$

0

 

$

60,944

 

4.

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

0

 

$

190,296

 

 

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.

GECAS; all aircraft returned 12/07

 

$

738,159

 

 

 

$

1,372,597

 

2.

AirLease International; all aircraft returned 1/08

 

$

48,910

 

 

 

$

0

 

3.

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL

 

$

787,069

 

$

0

 

$

1,372,597

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk Aircargo, Inc.

ACCRUAL BASIS-7

 

2008

CASE NUMBER:  07-44539

 

 

 

 

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.

 

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 Aircargo, Inc.

ACCRUAL BASIS

 

2008

CASE NUMBER:  07-44539

 

 

 

 

MONTH:

May 2008

 

 

 

Accrual Basis
Form Number

 

Line
Number

 

Footnote/Explanation

3

 

8

 

All available cash received into each subsidiary cash account is transferred to Kitty Hawk, Inc. (Case #07-44536)

 

 

 

 

 

3

 

13

 

As of May 31, 2008, Kitty Hawk Aircargo no longer has employees.

 

 

 

 

 

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; payments are covered under allowed admin claim to be settled upon effective date of Plan.

 

 

 

 

 

7

 

 

 

All insurance policies for Kitty Hawk Aircargo, 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  ransferred 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  misc reconciling item of $1,776.00

 


 

Case Name:  Kitty Hawk Aircargo, Inc.

 

 

 

 

 

Case Number:  07-44539

 

 

 

Details of Other Items

 

 

 

 

 

May 2008

 

 

 

ACCRUAL BASIS - 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

238,633

 

Reported

 

AR 401(k)

 

(834

)

 

 

AR - Accrued

 

380

 

 

 

AR Employees

 

(1,604

)

 

 

Fuel intoplane suspense

 

0

 

 

 

Deposits

 

240,691

 

 

 

 

 

 

 

 

 

 

 

238,633

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

15. OTHER (ATTACH LIST)

 

7,078,814

 

Reported

 

Intercompany receivable

 

7,078,814

 

 

 

 

 

 

 

 

 

 

 

7,078,814

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

759,863

 

Reported

 

 

 

 

 

 

 

Payroll clearing

 

0

 

 

 

General Accrued AP

 

751,283

 

 

 

Accrued Union Dues

 

(9,323

)

 

 

Accrued wages

 

0

 

 

 

Accrued 401(k)

 

(72

)

 

 

Accrued Fuel

 

17,975

 

 

 

 

 

 

 

 

 

 

 

759,863

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER OPERATING EXPENSE

 

(56,201

)

Reported

 

 

 

 

 

 

 

Crewmember wages

 

(39,919

)

 

 

Crewmember travel

 

(24,607

)

 

 

Flight Operations Admin wages & travel

 

533

 

 

 

Ground Operating Expense

 

0

 

 

 

Fuel

 

(278

)

 

 

Maintenance wages & travel

 

0

 

 

 

Support costs

 

0

 

 

 

Contract labor

 

(6,092

)

 

 

Parts Related Expense

 

8,677

 

 

 

Contractual Maintenance agreements

 

5,485

 

 

 

Allocation to Cargo

 

0

 

 

 

On demand charter expense

 

0

 

 

 

 

 

 

 

 

 

 

 

(56,201

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

291

 

Reported

 

Interest income

 

291

 

 

 

Gain on sale of assets

 

0

 

 

 

 

 

 

 

 

 

 

 

291

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

(52,110

)

Reported

 

Transfer to Inc (#07-44536)

 

(52,401

)

 

 

Transfer from Inc (#07-44536)

 

0

 

 

 

Interest Income

 

291

 

 

 

 

 

(52,110

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 4

 

 

 

 

 

 

 

 

 

 

 

Aging of Post-petition Taxes

 

190,424

 

Reported

 

 

 

 

 

 

 

Accrued franchise tax

 

388

 

 

 

Accrued property tax

 

190,036

 

 

 

 

 

 

 

 

 

 

 

190,424

 

Detail

 

 

 

0

 

Difference