EXHIBIT 99.10
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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JUDGE: XXXXXXX X. XXXXXX
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UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
SIXTH DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: JANUARY 31, 2001
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/ Xxxx Xxxxx Chief Financial Officer
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Xxxx Xxxxx 2/20/01
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PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ Xxxxxxx X. Xxxxxx Chief Accounting Officer
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ORIGINAL SIGNATURE OF PREPARER TITLE
Xxxxxxx X. Xxxxxx 2/20/01
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PRINTED NAME OF PREPARER DATE
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-1
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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COMPARATIVE BALANCE SHEET
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SCHEDULE MONTH MONTH MONTH
--------------------------------------------------
ASSETS AMOUNT January 2001
-------------------------------------------------------------------------------------------------------------
1. UNRESTRICTED CASH $0 $0 $0
-------------------------------------------------------------------------------------------------------------
2. RESTRICTED CASH $0 $0 $0
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3. TOTAL CASH $0 $0 $0 $0
-------------------------------------------------------------------------------------------------------------
4. ACCOUNTS RECEIVABLE (NET) $20,742 $0 $0
-------------------------------------------------------------------------------------------------------------
5. INVENTORY $0 $0 $0
-------------------------------------------------------------------------------------------------------------
6. NOTES RECEIVABLE $0 $0 $0
-------------------------------------------------------------------------------------------------------------
7. PREPAID EXPENSES $0 $0 $0
-------------------------------------------------------------------------------------------------------------
8. OTHER (ATTACH LIST) $39,149 $724 $0 $0
-------------------------------------------------------------------------------------------------------------
9. TOTAL CURRENT ASSETS $39,149 $21,466 $0 $0
-------------------------------------------------------------------------------------------------------------
10. PROPERTY, PLANT & EQUIPMENT $0 $0 $0
-------------------------------------------------------------------------------------------------------------
11. LESS: ACCUMULATED
DEPRECIATION / DEPLETION $0 $0 $0
-------------------------------------------------------------------------------------------------------------
12. NET PROPERTY, PLANT &
EQUIPMENT $0 $0 $0 $0
-------------------------------------------------------------------------------------------------------------
13. DUE FROM INSIDERS $0 $0 $0
-------------------------------------------------------------------------------------------------------------
14. OTHER ASSETS - NET OF
AMORTIZATION (ATTACH LIST) $0 $0 $0
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15. OTHER (ATTACH LIST) $0 $0 $0
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16. TOTAL ASSETS $39,149 $21,466 $0 $0
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POSTPETITION LIABILITIES
-------------------------------------------------------------------------------------------------------------
17. ACCOUNTS PAYABLE $0 $0 $0
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18. TAXES PAYABLE $0 $0 $0
-------------------------------------------------------------------------------------------------------------
19. NOTES PAYABLE $0 $0 $0
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20. PROFESSIONAL FEES $0 $0 $0
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21. SECURED DEBT $0 $0 $0
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22. OTHER (ATTACH LIST) $0 $0 $0
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23. TOTAL POSTPETITION
LIABILITIES $0 $0 $0
-------------------------------------------------------------------------------------------------------------
PREPETITION LIABILITIES
-------------------------------------------------------------------------------------------------------------
24. SECURED DEBT $0 $0 $0
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25. PRIORITY DEBT $0 $0 $0
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26. UNSECURED DEBT ($16,740) $0 $0
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27. OTHER (ATTACH LIST) $0 $0 $0
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28. TOTAL PREPETITION LIABILITIES $0 ($16,740) $0 $0
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29. TOTAL LIABILITIES $0 ($16,740) $0 $0
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EQUITY
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30. PREPETITION OWNERS' EQUITY $38,956 $0 $0
-------------------------------------------------------------------------------------------------------------
31. POSTPETITION CUMULATIVE
PROFIT OR (LOSS) ($750) $0 $0
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32. DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)
-------------------------------------------------------------------------------------------------------------
33. TOTAL EQUITY $0 $38,206 $0 $0
-------------------------------------------------------------------------------------------------------------
34. TOTAL LIABILITIES &
OWNERS' EQUITY $0 $21,466 $0 $0
-------------------------------------------------------------------------------------------------------------
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===================================================================================================================================
MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-2
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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INCOME STATEMENT
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MONTH MONTH MONTH QUARTER
--------------------------------------------
REVENUES January 2001 TOTAL
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-----------------------------------------------------------------------------------------------------
1. GROSS REVENUES $0 $0 $0 $0
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2. LESS: RETURNS & DISCOUNTS $0 $0 $0 $0
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3. NET REVENUE $0 $0 $0 $0
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COST OF GOODS SOLD
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4. MATERIAL $0 $0 $0 $0
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5. DIRECT LABOR $0 $0 $0 $0
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6. DIRECT OVERHEAD $0 $0 $0 $0
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7. TOTAL COST OF GOODS SOLD $0 $0 $0 $0
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8. GROSS PROFIT $0 $0 $0 $0
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OPERATING EXPENSES
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9. OFFICER / INSIDER COMPENSATION $0 $0 $0 $0
-----------------------------------------------------------------------------------------------------
10. SELLING & MARKETING $0 $0 $0 $0
-----------------------------------------------------------------------------------------------------
11. GENERAL & ADMINISTRATIVE $0 $0 $0 $0
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12. RENT & LEASE $0 $0 $0 $0
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13. OTHER (ATTACH LIST) $0 $0 $0 $0
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14. TOTAL OPERATING EXPENSES $0 $0 $0 $0
-----------------------------------------------------------------------------------------------------
15. INCOME BEFORE NON-OPERATING
INCOME & EXPENSE $0 $0 $0 $0
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OTHER INCOME & EXPENSES
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16. NON-OPERATING INCOME (ATT. LIST) $0 $0 $0 $0
-----------------------------------------------------------------------------------------------------
17. NON-OPERATING EXPENSE (ATT. LIST) $0 $0 $0 $0
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18. INTEREST EXPENSE $0 $0 $0 $0
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19. DEPRECIATION / DEPLETION $0 $0 $0 $0
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20. AMORTIZATION $0 $0 $0 $0
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21. OTHER (ATTACH LIST) $0 $0 $0 $0
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22. NET OTHER INCOME & EXPENSES $0 $0 $0 $0
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REORGANIZATION EXPENSES
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23. PROFESSIONAL FEES $0 $0 $0 $0
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24. U.S. TRUSTEE FEES $0 $0 $0 $0
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25. OTHER (ATTACH LIST) $0 $0 $0 $0
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26. TOTAL REORGANIZATION EXPENSES $0 $0 $0 $0
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27. INCOME TAX $0 $0 $0 $0
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28. NET PROFIT (LOSS) $0 $0 $0 $0
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-3
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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CASH RECEIPTS AND MONTH MONTH MONTH QUARTER
---------------------------------------------
DISBURSEMENTS January 2001 TOTAL
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1. CASH - BEGINNING OF MONTH $0 $0 $0 $0
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RECEIPTS FROM OPERATIONS
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2. CASH SALES $0 $0 $0 $0
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COLLECTION OF ACCOUNTS RECEIVABLE
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3. PREPETITION $0 $0 $0 $0
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4. POSTPETITION $0 $0 $0 $0
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5. TOTAL OPERATING RECEIPTS $0 $0 $0 $0
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NON - OPERATING RECEIPTS
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6. LOANS & ADVANCES (ATTACH LIST) $0 $0 $0 $0
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7. SALE OF ASSETS $0 $0 $0 $0
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8. OTHER (ATTACH LIST) $0 $0 $0 $0
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9. TOTAL NON-OPERATING RECEIPTS $0 $0 $0 $0
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10. TOTAL RECEIPTS $0 $0 $0 $0
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11. TOTAL CASH AVAILABLE $0 $0 $0 $0
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OPERATING DISBURSEMENTS
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12. NET PAYROLL $0 $0 $0 $0
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13. PAYROLL TAXES PAID $0 $0 $0 $0
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14. SALES, USE & OTHER TAXES PAID $0 $0 $0 $0
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15. SECURED / RENTAL / LEASES $0 $0 $0 $0
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16. UTILITIES $0 $0 $0 $0
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17. INSURANCE $0 $0 $0 $0
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18. INVENTORY PURCHASES $0 $0 $0 $0
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19. VEHICLE EXPENSES $0 $0 $0 $0
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20. TRAVEL $0 $0 $0 $0
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21. ENTERTAINMENT $0 $0 $0 $0
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22. REPAIRS & MAINTENANCE $0 $0 $0 $0
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23. SUPPLIES $0 $0 $0 $0
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24. ADVERTISING $0 $0 $0 $0
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25. OTHER (ATTACH LIST) $0 $0 $0 $0
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26. TOTAL OPERATING DISBURSEMENTS $0 $0 $0 $0
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REORGANIZATION EXPENSES
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27. PROFESSIONAL FEES $0 $0 $0 $0
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28. U.S. TRUSTEE FEES $0 $0 $0 $0
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29. OTHER (ATTACH LIST) $0 $0 $0 $0
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30. TOTAL REORGANIZATION EXPENSES $0 $0 $0 $0
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31. TOTAL DISBURSEMENTS $0 $0 $0 $0
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32. NET CASH FLOW $0 $0 $0 $0
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33. CASH - END OF MONTH $0 $0 $0 $0
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-4
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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SCHEDULE MONTH MONTH MONTH
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ACCOUNTS RECEIVABLE AGING AMOUNT January 2001
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1. 0-30 $0 $0 $0
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2. 31-60 $0 $0 $0
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3. 61-90 $0 $0 $0
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4. 91+ $20,742 $0 $0
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5. TOTAL ACCOUNTS RECEIVABLE $0 $20,742 $0 $0
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6. AMOUNT CONSIDERED UNCOLLECTIBLE $0 $0 $0
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7. ACCOUNTS RECEIVABLE (NET) $0 $20,742 $0 $0
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----------------------------------------------------------------
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: January 2001
--------------------
-------------------------------------------------------------------------------------------------------------
0-30 31-60 61-90 91+
TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL
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1. FEDERAL $0 $0 $0 $0 $0
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2. STATE $0 $0 $0 $0 $0
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3. LOCAL $0 $0 $0 $0 $0
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4. OTHER (ATTACH LIST) $0 $0 $0 $0 $0
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5. TOTAL TAXES PAYABLE $0 $0 $0 $0 $0
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6. ACCOUNTS PAYABLE $0 $0 $0 $0 $0
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STATUS OF POSTPETITION TAXES MONTH: January 2001
---------------------------------------
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BEGINNING AMOUNT ENDING
TAX WITHHELD AND/ AMOUNT TAX
FEDERAL LIABILITY* 0R ACCRUED PAID LIABILITY
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1. WITHHOLDING** $0 $0 $0 $0
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2. FICA-EMPLOYEE** $0 $0 $0 $0
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3. FICA-EMPLOYER** $0 $0 $0 $0
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4. UNEMPLOYMENT $0 $0 $0 $0
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5. INCOME $0 $0 $0 $0
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6. OTHER (ATTACH LIST) $0 $0 $0 $0
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7. TOTAL FEDERAL TAXES $0 $0 $0 $0
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STATE AND LOCAL
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8. WITHHOLDING $0 $0 $0 $0
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9. SALES $0 $0 $0 $0
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10. EXCISE $0 $0 $0 $0
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11. UNEMPLOYMENT $0 $0 $0 $0
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12. REAL PROPERTY $0 $0 $0 $0
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13. PERSONAL PROPERTY $0 $0 $0 $0
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14. OTHER (ATTACH LIST) $0 $0 $0 $0
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15. TOTAL STATE & LOCAL $0 $0 $0 $0
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16. TOTAL TAXES $0 $0 $0 $0
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* 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.
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-5
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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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 2001
------------------------------------------
-------------------------------------------
BANK RECONCILIATIONS
Account #1 Account #2 Account #3 TOTAL
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A. BANK: N/A
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B. ACCOUNT NUMBER: N/A
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C. PURPOSE (TYPE): N/A
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1. BALANCE PER BANK STATEMENT $0
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2. ADD: TOTAL DEPOSITS NOT CREDITED $0
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3. SUBTRACT: OUTSTANDING CHECKS $0
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4. OTHER RECONCILING ITEMS $0
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5. MONTH END BALANCE PER BOOKS $0 $0 $0
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6. NUMBER OF LAST CHECK WRITTEN
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----------------------------------
INVESTMENT ACCOUNTS
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DATE OF TYPE OF PURCHASE CURRENT
BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE
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7. N/A
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8. N/A
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9. N/A
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10. N/A
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11. TOTAL INVESTMENTS $0 $0
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CASH
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12. CURRENCY ON HAND $0
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13. TOTAL CASH - END OF MONTH $0
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-6
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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MONTH: January 2001
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PAYMENTS TO INSIDERS AND PROFESSIONALS
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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. N/A
-------------------------------------------------------------------------------------------------
2. N/A
-------------------------------------------------------------------------------------------------
3. N/A
-------------------------------------------------------------------------------------------------
4. N/A
-------------------------------------------------------------------------------------------------
5. N/A
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6. TOTAL PAYMENTS
TO INSIDERS $0 $0
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PROFESSIONALS
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DATE OF COURT TOTAL
ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED
NAME PAYMENT APPROVED PAID TO DATE & UNPAID *
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1. N/A
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2. N/A
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3. N/A
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4. N/A
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5. N/A
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6. TOTAL PAYMENTS
TO PROFESSIONALS $0 $0 $0 $0
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* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
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POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS
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SCHEDULED AMOUNTS
MONTHLY PAID TOTAL
PAYMENTS DURING UNPAID
NAME OF CREDITOR DUE MONTH POSTPETITION
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1. N/A
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2. N/A
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3. N/A
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4. N/A
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5. N/A
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6. TOTAL $0 $0 $0
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MONTHLY OPERATING REPORT
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CASE NAME: FLIGHT ONE LOGISTICS, INC. ACCRUAL BASIS-7
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CASE NUMBER: 400-42069-BJH 02/13/95, RWD, 2/96
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MONTH: January 2001
------------------------------------
--------------------------------------------------
QUESTIONNAIRE
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YES NO
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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
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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
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8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
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9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
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10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS
DELINQUENT? X
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11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE
REPORTING PERIOD? X
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12. ARE ANY WAGE PAYMENTS PAST DUE? X
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A
DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF
NECESSARY.
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--------------------------------------------------
INSURANCE
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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.
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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.
This is a non-operating entity. There are no assets or employees with
which to cover with insurance.
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INSTALLMENT PAYMENTS
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TYPE OF PAYMENT AMOUNT
POLICY CARRIER PERIOD COVERED & FREQUENCY
---------------------------------------------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------------------------------------------
N/A
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CASE NAME: FLIGHT ONE LOGISTICS, INC.
CASE NUMBER: 400-42069-BJH
DETAILS OF OTHER ITEMS
ACCRUAL BASIS-1 January 2001
8. OTHER (ATTACH LIST) $ 724 Reported
----------------------------------
Intercompany Receivables 724 Detail
----------------------------------
- Difference
===============================================================================
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CASE NAME: FLIGHT ONE LOGISTICS, INC. FOOTNOTES SUPPLEMENT
----------------------------------------------------------------------------
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CASE NUMBER: 400-42069-BJH ACCRUAL BASIS
----------------------------------------------------------------------------
MONTH: January 2001
-------------------------------------
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ACCRUAL BASIS FORM NUMBER LINE NUMBER FOOTNOTE / EXPLANATION
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6 All Professional fees related to the Reorganization of the
-----------------------------------------------------------------------------------------------------------------
Company are disbursed out of Kitty Hawk, Inc. (Parent
-----------------------------------------------------------------------------------------------------------------
Company). Refer to Case # 400-42141
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General This is a non-operating Company.
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4 6 All assessments of uncollectible accounts receivable are done
-----------------------------------------------------------------------------------------------------------------
at Kitty Hawk, Inc. Refer to Case #400-42141. All reserves
-----------------------------------------------------------------------------------------------------------------
are recorded at Inc. and pushed down to Inc.'s subsidiaries
-----------------------------------------------------------------------------------------------------------------
as deemed necessary.
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3 28 All payments are made by Kitty Hawk, Inc. (Case #400-42141)
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