Vanessa R. Balgobin 

Sr. Transportation Industry Analyst 

Air Carrier Fitness Division 

Office of Aviation Analysis 

US Department of Transportation 

1200 New Jersey Avenue SE 

Washington DC 20590 

Further to our recent phone conversation the following is our response to the 

information request re Aviation Partners of Boynton Beach LLC d/b/a Hummingbird Air's 

application for commuter authorization DOT-OST-2014-0116. 

The only significant change since the application date was the appointment of Richard 

Matthew Clark as Director of Maintenance on February 1, 2015. 

KEY PERSONNEL 

1. Request for dates (months) re Mr. Samuel Raphael's resume: 

Please find attached Samuel Raphael's updated resume, which has been edited 

to show employment periods by months. Samuel Raphael is a US Citizen. 

2. Request for employment information since 2012 as shown on Mr. Jose Manuel 

Coto's resume; Nationality and ATP number; 

Mr. Jose Manuel Coto worked in his family's animal feed store from his last 

aviation employment date in 2012 until July 2013 when Hummingbird Air 

employed him. Hummingbird Air has continuously employed him since July of 

2013. Coto is a US Citizen. His Airline Transport Pilot number is 580124476. 

3. Request for Ira Williams employment information and nationality: 

Please note that Mr. Richard Matthew Clark has replaced Mr. Ira Williams as 

Hummingbird Air's Director of Maintenance. Mr. Richard Matthew Clark has 

been employed in his capacity since February 1, 2015. Mr. Clark is a US 

National. Please find attached copy of Mr. Clark's resume and copies of A&P 

and lA certification. 

4. Provide a 12-month pro forma income statement for Hummingbird Air's 

proposed operations: 

Please find attached 12-month pro-forma income statement assuming 

commuter service will commence around June of 2015. 
5. Provide a forecast balance sheet for the first year of operations ending after the 

initially proposed operations commencement date: 

Please find attached 12-month pro-forma balance sheet assuming commuter 

operation will commence in June 2015. 

6. Provide an updated income statement and balance sheet for Hummingbird Air 

current within the pas-t 3 months: 

Please find the year- end income statement and balance sheet for 

Hummingbird Air ending December 31, 2014, which reflect the company's 

financial condition within the past 3 months. Please note that the actually 

company started operating unscheduled charters in July 2014. 

7. The financial statements submitted in support of Hummingbird Air's applications 

identify long-term debt to White River Camp and Dan Crimm. Please provide 

additional information about these obligations. Also, please explain why the debt 

amount and terms change frequently year over year and why there is no current 

portion of debt due reflected in the balance sheet when the description of the 

terms identifies annual payments. 

• Dan Crimm is a private lender who provided a $300,000 loan to Ay Ay 

Holdings Inc. in April of 2014. The annual interest on of this debt is 7%. 

Repayment is due in two annual payments ending April 4, 2016. 

• White River Campgrounds (WRC}, (100% owned by S. Raphael) has 

provided a line of credit to both Ay Ay and Hummingbird Air at 2% 

interest (Hum Air current principal debt to WRC is a principal of 

$994.943 and interest of $17,997). Repayment in monthly installments 

start on March 31, 2016. Hummingbird Air has 5 years to repay and Ay 

Ay has 10 years to repay. 

White River Campgrounds will repay Dan Crimm's debt as scheduled and add 

this additional amount including principal and interest to its Loans to Ay Ay 

Holdings under the same terms and conditions of its existing loand. 

The accountant's notes should have reflected the above terms. Please note 

that the WRC debt is reflected in the attached pro-forma income statement 

and Balance sheet. 

8. With respect to Hummingbird's Aircraft, based on the information provided in 

the application, it appears that the aircraft are owned by a relevant corporation, 

Ay Ay Holdings, Inc. ("Ay Ay"), but will be leased by Hummingbird Air from Ay Ay. 

Please describe the terms of the lease and ensure that the lease payments are 
reflected in the applicant's expense projections. 

Hummingbird Air is leasing three Beech 99's from AY AY for a total of $15,000 

per month ($5,000 per aircraft). Lease payments are being differed /(accrued) 

until July 2016 when monthly payment will commence. Upon commencement 

of lease payment in July, 2016 Hummingbird Air will pay will Ay Ay for two 

months at a time until the accrued balance is settled. 

9. The third-party financial verification letters do not provide account balances. 

Please provide revised letters that show balances. 

Third party financial verification letter with account balance from First Bank is 

enclosed. Third party bank letter plus checking account and Certificate of 

Deposit statements showing balances from Bank of St Croix are enclosed. 

Investment account statement from Merrill Lynch showing portfolio value of 

publicly traded stock is enclosed. 

10. Provide a description of all charges of unfair or deceptive or anticompetitive 

business practices, or of fraud, felony or antitrust violation, brought against any 

relevant corporation or person having a substantial interest in any relevant 

corporation, or member of the key personnel employed (or to be employed) by 

any relevant corporation in the past 10 years. Such descriptions shall include the 

disposition or current status of each such proceeding. 

There have not been any charges of unfair or deceptive or anticompetitive 

business practices, or of fraud, felony or antitrust violation, brought against 

any relevant corporation or person having a substantial interest in any relevant 

corporation, or member of the key personnel employed (or to be employed) by 

any relevant corporation over the past 10 years. 

Please feel free to contact me at sam@hum-air.com or by phone at (340) 773-3571/ 

{340) 626-1509/ (767) 235-1739 for clarification or additional information. 

Sincerely, 

( 

Samuel Raphael LLC Manager 

Aviation Partners of Boynton Beach 

d/b/a Hummingbird Air 
SAMUEL RAPHAEL 

# 1 7 Estate Hard Labor 

P.O. Box 1045 P.O. Box Kings Hill St. Croix, VI 00851 

340.773.3571 or 340.626.1509 or 340.235.1739 

sam@hum-air.com 

SAMUEL "SAM" RAPHAEL is an entrepreneur and award-winning Caribbean tourism 

professional. He is an imagina.tive and resourceful individual with outstanding 

community organizing, strategic planning, management, investment and communication 

skills. 

ENTREPRENEUR 

Owner, Managing Director (January 2013- present) Aviation Partners of Boynton 

Beach d/b/a Hummingbird Air, an aviation company certificated by the Federal Aviation 

Authority (FAA - 135) of the United States to provide passenger and air cargo service to 

the eastern Caribbean. Sam acquired the company as a single pilot operation on January 

of2013, re-domiciled it to St. Croix US Virgin Islands and is overseeing its growth and 

development into a scheduled commuter service. The company currently operates 

unscheduled charters with a fleet of three Beech 99 airplanes. The company provides 

reliable air connections to residents and visitors seeking access to small Caribbean 

markets. The company plans to play an important role in aviation in the eastern 

Caribbean. Sam conceptualized this venture and is overseeing its growth and 

development as the company's chief executive. 

Owner, Developer & General Manager (July 1996- January 2013) White River 

Campgrounds Inc. d/b/a Jungle Bay, Dominica, a 35-cottage eco-resort & spa generally 

recognized as one of the top luxury eco-resorts of the world (Trip Advisor #3 in the 

Caribbean 2015, Conde Nast Traveler World Savers Award, Huff Post, Forbes magazine, 

Islands Magazine, and more). Sam managed Jungle Bay's growth and development from 

its inception until the winter of 2013 when he relinquished its day-to-day management to 

pursue the development of his aviation company, Hummingbird Air. Jungle Bay offers a 

unique combination of rainforest adventure with wellness and relaxation. It was 

developed as a replicable sustainable tourism model for Dominica following the decline 

of the island's banana trade. The physical property was developed with mostly recycled 

material with minimal disturbance to the natural environment. Jungle Bay developed its 

workforce from the families of formerly displaced banana farm workers. It sources most 

of its restaurant food from village farmers from surrounding communities. Other notable 

Jungle Bay contributions include seed funding for a local home for children with severe 

. disabilities, establishing an NGO that provides books to school libraries, developing a 

youth entrepreneurship program for the island of Dominica. Sam conceptualized this 

overall concept, prepared and implemented its business plan, arranged financing, oversaw 

the construction and presently managed it for 8 years. 
Ecotourism Management Consultant (June 2007 - 2009 October) Chemonics 

International - Caribbean Open Trade Support, funded by United States Agency for 

International Development (USAID), Dominica. Developed an Ecolodge Business Plan 

and Investment Prospectus, which attracted investors for the development for the Carib 

Territory, home to the last remaining autonomous indigenous Kalinago community in the 

Caribbean. 

Founder I CEO (August 1993.- June 1996) Dominion Equity Inc. a US Virgin Islands 

based real estate development company. Dominion was active in developing real estate 

on St. Croix US Virgin Islands from 1993 until 1996 when Sam decided to relocate to 

Dominica to develop Jungle Bay. The company is still in existence and currently owns 

over one hundred acres of real estate on St. Croix. Though Sam's more recent 

entrepreneurial ventures have been tourism related, he is an experienced real estate 

developer. One of his best-known ventures is "Scenic Ridge", a 175-lot community that 

features historic ruins and a wilderness preserve. 

Founder I Principal (October 1985-August 1993) A-Quality, St. Croix, US Virgin 

Islands was a residential & commercial construction company. Functions included bid 

preparation, daily business operations, construction oversight - included federally funded 

HUD projects. 

PROFESSIONAL PRESENTATIONS 

2014 Guest Lecturer "The Jungle Bay Story" Mount Royal University Ecotourism 

Undergraduate Program, Calgary, Canada 

2012 Presenter "The Changing Face of World Travel & Tourism- Winning Strategies 

for Caribbean Competitiveness" Caribbean Tourism Organization Annual Conference 

2012 Guest Lecturer "The Jungle Bay Story" Mount Royal University Ecotourism 

Undergraduate Program, Calgary, Canada 

2011 Presenter "Environmentally Friendly, Socially Responsible Tourism Development; 

the Caribbean's Future" Green Growth Investment Forum (funded by the European 

Union), Brussels, Belgium 

2008 Presenter "The Jungle Bay Community Fund: Transforming Dominica's 

Southeast" Travelers Philanthropy Conference, Arusha, Tanzania 

2007 Feature Presentation "The Incredible Caribbean: Off the Beaten Track" 

Washington, DC Convention Center: Adventures in Travel Conference & Expo. 

2006 Feature Presentation "The Viability if "Eco-Heritage-Community Tourism on St. 

Croix" Carambola Hotel; Nature Conservancy Conference 
2005 Feature Presentation "Caribbean Tourism: Changes & Challenges" Miami 

Convention Center; Hospitality Design Magazine conference & Expo. 

EDUCATION 

AMERICAN UNIVERSITY, Washington, DC (Candidate BA, incomplete) 

International Studies 1979 - 1982 

RELEVANT ASSOCIATION 

Dominica Hotel & Tourism Association, Board Director & Past President 

Discover Dominica Authority (Tourism Board), Board Director 

The International Ecotourism Society, Member 

International Association of Golf Tour Operators (IAGTO) 

PESONAL A WARDS AND ACCOLADES 

2010 Best Personal Contribution to Responsible Travel Award: Virgin Holiday and 

ResponsibleTravel.com: London, UK 

2008 Sustainable Tourism "World Savor Award": Conde Nast Traveler, USA 
Richard M. (Matt) Clark 

Combat Veteran (Persian Gulf, Somalia, Colombia) 

113 Queens Ridge 

Christiansted, VI 

340-998-9599 mattclark65@gmail.com 

OBJECTIVE 

Seeking a position in the Aviation Industry as an Airframe & Power Plant Mechanic I Inspector (I.A.) I Aircraft Flight Crew I 

Electrician I Sheet Metal Mechanic I Helicopter Pilot or related position within the field of Aviation. 

PROFESSIONAL EXPERIENCE SUMMARY 

Over 26 years of combined experience in the civilian and military aviation field (specializing in Helicopters). Held positions which 

include; Director of Maintenance, Production Control Supervisor, Maintenance Team Leader, "Re-Set"/ Phase Team Leader, 

Blackhawk Crew Chief, Search & Rescue Instructor I Trainer and Helicopter Consultant. Four years of additional experience in the 

Engineering Field as a Structural, Mechanical and Electrical Draftsman. 

ACHIEVEMENTS 

Island Airlines, Christiansted, VI. (25 Jul2013- 6 Feb 2015) 

King Air B-200 I Piper Navajo PA31-325 

Performed the duties of Director of Maintenance for Part 135 Operator with includes maintaining all forms, records and manual 

libraries all in accordance with FAA Regulations. 

Astrum Helicopters, Belize City, Belize (Jan. 2012- July 2013) 

Bell 206 B III I Cessna 206 (Soloy) Mark II 

Perform the duties and responsibilities as the Director of Maintenance for a BCAR 145 and OPS 3 (Part 135) Operator, which 

includes maintaining all forms, records and manual libraries in accordance with BDCA Regulations. Perform recurrent training of 

personnel, mechanics and pilots as well as maintaining aircraft by scheduled and non-scheduled maintenance. 

RMC Helicopters (self employed, contract work), Pompano Beach, FL. (Dec.2008- Jan 2012) 

MD-600N I Bell206 I R-44 I R-22 I Agosta 109P I VH-11 R-44 I R-22 

Provided contractual work to an array of different companies which includes but is not limited to maintenance, consulting, delivery of 

aircraft, structural rebuilds ofR-22 and R-44 helicopters, modifications, inspections and support for other companies. 

contract work for: 

Tradewinds Aviation, Ft. Lauderdale, FL. (Dec. 2010- Jan. 2012) on: 

Citation Jet CJ-525 I King Air C-90 I Caravan 208 I R-22 I R-44 I Bell206-B3 and L4 

Performed the duties and responsibilities as the Director of Maintenance to ensure all aircraft being sold to overseas customers 

conformed to and met the guidelines required for Export Certificate of Airworthiness. Prepared the necessary FAA paperwork from 

start to finish for Part 145 (FAA Certified Repair Station) while working directly with the FAA. 

Helicopters of America, Pompano Beach, FL. (Sep. 2006 -Dec. 2008) 

MD-600N I Bell206B3 I Agosta 109 power I R-44 I R-22 Helicopter Mechanic 
As Director of Maintenance for H.O.A. Flight Training Academy and a part 135 Operator, my duties and responsibilities for the above 

mentioned helicopters are those set forth by the FAA under their guidelines as D.O.M. and a part 135 Operator. 

Coastal Helicopters, Inc. Panama City, FL. (Aug 2004- Aug 2006) 

Bell206 I OH-58 I Bell47 Soloy I UH-lH I Bell205 I 214 ST 

Responsible for maintenance and up-keep of the above aircraft at the facility and in a field environment. Also required to perform 

overhauls on aircraft and their sub-components while working under the guidelines of an FAA Certified Repair Station. Additional 

duties required contract work with outside agencies training foreign militaries in Search and Rescue, Sling Load Operations I Rigging 

and Airborne Firefighting Techniques. I was dually responsible for setting up and implementing the syllabus, taught and conducted 

hands on training as well. 

FireHawk I Brainerd Helicopters, Inc., Leesburg, FL. (Jan. 2004- Aug 2004) S-70 

I Blackhawk Helicopter Mechanic 

Responsible for fully maintaining two S-70 helicopters which includes both scheduled and unscheduled maintenance, the 

requisitioning of parts and ascertaining proper paperwork. During the "Fire Season" additional responsibilities included working in 

remote field environments with the United States Forestry Service (CFR part 133). Maintaining a Commercial Drivers License to 

transport up to 5,000 gallons of Jet A fuel to various locations throughout the western United States. The ability to maintain all 

ground support equipment which includes generators, bambi buckets, hydraulic pumps, semi tractors and trailers and other various 

equipment was also required. Required to have the ability to perform helicopter external load rigging on various types of equipment 

which allowed the safe air transportation to remote locations. 

Agrotors Helicopter Services, Inc., Gettysburg, PA. (July 2001- Nov 2002) 

Bell206 I MD-500 I Bell212 I UH-1 Helicopter Mechanic 

Responsible for the maintenance on the above named aircraft under an array of operations to include CFR part 133, (Rotorcraft 

External Load Operations) and CFR part 137, (Agricultural Aircraft Operations). Also performed the duties and responsibilities under 

strict guidelines required of a Bell Service Center and FAA Certified 145 Repair Station. Additional duties and experience include 

contract work with the United States Forestry Service during fire season. 

U.S. Department of State (Bureau of International Narcotics and Law Enforcement) Bogota, Colombia, S.A. 

DynCorp (War on Drugs Program) Patrick Air Force Base, FL. (Oct 2000- Jul2001) 

Aircraft Mechanic- Cessna Grand Caravan 208B I Alenia C-27J Spartan I Bell212 (UH-lN) Due 

to U.S. National Security, experience can only be discussed during interview. 

DynCorp (CFTIOLR Team) Ft. Campbell, KY. (Mar 1999- Oct 2000) AH-64 

Apache I UH-60 Blackhawk I CH-47 Chinook Helicopter Mechanic 

Worked on the OLR Modification Team performing various modifications to an array of aircraft which included some of the 

following; Engines up-grade for the CH-47, instaJled Laser Detector systems and GPS modifications for the AH-64 Apache. Installed 

GPS's, External Stores Support System (ESSS) and High Frequency Radio modifications for the UH-60 Blackhawk. I was one of few 

that performed all aspects of the job, heavy sheet metal, mechanical, heavy electrical and avionics work. Additional experience on 

the modifications included working directly with the "Verification Team" which consisted of Electrical and Mechanical Engineers 

from the Manufacturer in an attempt to work out any design flaws with the soon to be installed systems. 

Raytheon Aerospace, Birmingham, AL. (Oct 1998- Mar 1999) 

CH-47 I UH-60 Lead Helicopter Mechanic 

My employment with Raytheon was through the recommendation of top leaders in the Alabama National Guard. My prior experience 

in UH-60 and CH-47 phase work led to my appointment. Company problems with employees and productivity were jeopardizing 
contractual obligations which lead to the creation of my position. My responsibilities were supervising and leading the Phase Team 

Crew in the direction needed to get the Government Contract back on track. This task was accomplished within the set contract 

deadline which allowed Raytheon Aerospace to retain two up-coming contracts at the same facility which I also supervised. 

United States Army Ft. Hood, TX. I Hanau, Germany I Ft. Campbell, KY. (May 1989 -May 1994) 

Alabama National Guard, Birmingham, AL. (May 1994- Jul 2000) 

UH-60 I CH-47 I AH-64 I OH-6 I OH-58 Helicopter Mechanic 

Performed maintenance such as removal and reinstallation of sub-systems to include; engines, APU's, transmissions, gearboxes, drive 

shafts, oil coolers, rotor heads, rotor blades, landing gear, fuel cells, windshields, floors, servo's, and flight controls. Additional 

maintenance included full aircraft rigging and rig checks, main rotor and tail rotor track and balance. Also prepared helicopters for 

extensive inspections and maintenance. Troubleshooting included electrical problems by interpreting wiring diagrams and electrical 

schematics. Also maintained the ability to properly use all types of diagnostic equipment such as hydraulic test stands, static testers, 

stabilator test kit, propeller protractor and SAS I FPS (Stabilization Augmentation System I Flight Path Stabilization System) computer 

test system, AVA 8500 Track and Balance and Chadwick I Helmuth Track and Balance System. Additional duties and 

responsibilities as Crew Chief, required me to perform fuel checks, act as a third set of eye's during Night Vision Goggle missions, 

supervise Sling Loads during NVG Operations, safety briefings for the ground crew and rigging checks prior to "hook-up". During 

Combat Operations I was also responsible for the up-keep and maintenance of my assigned helicopter and ongoing training for my 

crew which included aerial gunnery and all combat related tasks. 

EDUCATION 

Wallace State Community College (Engineering I Draftsman) "1985-86" 

U.S. Army Engineering School (Electrical and Mechanical Draftsman) "1986" 

U.S. Army Aviation School (UH-60 Blackhawk Helicopter Mechanic) "1989" 

Aircraft Crash & Rescue "1991" 

Primary Leadership and Development Course (PLDC) "1991" 

Helicopter External Load Operations Course "1991" 

Combat Lifesaver Course "1992" 

Aviation Maintenance Management and Operations Course "1992" 

Airframe Repair Coarse "1992" 

Non-Destructive Testing Course "1993" 

Hydraulic Systems and Components Course "1993" 

Aircraft Gas Turbine Engine Course "1993" 

Dunker Training I Water Survival and Land Navigation Course "1994" · Rotax Engine School "1997" 

Aviation Mechanic Airframe & Powerplant Course (A&P Certificate) "1998" 

Private Pilot (Helicopter) Certificate "1998" total hours to date: 323.7 

Federal Communication Commission (FCC) License with Radar Endorsement "200 I" 

Commercial Drivers License (Class A) with Hazardous Materials 

Bell Helicopter Maintenance I Pilot Seminar "2006" 

Robinson Helicopter Maintenance Course "2008" 

Baker's School of Aeronautics (Inspection Authorization) "2009" 

Robinson Helicopter Component Overhaul Course (Phase I and II) "2009" 

Lycoming Engine Service School 11 2011 11 

Lycoming Engine Disassembly/Re-assembly School "2011 11 

Gleim Inspection Authorization Renewal Course (IARC) "2013" 

References Available upon Request 
This certifies that Richard H. Clark 

holder of Mechanic Certificate No. 3276237 

has 'been authorized to exercise rrU;-r;~-i~ileges 'Orrede!ai 

Aviation Regulation 65.95. 

This authority expires March Jl, _2Q1l__ unless 

sooner revoked by the Administrator of the Federal Aviation 

Administration or extended bv endorsement on the reverse of 

his card. · 

Name 

RI M CLARK 
0 N'One 

(]other 

! 
AVIATION PARTNERS OF BOYNTON BEACH LLC 

d/b/a HUMMINGBIRD AIR 

PROJECTED FINANCIAL STATEMENT 

May 2016 
AVIATION PARTNERS OF BOYNTON BEACH LLC 

d/b/a HUMMINGBIRD AIR 

PROJECTED FINANCIAL STATEMENTS 

Year ended May 2016 

TABLE OF CONTENTS 

INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 

FINANCIAL STATEMENTS: 

Balance Sheets 

Statement of Income and 

Member's Deficit 

Statement of Cash Flows 

Notes to Financial Statements 

Exhibit 

A 

B 

c 
INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 

To the Member 

AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

St. Croix, USVI 

1 ~ave led the a ing ected ba sheet 

PARTNERS OF BOYNTON BEACH, LLC d/b/a HUMMINGBIRD AIR as 

c)f AVIATION 

3 '[ 1 

iewed the accompanying pr ec:ed financial statemen~s 

the yea~ t~en ended. I have not audited 

1 , de not express an n~an or provide any assurance about 

accounting princi 

financial statements are in with 

es generally in the United States of 

qement is responsible for the preparation and fair presentation ,F 

ected financial statemen~s in accordance with accounting 

es CJenc:ral y 

lement~ng, and maintaining internal control relevant to 

the preparation and fair presentation of financial statements. 

1s to conduct the lation in accordance with 

tatements on Standards for Accounting and Review Services issued 

of a. lE1t e;n .is:·_,~) ass.ist. rnar:2;;erne .._ 

lie Accountants. 

r presenting flnancial 

t.)brai.n V' 

' 

Lfications that should be reade to the financial statements. 

ft;lly submitted, 

r:::Y1 20, 20 5 
AVIATION PARTNERS OF BOYNTON BEACH, LLC 

d/b/a HUMMINGBIRD AIR 

Projected Balance Sheet 

Assets 

CURRENT ASSETS 

Cash 

Reserve Fund 

TOTAL CURRENT ASSETS 

PROPERTY AND EQUIPMENT 

Accumulated depreciation 

May 31, 2016 

LIABILITIES AND MEMBER'S DEFICIT 

Accrued lease 

Long-term debt 

TOTAL LIABILITES 

Member's Equity- Exhibit B 

Exhibit A 

2016 

$1,1671079 

150,000 

1,317,079 

618,315 

(168,111) 

450,204 

$1,767,283 

315,000 

9771 396 

1,292,396 

474,887 

$1,767,283 

See accompanying notes and Independent Accountant's Compilation Report 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Projected Statement of Income and Member's Equity 

Year ended May 31, 2016 

Income 

EXPENSES 

Fuel 

Permits and Fees 

Landing Fees 

Salaries & Wages 

Payroll Taxes 

Other Taxes 

Bank Charges 

Training 

Travel 

Corrunission 

Professional Fees 

Advertising 

Telephone 

Airplane Parts & Supplies 

Depreciation 

Lease 

Interest 

Rental 

Insurance 

Meals & Entertainment 

Miscellaneous 

Repairs and Maintenance 

NET LOSS 

MEMBER'S DEFICIT- BEGINNING 

MEMBER'S EQUITY ENDING- to Exhibit A 

Exhibit B 

2016 

$3,526,450 

$1,020,000 

60,000 

40,000 

654,000 

115, 000 

24,000 

25,000 

12,000 

10,000 

60,000 

20,000 

25,000 

30,000 

145,000 

60,950 

180,000 

19,341 

54,000 

78,000 

7,000 

60,000 

112, 000 

2,811,291 

715,159 

(240,272) 

$ 474,887 

See accompanying notes and Independent Accountant's Compilation Report 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Projected Statement of Cash Flows 

Year ended May 2016 

Cash flows from operating activities 

Net Loss 

Adjustment to reconcile net income to net cash 

Provided by operating activities: 

Accrued Leases 

Depreciation 

Net cash used by operating activities 

Cash flows from financing activities 

Payment on long-term debt 

Net cash provided by financing activities 

Net increase in cash 

Cash at beginning of year 

Cash at end of year 

Exhibit C 

2016 

$ 715,159 

270,000 

60,950 

1, 046,109 

(35,544) 

(35,544) 

1,010,565 

306,514 

$1,317,079 

See accompanying notes and Independent Accountant's Compilation Report 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Projected Financial Statements 

May 2016 

Note A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Nature of Business 

AVIATION PARTNERS OF BOYNTON BEACH LLC d/b/a HUMMINGBIRD AIR leases 

aircrafts lines from its parent company Ay Ay Holding, Inc., and it 

operates within the airline's industry. It is a Florida limited 

liability company and is presently registered to do business in the 

state of Florida, USA. The company is in the process of relocating 

its operation to the island of St. Croix, USVI. 

Basis of Accounting 

The financial statements are prepared on the accrual basis of 

accounting. 

Accounts Receivable 

Accounts receivable are reported at the amount of principal 

outstanding. Balances are written off through charges to earnings 

only after management has exhausted reasonable collection efforts and 

concluded that additional collection efforts are not cost-effective. 

Inventory 

The company's inventory is valued at the lower of cost (first-in, 

first-out) or market value 

Income Taxes 

The company is a single-member LLC, and which is a disregarded entity 

by default. That means its existence will be ignored for federal 

income tax purposes, and the income and expenses of the LLC will be 

taxed to the LLC's owner. Alternatively, a single-member LLC can 

select to be taxed as a corporation. 

The company intends to file as an S Corporation. All effects of the 

LLC's income or loss will therefore pass through to its member. 
Use of Estimates 

AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Projected Financial Statements 

May 2016 

Management uses estimates and assumptions in preparing financial 

statements. Those estimates and assumptions affect the reported 

amount of assets and liabilities, the disclosure of contingent assists 

and liabilities, and the reported revenues and expenses. Actual 

results could differ from these estimates. 

Depreciation 

Depreciation is computed using the accelerated cost recovery method 

for financial reporting and federal income tax purposes. Property and 

equipment are depreciated in accordance with the requirements of the 

Internal Revenue Code. Under generally accepted accounting principles, 

property and equipment are depreciated over their estimated useful 

lives. 

Note B - EQUIPMENT AND LEASEHOLD IMPROVEMENTS 

Equipment and leasehold improvements consist of the following: 

Airframe Improvements 

Less: accumulated depreciation 

NOTE C - OPERATING LEASE COMMITMENTS 

The company leased three Beech 99 Aircrafts from its 

$ 618,315 

(168,111 

$ 450,204 

affiliate, AY AY Holdings, Inc. for $5,000.00 per aircraft per 

month. Lease payments are to be deferred and accumulated until 

July 2016. Payments thereafter to include one current and one 

past month payment until accrued balance has been settled. 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Projected Financial Statements 

May 2016 

NOTE D - LONG-TERM NOTES PAYABLE 

Long-term debt at December 31, 2014 consist of the following: 

Note payable to White River Camp Ground, 

has been rescheduled to begin repayment 

in March 2016. Payable in annual installments 

of $18,295 including interest of 

2% per annum. Final payment due in 2021, 

collateralized by company assets $ 994,943 
AVIATIO~ PARTNERS OF BOYNTON BEACH LLC 

d/b/a HUMMINGBIRD AIR 

FINANCIAL STATEMENT 

December 2014 
AVIATION PARTNERS OF BOYNTON BEACH LLC 

d/b/a HUMMINGBIRD AIR 

FINANCIAL STATEMENTS 

Year ended December 31, 2014 

TABLE OF CONTENTS 

INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 

FINANCIAL STATEMENTS: 

Balance Sheets 

Statement of Income and 

Member's Deficit 

Statement of Cash Flows 

Notes to Financial Statements 

Exhibit 

A 

B 

c 
INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 

To the Member 

AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

St. Croix, USVI 

I have compiled tne ing ba .l.ance sheet of AVIATION PARTNERS OF 

BOYNTON BEACH, LLC d/b/a HUMMINGBIRD AIR as of Decernber 31, 201tl, and 

the related statements of incom0? and IVJember' s deficit, and cash flows 

for the year then ended. I have nc~ audited or reviewed the 

ng financial ~tatements and, accordingly, do not express an 

nion or provide any assurance about whether the financial 

statements are in accordance with accounting princ s generally 

a ed in the United States of America. 

Management is responsible for the preparation and fair presentat1on or 

the financial statements in accordance with accounting principles 

generally accepted in the Unit<?d States of l\merica and for designing, 

ting, and maintain internal control relevant to the 

preparation and fair presentation of financial statements. 

My responsibility is to conduct the compilation in accordance with 

Statements on Standards for Accounting and Review Services issued by 

the American Inst.i tute of Certified public Accountants. The objective 

of a compilation is to assist management in presenting financial 

.i.nforrrtation irl t:.he f:'JY1n of f nar:cial state.rnents ~-vvithotlt T1r1d.er-~~akir1g :o 

obtain or any assurance that there are no material 

modifications that shou d be ~ade to :he financial s~atements. 

Respectfully st 

March 14, 2015 
AVIATION PARTNERS OF BOYNTON BEACH, LLC 

d/b/a HUMMINGBIRD AIR 

Assets 

CURRENT ASSETS 

Cash 

Reserve Fund 

TOTAL CURRENT ASSETS 

December 31, 2014 

PROPERTY AND EQUIPMENT 

Accumulated depreciation 

LIABILITIES AND MEMBER'S DEFICIT 

Accrued lease 

Long-term debt (include interest of $17,997) 

TOTAL LIABILITES 

Member's Deficit- Exhibit B 

Exhibit A 

2014 

$ 156,514 

150,000 

306,514 

618,315 

(107,161) 

511,154 

$ 8171668 

45,000 

1, 012,940 

1,057,940 

240,272) 

$ 8171668 

See accompanying notes and Independent Accountant's Compilation Report 
Income 

EXPENSES 

Fuel 

AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Statement of Income and Member's Deficit 

Year ended December 31, 2014 

Permits and Fees 

Landing Fees 

Salaries & Wages 

Payroll Taxes 

Other Taxes 

Bank Charges 

Training 

Travel 

Commission 

Professional Fees 

Advertising 

Telephone 

Supplies 

Depreciation 

Lease 

Interest 

Rental 

Insurance 

Meals & Entertainment 

Miscellaneous 

Repairs and Maintenance 

NET LOSS 

MEMBER'S DEFICIT- BEGINNING 

MEMBER'S DEFICIT ENDING- to Exhibit A 

Exhibit B 

2014 

$ 771,332 

$ 210,441 

24,236 

10,533 

146,687 

8,075 

4,449 

9,527 

1,424 

3,057 

28,959 

54,705 

6,762 

7,974 

31,455 

60,950 

45,000 

54,920 

30,168 

52,273 

1,221 

5,526 

112,225 

910,567 

(139,235) 

(101,037) 

$ (240, 272) 

See accompanying notes and Independent Accountant's Compilation Report 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Statement of Cash Flows 

Year ended December 31, 2014 

Cash flows from operating activities 

Net Loss 

Adjustment to reconcile net income to net cash 

Provided by operating activities: 

Depreciation 

Accrued Leases 

Accrued Interest 

Net cash used by operating activities 

Cash flows from investing activities 

Acquisition of property and equipment 

Net cash used by investing activities 

Cash flows from financing activities 

Long-term debt 

Net cash provided by financing activities 

Net increase in cash 

Cash at beginning of year 

Cash at end of year 

Exhibit C 

2014 

$(139,235) 

60,950 

45,000 

17,997 

(15,288) 

(294,786) 

(294,786) 

592,543 

592,543 

282,469 

24,045 

$ 306,514 

~ee accompanying notes and Independent Accountant's Compilation Report 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Financial Statements 

December 2014 

Note A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Nature of Business 

AVIATION PARTNERS OF BOYNTON BEACH LLC d/b/a HUMMINGBIRD AIR leases 

aircrafts lines from its parent company Ay Ay Holding, Inc., and it 

operates within the airline's industry. It is a Florida limited 

liability company and is presently registered to do business in the 

state of Florida, USA. The company is in the process of relocating 

its operation to the island of St. Croix, USVI. 

Basis of Accounting 

The financial statements are prepared on the accrual basis of 

accounting. 

Accounts Receivable 

Accounts receivable are reported at the amount of principal 

outstanding. Balances are written off through charges to earnings 

only after management has exhausted reasonable collection efforts and 

concluded that additional collection efforts are not cost-effective. 

Inventory 

The company's inventory is valued at the lower of cost (first-in, 

first-out) or market value 

Income Taxes 

The company is a single-member LLC, and which is a disregarded entity 

by default. That means its existence will be ignored for federal 

income tax purposes, and the income and expenses of the LLC will be 

taxed to the LLC's owner. Alternatively, a single-member LLC can 

select to be taxed as a corporation. 

The company intends to file as an S Corporation. All effects of the 

LLC's income or loss will therefore pass through to its member. 
Use of Estimates 

AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Financial Statements 

December 2014 

Management uses estimatep and assumptions in preparing financial 

statements. Those estimates and assumptions affect the reported 

amount of assets and liabilities, the disclosure of contingent assists 

and liabilities, and the reported revenues and expenses. Actual 

results could differ from these estimates. 

Depreciation 

Depreciation is computed using the accelerated cost recovery method 

for financial reporting and federal income tax purposes. Property and 

equipment are depreciated in accordance with the requirements of the 

Internal Revenue Code. Under generally accepted accounting principles, 

property and equipment are depreciated over their estimated useful 

lives. 

Note B - EQUIPMENT AND LEASEHOLD IMPROVEMENTS 

Equipment and leasehold improvements consist of the following: 

Airframe Improvements 

Less: accumulated depreciation 

NOTE C - OPERATING LEASE COMMITMENTS 

The company leased three Beech 99 Aircrafts from its 

$ 618,315 

(107,161 

$ 511,154 

affiliate, AY AY Holdings, Inc. for $5,000.00 per aircraft per 

month. Lease payments are to be deferred and accumulated until 

July 2016. Payments thereafter to include one current and one 

past month payment until accrued balance has been settled. 
AVIATION PARTNERS OF BOYNTON BEACH LLC. 

d/b/a HUMMINGBIRD AIR 

Notes to Financial Statements 

December 2014 

NOTE D - LONG-TERM NOTES PAYABLE 

Long-term debt at December 31, 2014 consist of the following: 

Note payable to White River Camp Ground, 

has been rescheduled to begin repayment 

in March 2016. Payable in annual installments 

of $18,295 including interest of 

2% per annum. Final payment due in 2021, 

collateralized by company assets $ 994,943 
February 26, 2015 

US Department of Transportation 

1200 New Jersey Ave, SE 

Washington, DC 20590 

Re: Reference Letter 

Aviation Partners of Boynton Beach 

LLC Btn Hummingbird Air 

CheckingAccount# 7121103407 

Dear Sir or Madam: 

This letter confirms that Aviation Partners of Boynton (Humming Bird Air) 

maintains a checking account with First Bank Virgin Islands since May 19, 2014. 

Our records indicate that the current balance is On::e Hundred Three Thousand 

Three Hundred Forty Dollars & 91/100 ($103,340.91) 

This account is active and is handled in a satisfactory manner. If further 

information is required, please contact Vivica Turnbull at 340-775-8867. 

COMMENTS: We understand this information is requested for verification purposes 

and trust it will be of service to you. 

~;- Imogene Hodge~Ottley 

Unit Supervisor 

(Operations) 

P. 0. Box 309600 

Sl Thomas, VI 00803-9600 

Telephone: (340)775-n77 

firs!Bank Virgin Islands is a Division of Firs!Bank Puerto Rico 
Ban~tCroix 

February 25. 2015 

United States Department of Transpm1ation 

Federal Aviation Authority 

Dear Sir/Madam, 

Re: Samuel Raphael 

We are pleased to advise that the above-mentioned custom~r has maintained a banking 

relationship with us since Octo her ::o 13, holding two commercial accounts at our office. 

As oftoday. February 25, 2015, the aggregate average quarterly halancc in his business accounts 

is in the low six-figure range. 

Mr Raphael has conducted all his business and financial transactions with us in a professional 

marmcr that has been above reproach and is considered a valued customer at the Bank of St. 

Croix. 

If you need any further information or assistance, please feel fh:e to contact the undersigned 

directly at (340) 773-8500. 

Regards, 

Post Otlice Bo" 24240, Galhl'n Bay, St. Croix, CS Virgin Islands 0082i-4240 

Phone ~40.ii3.8500 Fax: :H-0.773.8508 
Thursday, February 26, 2015 

BANK OF ST. CROIX (0669) 

AVIATION PARTNERS OF BOYNTON 

BEACH LLC 

Checking Activity 

Account Number 

COMMERCIAL CHECKING 

Page 1 of 1 

DBA HUMMINGBIRD AIR 

RR 1 BOX 9911 

KINGSHILL, VI 00850 

Transactions For Current Statement Period 

Account Summary 

Previous Statement Balance as of Saturday I January 31 I 2015 

9 Deposits and other Credits. 

2 Withdrawals and other Debits. 

Service Charges. 

Current Statement Balance as of Thursday, February 26, 2015 

Number of Days in this Period: 

Beginning Interest Rate 

Interest Paid Year To Date 

Account Activity , 

Balance By Day 

2. 

5. 

214/2015: $1,736:35: 

zr1rt2o1s: $53,as9.55 . 

$30,586.35 

+$1 02,183.20 

-$40,030.00 

0.000% 

$0.00 
Friday, February 27, 2015 

BANK OF ST. CROIX (0669) 

AVIATION PARTNERS OF BOYNTON 

BEACH LLC 

RR 1 BOX 9911 

Time Deposit Activity 

Account Number 

Page 1 of 1 

****0260 

KINGSHILL, VI 00850 Transactions For Current Statement Period / 

/ 

Account Summary 

Previous Statement Balance as of Monday, June 09, 2014 

2 Deposits and other Credits. 

0 Withdrawals and other Debits. 

Current Statement Balance as of Friday, February 27, 2015 

Number of Days in this Period: 

Interest Paid Year To Date 

Time Deposit Summary 

Deposit Seq Initial Value Rate ;o-;o6 to;::-;;9=:=t2 01:;-;4-------;1'--'-'-'-------;;;-,-$156~oo0:o6 ____ ' - o.iso%···············- Maturity 

12/06/2014 

1210612014 0 $150,554.79 0.750% 06/04/2015 

Account Activity 

Date Descrietion Debit o676972o14 ____ TIME DEPOSIT •••-••••v•-••-••••·-----••••-•-• 

12/06/2014 INTEREST PAYMENT 

12/06/2014 DEPOSIT MATURITY $150,554.79 

12/06/2014 DEPOSIT RENEWAL 

12116/2014 DECREASE ACCRUED INTEREST $30.94 

$0.00 

$0.00 

Current Value $o:oa·············----

s1sa.p54. 79 

Credit 

$150,000.60 

$554.79 

$150,554.79 
MyMerrill -Simple View https :/I olui2 .fs .ml.com/TFPSummary /PortfolioSimple View .aspx 

I of2 

Hello, Samuel Raphael 

Your last login: Wednesday, Mar 11,201511:26 AM ET 

Your 2014 tax statemtmt5 are available. For additional resources, please visit the Tax Conter. 

Dow18,127.65 +Hi8.62 •0(l4'V, 

As of 03/22/2015 06:06 PM ET 

Net Value 

CMA 2SW-17142 $226,7.5~.51 

Total $226,251.51 

My Accounts Total c $226,251.51 ) 

Link Accounls 

Prior-day c!ose of busn'iess Balances Herorr 

The data displayed is for informational purposes only. Your account statement is the official record of your holdings and balances. 

Total represents the sum of all cash and cash equivalents including short positions with associated credit balances. 

Fixed Annuities are classified as Fixed Income and Variable Annuities are classified as Equities. Life Insurance Products 

are classified as Other. 

Note: Various factors, including unpriced securities and certain adjustments, holdings or activity, may cause report results to differ from actual performance. Report results may also differ from results reported by other Merrill Lynch services. Past performance does not guarantee future results. The Users Guide to Performance Reporting at Merrill Lynch can provide additional information about this report. 

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total. These values are as of Close of Business one business day prior to the 'as of date shown above. Insurance Cash Values may not reflect immediately available funds due to Joan balances and/or policy charges. 

Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience. 

An allocation to alternative investments (AI) should only be presented to suitable clients, based on the client's investment objectives, risk tolerance and net worth (for some AI, net worth of $5 million or more is required). AI may include, but is not limited to, managed futures, hedge funds, private equity, commodities, real estate, precious metals and structured products. 

Specific investments available through the Merrill lynch Alternative Investments Group require that the FA and client be pre-qualified. 

The security price and market value shown is based on the latest available market data, which is delayed at least 20 minutes. 

All Accounts Total 

$226,251.51 

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• 6.95%Cash 

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