Walker, Damon (OST) 

From: Makani Kai Helicopters [schuman@makanikai.com] 

Sent: Wednesday, April 14, 2010 12:53 PM 

To: Walker, Damon (OST) 

Subject: Report from Makani Kai Helicopters 

Attachments: Report_from_Makani_Kai_Helicopters.xls 

Please review the attached r^eport. Feel free t o contact me at 808-306-1000 i f you have any 

questions. 

Thank you. 

Richard Schuman 

CIS 
6:49 AM 

04/14/10 

Accrual Basis 

Makani Kai Helicopters 

Profit & Loss 

January th^^uSjl^ March 2010 

Income/Expense 

Income 

AIRPLANE INCOME 

Uncategorlzed Income 

AIRCRAFT REPAIR 

HELICOPTER OPS. 

Gift Shop Income 

MISC. SALE 

TOUR OPS. 

Total Income 

5S Profit 

Expense 

AIRPLANE COST 

Professional Development 

OFFICE SUPPLIES 

UTILITIES 

TRAVEL & ENT 

TELEPHONE 

Repairs 

RENT 

PROFESSIONAL FEES 

Printing and Reproduction 

INTEREST EXPENSE 

INSURANCE 

EQUIPMENT RENTAL 

BANK SERVICE CHARGES 

AUTOMOBILE EXPENSE 

ADVERTISING 

HELICOPTER COST 

DRUG TESTING PROGRAM 

FEES & PENALITIES 

PAYROLL EXPENSES 

PROFESSIONAL DEVELOPEMENT 

REPAIRS & MAINTENANCE 

SUB-CONTRACTING FLIGHTS 

TOUR OPS 

Total Expense 

• 

215,129.47 

13.97 

27,102.92 

467,044.04 

1,399.05 

2,783.56 

-149.80 

713,323.21 

713,323.21 

-19,857.67 

33.05 

14,340.57 

3,771.21 

2,654.71 

4,215.20 

11,047.12 

13,101.92 

13,460.20 

1,782.12 

33,077.13 

20,026.94 

835.94 

4,162.24 

14,904.97 

39,143.64 

102,146.78 

800.45 

1,433.64 

214,553.29 

6,497.20 

14,630.00 

1,138.50 

4,153.95 

502,053.10 

Net Ordinary Income 211,270.11 

Other Income/Expense 

Other Income 

INTEREST INCOME 48.40 

Page 1 of 2 
6:49 AM 

04/14/10 

Accrual Basis 

Total Other Income 

Makani Kai Helicopters 

Profit & Loss 

January through March 2010 

48.40 

Other Expense 

OTHER EXPENSES 

Total Other Expense 

Net Other Income 

235.60 

235.60 

-187.20 

Net Income 211,082.91 

Page 2 of 2 
6:52 AM 

04/14/10 

Accrual Basis 

ASSETS 

Current Assets 

Checking/Savings 

CHECKING-BOH 

Checking - Pacific Rim Bank 

MAXI-MIZER SAVINGS-BOH 

Total Checking/Savings 

Makani Kai Helicopters 

Balance Sheet 

89,180.03 

99,925.00 

65,231.06 

254,336.09 

Accounts Receivable 

ACCOUNTS RECEIVABLE 

Accounts Receivable - Trade 

Total Accounts Receivable 

235,172.67 

-22,309.92 

212,862.75 

Other Current Assets 

INVENTORY 

INVENTORY ASSET 

OTHERS 

UNDEPOSITED FUNDS 

Total Other Current Assets 

98,044.84 

-721.50 

-100.00 

8,599.94 

105,823.28 

Total Current Assets 573,022.12 

Fixed Assets 

AIRPLANE 

Accumulated Depreciation 

LEASEHOLD IMPROVEMENTS 

HELICOPTER 

FIXED ASSETS 

Total Fixed Assets 

352,291.98 

-2,693,771.07 

1,047,577.01 

2,799,588.48 

778,812.09 

2,284,498.49 

Other Assets 

Income Tax Receivable - Federal 

Income Tax Receivable - Hawaii 

Deposits 

LOAN TO G. RICHARD SCHUMAN 

GOODWILL 

Accumulated Amortization 

Loan Fees 

Accumulated Amortiz - Loan Fees 

Total Other Assets 

5,381.00 

14,284.00 

52,500.00 

34,851.64 

280,192.00 

-207,994.00 

46,254.45 

-3,745.00 

221,724.09 

TOTAL ASSETS 3,079,244.70 

LIABILITIES & EQUITY 

Liabilities 

Page 1 of 2 
6:52 AM 

04/14/10 

Accrual Basis 

Current Liabilities 

Accounts Payable 

ACCOUNTS PAYABLE 

ACCOUNTS PAYABLE - T/R 

Total Accounts Payable 

Makani Kai Helicopters 

Balance Sheet 

Asi3?a!^|'9&31,2010 

118,273.00 

2,780.23 

121,053.23 

Other Current Liabilities 

Interest Payable 

CURRENT PORTION LTD 

Accrued Liabilities 

PAYROLL LIABILITIES 

SALES TAX PAYABLE 

Total Other Current Liabilities 

6,581.05 

127,000.00 

5,000.00 

48,667.69 

-4,546.76 

182,701.98 

Total Current Liabilities 303,755.21 

Long Term Liabilities 

NOTE PRB BUILDING - 30000009 762,465.52 

LOAN FROM G. RICHARD SCHUMAN 782,024.65 

NOTE MINIBUS - PRB #22000050 21,582.43 

NOTE PAYABLE - PRB HELICOPTER 784,471.85 

Note Payable - BOH #2466 585.69 

Note Payable - BUS BOH #2357 12,339.17 

Note Payable - BUS BOH #2281 9,186.67 

NOTE PAYABLE - SBA 14,826.66 

LESS CURRENT PORTION LTD -127,000.00 

NOTE PAYABLE 843,340.25 

Total Long Term Liabilities 3,103,822.89 

Total Liabilities 3,407,578.10 

Equity 

Capital Stock 

RETAINED EARNINGS 

Net Income 

Total Equity 

20,000.00 

-559,416.31 

211,082.91 

-328,333.40 

TOTAL LIABILITIES & EQUITY 3,079,244.70 

Page 2 of 2 
6:48 AM 

04/14/10 

Accrual Basis 

Ordinary Income/Expense 

Income 

AIRPLANE INCOME 

Uncategorlzed Income 

AIRCRAFT REPAIR 

HELICOPTER OPS. 

Gift Shop Income 

MISC. INCOME 

MISC. SALE 

Total Income 

Gross Profit 

Makani Kai Helicopters 

Profit & Los s 

January JhrouahLDecember 2009 

38,458.40 

77.59 

92,403.68 

1,780,962.10 

5,693.17 

2,500.00 

4,711.15 

1,924,806.09 

1,924,806.09 

Expense 

AIRPLANE COST 168,397.90 

BAD DEBTS 41.99 

TAXES -24,753.59 

Professional Development 0.00 

OFFICE SUPPLIES 40,056.45 

UTILITIES 14,709.07 

TRAVEL & ENT 27,970.24 

TELEPHONE 15,296.87 

Repairs 25,302.17 

RENT 52,407.68 

PROFESSIONAL FEES 66,021.34 

Printing and Reproduction 10,212.49 

LICENSES AND PERMITS 25.00 

INTEREST EXPENSE 146,039.98 

INSURANCE 91,558.23 

EQUIPMENT RENTAL 3,660.73 

BANK SERVICE CHARGES 14,630.57 

AUTOMOBILE EXPENSE 58,038.48 

ADVERTISING 128,530.95 

HELICOPTER COST 551,374.51 

DRUG TESTING PROGRAM 2,197.64 

FEES & PENALITIES 2,173.52 

PAYROLL EXPENSES 662,741.85 

PROFESSIONAL DEVELOPEMENT 19,743.74 

REPAIRS & MAINTENANCE 30,581.62 

SUB-CONTRACTING FLIGHTS 15,598.55 

TOUR OPS 19,066.55 

Total Expense 2,141,624.53 

Net Ordinary Income -216,818.44 

Page 1 of 2 
6:48 AM 

04/14/10 

Accrual Basis 

Makani Kai Helicopters 

Profit & Loss 

January throuahLDecember 2009 

other Income/Expense 

Other Income 

INTEREST INCOME 

Total Other Income 

696.43 

696.43 

Other Expense 

OTHER EXPENSES 

Total Other Expense 

Net Other Income 

1,046.92 

1,046.92 

-350.49 

Net Income -217,168.93 

Page 2 of 2 
6:51 AM 

04/14/10 

Accrual Basis 

ASSETS 

Current Assets 

Checking/Savings 

CHECKING-BOH 

Checking - Pacific Rim Bank 

MAXI-MIZER SAVINGS-BOH 

Total Checking/Savings 

Makani Kai Helicopters 

Balance Sheet 

As of j)e^^r|j^er 31, 2009 

96,482.00 

99,925.00 

102,223.66 

298,630.66 

Accounts Receivable 

ACCOUNTS RECEIVABLE 

Accounts Receivable - Trade 

Total Accounts Receivable 

119,514.47 

-22,309.92 

97,204.55 

Other Current Assets 

INVENTORY 

INVENTORY ASSET 

OTHERS 

UNDEPOSITED FUNDS 

Total Other Current Assets 

Total Current Assets 

97,082.94 

-721.50 

-100.00 

6,320.26 

102,581.70 

498,416.91 

Fixed Assets 

AIRPLANE 

Accumulated Depreciation 

LEASEHOLD IMPROVEMENTS 

HELICOPTER 

FIXED ASSETS 

Total Fixed Assets 

300,000.00 

-2,693,771.07 

1,047,577.01 

2,799,588.48 

741,021.09 

2,194,415.51 

Other Assets 

Income Tax Receivable - Federal 

Income Tax Receivable - Hawaii 

Deposits 

LOAN TO G. RICHARD SCHUMAN 

GOODWILL 

Accumulated Amortization 

Loan Fees 

Accumulated Amortiz - Loan Fees 

Total Other Assets 

5,381.00 

14,284.00 

52,500.00 

34,851.64 

280,192.00 

-207,994.00 

46,254.45 

-3,745.00 

221,724.09 

TOTAL ASSETS 2,914,556.51 

LIABILITIES & EQUITY 

Liabilities 

Page 1 of 2 
6:51 AM 

04/14/10 

Accrual Basis 

Current Liabilities 

Accounts Payable 

ACCOUNTS PAYABLE 

ACCOUNTS PAYABLE - T/R 

Total Accounts Payable 

Makani Kai Helicopters 

Balance Sheet 

128,322.40 

2,780.23 

131,102.63 

Other Current Liabilities 

Interest Payable 

CURRENT PORTION LTD 

Accrued Liabilities 

PAYROLL LIABILITIES 

SALES TAX PAYABLE 

Total Other Current Liabilities 

6,581.05 

127,000.00 

5,000.00 

45,878.91 

-4,462.58 

179,997.38 

Total Current Liabilities 311,100.01 

Long Term Liabilities 

NOTE PRB BUILDING - 30000009 769,819.65 

LOAN FROM G. RICHARD SCHUMAN 793,986.62 

NOTE MINIBUS - PRB #22000050 23,106.28 

NOTE PAYABLE - PRB HELICOPTER 794,808.36 

Note Payable - BOH #2466 585.69 

Note Payable - BUS BOH #2357 15,663.23 

Note Payable - BUS BOH #2281 12,311.92 

NOTE PAYABLE - SBA 16,250.81 

LESS CURRENT PORTION LTD -127,000.00 

NOTE PAYABLE 843,340.25 

Total Long Term Liabilities 3,142,872.81 

Total Liabilities 3,453,972.82 

Equity 

Capital Stock 

RETAINED EARNINGS 

Net Income 

Total Equity 

20,000.00 

-342,247.38 

-217,168.93 

-539,416.31 

TOTAL LIABILITIES & EQUITY 2,914,556.51 

Page 2 of 2 
SCHUMA N AVIATIO N COMPANY , LT D 

130 lOLANA PLACB, HONOLULU , HI 96819 

808-834-5813 FAX 808-837-7867 EMAIL Kichardemakanlkai.com 

Aprilig, 2010 

Damon Walker 

Docket Operations 

1200 New Jersey Ave SE Rm W12-140 

Washington, DC. 20590 

Docket DOT-OST-2010-0006 

RE: Regarding available funds in Bank Accounts 

Dear Mr. Walker 

Regarding the company's ability to meet the Department of Transportation requirement of having funds 

available to meet of our first years quarterly operating expenses on hand, approximately $390,000,1 can 

assure the department that my company can and will meet this financial fitness test. 

On behalf of myself as President and 100% owner of Schuman Aviation Company Ltd, I state that whatever 

the amount of cash is required to meet this requirement at the time and or before certification, I will assure the 

funds will be made available and will be supported reliable documentation from a bank. 

As my record shows, I have continued to operate in the helicopter business despite a difficult economy. I have 

always step up to my obligations. 

Sincerely 

Richard Schuman 

President 

Pursuant to title 18 United States Code section 1001,1 Richard Schuman, President of Schuman Aviation Company, Ltd, in 

my individual capacity and as the authorized representative of the applicant, have not in any manner l<nowingly and 

willfully falsified, concealed or covered up any material fact or made any false, fictitious, or fraudulent statement or 

knowingly used any documents which contain such statements in connection with the preparation, filing, or prosecution of 

the application. I understand that an Individual who is found to have violated the provisions of 18 U.S.C sections 1001 shall 

be fined nor more than $10,000 or imprisoned not more than five years, or both. 

Makani Kai Helicopters - Makani Kai Air Cliarters - Ko Olina Helicopters - Pacific Air Express - Hawaii Aviation Services