Mr. Damon Walker 

Air Carrier Fitness Division 

Department of Transportation 

1200 New Jersey Avenue., S.W. 

Washington, D.C. 20590 

Re: Application of Dynamic Airways, LLC, Docket DOT-OST-2014-0069 

-- Response to Information Request 

Dear Mr. Walker: 

This will respond to your letter of December 11 , 2014 and its attached Information 

Request, seeking further information regarding Dynamic Airways, LLC ("Dynamic" or "DYA"). 

This letter will follow the format of the Information Request in providing the additional 

information. 

GENERAL INFORMATION 

1. Dynamic Airways is in compliance with 14 CFR Part 259 and has an approved 

Contingency Plan for Lengthy Tarmac Delays, which is currently filed with the Department and 

is on the DYA website. Dynamic will file the plan on the designated website 

http,//filingtarmacdelayplan.dot.qov, as you have requested. A copy is attached as Exhibit 1. 

OWNERSHIP & MANAGEMENT 

2. Ms. Rita Simas is no longer employed by Hilco Transport. The resume provided as 

an exhibit was her resume as of the time she was hired at Dynamic as Director of Security. Her 

updated resume is attached for review as Exhibit 2. 

The carrier's owners have also decided to make further changes in the management 

structure. Mr. Michael Steinke will be replaced as Director of Maintenance. Mr. Bill Gray is 

filling that position on an interim basis, pending appointment of a new DM. Further, Mr. Gray 

will occupy the position of Chief Strategy Offtcer; Mr. John Mullins has been appointed Chief 

Operating Officer. Mr. Mullins, a Canadian citizen, has over 20 years of experience in aviation. 

His resume is attached as Exhibit 3. 

Mr. Jeevan Malhotra, the CFO at the time of the submission, has taken the position of Vice 

President of Financial Planning and Analysis. Mr. Malhotra remains a full time employee of the 

company. He has been replaced as CFO by Mr. Gary Kramer, previously Director of Safety. 

(See section 5, below.) 

1627 1 Street, NW Suite 1100 Washington, D.C. 20006 

202.912.4800 800.540.1355 202.86l.1905 Fax cozen.com 
Exhibit 5. 

3. The Information Request notes Mr. Paul Kraus's employment by Amur JMW 

Aviation/Amur Helicopter Financial Services and Jet Midwest Group. Mr. Kraus has major 

ownership positions in a number of aviation-related companies, and he plans on maintaining his 

involvement with these companies. However, these companies occupy a relatively small part of 

Mr. Kraus's attention; he is currently allocating more than 75 percent of his time to Dynamic 

Airways, and expects that allocation to continue for the foreseeable future. Mr. Kraus has also 

recognized the need for a strong management team and has augmented the FAR section 119-

required positions with several additional highly experienced aviation personnel as depicted by 

the attached organizational chart. 

4. As Mr. Steinke is no longer with Dynamic, the question regarding his resume is now 

moot. 

5. Mr. Gary Kramer's resume on file was submitted at the time of his employment by 

Dynamic; he is no longer employed by Erickson Helicopters. Mr. Kramer was initially hired by 

Dynamic as Director of Safety, and recently was promoted to Chief Financial Officer for the 

Company. Mr. Kramer is a full time employee of the carrier. His updated resume is attached as 

Exhibit 6. 

FINANCIAL AND OPERATING PLANS 

6. The most current Balance Sheet and Profit/Loss Statement for Dynamic, together 

with accompanying footnotes, are attached as Exhibit 7. These statements were prepared by 

the carrier's CFO, Mr. Kramer, a Certified Public Accountant. A statement of his qualifications is 

included in the Notes. 

7. Attached as Exhibit 8 is a list of accounts payable that are over 60 days past due. 

Most of these were "inherited" from the previous owners and management of Dynamic, and thus 

most are quite far beyond 60 days. Current management has been making gradual progress on 

paying down these receivables, and the creditors have been very cooperative with these efforts. 

Since assuming control earlier this year, management has kept new expenses current. It is not 

correct that the carrier is on a cash-only basis with its creditors. Most of Dynamic's vendors 

provide materials and services on normal commercial terms, i.e. payment within 30 days from 

date of invoice. There are a few parts vendors (primarily Boeing) that have requested 

immediate payment for certain high-cost parts. The supplier of fuel in Georgetown, Guyana 

requires payment at the time of purchase, but the carrier's other fuel suppliers provide fuel on 

normal commercial terms. Finally, Dynamic is meeting, and has consistently met, all of its 

payroll obligations in a timely manner. 

8. Attached as Exhibit 9 is a set of projected balance sheets and P&L statements. 

These are premised on two scenarios: (1) continuation with planned operations with the 

currently authorized fleet of five aircraft (two cargo and three passenger); and (2) an expanded 
carrier has now set aside, for the immediate future, plans to operate from three points in China 

to Guam and Saipan. Rather, it is focusing its scheduled service plans on three routes: New 

York (JFK)- Georgetown, Guyana; Changsha, PRC- Anchorage- Los Angeles; and Jinan, 

PRC -Anchorage; its forecast results assume two weekly roundtrips in both Chinese markets, 

and three weekly roundtrips in the Guyana market. The carrier is contemporaneously filing an 

amendment to its application in this docket for these specific routes. It will evaluate initiating 

scheduled service on the other routes at a later time, based on the market response to its initial 

services. 

It should also be noted that the revenue projections are quite conservative, in that they 

assume only scheduled service. In fact, however, Dynamic anticipates that it will continue to 

receive requests for passenger charter service, and will supplement its scheduled service with 

such operations. 

9. There are no significant start-up expenses expected remaining to be paid prior to 

initiation of scheduled service in the New York-Guyana and Changsha-Anchorage-Los Angeles 

markets. Dynamic is already operating these same routes on a charter basis, using the same 

aircraft, airport facilities, crew and schedules. Thus, the conversion of this operation to a 

"scheduled" service is entirely a matter of obtaining legal authority. The Jinan-Anchorage route 

will require approximately $50-100,000 to set up a station in Jinan, which is not currently served. 

Beyond this, the carrier anticipates a modest cost to complete the DOT certification process; 

there are no additional steps to be undertaken on the ground. Very little remains to be done to 

complete the process of obtaining "Flag" operations specifications from the FAA, apart from the 

proving runs (see answer to Question 9, below), and thus the carrier expects less than $35,000 

to be expended for these other remaining regulatory steps. 

10. It is uncertain at this time how much Dynamic will need to spend to operate the 

proving runs. The main question at the moment is the number of hours that will be required. 

This matter is being discussed with various levels at the FAA. The FAA regulations provide for 

50 hours of proving runs, but that number can be reduced substantially based on the carrier's 

operation and experience. While we expect a lower number ultimately to be specified, Dynamic 

will, for purposes of this response, estimate a cost of $1.57 million for the proving runs, based 

on a full 50-hour plan. 

COMPLIANCE DISPOSITION 

11. It is correct that Mr. Gray is the beneficial owner of a trust that was part owner of a 

Florida Limited Liability Company, GSBD & Associates, LLC ("GSB"). The specific answers to 

your questions are as follows: 

a) The name of the trust is The William Gray Trust, established in Colorado in 2008 for 

the purposes of retirement planning. Mr. Gray is the sole beneficiary of the trust. 
12. The referenced judgment against GSB was entered by the U.S. Bankruptcy Court 

for the Southern District of Florida in the matter of the bankruptcy of Arrow Air in November 

2011. The judgment was to recoup for the bankruptcy estate the price paid by Arrow to GSB for 

the purchase of fuel. However, the fuel, which GSB had purchased from a Russian supplier, 

was never delivered, and GSB was forced to shut down. Thus, this judgment has not been paid 

for the reason that GSB itself has no funds, and has now ceased to exist. Further, this debt, 

among others, was subsequently sold by the Arrow estate to a third party, which has made no 

attempt to collect on the debt. 

13. The requested information on the two referenced lawsuits will be provided in a 

separate letter from counsel for Mr. Gray. 

14. As an additional matter, since the Department's Request for Information was sent, a 

lawsuit has been filed against Dynamic by a passenger on its New York-Georgeown, Guyana 

charter operation. This matter (Rambarran v. Dynamic Aitways, LLC, 14-cv-1 0138-CS-PED) 

was filed December 29, 2014 in the U.S. District Court for the Southern District of New York. 

The passenger is claiming losses due to the cancellation of his charter flight caused by 

mechanical problems with the aircraft. He is seeking class certification for 100 passengers who 

could not be accommodated on other Dynamic flights. Dynamic considers this claim to be 

without merit (all such passengers received a full refund, as required by the DOT rules), and is 

seeking dismissal. 

I trust that this response fully provides the requested information. Please let us know if 

you require clarification or further information. 

Mark W. Atwood 

Counsel for Dynamic Airways, LLC 

MWA:dmp 
I 

I 

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. l understand that an individual who is found to have violated the provisions of J 8 

U.S.C. section 1001 shall be fined or imprisoned for not more than five years, or both. 

I f /~ 'r/ .p ',, - /r ---

By. John Mutlms 

"Title: Chief Operating Officer 

On this JZ:: day of January, 2015, did personally appear before me John Mullins, who proved 

to me on the bac;is of satisfactory evidence to be the person whose name is subscribed to within 

the instrument and acknowledged to me that they executed the same in their authorized capacity 

1 certify that the foregoing paragraph is true and correct. Witness my hand and official seal. 

. ~--~-~-/ ---+/-

Not;cy:.PtJ~ic 

' 

My Commission expires 

DEREK T CARTE 

NotaJy Public 

GuiHonf Co., North Carolina 

My Commission Expires June 16,2018 
everything to ensure your safety and comfort arc our priority at all times. In an effort to facilitate 

all your needs should a Tarmac Delay present itsell: we request that you ensure that any essential 

medications, dietary items, and baby food (meeting all restrictions lor carry-on baggage) are 

readily accessible in your hand baggage. 

For those flights encountering a tarmac delay at US airports in accordance with the US 

Department of Transportation regulations ( 14 CFR Part 259), we want to give our passengers the 

following assurances: 

I) For domestic flights, we will not permit our aircraft to remain on the tarmac at a U.S. airport 

lor more than three hours (3) before allowing passengers to deplane, unless: 

• Our pilot-in-command determines there is a safety-related or security-rc\ated reason why 

the aircraft cannot leave its position on the tarmac to deplane passengers. 

• Air traflic control advises our pilot-in-command that returning to the gate or another 

disembarkation point elsewhere in order to deplane passengers would signi licantly 

disrupt airport operations. 

2) For international flights when departing from or arriving at a U.S. airport, Dynamic Airways 

will not permit its aircrafi to remain on the tarmac lor more than Jour (4) hours before allowing 

passengers to deplane, unless: 

• Our pilot-in-command determines there is a safety-related or security-related reason why 

the aircraft cannot leave its position on the tarmac to deplane passengers. 

• Air traftic control advises our pilot-in-command that returning to the gate or another 

disembarkation point elsewhere in order to deplane passengers would signi licantly 

disrupt airport operations. 

3) For all !lights, Dynamic will provide adequate food (e.g. snack foods such as pretzels or 

granola bars) and non-alcoholic beverages no later than two (2) hours after the aircraft leaves the 

gate (in the case of departure) or touches down (in the case of arrival) if the airerafi remains on 

the tarmac, unless: 

• Our pilot-in-command determines that safety or security considerations preclude such 

serVICe 

4) We will ensure comfortable cabin temperatures and operable lavatory facilities arc available, 

as well as provision of adequate medical attention (i r needed) while the aircrall remains on the 

tarmac. Our cabin crew arc trained to provide basic first aid assistance on the aircraf\ and would 
6) We will begin to notify you 30 minutes aflcr scheduled departure time and every 30 minutes 

thereafter. even if there is no new information to report, that you have the opportunity to deplane 

from an aircraft that is at the gate or another disembarkation area with the door open if the 

opportunity to deplane actually exists. 

• The opportunity to deplane can only be authorized by our pilot-in-command after the 

scheduled departure time, taking into consideration the safety and security of other 

passengers, the crew and the aircran, and any directions issued by air traffic control. 

7) We have contacted and coordinated this plan with the airport authorities, US Customs and 

Border Protection (CBP), and the Transportation Security Administration (TSA) at each U.S. 

airport that we lly to as well as the US airports we have designated as our diversion airports. This 

ensures that we will have suflicient support and reasonable resources to effectively implement 

Dynamic's Tarmac Delay Plan. 
leading corporate and industry personnel. Demonstrate outstanding skills in researching and authoring training 

Experienced extensive travel throughout different countries like China, Russia, Israel, Siberia, 

Estonia, S<1udi Mexico, Canad<1, Armenia, Europe, <IS well as in cities of the United States; possess 

strong interpersonal and communication skills. 

r Arn:AS OF EXI'ERTISE 

Organizational Skills ./ Proven track record of utilizing efficient time management techniques 

./ and uphold costs and operntions through effective plan development ./ Well-known for cross discipline talents in needs analysis nnd evaluation, 

Communications 

troubleshooting, <1nd problem resolution in fastApaced <1nd technical environments 

./ team members to achieve corpornte and personal goals and objectives ./ Able to resolve interpersonal conflicts ./ Establish positive and conducive environment 

Project Management ./ Implement effective solutions to develop communication while efficiently utilizing 1 

time to identify progress and achieve gonls 

Problem Solver ./ Provide responsive service during exceedingly demanding adjustments 

./ Assess programs, make perceptive decisions to affect positive change, and focus on 

new priorities 

C\ltHR HIGIHIGIITS 

;.. Conducted resenrch and <1uthored curriculums for Hilco Trnnsport, Inc., including instructor guides, 

PowerPoint presentations, videos, quizzes, forms, nnd mnnunls, with the following topics: DOT drug and alcohol, 

IIAZMAT; security ilWilrcness for HAZMAT, J-IAZCOM; hours of service; emergency procedures; LOCK 

OUT{f AG OUT; henvy equipment such <IS forklift, liquid solid wnste, blood borne pathogens, 

petroleum; train the trainer; asbestos awareness; employee wellness; customer service; time manngement; 

effective communicntion; pre-trip inspection; personal protective equipment 

:,.... Served ns nctivc member of llilco T rilnsport, HAZPOWER Emergency Response Pace Airlines 

Emergency Response Team; and US Airways Emergency Response Tenm 

,_ Exhibited proven track record of interpreting and implementing certification procedures, policies, and regulations 

for cabin crew and cabin snfety during service of work aviation 

;. Oversaw the development of curriculum for newly hired employees and recurrent training 

;.. Created and employees on Security Plans for Eusl\vind Airlines and Hilco Transport, Inc . 

.,. Ensured compliance with established f-AA, DOT, TSA, FMSCA, <1nd 051 lA regulations 

:,.. Consistently obtained position \Vith increLJsing responsibility, including promotion to various positions such ns to 

nir transportation service <1Ssoci<1te <1fter one month on Pace Airlines; of Drug/Alcohol Abntement for 

excellent performnnce; nnd director of over 75 flight nttend<1nts and pilots at Eastwind Airline 

:,... Attitincd certification for domestic and intt!rnational flight attendant of DC9, MDSO, 737, 727, 757, 767, 747, DClO, 

and Airbus aircrnft 

.,. Received various honors nnd recognitions, including the following: 

2008 Impact Awnrd: Recognition of snfc performance and continued efforts in promoting safety on the 

nation's highwnys 

Sponsor by Nationnllnterstnte Insurance Compnny, 1-lilw Trausportluc. 

Certific<lte of Recognition: Perfect Dependability, Colllim:ntnJ Airlines 

Honored for volunteering nssistnnce in military charter flights to S<1udi Ambi<1 during the Gulf War under the 

Civilinn Reserve Air Fleet Contingency Plan, Collfiw!lllnl 

1 I 1 • ' ' 
Director of Security 

Dynamic Airwuys North Regional Road, Greensboro NC 2014 • Present 

Director of Training 

IIi leo Transport Inc. Ken mont Road, Greensboro, N_C ________________ 2_0_0..;.8_·2_0_1_4 _____ 1 

• Oversee the implementation of and direct training programs to verify relevance, uccuracy, und regulatory 

compliance <IS well as ensure that its content s<1tisfy the customer and company requirements 

• Closely monitor and lcver<1gc tr<1ining budgets • Administer training schedules and interface with all affected parties • Facilitate periodic assessment nnd revision of training curriculums; supervise and restructure specialized 

!ruining courses to nddress immedinte business requirements 

• Acknowledge fulfillment of customer contract training requirements • personnel !mining regarding performnnce of duties nnd accomplishments of nssigned objectives 

• Supported other managers in confirming nccuracy of training record as well as compliance with applicable 

regulations 

• Direct ilnd facilitilte trilining for more 200 employees to secure their conformity with reguliltions for the 

newly hired employees und yemly recurrent !ruining 

• Certified Smith Defensive Driving Instructor • Member of llilco Transport Emergency Response Team 

Domestic Flight Attendant 2006- 2008 

Republic Airways Indianapolis, IN 

• Led presentation of dcpi!rture and destination reports, passenger ticket numbers, meal ilnd inventories, 

and lost nnd found articles 

• Rendered different personal services favorable to safety and comfort of airline pi!ssengers; welcomed pussengers, 

verified tickets, recorded and led passengers to their assigned sents 

Corporate Travel Counselor 2005- 2006 

Amcricun Express llig h Point, NC 

• Assumed responsibilities of a corporate trilvel counselor utilizing Apollo system (ilir, hotel, car, <1nd trilin} 

Provided excellent customer service to milximize business opportunities and gain business 

customer profiles nnd illigned travel based on customer preferences, company policies, and 

Americnn Express procedure 

Cou rsc Curriculum Writer/Instructor 2002- 2005 

Pace Airlines Winston Salem, NC 

Rcnden.'l.i various services on m.1ny chilrters, such as Boston Pops, NASCAR, Sport Tcilrns, and high profile Manilged excellent food preparation, shopping, and catering for first class service 

• Assumed responsibility in maintaining and scheduling all testing for safety sensitive employees 

• Ensured complete implementation of illl r-AA/DOT ilnd OSIIA reports to maintilin efficient operation • Authored curriculums for newly hired employees, administered recurrent flight iltlendant training programs, 

and coordinilted to foAA for approval 

• employee development programs • flight ntlendant !mining manual ilnd developed methodology to assess training effectiveness 

2 I I •• l 
g

US Airwny s Winston Salem, NC 

• Led for cabin safety operations FAA regulatory compliance • Built and supervised compliance with Federal Aviation Regulations 

• Composed reports on findings to in-flight management 

• Obtained customer satisfaction by providing high-end service and identified ways to resolve client's concerns 

Director of Inflight/Training 1996-1999 

• • 

Eastwind Airlines Greensboro, NC 

Hired as n crew scheduler for pilots nnd flight illtendants 

Uphold cabin snfcty and passengers safety procedures 

• Assessed and oversaw flight attend<1nt instructors to ensure emergency training and cabin snfety issues were 

provided per FAR guidelines 

• Documented flight nttendilnt tmining records for new hire and recurrent training • Fncilituted emergency drills and developed in-IHlUSe emergency procedures training program • Effectively influenced new hire flight attendants and helped !Iuman Resources with interviews, drug abutement 

progrilm and discipline 

• Recruited pilots <md flight attendants 

Certified Domestic /International Flight Attendant 1990- 1996 

Continentill Airlines llouston, TX 

PC lz: - s fT' F - z · M:-r = 1 -· s=- •· · ·,-· -r r --- - ., ra· > w ·Z?-· crw · r , . .. ,.- ·- ==n· ·rz:z ·r S UE! 

Business Administration I Community College of Rhode lslnnd Lincoln, Rl 

PnOFESSIONAI THAINING 

• 2014 40 Hour HAZWOPER 

• 2011: 8-Hour HAZWOPER Refresher 

2010: Certified, Smith Defensive Driving Instructor 

• 2010: Certified, First Aid nnd Red Cross 

3 I I' 
• • • • • • • 

• 

2003: Transportation Security Administmtion Security Screening Tmining ilnd Instruction Training 

2003: OSHA Record keeping Training 

2003, 2001, 2000: Emergency Response Trnining 2003, 1996: Flight Attendnnt Trilining 

2002, 1996: Air Transportntion Supervisor Training 

2000: Business Letter Writing Training 

1999-2006: Guildford County NC Substitute Teacher 

1999: FAA Academy Occupational Safety for Supervisors 

1991: International"! raining 

4 1 
operations with a market leader in the Domestic and International Aviation sector. Recognized for a 

participative management style; results focused, entrepreneurial and practical. Enjoy transforming highpotential employees into leaders, recruiting, coaching, mentoring and developing critical skills for operational 

success and a robust succession Multi-unit Operations, Quality Controls, Account 

Management Excellence, Teambuilding, Strong P&L Skills, Coaching/Mentoring 

Experience Dynamic Airways- October 2014 to Present 

Chief Operating Officer 

Assumed position January ogth 2015 

VP System Operations 

Key Achievements 

Project managed and successfully delivered FAA required crew management system. Streamlined SOC Flight 

Operations Dispatch Center to meet regulatory compliance. Implemented policy and procedures to ensure 

regulated compliance for Training and Qualification. Introduced fuel analysis program to capitalize on the 

most cost effective fuel uplifts strategies. 

Eastern SkyJets May 2013 to August 2014 

Director OCC 

Key Achievements 

Successfully project planned in-house $1.2 million SMS and Qualification software to exceed GCAA audit in 3 

months 

Implemented and drove in-house designed 3rd party invoicing module centralizing receivablesjpayables within 

ground operations, flight operations and finance immediately realizing +$100 000 USD correcting inaccurate 

and/or duplicate charges per year for previous 5 years 

Effectively managed and provided clarity for all navigation fees and associated accrued costs ensuring accurate 

revenue seat management prior to contract signatures ensuring profitable returns for each flight 

Collaborated with authorities to ensure successful departure negotiating Diplomatic, Short Notice or Regular 

Permits including non-scheduled over-flight and landing permits 
Aligned 4 internal departments, named the department IMCU (Integrated Mission Control Unit) to improve 

military on-time performance from a standard historical low of 68% to 94% in 2 months resulting in a 6 month 

extension for $7.2 million USD (Fleur) revenue 

Creator of government approved Ground Ops Service Manuals to pass GCAA audit in 3 months 

Roles and Responsibilities 

Approve all ordering and operational requirements with respect to over-flight approvals, catering, fueling, 

landing fees, aircraft handling and equipment charges 

Reconcile and sign off all invoices from various handlers both domestically and internationally including fueling, 

Euro Control, lATA, navdata, Jeppesen, hotels, aircraft servicing, catering, lost baggage, transfer baggage, 

visa control and APIS 

Sign off flight plans based upon optimized route costs justifying 

Follow up, reverse and negotiate credit of all incorrect charges Euro Control, lATA over past 5 years 

Negotiate "one off" pricing and SLA's for airport and aircraft servicing for VIP charters 

Nominated ground operations post holder 

On-nme Performance Chairperson - coordinate multiple teams simultaneously ensuring on-time performance 

Management oversight of all Yd party airport handling both domestic and international (DNATA, Dubai 

Airports, ACL) and contracts 

Additional title assigned as Director Business Development ATA software for SMS, Qualifications and FDM units 

Accountable for change management within Operational Control Center - Logistics, Sales, Spares, MCC and 

Dispatch 

Project Manage all charters, schedule operations including 

Forecasting major and minor aircraft C checks ensuring Sales has full visibility of aircraft/product down time 

Ensure all departments are kept advised of all critical functions of OCC 

Navtech November 2012 - April 2013 

Director Sales Middle East/Africa/India and Russia 

Key Achievements 

$250 000 USD 5 year contract signed first week of employment 

Secured Navtech's invitation into POC tendering by Emirates Airlines 

Combined IBS Crew module with Navtech's optimizer enabling Navtech to participate in the EK POC 

Signed $50 000 per week in new customers in Navdata sales Q3 and Q4 2012 and Q1 2014 

Positioned $900 000 3 module suite sale to NAS Air for signature Q4 2012 
consultative selling, contract negotiations and relationship management. 

Manage current customers and products to ensure protection from competitors 

Encourage/propose new· partnerships for bi-yearly alignment conference to potentially add to Navtech's 

portfolio 

Coach/Mentor account managers with deliveries and ensure programmers clearly understand deliverables 

Create and manage own budget related to travel, prospecting, site visits and HQ meetings 

Oman Air March 2008- November 2011 

Senior Manager Planning and Scheduling 

Key Achievements 

Initially engaged as sole consultant to implement IBS' Avient Ops System 

Oman Air signed as my employer during negotiations for IBS implementation to be accountable to remap all 

flight operations functions and supporting 3rd party software 

Successfully delivered and signed UAT in record time as per IBS and their quarterly report 

Defined process with commercial, finance and operations detailing all ground and flight costs for EU and far 

east A330 expansion in 2009 

Initiated hotel per-diem on site issuing for crew including transfers to local hotel accounts, issuing of funds, 

reconciliation on a daily/weekly/monthly balance via issuing statements 

Integral part of Oman Airport 2014 team delivering pax flow rates, crew flow rates and facility requirements to 

support 12 million passengers annually and 150% increase in Oman Air traffic 

Segregated and re-trained 29 staff consisting of 4 departments to manage upcoming airline growth of 450% 

Provided key support for GM Service Delivery to ensure all inflight commitments, training, castings and 

software were in line with agreed company directives to put Oman Air on the international stage 

Provided key manpower planning figures forecasting to Oman Air CEO and Oman Air Board for full 

Omanization Chairperson for HOTAC Committee to select and sign Oman Air's hotel facilities in Europe and the Far East 

Roles and Responsibilities 

Contribute and attend C-level BRM reviews to provide cost savings and present opportunities to gain new 

revenue 

Provided final sign-off and approval of incoming invoices vs actual services provided and reconcile 
Optimize departmental cross

function and 

o

g, 

, 

g

Crew Scheduling Departments and IOC 

Prepare and obtain required DGSAS sign off for new scheduling software and planning software. 

Ensure all training and manpower plans are created optimally + 12 months in advance to meet the planned 

network, product and service growth and new fleet types 

Responsible to hire qualified/experienced staff to operate the 24/7 operations 

Gulf Air March 2004 - March 2008 

Manager Crew Planning and Scheduling 

Key Achievements 

22 Staff realigned to ensure compliance to the most strict government rules following catastrophic operations failure 

leading to GF 071 crash 

Introduction of AIMS, Sabre to GF Operations and rollout to crew, accounting and HR 

Analysis and cut back of 2000 pax meals per week out of subsidiary Gulf Traveller AUH due to over contracting set up 

years earlier resulting in a annual savings of $1.45 million USD 

Introduction of an annual leave program providing a reduction of 15000 surplus annual leave days accrued over a 8 year 

period adding $2.2 million USD to the bottom line 

Created and provided online "voluntary early retirement calculator" to support company and government initiative to offer 

early retirement for any GF employee 

Promoted high achieving Bahraini's to manage individual departments 

Roles and Responsibilities 

Manage and coach 4 interdependent departments and budgets consisting of 22 staff to meet service and operational 

requirements 

Accountable member of On-Time Performance team ensuring any/all delays are addressed and strategy to correct is 

initiated 

Processing all yearly costs related training, rosters, violations and unplanned leave of 2900 staff 

Sign off to payroll including all callout pay, sold leave days and deductions 

Weekly meetings with GCAA governing body to review any issues of legalities 

Attend and Provide C - level reports during CEO's BRM meetings 

Optimally plan all training, rosters, annual leave and software mods on a monthly basis 
Airlines) 

Countered product failure by introducing incentive based onsite software provider kiosk- ensured $2.4 million 

USD + 12% maintenance support fee was not jeopardized 

Advised programmers in successfully pioneering a manpower planning module adding 20% to new revenue 

stream- sold to Fed=EX, UPS, Emirates, Qantas, Etihad 

After 8 months, achieved budgeted revenue by 3rd quarter initial year 

Filled pipeline for 168 programmers by Q2 second year slowing all new business opportunities 

Lead host representing Ad-Opt for NACU, AGIFORS and additional industry conferences - resulting in 

unplanned contract signings of + 1 million USD 

Roles and Responsibilities 

Within a global territory, achieve new sales revenue and exceed personal targets/quotas 

Create and manage yearly budgets to operate the international unit including costing's for technical support, 

delivery team, training and accounts receivables 

Possess excellent business skills for managing prospects through out the sales process 

Prepare and present clear, compelling and persuasive sales presentations 

Effectively negotiate terms, conditions, pricing and commitments that enhanced profitability and the business 

relationship 

Work with delivery specialists to look for and act on opportunities for increased revenue during implementation 

Pursue meetings and build relationships with decision makers and maintain awareness of potential issues 

affecting customers 

Create a plan for prospect identification and development 

Manage the sales process to maximize the return on key ratios for visits and proposals 

Participate in "think tanks" with Product Management as required to improve product outputs both current and 

concept stage 
Introduced $2.5 million bidding system to 3500 crew 

Provided single customer contact point number for all airline bookings within North America using 1-800 FLY 3000 

Managed delivery plan of optimizer for commercial scheduling, planning and rostering system 

Successfully proposed manpower planning concept to software provider to optimize fleet and subsequent crew growth 

Maintained annual savings of 1.3 million US on projected annual growth costs of crew and equipment needs for airlines 

expansion from 1995 to 2001 

Integrated Sabre's AirCrews system Mercury Scheduling and Bornemans Crew Trac system successfully within live 

environment 

Managed aircraft and crew recovery for 9/11 disruption resuming scheduled service ahead of all Canadian carriers 

increasing monthly revenues of 5% by recovering stranded passengers over a period of 7 days 

Managed 10 days of "Quebec Ice Storm" departures to ensure continuation of YUL- COG flights 

Roles and Responsibilities 

Provide yearly plans for all crew for annual leave and recurrent training 

Managed team of six to deliver monthly rosters, medicals, recurrent trainings and schedules 

Chair monthly scheduling committee with pilot and cabin crew unions. 

Participated in HOTAC committee inspecting and negotiating all global crew hotel terms and conditions 

Conduct monthly new hire inductions to electronic system's and how to's to receive highest satisfaction to 

increase employee retention 

Canada 3000 Airlines Limited 

Crew Planner Airbus and Boeing Pilots 1993-1997 

Key Achievements 

Introduced internet concept for all crew to interact and access crew docs, crew rosters, crew training, crew 

trips and trip trade system 

Created and managed all deliverables to align with newly appointed Union (ALPA) induction, training, 

deadheading, hotel requirements 

Create optimal sustainable trips increasing crew utilization by 8% or $90 OOOCAD per month vs planned 

budget. 

Increased utilization of trips and rosters enabled a 1:4 less crew required per 4 aircraft deliveries 

,, 
y

g 

Export to two down line systems and correct all system bugs manually 

Canada 3000 Airlines Limited 

Crew Scheduler 1992 -1993 

Key Achievements 

Effectively managed commercial schedule countering monthly CDG strikes by establishing 2"d and 3"' party 

relationships for transport (Air and Ground) and rest facilities 

Integral part of canada 3000 Open Skies presentation team educating travel agents during seasonal 

conventions 

Roles and Responsibilities 

Ensure all flights are staffed legally by trained crew 

Updating all systems both manual and electronic to document all operating movements 

Manage and decision making for any/all unforeseen occurrences during the 12 hour shift 

Reconfirm all bookings names and destinations on a 24 and 48 hours schedule for hotel, transport (air and 

ground) and per diems 

Debrief with flight ops director and VP operations on a daily basis 

Canada 3000 Airlines Limited 

Cabin Crew 1989-1992 

Key Achievements 

Discovered and fought inflight fire during transatlantic flight from Glasgow 

Member of the Canada 3000 Safety Team 

Roles and Responsibilities 

Senior Flight Attendant responsible for the safe and on-time departure of each flights 

Conduct crew briefings on safety and company policies 
Sciences- StMartin's High School -

" ' 
Helicopter 

Airplane 

Multi-engine Helicopter 

50

0 

131 

4312 

C

oss Cou

t

y 3

65 

Mountain Exp. 1963 

Desert Exp. 1825 

OPERATIONAL EXPERIENCE 

-Civilian and Military experience as a Safety Manager and Officer 

Weather 

NVG 

Flight Simulator 

-Aviation Counter Drug, Anti-terrorism and Law Enforcement Support experience. 

103 

692 

117 

-International Flight Experience; Afghanistan . Iraq, South Korea, Japan. Saudi Arabia, Kuwait. 

-Computer literacy and Microsoft Office Suite proficient (Word, Power Point, Excel, etc ... ) -Extensive flight experience includes; Over Water, Mountainous Terrain (5-14k), Cold Weather; 

Snow-Icing, Desert and Tropical Jungle, External Loads, Rescue Hoist, Para-Drop and 

Parachute Operations. 

- 6 Years International Air Ambulance (MEDEVAC) experience. 

- 34+ Years as a Pilot and as an Aircrewmember with diverse aviation experiences and a 

proven safety record with a risk management philosophy. 

- CFR Part 135 opsin BH214ST, BH412EP and EC135 Helicopter EMS including NVG 

operations. 

2014-Present 2010-2014 

$125,000 yr 6 wks on/off 

rotation 

2009-2010 

$175,000 yr 

6 wks on/off 

rotation 

2008-2009 

$115,000 yr 

6 wks on/off 

rotation 

2008-2008 

$65,000 yr 

Week on/off 

12 hour shifts 

2005-2008 

$325,000yr, 

WORK HISTORY 

Dynamic Airways-Director, Safety based in Greensboro, NC. Responsible 

for building and implementing Safety Management System (SMS) for the 

company and ensuring compliance with federal, state and local policy. 

Erickson/Evergreen Helicopters-BH214ST Flight Instructor and Company 

Check Airman (Philippines, Afghanistan, Africa), inspected and established all 

heliport/airfield operations in foreign countries in support of the Department of 

Defense. Complied with host country, ICAO and FAA regulatory guidance. 

Responsible for all BH214ST Pilot aircraft training (initial and advanced) and 

currency. The BH214ST is a >12,500 Type Required Aircraft. 

Action Aviation-HEMS Director of Operations in Saudi Arabia. Established 

procedures for Helicopter Operations where none existed, included fuel 

storage areas and maintenance/industrial areas. Established MOAs/MOUs 

with Riyadh ATC and the King's Guard as well as various airports. 

Evergreen Helicopters-Lead Pilot for HEMS/Logistics/Transportation CFR 

Part 135 operation in the Philippines, supervise 16 pilots and was directly 

responsible for host country, ICAO and FAA regulatory compliance. 

Air Methods Corporation-HEMS Single Pilot VFR/NVG Program in 

mountainous West Virginia, established a new base of operations to include 

procedures and agreements with the Airport Board. 

GS-13/14 (Equivalent), Department of State Air Wing (DynCorp Inti) Huey II 

Pilot in Afghanistan. Responsible for international operations and procedures. 
40+ hrs per 

wk 

2002-Present 

As Needed 

2002-2003 

65+ hrs per 

wk 

1997-2002 

40+ hrs per 

wk 

1995-1997 

40 hrs per wk 

1995 1994-1995 

40 hrs per wk 

1992-1994 

50 hrs per wk 

1989-1992 1986-1987 1979-1986 

y

p

p

y 

updates as needed for the duration of the program. I was the single point of 

contact for the hotel management on all issues for the program. 

Civilian Contractor for Logistics Operations in Kuwait. I was the Ops Officer 

and Vehicle Control Officer for the Rapid Fielding Initiative. Wrote SOPs fro 

the use and maintenance of the vehicles. Negotiated service contracts with 

local Kuwaiti shops. 

Conner Consulting-Consultant for Safety and CFR Part 91 & 135 Operations 

Advise clients on facilities and operations, to include written operational 

manuals/SOPs to ensure regulatory and risk management compliance. 

Southeast Citijet, LLC-Pilot and Director of Flight Operations and Safety; 

was a dba of AAG out of NY. Surveyed and established heliport and helistops 

lAW all federal regulations. Established proper procedures for the company. 

FG-8 (1802), Federal Aviation Administration, Flight Standards DivisionAviation Safety Technician at the Charlotte, NC FSDO. Processed Airman 

applications. administered various Airman tests, developed and presented 

safety information classes to the public and aviation public. Served as the 

Flight Standards representative to the Charlotte Air Route Traffic Control 

Center Helicopter Users Group. Working with external organizations and 

companies on air traffic deconfliction and efficiency. 

Dep't of the Army Civilian, 191h TAACOM-Force Structure and Battle 

Planning, G3 Administrative Officer in Daegu, South Korea. Selected to attend 

Conduct of Management Studies Course as a funded TOY to Cp Zama, 

Japan. 

US Army-Retired from Active Duty, Japan. 

Japan Flight Detachment, Camp Zama-Pilot UH-1 and UH-60 Aircraft, 

Company Aviation Safety Officer and Company Aviation Life Support 

Equipment Officer. Conducted required Emergency Response (Crash) Drills 

for the command. 

Korea, 3771h Med Co (AA)-Pilot UH-60A, Aviation Safety Officer, H-805 

Heliport Manager and Aviation Safety Officer for the 191h Support Command in 

Daegu, South Korea, received a Letter of Input for my Officer Evaluation 

Report for duties as the Heliport Manager/Aviation Safety Officer. Conducted 

monthly Emergency Response Drills for the heliport/airfield and annual Drills 

for the command. Responsible for the Monthly Aviation Safety Audits for the 

heliport. 

Fort Bragg, NC, 82nd Abn Div-Pilot UH-60AIL, Battalion Aviation Life Support 

Equipment Officer. Numerous deployments including Desert Shield I Storm. 

Korea, 377lh Med Co (AA)-Pilot UH-60A, Aviation Life Support Officer H-805 

Heliport, Daegu, South Korea 

Fort Rucker, AL, US Army Flight Training 

US Army Aeromedical Flight Medic/ Emergency Medical Technician, 

assignments included CONUS and OCONUS. 

EDUCATION 

B.S., Regents College, 1985 (now known as Excelsior College), US Army Aviation Safety 

Officer Course, FAAINSI Accident Investigation/Safety Courses, US Army Chief Warrant Officer 

Advanced Course 

US Passport Issued: 19 Mar 2007 Expires: 18 Mar 2017 
Ul 

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s 

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m 

c 

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0 

c 

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r 

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f 

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~J H !J ;: I J ! 

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I 

l 
-BA Professional Aeronautics, cum laude 

U.S. Army Aviution Logistics School 

-A vi at ion Maintenance-Logistics Management & Maintenance Test Pilot Course 

U.S. Army Aviation Snfety Center 

·Aircraft Accident Investigation Course 

-Ground and Aviation Prevention Officers Course 

EXPERIENCE 

September 2014-Prcsent, Dynumic Airways LLC Chief Financiul Officer . 

. July 20 12-September 2014, Erickson Helicopters Inc. Administrative Site Manager. 

September 20 II -September 2012, Gr)'phon Airlines-Kuwait Controller/Chief Financial Officer. 

Febrmlr)' 2006- September 2011, DynCorp Jnternntionnl: 

l,hilippines Operations Support (XR2 Contrnct)- Zambonngu City, Philippines Business 

Manager. 

Internal Audit-Dubai, UAE Senior Manager. Internal Audit-Dubui, UAE Manager. 

Philippines Open1tions Support (CIU Contrnct) - Zambonnga City, Philippines Business 

Manager. 

I>cccm her 2005- Murch 2006- US I> A Wildlife Mnnngement, MIS Data Technician GS0303 Temporary 

position unt il start date with DynCorp Int. 

March 2003 - .July 2005, .Johnson l>c\·clopment, LLC - Springfield, Illinois General Manager/ Senior 

Accountant. 

2002 - 2003, I>ynCorp Suudi Arabh1 Finance Management and Budget Advisor to 

Roval Saudi Air Force <RSAF}. 

2000 - 2002, Office or the Auditor General- Springfield, Illinois Compliance, Management. and 

Performance Aud itor. 

SPECIAL SKILL, CERTIFICATION, and 

• Certilied Public Accountant 

• Secret Security Clearance - Active 

• Member-Sigma Beta Delta Scholastic Honor Society • Awarded the U.S. Army Legion of Merit 
Current Assets 

Checking/Savings 

1020 · Wells Fargo Checking 

1030 · First Niagara (Escrow) 

Total Checking/Savings 

Accounts Receivable 

1100 · Accounts Receivable - Trade 

1103 · Due from Chapman Freeborn 

1105 ·Due from Travel Span 

1106 · Due from JW Aviaton 

1107 ·Due from WIN Air 

1108 · Due from Vision Airlines 

1184 · Due from Air India 

Total Accounts Receivable 

Other Current Assets 

1101 ·Miscellaneous Account Receivabl 

1400 · Prepaid Insurance - Aviation 

1402 · Prepaid Insurance - WorkersComp 

1450 · Prepaid Expenses 

1451 · Prepaid Rent 

1474 · Deposit- Taj Hotels 

1475 ·Deposit- Air India (Haj 2013) 

1476 · Deposit- Air India (Haj 2014) 

1477 · Deposit - GSO Sewer Hookup 

1479 · Deposit- PANYNJ 

1499 · Balance Due from EZ Jet 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

1610 · Aircraft Parts 

1611 ·Software 

1711 · AID Software 

1611 · Software - Other 

Total1611 ·Software 

1630 ·Vehicles & Trailers 

3,341,325.30 

300.00 

3,341 ,625.30 

149,166.66 

44,820.11 

5,752.35 

174,583.33 

331,475.04 

37,385.00 

3,601,092.48 

4,344,274.97 

72,591 .01 

117,737.36 

90,979.00 

347,718.61 

1,500.00 

15,352.31 

80,500.00 

420,000.00 

600.00 

(101,781 .43) 

52,004.15 

1,097,201.01 

8,783,101 .28 

361,407.91 

(15,234.45) 

95,235.18 

80,000.73 
Total1640 

Computers & Office Equipment 

1645 ·Tools 

1650 · Machinery & Equipment 

1750 ·AID Machinery & Equipment 

1650 · Machinery & Equipment- Other 

Total1650 · Machinery & Equipment 

1685 ·Leasehold Improvements 

Total Fixed Assets 

Liabilities 

Current Liabilities 

Accounts Payable 

2010 · Accounts Payable - Trade 

Total Accounts Payable 

Credit Cards 

2202 ·Wells Fargo Credit Cards 

Total Credit Cards 

Other Current Liabilities 

2260 · Deposit- JW Aviation 

2265 · Deposit • CITS (CTU/GUM) 

2266 · Deposit • CITS (PEK/GUM) 

2267 · Deposit • CITS (HKG/ROR) 

2268 · Deposit w Century Tours 

2271 · Deposit -World Cup 2014 

2273 · Deposit- Classic Air 

2274 · Deposit- Avias Aviation 

2275 · Deposit- 1/Mint Aero Ltd 

2280 · Deposit - EZ Jet 

2281 · Deposit· CITS (SHE/GUM) 

2299 · Balance Due to EZ Jet 

2300 · Unearned Revenue 

2301 ·Deposit- CITS 

2300 · Unearned Revenue- Other 

81,502.05 

1,300.00 

(1,696.96) 

23,505.00 

21,808.04 

5,740.00 

584,697.58 

9,367,798.86 

5,090,769.99 

5,090,769.99 

475,505.35 

475,505.35 

149,166.66 

493,800.00 

1,209,510.63 

499,985.00 

180,000.00 

183,100.00 

30,000.00 

85,000.00 

760,166.36 

800,1 26.00 

112,606.00 

89,778.35 

3,892,250.87 

187,110.61 
61 00-L T · Aircraft Lease. 

61 05-L T · Engine Reserves. 

6400-L T · Airframe Lease. 

Total Long Term Liabilities 

Total Liabilities 

Equity 

3210 • Partner 1 ~Kraus 3211 • Partner 2 ~Woolley 

3300 · Retained Earnings 

Net Income 

Total Equity 

821,093.27 

1 ,488,298.50 

327,338.50 

4,817,954.24 

19,056,830.06 

2,800,000.00 

11,699,000.00 

(4,651,272.66) 

(19,536,758.54) 

(9,689,031 .20) 

9,367,798.86 
Gross Profit 

Expense 

2500 • Other Expenses 

5020 · Jet Asia Partner 

5038 • Labor - Other 

5039 · Contract Labor - Other 

5040 · Payroll Tax Exp 

5055 · Insurance - Health/Disability 

5063 · Employee Medical Costs 

5065 · Employee Uniforms 

5080 · Employee Housing • Rent 

5095 · Employee Benefits - Mise 

5120 ·Supplies · Non-Aircraft 

5140 · Pilot Expenses 

5190 · Office Supplies 

5204 · Maintenance Expense 

5205 · R&M -Consumable AC Supplies 

5210 · R&M- Parts, Overhaul, etc. 

,

2,133,861 .22 

155.664 00 

49 264 00 

1,027,812 83 

127,376 58 

89,143 59 

52,202 56 

274.00 

928 17 

2,396 00 

912 59 

1,099 90 

1 127.50 

7 619 28 

15 706 00 

5.217 30 

5212 · 767DA Parts 17,831 59 

5213 · 770JM Parts 5,107 88 

5214 · 253MV Parts 104.492 00 

5215 • 254MV Parts 31 ,520 40 

5218 • 246AV Parts 33,571 .33 

5219 • N999VV Parts 6,200.00 

5210 · R&M ·Parts, Overhaul, etc.- Other -----==-:.;7,~4;:.:29:-;;:.:80:- Total 5210 · R&M ·Parts, Overhaul, etc. 206,153.00 

5250 · R&M - AC Labor 

5252 • 767DA Labor 

5254 · 253MV Labor 

5255 · 254MV Labor 

Total 5250 • R&M • AC Labor 

5282 · R&M -Grounds 

5293 · Flight Dispatch Software 

5294 · Computer Support Agreements 

5295 · Flight Safety Software 

5310 · A/C Fuel 

5312 · 767DA Fuel 

5313 · 770JM Fuel 

5314 · 253MV Fuel 

5319 · 254MV Fuel 

5310 · AJC Fuel- Other 

Total 5310 · AIC Fuel 

5330 · Shipping 

5331 · Postage 

5350 • Insurance • Aviation 

5500 · Airfare 

5500-01 · Pilots 

5500-03 · Mx 

5500-04 · Mgmt 

5500·05 · Others 

5500 · Airfare - Other 

2.500 00 

2,000 00 

1.500 00 

6,000 00 

213.00 

9,597.32 

8,714 10 

9,254 69 

440,429 39 

14.343 24 

98.659 31 

171.786 98 

777,816 79 

1,503.035 71 

54,012 76 

1,183 09 

5,488 00 

1,010 96 

314 66 

26,268 45 

2,792 20 

75000 
5515-04 · Mgmt 

5515-05 • Others 

5515 · Travel- Lodging- Other 

Total 5515 ·Travel- Lodging 

5520 · Travel - Other 

5545 · Meals & Entertainment 

5550 · Telephone/Internet Expense 

5555 · Telecommunications/Cell Phones 

5570 · Utilities 

5610 · Vehicle Fuel 

5620 · Vehicle Rental 

5630 · Landing Fees 

5632 · Ground Handling 

5633 · Parking -Aircraft 

5635 • Airway Charges 

5650 · Catering 

5651 ·Fees 

5650 • Catering - Other 

Total 5650 · Catering 

5652 · Aircraft Cleaning 

5653 · DCS/Ticketing 

5658 · Station Expense 

5660 · Rent Expense 

5680 · Security 

5700 · Dues & Fees 

5705 · Visas/Work Permits/Fees 

5710 · Subscriptions & Manuals 

5715 · Fines/Penalties 

5720 · Bank Charges 

5721 · Merchant Processing Fees 

57 40 • General Advertising 

5751 · Legal Fees 

5755 · Consulting Fees 

5756 · Flight Planning 

5757 • Overflight 

5775 · Sales/Use Tax 

5776 · Import Tax 

5800 · Training 

5990 · Miscellaneous Expense 

6100 · Aircraft Lease 

6600 · Payroll Expenses 

7050 · Passenger Fees • USA 

7060 · Passenger Fees -CHINA 

Total Expense 

Net Ordinary Income 

6,601 33 

3,265 26 

38,682 45 

54,712.06 

2,650.93 

1,653 10 

2.512 70 

416 98 

3,999 85 

52 44 

2.751 33 

30,293 54 

305,465 49 

14.081 02 

4,404 55 

1,566 64 

30,058 04 

31,624 68 

307,75 

2.333 41 

10,854 31 

11 216 85 

13 210.01 

2.916 10 

2.340 00 

11.511 ,38 

21 .83 

1.218.69 

4.661 95 

5.037.05 

31 .41882 

46,658 35 

18,006 89 

5,330 95 

3,204 04 

16 00 

59.261 30 

4,11000 

10,000 00 

1,636 82 

1,730 00 

26.235 81 

4,105,780 20 

(1.971.918 98) 

(1,971 ,91 8.98) 
Accounting Principles (GAAP). 

2 Dynamic Airways uses straight-line method for depreciation and amortization. 

3 Unearned revenue is recorded as deposits until performance has been satisfied. 

4 Cost of capitalization is moot as this is a privately owned LLC financed by the 

owners. 

5 During the summer and fall of 2014, Dynamic entered into a wet lease 

agreement to provide charter service under the AOC of Air India. Services were 

to include aircraft, maintenance, crewmembers, and insurance (ACMI). Flights 

were flown between India and Saudi Arabia for the Hajj pilgrimage. Upon 

completion of the final charter a dispute arose whereby Air India Refuses to pay 

Dynamic for certain of the charters. Dynamic computes the amount owed by Air 

India at approximately $4.4M. Our VP of Technical Accounting Services is 

citizen of India and is currently working in India to negotiate a settlement. 

6 The financial statements were prepared by Jeevan Malhotra- VP of Technical 

Accounting Services, and Gary Kramer, CPA- CFO of Dynamic. Mr. Malhotra's 

education includes a BA in Aviation Engineering, a BA in Aviation Management, 

and an MBA in Finance. He has over seven years finance and accounting 

experience, all of which is in the aviation industry. Mr. Kramer's education 

includes BA Professional Aeronautics-Safety and BA Accountancy. Mr. Kramer 

is a Certified Public Accountant. Mr. Kramer's experience includes audit, 

accounting, and management in government, government contracting, and 

aviation. 

7. Dynamic's payable balance as of the balance sheet dates was $4.1 M, of which 

$3.97M is over 60 days, mostly dating prior to the change in ownership and 

management. In 2014, Dynamic underwent a complete reorganization of all 

personnel from CEO, COO, CSO, CFO down to the manager level. The 

reorganization implemented new business rules, internal controls and systems to 

maximize efficiency and economy. The carrier is currently working with its 

suppliers to establish repayment plans to satisfy its debts, continue to operate, 

and continue to do business with its vendors. Dynamic anticipates satisfying the 

majority of its aged payables upon successful negotiations with Air India. 

8. With the exception of Jinan, PRC, Dynamic has established its operating stations 

and expended all funds necessary to operate the proposed scheduled service. 
(JFK) to Georgetown, Guyana, and Changsha

Anchorage

Los Angeles 

passenger service, and cargo service between Miami and various South 

American cities. The projections for the expanded fleet assume the present 

cargo operations will continue for the coming year; however, beginning in May 

2015 as new aircraft are gradually added, scheduled operations will commence 

between Jinan, China and Anchorage and Los Angeles. 

10. The projected financials (Expanded Fleet) show operation of a maximum of nine 

aircraft. Dynamic plans to keep the tenth aircraft as a reserve aircraft. 

2 
Aero Safety Graphics Inc. 0.00 AeroData, Inc. (4,179.00) Aeroport de Quebec 0.00 Air Conformity 21,617.05 Air Spares, Inc. 1,310.16 Airborne Maintenance & Service 0.00 

All Uniform Wear #1 0.00 AMES 0.00 APHIS 258.98 Applied Technical Services 0.00 Argus International, Inc. 0.00 Arinc Inc. 6,882.33 AT&T U-verse 0.00 A via II 119.13 Aviation One Pte Ltd (1 ,420.47) Aviation, Avionics & Instrument Co. 0.00 Avinor AS 0.00 Aviolinx Communication and Services AB 1,067.29 Aviosupport 0.00 

BKP Enterprises 0.00 Blue Pacific Tours 1 '100.00 Boeing Data and Services Management 21.60 Boroscope On Video, Inc 3,744.82 

CANAS 0.00 Canon Financial Services, Inc. 156.47 Caribbean Cargo & Package Svc. 0.00 Carolina Green Lawn Care 213.00 CHC of Virginia, Inc. 0.00 Chemoil Corporation 0.00 Civil Aviation Department (Honk Kong) 19,319.87 CNMI Customs Services 0.00 Commonwealth Ports Authority 11,520.56 Computeraware LLC 0.00 CTSI Logistics- OH 0.00 CTSI Logistics, Inc 15,980.20 

DAL Global Services (GUM) 11,783.60 Dash Aviation 6,500.00 

Dash Group, Inc. 600.00 Dean's Office Machines, Inc 1,712.42 Department of Homeland Security 0.00 Diamond Consulting Corporation 0.00 

2,021.38 2,021.38 

0.00 (4,179.00) 

11,714.38 11,714.38 

0.00 21,617.05 

84.00 1,394.16 

10,011.60 10,011.60 

1,608.98 1,608.98 1,167.18 1,167.18 

5,454.50 5,713.48 

4,000.00 4,000.00 

9,300.00 9,300.00 

9,428.24 16,310.57 

159.00 159.00 

7,016.26 7,135.39 

0.00 (1 ,420.47) 

684.00 684.00 

115.86 115.86 

0.00 1,067.29 

95.26 95.26 

(30,745.00) (30,745.00) 

0.00 1,100.00 

11,597.75 11,619.35 

0.00 3,744.82 

2,402.43 2,402.43 

179.56 336.03 

600.00 600.00 

0.00 213.00 

(0.20) (0.20) 

141,233.68 141,233.68 

537.51 19,857.38 

2,070.00 2,070.00 

119,376.39 130,896.95 

375.00 375.00 

423.83 423.83 

0.00 15,980.20 0.00 11,783.60 0.00 6,500.00 

636.00 1,236.00 674.59 2,387.01 

2,150.00 2,150.00 

750.00 750.00 
Genesis Aviation, Inc. 0.00 420.00 420.00 Global Airtech 0.00 824.00 824.00 Google Inc. 0.00 712.33 712.33 Greensboro Canteen Refreshment Services 185.82 193.23 379.05 

Gulf Regents 245,000.00 19,384.78 264,384.78 

Haeco (Hong Kong) (13,752.37) 0.00 (13,752.37) Heart Smart Technology 0.00 1,039.87 1,039.87 Houston Airport System 0.00 175.00 175.00 

Impressions 0.00 5,650.00 5,650.00 Infinity Air, Inc. 0.00 3,090.00 3,090.00 Iron Mountain 0.00 67.21 67.21 IT&E 0.00 3,088.36 3,088.36 

J. A. King & Company 0.00 750.70 750.70 Jani-King of the Triad 0.00 511.00 511.00 Japan Civil Aviation Bureau 15,990.58 20,938.37 36,928.95 Jeppesen Sanderson Inc 9,046.82 8,809.84 17,856.66 

Jet Midwest Group 0.00 424,204.19 424,204.19 Jet Midwest Technik 90,951.60 146,525.59 237,477.19 Jet Midwest, Inc. 211,343.00 1,064,110.45 1,275,453.45 

KMW Leasing, LLC 0.00 1 ,488,298.50 1,488,298.50 

L& T Group of Companies Ltd 0.00 26,444.33 26,444.33 

Larry Guo (Guo ling) (PEK) 2,466.37 0.00 2,466.37 Le Meridien Medina 149,610.40 115,000.00 264,610.40 LSG (GUM) 14,048.82 0.00 14,048.82 LSG Sky Chefs (HK) 0.00 (20,000.00) (20,000.00) 

Mainami Kuko Service Co., L TO. 0.00 39,180.16 39,180.16 Max Access 0.00 7,388.00 7,388.00 Miami NOT Inc. 0.00 19,192.07 19,192.07 NIA Industries, Inc. 0.00 159.00 159.00 North American Aircraft Services 0.00 9,000.00 9,000.00 Novant Health Prime Care 0.00 44.00 44.00 

Office National de !'Aviation Civile 0.00 13,147.32 13,147.32 

Pacific Air Industries, Inc. 0.00 12,800.00 12,800.00 Pacific Airport Services- Guam 3,624.47 0.00 3,624.47 Pacific Airport Services-Saipan 0.00 87,040.11 87,040.11 Pan Am International Flight Academy 0.00 9,690.00 9,690.00 Pegasus Aviation Services, LLC 0.00 2,613.00 2,613.00 Petro Nett Co., Ltd. 0.00 200,620.73 200,620.73 Petrobras Distribuidora SA 0.00 (25.11) (25.11) Piedmont Natural Gas 0.00 (3.50) (3.50) POl Aviation 11,972.26 60,407.81 72,380.07 
Shelby Financial Corperation 660.00 628.00 1,288.00 Sherwood Aviation 0.00 3,395.00 3,395.00 Sky Aerospace Engineering, Inc. 11,894.56 (2,010.00) 9,884.56 

Taj Hotel Group (30,000.00) (15,352.31) (45,352.31) Timco Aviation Services 0.00 2,905.00 2,905.00 Time Warner Cable 263.96 253.35 517.31 Travelsky Technology Limited (CHINA) 0.00 12,503.94 12,503.94 TraveiSky Technology USA Ltd. 0.00 2,086.10 2,086.10 Tropical Laundry & Linen Supply Co., Ltd 0.00 1,350.24 1,350.24 TSA (911 FEE) 0.00 3,937.50 3,937.50 Turbo Resources 0.00 11,900.00 11,900.00 Tyco Integrated Security LLC 188.13 0.00 188.13 

Ultra Aviation Management 73.85 12,779.32 12,853.17 

Verizon Wireless 0.00 109.35 109.35 Victrix International, LLC 0.00 120.00 120.00 

Videcom International Limited 450.00 0.00 450.00 

Wake Forest Univ Hlth Sci 0.00 149.00 149.00 Welborn Electric, Inc. 0.00 5,150.00 5,150.00 Wells Fargo (17,048.60) 0.00 (17 ,048.60) Wencor, LLC 35.00 1,524.70 1,559.70 World Fuel Services, Inc. (156,636.05) (130,979.46) (287,615.51) Worldwide Charter 0.00 128,563.75 128,563.75 WSI Corporation 11196.00 1,196.00 2,392.00 

680,956.71 5,586,408.12 6,267,364.83 
Dynamic Airways 

Projected Income Statement 

December 2014- November 2015 

(Five Aircraft Fleet) 

in thousands 

2015 

DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV Total --- -- -- REVENUE 

Cargo/Passenger AC a Mo. 2/3 2/3 2/3 2/3 2/3 2/3 2/3 2/3 2 / 3 2 / 3 2 /3 2/3 

Cargo' 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2.101 25,212 

Passenger 4,589 4,589 4,589 4,589 4,589 4,589 4,589 4,589 4,589 4,589 4,589 4,589 55,062 

TOTAL REVENUE 6,690 6,690 6,690 6,690 6,690 6,690 6,690 6,690 6,690 6,690 6,690 6,690 80,274 

EXPENSE2 

Lease Payments3 176 176 176 176 176 176 176 176 176 176 176 176 2.112 

Adm•n & Operations Mgmt• 187 167 192 192 197 197 207 207 207 207 207 207 2,389 

Fhght Crew Labors 31 1 311 311 311 311 311 311 311 311 311 311 311 3.731 

AJC Ma1ntenance6 650 650 650 650 650 650 650 650 650 650 650 650 7,799 

Tra1mng & Staff Development7 157 10 21 136 - - 112 10 5 10 11 . 470 

Flight Operat1ons Dispatch8 98 39 36 36 36 36 96 37 37 37 37 37 562 

A1rcraft lnsurance9 144 143 140 144 143 144 143 144 144 143 144 143 1.718 

Jet Fuel'0 3,057 3,057 3,057 3,057 3,057 3,057 3,057 3,057 3,057 3,057 3,057 3.,057 36.682 

A•rpor1, Stat1on. Landing. Fees11 353 352 559 628 628 628 628 628 628 628 628 628 6,919 

Catenng/Passenger Expense 12 158 153 155 158 158 158 158 160 161 161 161 161 1,903 

Crew Travel Expenditures13 93 93 93 152 152 152 152 219 219 219 219 219 1.985 

Fac•hties/Oifice/Adm•n Expense' 71 71 71 71 71 71 71 71 71 71 71 71 848 

Profess•onal Fees ~ 22 22 22 22 22 22 22 22 22 22 22 22 264 

Commumcat1ons Systems 16 17 16 16 17 16 16 17 17 17 18 17 17 200 

TOTAL EXPENSE 5,494 5,279 5,498 5,750 5,616 5,618 5,799 5,708 5,704 5,708 5,710 5,698 67,583 

NET INCOME 1,195 1,411 1,192 939 1,073 1,072 890 982 986 981 979 992 12,692 

FOOTNOTES 

1 Cargo A1rcraft @ 6 Pilots and one Mechanic per AC as contracted 

2 2 cargo/3 passenger a•rcraft 

Revenue only power by the hour lease payments lor Cargo. Passenger aircraft leases are deferred long term !iabdily 

Salaries lor Operations Management Personnel & Contractors 

$ Average of 3 0 p1lot crews & 14 night attendants per operational atrcraft monthly 

6 Heavy Checks, eng1ne mx LLP's reserved at S700 per block hour and AC rolabtes, expendables. line mx are reserved at SJOO per block hour 

7 Pilot, Flight Attendant Mamtenance. Loadmaster. Dispatcher, Haz Mat. Secunty & TSA Recurrent Tra:mng lor an personnel. m • Flight Operations: Dispatchers. Flight Plannmg, Flight Trackmg, A1rport Perfonnance Data X Monthly premtum cost on monthly Increase from 5 to 10 aircraft coverage on an annua zed bas1s 

10 I International fuel@ 1,450 gallons per hour@ S3 07 per gallon per block 11 ght hour - " Assumes 1 land ng for 5 flight hours charter and scheduled flights. Cargo fuel1s a pass thru. OJ 12 Catering and drinks/snacks expenses lor passengers and crew for all flights --1 13 All scheduled crews one home rotation monthly Includes all ground transport for flight crews c.o •• Covers leased Facilities. Storage. Utihlles, office expenses. payroll serv1ces, bank charges, postage, shtpptng, and mtscellaneous expenditures 

•s Marketing, engineenng, techmcal. accounting, legal, and aviabon professional consultants 

16 Telephones, company-wide ce I phones. mternet serv1ces. and a1rcraft communication systems 
REVENUE 

Cargo/Scheduled AC a Mo. 

Carqo1 

Scheduled 

TOTAL REVENUE 

EXPENSE2 

Lease Payments3 

Admin & Operat1ons Mgmt• 

Flight Crew Labor) 

AJC Matntenance6 

Tracnong & Staff Development' 

Fhght Operations Dispatch" 

Atrcralt Insurance' 

Jet Fuel10 

A1rpor1. Statton. Landing. Fees" 

Catenng/Passenger Expense12 

Crew Travel Expenditures'

1 

F aclhliesfOffice/Admln Expense" 

Professional Fees 15 

Commun~cattons Systems" 

TOTAL EXPENSE 

NET INCOME 

Dynamic Airways 

Projected Income Statement 

December 2014- November 2015 

(Expanded Fleet) 

in thousands 

2015 

DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT 

2/3 2/3 2/3 2/3 2/3 2/4 2/4 2/5 2/5 2/6 2/6 

2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 

4,589 4,589 4,589 7,714 7,714 7,714 7,714 11,638 11,638 16,359 16,359 

6,690 6,690 6,690 9,815 9,815 9,815 9,815 13,739 13,739 18,460 ~460 

176 176 176 176 176 176 176 176 176 

187 187 192 192 197 197 207 207 207 

311 311 311 415 415 415 415 518 518 

650 650 650 953 953 953 953 1,334 1,334 

157 10 21 136 - - 112 10 5 

98 39 36 36 36 36 96 37 37 

144 143 140 159 157 159 157 175 175 

3,057 3,057 3,057 4,102 4,102 4,102 4,102 5,415 5,415 

353 352 559 1,051 1,051 1,051 1,051 1,582 1,582 

158 153 155 240 240 240 240 346 347 

93 93 93 203 203 203 203 366 366 

71 71 71 71 71 71 71 71 71 

22 22 22 22 22 22 22 22 22 

17 16 16 17 16 16 17 17 17 

5,494 5,279 5,498 7,774 7,639 7,641 7,823 10,273 10,269 

1,195 1,411 1,192 2,041 2,176 2,174 1,992 3,465 3,469 

FOOTNOTES 

1 Cargo Atrcralt @ 6 Ptlots and one Mx per AC as contracted 

2 cargo/3 passenger atrcraft mcreas1ng over the twelve months to 2 cargo and 8 scheduled aircraft based on contract revenue 

Revenue only power by the hour lease payments for Cargo. Passenger aucralt leases are deferred long term ~ab ~ty 

Salanes for Operations Management Personnel & Contractors 

5 Average of 3.0 pilot crews & t4 night attendants per operational aircraft monthly 

176 

207 

622 

1,792 

10 

37 

187 

6,994 

2,221 

471 

439 

71 

22 

18 

13,265 

5,195 

6 Heavy Checks. eng1ne mx .• llP's reserved at S640 per block hour and AC rotables. expendables, ftne mx are reserved at SJOO per block hour 

Pilot, Flight Attendant. Maintenance. loadmaster. Dispatcher, Haz Mat. Secunly & TSA Recurrent Tracnong for aM personnel 

Fltght Operations: Dispatchers. Flight Planning, Flight Track1ng. Atrll0r1 Performance Data 

Monthly prem1um cost on monthly 1ncrease from 5 to 10 atrcrart coverage on an annualized basts 

10 International fuel@ 1.450 gallons per hour@ S3.07 per gallon per block flight hour 

11 Assumes 1 landing for 5 fl1ght hours chaner and scheduled nights. Cargo fuel 1s a pass thru 

12 Catenng and drinks/snacks expenses for passengers and crew for all nights 

1

l All scheduled crews one home rota1on monthly Includes all ground transport for 1t1ghl crews 

14 Covers leased F acililies. Storage. Utilities, offiCe expenses, payroll servtces. bank charges. postage, shlppmg. and m1scellaneous expenditures 

15 Markeltng, engrneenng. technical. accounhng, legal. and aviation proresstonat consultants 

16 Telephones. company-wtde cell phones 1nternet serv1ces. and a1rcrafl communtcation systems 

176 

207 

622 

1,792 

11 

37 

190 

6,994 

2.221 

471 

439 

71 

22 

17 

13,268 

5,192 

NOV Total 

2/7 

2,101 25,212 

21,879 122,493 

23,980 147,705 

176 2,112 

207 2,389 

725 5,596 

2,327 14,340 

- 470 

37 562 

202 1,989 

8,841 59,239 

2,968 16,045 

616 3,677 

512 3,211 

71 848 

22 264 

17 200 

16,720 110,943 

7,260 ~762 
REVENUE 

CargoiScheduled AC a Mo. 

Cargo' 

Schedu'ed 

TOTAL REVENUE 

EXPENSE2 

Lease Payments' 

Adm1n & Operations Mgmt4 

Fhght Crew Labor~ 

AJC Ma1ntenance6 

Tra1nmg & Staff Development' 

Fhght Operat1ons D1spatch• 

A•rcraft Insurance~ 

Jet Fuel

10 

A1rport. Station. Landing, Fees11 

Cater•ngiPassenger Expense12 

Crew Travel Expend1turesn 

F ac 111es10ffice/Adm1n Expense 14 

Profess1onat Fees's 

Commun1cat1ons Systems 11 

TOTAL EXPENSE 

NET INCOME 

Dynamic Airways 

Projected Income Statement 

December 2014 ~November 2015 

(Expanded Fleet) 

in thousands 

2015 

DEC JAN FEB MAR APR MAY JUN JUL AUG 

2/3 2/3 2/3 2/3 2/3 2/4 2/4 2/5 2/5 

2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 

4,589 4,589 4,589 7,714 7.714 7,714 7,714 11,638 11,638 

6,690 6,690 6,690 9,815 9,815 9,815 9,815 13,739 13,739 

176 176 176 176 176 176 176 176 176 

187 187 192 192 197 197 207 207 207 

311 311 311 415 415 415 415 518 518 

650 650 650 953 953 953 953 1,334 1,334 

157 10 21 136 . . 112 10 5 

98 39 36 36 36 36 96 37 37 

144 143 140 159 157 159 157 175 175 

3,057 3,057 3,057 4.102 4,102 4,102 4,102 5,415 5,415 

353 352 559 1,051 1,051 1,051 1,051 1,582 1,582 

158 153 155 240 240 240 240 346 347 

93 93 93 203 203 203 203 366 366 

71 71 71 71 71 71 71 71 71 

22 22 22 22 22 22 22 22 22 

17 16 16 17 16 16 17 17 17 

5,494 5,279 5,498 7,774 7,639 7,641 7,823 10,273 10,269 

1,195 1,411 1,192 2,041 2,176 2,174 1,992 3,465 3,469 

FOOTNOTES 

1 Cargo A1rcraft @ 6 Pilots and one Mx per AC as contracted 

2 cargo/3 passenger aircraft increasing over the twelve months to 2 cargo and 8 scheduled a1rcraft based on contract revenue 

Revenue only power by the hour lease payments for Cargo. Passenger a1rcraft leases are deferred long term liability 

Salanes for Operations Management Personnel & Contractors 

5 Average of 3 0 pilot crews & 14 H:ght attendants per operational a•rcraft monthly 

SEP 

2/6 

2,101 

16,359 

18,460 

176 

207 

622 

1.792 

10 

37 

187 

6.994 

2,221 

471 

439 

71 

22 

18 

13,265 

5,195 

6 Heavy Checks, engine mx . LLP's reserved at S640 per block hour and AC rotabtes, expendables. line mx are reserved at S300 per block hour 

Pilot. Flight Attendant. Ma•ntenance. loadmaster. Dispatcher. Haz Mat. Security & TSA Recurrent Tra1nmg for all personnel. 

Flight Operations Dispatchers, Fl ght Planmng, Flight Trackmg, A1rport Performance Data 

9 Monthly prem1um cost on monthly ~ACtease from 5 to 10 aercraft coverage on an annualized bas1s 

10 lntemallonal fuel @ 1,450 gallons per hour@ S3 07 per gallon per block flight hour 

" Assumes 1 landeng for 5 night hours char1er and schedu"ed H1ghts Cargo fuel1s a pass thru. 

12 Catering and drinks/snacks expenses for passengers and crew for ~ flights 

13 All schedu'ed crews one home rota1on monthly Includes am ground transport for H1ght crews. 

1

• Covers leased Facilities. Storage. Utilities. office expenses. payroll services, bank charges, postage, sheppeng, and mescellaneous expenditures 15 Marketing eng1neenng, techmcal. accounhng, legal. and aviateon professional consultants 

16 Telephones. company-wide cen phones. 1ntemet serv1ces. and aercraft commumcat1on systems 

OCT NOV Total 

2/6 2/7 

2,101 2,101 25,212 

16,359 21,879 122,493 

18,460 23,980 147,705 

176 176 2,112 

207 207 2,389 

622 725 5,596 

1,792 2,327 14,340 

11 - 470 

37 37 562 

190 202 1,989 

6,994 8.841 59,239 

2,221 2,968 16,045 

471 616 3.677 

439 512 3,211 

71 71 848 

22 22 264 

17 17 200 

13,268 16,720 110,943 

5,192 7,260 762 
Dynamic Airways 

Projected Balance Sheet 

December 2014- November 2015 

(Five-Aircraft Fleet) 

in thousands 

2015 

DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV ---- ---- ---- ---- --- ASSETS 

Current Assets 

Cash 6,878 8,737 10,588 11,682 13,208 14,735 15,648 17,154 18,594 19,601 21,034 22,480 

Accounts Receivable 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 

Other Current Assets 1,380 1.237 1,097 1.384 1,241 1,097 1,386 1.241 1,097 1,384 1.240 1,097 

Total Current Assets 12,602 14,318 16 029 17,411 18,794 20,176 21,378 22,739 24,036 25,329 26,618 27,921 

Fixed Assets (Net) 

Aircraft Parts 371 381 391 411 431 451 481 511 541 571 611 651 

Software 80 80 80 80 80 80 80 80 80 80 80 80 

Vehicles & Trailers 33 33 33 33 33 33 33 33 33 33 33 33 

Computers & Office Equipment 87 87 87 87 87 87 87 87 87 87 87 87 

Machinery & Equipment 23 23 23 23 23 23 23 23 23 23 23 23 ---- ---- ---- ---- ---- Fixed Assets (Net) 595 605 615 635 655 675 705 735 765 795 835 875 

TOTAL ASSETS 13,197 14,922 ~ 18,045 19,448 20,851 22,083 ~~~~~ 

LIABILITIES & EQUITY 

Liabilities 

Current Llabililles 

Accounts Payable 5,753 4,968 5,187 5,278 5,298 5,318 5,348 5,380 5,410 5,440 5,480 5,520 

Credit Cards 586 585 585 645 644 644 645 711 711 712 711 711 

Other Current Liabilities 8,673 8.673 8,673 8,673 8,673 8,673 8,673 8,673 8.673 8,673 8,673 8,673 

Total Current Liabililles 15,012 14,226 14,445 14,596 14,615 14,635 14,666 14,764 14,794 14,825 14,864 14,904 

Long Term Llabililles• 4,818 4,818 4,818 4,818 4,818 4,818 4_,_818 4.818 4,818 4,818 4.818 4,818 

Total Llabililles 19,830 19,044 19,263 19,414 19,433 19.453 19.484 19.582 19,612 19.643 19.682 19.722 

Equity 

Partners' Equity 14,499 14,499 14,499 14,499 14,499 14,499 14,499 14,499 14,499 14,499 14,499 14,499 

Retained Earnings (21 '132) (18,620) p7,118) (15,867) (14,483) (13,101) (11.900) ##### (9,311) (8,018) (6,728) (5,425) 

Total Eqully (6.633) (4,121) (2,619) (1 .368) 16 1,398 2,599 3,892 5,188 6,481 7,771 9,074 

TOTAL LIABILITIES & EQUITY 13,197 14,922 16,644 18,045 19,448 20,851 22,083 23,474 24,801 26,124 27,453 28,796 
Cargo/Passenger AC 

EXPENSE 

Lease Payments' 

Adm1n & Operations Mgmt 

Flight Crew Labor2 

AIC Maintenance) 

Tra.n.ng & Staff Development• 

Fhght Operations Dispatch ~ 

Aircraft lnsurance6 

Jet Fuel' 

Airport, Station. Landing, Fees8 

CatenngfPassenger Expense? 

Crew Travel Expenditures 

Facilities/Office/Adm•n Expense 

Profess•onal Fees 

Commun1cat10ns Systems 

TOTAL EXPENSE 

Dynamic Airways 

Statement of Additional Expenses 

December 2014 - November 2015 

(Aircraft 6-1 0) 

in thousands 

2015 

DEC JAN FEB MAR APR MAY JUN JUL AUG --

0 0 0 1 1 2 2 3 3 

104 104 104 104 207 207 

39 39 39 39 155 155 

136 - - 112 10 5 

36 36 36 96 37 37 

15 15 15 15 31 31 

133 133 133 133 534 534 

61 61 61 61 223 223 

48 48 48 48 81 82 

51 51 51 51 146 146 

- - - 623 486 487 658 1,424 1,420 

FOOTNOTES 

' Passenger aircraft are owned by the Principles. Lease payments are deferred long term liability. 

2 Average of 3.0 pilot crews & 14 flight attendants per operational aircraft monthly 

SEP OCT NOV Total 

4 4 5 5 

311 311 415 1,865 

348 348 619 1,780 

10 11 - 283 

37 37 37 389 

44 46 59 271 

1,201 1,201 2,136 6,140 

493 493 871 2,549 

135 135 208 833 

219 219 292 1,226 

2,799 2,802 4,637 15,336 

3 Heavy Checks, engine mx., LLP's reserved at $640 per block hour and AC rotables, expendables, line mx are reserved at $300 per block hour 

Pilot. Flight Attendant, Ma.ntenance, Loadmaster, Dispatcher, Haz Mat, Security & TSA Recurrent Training for all personnel. 

s Flight Operations· Dispatchers, Flight Planning, Flight Track.ng, A1rport Performance Data 

& Monthly premium cost on monthly 1ncrease from 5 to 1 0 a1rcraft coverage on an annualized bas1s 

1 International fuel @ 1450 gallons per hour @ SJ 07 per gallon per block night hour 

0 Assumes 1 landing for 5 flight hours of night 

9 Catenng and drinks/snacks expenses for passengers and crew for all flights 
gmurphy@crowell.com dan.weiss@united.com 

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francis.heil@aa.com 

Dwight.moore@ustranscom.mil 

perkmann@cooley.com 

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john.s.duncan@faa.gov 

brian. hedberg@dot.gov brett.kruger@dot.gov reese.davidson@dot.gov robert.finamore@dot.gov 

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Benjamin. taylor@dot.gov 

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