BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C.

Application of 

Altius Aviation, LLC DOCKET 

for authority to conduct scheduled passenger operations as a 

commuter air carrier under 49 U.S.C. 41738 

APPLICATION OF 

Altius Aviation, LLC 

Communications with respect to this document should be sent to: 

Altius Aviation, LLC 

113 Tuskegee Road 

Syracuse, NY 13211 

Telephone: 315-455-7555 

Fax: 315-455-7557 

Vaughn J. Crawford 

Director of Operations 

Telephone: 315-455-7555 

Email: Vaughn@altiusaviationgroup.com

Date of Application: March 25, 2015
2

BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Application of 

Altius Aviation, LLC 

for authority to conduct scheduled passenger operations as a 

commuter air carrier under 49 U.S.C. 41738 

APPLICATION OF 

Altius Aviation, LLC 

Altius Aviation, LLC submits this application for authority to operate scheduled passenger service as a commuter air carrier 

under section 41738 of Title 49 of the United States Code ("the Statute"). 

In support of its application Altius Aviation, LLC states the following: 

Applicant is a limited liability company organized on October 30, 2008 under the laws of the State of Delaware. Its address, 

telephone and fax numbers, and email are: 

Altius Aviation, LLC 

113 Tuskegee Road 

Syracuse, NY 13211 

Telephone: 315-455-7555

Fax: 315-455-7557

Vaughn J. Crawford 

Director of Operations 

Telephone: 315-455-7555

Email: Vaughn@altiusaviationgroup.com

Applicant is a citizen of the United States as defined in section 40102(a)(15) of the Statute. 

Altius Aviation, LLC is a Limited Liability Company with all owners and key personnel being citizens of the United States. 

Applicant is currently engaged in operating a FAA-certified on-demand aircraft charter operation and providing aircraft 

maintenance services. 

DOCKET


5

TABLE OF CONTENTS 

General Information and Applicant Background.............................................8 

Corporate Structure and Ownership...........................................................11 

Management Expertise, Technical Ability, and Compliance Questionnaires............14 

Financial Position and Operating Plans.......................................................56 

Compliance Disposition.........................................................................81 

Appendix..........................................................................................83 

Exhibit A: Letter of Intent for Lease of Aircraft N15NE............................................84

 Exhibit B: Affidavit of Safety Compliance.............................................................86

 Exhibit C: US Air Operator Certificate and Canadian Foreign Air Operator Certificate........87 

 Exhibit D: Preapplication Statement of Intent.......................................................109

 Exhibit E: Certificate of Formation....................................................................111

 Exhibit F: Certificate of Good Standing..............................................................113

 Exhibit G: Sworn Affidavit of US Citizenship......................................................114

 Exhibit H: Operational and Revenue Forecast by Aircraft.........................................115

 Exhibit I: Montreal Agreement........................................................................116
6

CROSS REFERENCE TABLE FOR 

 ITEMS REQUIRED UNDER CFR § 204.3 

Item Description Page 

Number (s)

a The name, address, and telephone number of the applicant. 2

b The form of the applicant's organization. 2

c The State law(s) under which the applicant is organized. 12

d

If the applicant is a corporation, a statement provided by the Office of the Secretary of State, or other agent of the 

State in which the applicant is incorporated, certifying that the applicant corporation is in good standing. 113

e A sworn affidavit stating that the applicant is a citizen of the United States. 114

The identity of the key personnel who would be employed by the applicant, including:

(1) Their names and addresses;

(2) The experience, expertise, and responsibilities of each;

(3) The number of shares of the applicant's voting stock held by each and the percentage of the total number of 

such shares issued and outstanding, and the citizenship and principal business of any person for whose 

account, if other than the holder, such interest is held;

(4) The citizenship of each; and

(5) A description of the officerships, directorships, shares of stock (if 10 percent or more of total voting stock 

outstanding), and other interests each holds or has held in any air carrier, foreign air carrier, common carrier, 

person substantially engaged in the business of aeronautics or persons whose principal business (in purpose 

or fact) is the holding of stock in or control of any air carrier, common carrier or person substantially engaged in 

the business of aeronautics.

A list of all persons having a substantial interest in the applicant. Such list shall include:

(1) Each person's name, address and citizenship;

(2) The number of shares of the applicant's voting stock held by each such person and the corresponding 

percentage of the total number of such shares issued and outstanding, and the citizenship and principal 

business of any person for whose account, if other than the holder, such interest is held;

(3) If any two or more persons holding a substantial interest in the applicant are related by blood or marriage, 

such relationship(s) shall be included in the list; and

(4) If any person or subsidiary of a person having a substantial interest in the applicant is or has ever been

(i) An air carrier, a foreign air carrier, a common carrier, or

(ii) Substantially engaged in the business of aeronautics, or

(iii) An officer or director of any such entity, or

(iv) A holder of 10 percent or more of total outstanding voting stock of any such entity, the list shall describe 

such relationship(s).

h

A list of the applicant's subsidiaries, if any, including a description of each subsidiary's principal business and 

relationship to the applicant. 12-13

i

A list of the applicant's shares of stock in, or control of, any air carrier, foreign air carrier, common carrier, or 

person substantially engaged in the business of aeronautics. 12-13

j

To the extent any relevant corporation has been engaged in any business prior to the filing of the application, 

each applicant shall provide: 12-13

Copies of the 10K Annual Reports filed in the past 3 years by any relevant corporation required to file such 

reports with the Securities and Exchange Commission, and

Copies of recently filed 10Q Quarterly Reports, as necessary, in order to show the financial condition and results 

of operations of the enterprise current to within 3 months of the date of the filing of the application.

If 10K Reports are not filed with the Securities and Exchange Commission, the following, for the 3 most recent 

calendar or fiscal years, reflecting the financial condition and results of operations of the enterprise current to 

within 3 months of the date of the filing of the application:

(1) The Balance Sheet of each relevant corporation;

(2) The Income Statement of each relevant corporation;

(3) All footnotes applicable to the financial statements, including:

(i) A statement as to whether the documents were prepared in accordance with Generally Accepted 

Accounting Principles, and

(ii) A description of the significant accounting policies of each relevant corporation, such as for depreciation, 

amortization of intangibles, overhauls, unearned revenues, and cost capitalization;

(4) A statement of significant events occurring subsequent to the most recent Balance Sheet date for each 

relevant corporation; and

(5) A statement identifying the person who has prepared the financial statements, his or her accounting 

qualifications, and any affiliation he or she has with the applicant.

15-55

12

k 57-66

g

f
7

Item Description Page 

Number (s)

l

A list of all actions and outstanding judgments for more than $5,000 against any relevant corporation, key 

personnel employed (or to be employed) by any relevant corporation, or person having a substantial interest in 

any relevant corporation, including the amount of each judgment, the party to whom it is payable, and how long it 

has been outstanding.

80

m

The number of actions and outstanding judgments of less than $5,000 against each relevant corporation, key 

personnel employed (or to be employed) by any relevant corporation, or person having a substantial interest in 

any relevant corporation, and the total amount owed by each on such judgments.

80

A description of the applicant's fleet of aircraft, including:

(1) The number of each type of aircraft owned, leased and to be purchased or leased;

(2) Applicant's plans, including financing plans, for the purchase or lease of additional aircraft; and

(3) A sworn affidavit stating that each aircraft owned or leased has been certified by the FAA and currently 

complies with all FAA safety standards.

o

A description of the current status of all pending investigations, enforcement actions, and formal complaints filed 

by the Department, including the FAA, involving the applicant or any relevant corporation, any personnel 

employed (or to be employed) by any relevant corporation or person having a substantial interest in any relevant 

corporation, regarding compliance with the Statute or orders, rules, regulations, or requirements issued pursuant 

to the Statute, and any corrective actions taken. (If an applicant has a compliance history that warrants it, 

additional information may be required.)

82

p

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.

19-22, 26-29, 

32-34, 39-41, 

46-48, 52-54

A description of any aircraft accidents or incidents (as defined in the National Transportation Safety Board 

Regulations, 49 CFR 830.2) experienced by the applicant, its personnel, or any relevant corporation, which 

occurred either during the year preceding the date of application or at any time in the past and which remain 

under investigation by the FAA, the NTSB, or by the company itself, including:

(1) The date of the occurrence;

(2) The type of flight;

(3) The number of passengers and crew on board and an enumeration of any injuries or fatalities;

(4) A description of any damage to the aircraft;

(5) The FAA and NTSB file numbers and the status of the investigations, including any enforcement actions 

initiated against the carrier or any of its personnel; and

(6) Positive actions taken to prevent recurrence. (If an applicant's history of accidents or incidents warrants it, 

additional information may be required.)

r A brief narrative history of the applicant. 9

s

A description of all Federal, State and foreign authority under which the applicant has conducted or is 

conducting transportation operations, and the identify of the local FAA office and personnel responsible for 

processing an application for any additional FAA authority needed to conduct the proposed operations.

10

A description of the service to be operated if the application is granted, including:

(1) A forecast Balance Sheet for the first normal year ending after the initially proposed operations have been 

incorporated, along with the assumptions underlying the accounts and amounts shown; and

(2) A forecast Income Statement, broken down by quarters, for the first year ending after the initially proposed 

operations are normalized, and an itemization of all pre-operating and start-up costs associated with the 

initiation of the proposed service. Such Income Statement shall include estimated revenue block hours (or 

airborne hours, for charter operators) and revenue miles by type of aircraft, number of passengers and number 

of tons of mail and cargo to be carried, transport revenues and an estimate of the traffic which would be 

generated in each market receiving the proposed service. Such statements shall also include a statement as to 

whether the statements were prepared on the accrual or cash basis, an explanation of how the estimated costs 

and revenues were developed, a description of the manner in which costs and revenues are allocated, how the 

underlying traffic forecasts were made, and what load factor has been assumed for the average and peak month. 

Pre-operating and start-up costs should include, but are not limited to, the following: Obtaining necessary 

government approval; establishing stations; introductory advertising; aircraft, equipment and space facility 

u A signed counterpart of Agreement 18900 (OST Form 4523) as required by part 203 of this chapter. 116

The following certification, which shall accompany the application and all subsequent written submissions filed 

by the applicant in connection with its application:

The contents of this application and the attached exhibit(s) are true and correct to the best of my knowledge and 

belief. Pursuant to Title 18 United States Code Section 1001, I, Vaughn J. Crawford in my individual capacity and 

as the authorized representative of the applicant, have not in any manner knowingly and willfully falsified, 

concealed or failed to disclose 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. section 

1001 shall be fined no more than $10,000 or imprisoned not more than five years, or both.

8,84,86

v 3

67-80

82

n

q

t
8

GENERAL INFORMATION AND 

APPLICANT BACKGROUND 
9

1. GENERAL INFORMATION AND APPLICANT BACKGROUND 

Applicant Information and Point of Contact

Altius Aviation, LLC 

113 Tuskegee Road 

Syracuse, NY 13211 

Telephone: 315-455-7555

Fax: 315-455-7557

Vaughn J. Crawford 

Director of Operations 

Telephone: 315-455-7555

Email: Vaughn@altiusaviationgroup.com

Narrative History of Applicant

The company was founded by Thomas Coyne and Vaughn J. Crawford on October 30, 2008. Mr. Coyne sold his interest in the 

company in 2013 to Crandall Melvin and Edward Perry, who sold their interest in 2014 to Henry Laughlin. Current ownership 

is Henry Laughlin 80% and Vaughn J. Crawford 20%. The company achieved FAA 135 certification in July 2008 operating one 

aircraft. Altius currently operates seven aircraft with “on-demand” authority to numerous locations. 

The following markets are proposed to be served under the commuter authority, as is detailed later in this application: 

Route #1

Westchester County Airport (HPN) and Hanscom Field (BED) – Year Round

Route #2

Westchester County Airport (HPN) and Martha’s Vineyard Airport (MVY) – Summer/Fall 

Route #3 

Westchester County Airport (HPN) and Rutland-Southern Vermont Regional Airport (RUT) – Winter/Spring 

Route #4

Albany International Airport (ALB) and Buffalo Niagara Int’l Airport (BUF) – Year Round 

Route #5

Syracuse Hancock Int’l Airport (SYR) and Bradley Int’l Airport (BDL) – Year Round 

Aircraft will be phased into service over the course of the first year of operation, and a detailed description is provided under the 

service proposal section of the application. Additionally, each aircraft’s operations and service entrance date is detailed in the 

Appendix. 

Additional aircraft will not be required for this service. The company plans to shift four of its current aircraft to accommodate 

the commuter service. No changes are anticipated to the applicant’s management team or facilities if granted commuter 

authority. The change in operations will include less “on-demand” flying than is currently being accomplished by Altius 

Aviation, LLC due to the shift of aircraft resources to the scheduled passenger service. There are no plans at this time to 

establish maintenance or operations bases separate from its corporate offices. 
10

Altius Aviation, LLC plans to contract out 100% of the maintenance for the scheduled passenger service. Approximately 50% 

of the training will be contracted out to Flight Safety International. 

Aircraft Information

The aircraft that are intended to be utilized for the scheduled passenger service are as follows: 

Piltaus PC12: N86NY – 8 seats (Lessor Edison Motor Cars) 

Piltaus PC12: N915JL – 8 seats (Lessor LJ Ventures LLC) 

Piltaus PC12: N600GN – 6 seats (Lessor Proair Holding Company LLC) 

Pilatus PC12: N15NE – 9 seats (Lessor Prostar Pilatus Center – LOI attached in Appendix as Exhibit A)

Beechcraft King Air B200 – 8 seats (Lessor Lock Haven Sales) 

The Pilatus PC12 N600GN currently has 6 seats but Altius Aviation; LLC has installed a service bulletin to change it to 8 seats. 

The remainder of this installation will be accomplished before N600GN is used in the commuter operation. The assumption for 

all aircraft, including the Pilatus PC12 N15NE with 9 seats, is that 8 seats will be utilized in the commuter operation in case of 

aircraft substitution. This commuter plan is predicated on the use of the four Pilatus PC12 aircraft for the commuter operation, 

with the Beechcraft King Air B200 available as a spare when the other four aircraft are due for maintenance or repairs. 

A sworn affidavit stating that each of these aircraft has been certified by the FAA and complies with all applicable FAA safety 

standards is attached as Exhibit B in the Appendix. 

Applicant’s Authority to Conduct Air Transportation Operations

Altius Aviation, LLC has the authority to conduct air transportation operations. The United States Air Operator Certificate for 

Altius Aviation, LLC and the Canadian foreign Air Operator Certificate for Altius Aviation, LLC are attached as Exhibit C in 

the Appendix. 

Additionally, a request has been made for opspecs revision from “on-demand” to “commuter authority” to: 

Flight Standards District Office 23 

One Airport Way, Suite 110 

Rochester, NY 14624 

585-436-3880 

POI: Patrick O’Neill 

PMI: Kevin Kuc 

PAI: John Liccini 

The Pre-Application Statement of Intent (PASI) is attached as Exhibit D in the Appendix. 
11

CORPORATE STRUCTURE 

AND OWNERSHIP 
12

2. CORPORATE STRUCTURE AND OWNERSHIP

Altius Aviation, LLC is a Limited Liability Company organized in the state of Delaware on October 30, 2008. The Certificate 

of Formation is attached as Exhibit E in the Appendix. 

A Certificate of Good Standing, signed by Jeffrey W. Bullock, the Secretary of State for Delaware, is attached as Exhibit F in 

the Appendix. 

A sworn affidavit stating that the applicant is a citizen of the United States is attached as Exhibit G in the Appendix. 

There are no owners, officers, directors, or other persons who have the power to influence the applicant, whether through 

ownership, debt, position held, or other interest, that are not U.S. citizens. 

Ownership Structure

Altius Aviation, LLC currently operates under the following ownership structure. This ownership structure is not expected to 

change if commuter air carrier authorization is granted. There is no stock issued or authorized under the ownership arrangement 

of Altius Aviation, LLC. 

Henry Laughlin, Chief Executive Officer 

Ownership Percentage: 80% 

Physical Address: 28305 Meadow Brook Drive, Steamboat Springs, CO 80487 

Mailing Address: PO Box 774971, Steamboat Springs, CO 80477 

Citizenship: United States of America 

Principal Business: Altius Aviation, LLC – aviation charter company 

Vaughn J. Crawford, Director of Operations 

Ownership Percentage: 20% 

Phyical and Mailing Address: 116 Robbins Lane, Dewitt, NY 13214 

Citizenship: United States of America 

Principal Business: Altius Aviation, LLC – aviation charter company 

Applicant’s Operating Divisions, Subsidiaries, and Financial Interest in Other Companies

Henry Laughlin, Chief Executive Officer 

Altius Aviation LLC 

1. Ownership 

a. Henry Laughlin – 80% ownership 

2. Principal business 

a. Aviation Charter Company 

b. Location: Syracuse, New York 

Northeast Air 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. Fixed Base Operation 

b. Location: Portland, Maine 
13

Pro Star Aviation 

1. Ownership 

a. Henry Laughlin – 70% ownership 

2. Principal business 

a. Aviation MRO 

b. Location: Manchester , New Hampshire 

Pro Star Pilatus 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. New aircraft sales 

b. Location: Manchester, New Hampshire 

Back Country Aviation 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. Aviation management company 

b. Location: Steamboat Springs, Colorado 

Vaughn J. Crawford, Director of Operations 

Altius Aviation LLC 

1. Ownership 

a. Vaughn J. Crawford – 20% ownership 

2. Principal business 

a. Aviation Charter Company 

b. Location: Syracuse, New York 
14

MANAGEMENT EXPERTISE, 

TECHNICAL ABILITY, AND 

COMPLIANCE 
15

3. MANAGEMENT EXPERTISE AND TECHNICAL ABILITY

Organizational Chart

The organizational structure of the proposed commuter airline is as follows: 

Resumes for Key Personnel

Resumes for the Key Personnel of the commuter operation begin on the following page. 

Henry Laughlin

Chief Executive Officer

Vaughn Crawford

Director of Operations

Howard Yates

Chief Financial Officer

Michael Marczyk

Director of Maintenance/

Chief Inspector

Michael DePasquale

Chief Pilot

Robert McCutchan

Director of Safety
16

RESUME KEY PERSONNEL – Chief Executive Officer (CEO) 

Henry Laughlin 

28305 Meadow Brook Drive 

Steamboat Springs, CO 80487 

970-846-7133 Office 

970-846-7133Cell 

Altius Aviation, LLC 

Syracuse, NY 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

August 2014 to Present 

Position: President and Co-Owner 

Responsibility: Directs the company’s financial goals, objectives, and overall budget. Oversee all other executives, 

management and staff within the company. 

Concurrent Employment/Companies

January 2005 to Present 

Back Country Aviation, Inc. 

Steamboat Springs, CO 

Type of business: Management Consulting 

Position: Owner 

Responsibility: Directs the company’s financial goals, objectives, and oversee all other management and staff responsible for 

the day-to-day operations. 

December 2008 to Present 

ProStar Pilatus 

Manchester, NH and Cauldwell, NJ 

Type of business: Pilatus Aircraft sales and service Northeast U.S. 

Position: Founder/Principal 

Responsibility: Directs the company’s financial goals, objectives, and oversee all other management and staff responsible for 

sales the Pilatus PC-12NG aircraft. 

July 1988 to Present 

ProStar Aviation 

Manchester, NH 

Certificate: P6UR006Y 

Type of business: Maintenance repair and overhaul facility (MRO) providing aircraft maintenance, avionics 

installation/service, engineering services, aircraft parts, Pilatus authorized service center. 

Position: Co-Founder 

Responsibility: Directs the company’s financial goals, objectives, and oversee all other management and staff responsible for 

the day-to-day operations. The Pro Star Aviation's Engineering team has been awarded over forty-eight (48) STC's ranging 

from TCAS, FMS, MFD, ESIS, Satcom, HSD, Satellite TV, EGPWS and EFIS systems on all sizes of corporate aircraft. The 

company’s STC's have been assimilated into many foreign countries and are sold all over the world. 
17

June 1984 to Present 

Northeast Air 

Portland, ME

Certificate: FTUR030E 

Type of business: Fixed Base Operator 

Position: Owner, President, and CEO 

Responsibility: Directs the company’s financial goals, objectives, and oversee all other management and staff responsible for 

the day-to-day operations. 

Previous Employment

December 1982 to June 1984 

Meganthaler Linotype 

Woburn, MA 

Type of business: Digital typesetting company 

Position: Salesperson 

Responsibility: 

Responsibility: Develop and maintain a thorough knowledge of company’s services and pricing structure. Prepare and deliver 

sales proposals/presentations and follow up with current and potential customers. Generate new commercial business. 

September 1981 to November 1982 

Savin Corporation 

Cambridge, MA 

Certificate: FAR 91 

Type of business: Copier sales and service company 

Position: Salesperson 

Responsibility: Prepare and deliver sales proposals/presentations and follow up with current and potential customers. Generate 

new commercial business. 

October 1980 to August 1981 

The Greenery 

Cambridge, MA 

Type of business: Interior landscape design. 

Position: Designer 

Responsibility: Creating interior designs to meet customer’s needs for a functional, safe, and attractive work/living space. 

Responsible for reading blueprints and being aware of building codes and inspection regulations. 

June 1978 to September 1980 

Boston Design Group 

Boston, MA 

Type of business: Interior landscape design 

Position: Designer 

Responsibility: Creating interior designs to meet customer’s needs for a functional, safe, and attractive work/living space. 

Responsiblities include reading blueprints and being aware of building codes and inspection regulations. 

Education

Princeton University 

Princeton, NJ 

Attended, Studying Architecture and Design, 1973-1978
18

Certification and Flight Experience

Private pilot’s certificate 

Citizenship

United States 

Stock Ownership

Owens 80% of company (no stock issued or authorized) 
19
20
21
22
23

RESUME KEY PERSONNEL – Director of Operations 

Vaughn J. Crawford 

116 Robbins Lane 

Dewitt, New York 13214 

(315)-455-7555 Office 

(315)-559-0505 Cell 

Altius Aviation, LLC 

Syracuse, NY 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

August 2014 to Present 

Position: Director of Operations 

Responsibility: Directs daily operations of all areas business, planning, marketing, and business development. 

January 2010 to July 2014: 

Position: Managing Partner/Director of Operations 

Responsibility: Responsible for strategic planning and management of all areas of our business. We currently operate a 

Challenger 605; three Lear 60’s based in New York, three PC12’s, a Lear 31 and a King Air B200. Expanded our Operations 

Specifications to include air ambulance operations as well as geographically cover approximately 80% of the globe. 

Successfully implemented our SMS program and achieved IS-BAO registration. 

Previous Employment

May 2004 to December 2009 

Altius Aviation, LLC/Coyne Textile Services 

Syracuse, NY 

Certificate: 14 CFR 91/135 

Type of business: Corporate flight department 

Position: President and Chief Executive Officer 

Responsibility: Duties include flight operations, maintenance scheduling, and financial/accounting. Responsible for providing 

safe, reliable air transportation for senior executives and customers throughout North and South America with our Lear 60. 

During the fall of 2007 our owner made the decision to obtain a Part 135 Air Carrier Certificate. Acted as Certification 

Program Manager, developed our manual system, SOP’s, policies and procedures etc. Completed certification June 2008. 

May 1999 to April 2004 

Airborne, Inc. 

Syracuse, NY 

Certificate: 14 CFR 135 

Type of business: Scheduled Air Carrier – Start-up

Position: Vice President, Director of Operations April 2000 to April 2004 

 Chief Pilot May 1999 to March 2000 

Responsibility: Responsible for all flight operations conducted by the company. The fleet included (3) GIV’s, (2) GV’s, (1) GII, 

(1) LR35A, (1) LR55, and (1) HS125 operating worldwide. Developed and implemented new manual system for the company 

to manage its growth. Established the Director of Safety position and implemented a Safety Program. Projects included: EFB, 

Heads Up Display and CAT II Operations. 

July 1995 to April 1999 

Northern Airlines Corporation 

Syracuse, NY 

Certificate: 14 CFR 121 
24

Type of business: Scheduled Air Carrier – Start-up

Position: President and Chief Executive Officer 

Responsibility: Co-founder of the company, responsible for all facets of the business as well as equity and debt placement, 

building the management team and the ongoing process of writing and revising manuals. 

September 1989 to June 1995 

Jet Management Group, Inc. 

Syracuse, NY 

Certificate: FAR 135 

Type of business: Air charter, corporate aircraft management and maintenance 

Position: Chief Pilot/Director of Training/Anti-drug Program Manager 

Responsibility: Captain on Lear 55B, promoted to Chief Pilot, assigned as Captain on Jetstar; developed and implemented new 

training program; researched and compiled new training and operations manual; conducted aircraft acquisition analysis for 

clients ranging from turboprops to large corporate jets. 

January 1988 to August 1989 

American Cyanamid Company 

Teterboro, NJ 

Certificate: FAR 91/135 

Type of business: Corporate flight department 

Position: PIC/SIC Lear 25 and 55 

Responsibility: Responsible for the safe and economic operation and management of aircraft carrying passengers and/or cargo. 

October 1985 to December 1987 

Rivett Aero Services 

Old Forge, NY 

Certificate: FAR 91 

Type of business: Corporate flight department 

Position: Captain King Air E90 and 200 

Responsibility: Responsible for preparing flight plans and for the safe and economic operation and management of aircraft 

carrying passengers and/or cargo. 

July 1984 to September 1985 

Pro Pilots, Inc. 

Fayetteville, NY 

Certificate: FAR 91 

Type of business: Charter flights, aircraft rental, and flight training. 

Position: First Officer King Air E90 and 200 

Responsibility: Assist the captain by monitoring the flight instruments, handling radio communications, watching for air traffic, 

and taking over the flight controls when directed by the captain. 

July 1983 to July 1984 

Rex Miller Flying Services 

Watertown, NY 

Certificate: FAR 91 

Type of business: Charter flights, aircraft rental, and flight training. 

Position: Commercial Pilot/Flight Instructor 

Responsibility: Responsible for the safe and economic operation and management of aircraft carrying passengers and/or cargo. 

Training students in aircraft systems, operating procedures, handling emergencies, problem analysis, aircraft navigation, radio 

operation and aerodynamics Instruct students in a classroom setting, conduct training flights, determine student proficiency. 
25

Education

Northeastern University 

Boston, MA 

Degree: Bachelor of Science in Business Administration, September 1981 

 Cooperative Education Program – IBM Flight Operations 

Hudson Valley Community College 

Troy, NY 

Associate in Applied Science, Marketing, May 1978 

Certification and Flight Experience

Airline Transport Pilot Certificate #2988663 ASMEL 

Certified Flight Instructor Airplane Single & Multi Engine, Instrument Airplane 

Lear 60, LR Jet, L1329, DA20, G1159, GIV 

13,500 hours: Total Flight Time 

 8,900 hours: Turbo Jet 

 2,200 hours: Turboprop 

Citizenship

United States 

Stock Ownership

Owens 20% of company (no stock issued or authorized) 
26
27
28
29
30

RESUME KEY PERSONNEL – Chief Financial Officer 

Howard Yates 

9 Stornoway Road 

Cumblerland Foreside, ME 04110 

207-774-6318 Office 

Altius Aviation, LLC 

Syracuse, NY 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

August 2014 to Present 

Position: Chief Financial Officer 

Responsibility: Responsible for all financial and administrative functions of the company. Prepares accurate and timely budgets 

and financial reports for the company. 

Concurrent Employment

May 2004 to Present 

Northeast Air 

Portland, Maine 04102 

Type of business: Fixed Base Operation 

Position: Chief Financial Officer 

Responsibility Responsible for all financial and accounting functions of the company. 

Previous Employment

December 1996 to April 2004 

Emery Waterhouse 

South Portland, Maine 

Type of business: Hardware distributor for the Northeast region of the U.S. Annual sales: $100 Million 

Position: Chief Financial Officer 

Responsibility: Responsible for all financial and accounting functions of the company. Member of a quality improvement team 

responsible for implementing new materials procurement procedures. Results: $500,000 annual savings. 

October 1996 to November 1996 

Unemployed – Moving to Portland, MA 

Type of business: None 

Position: None 

Responsibility: None 

March 1977 to September 1996 

Bath Iron Works 

Bath, Maine 

Type of business: Government Contractor 

Position: Senior Vice President of Administration 

Responsibility: Responsible for all administrative functions of the company including finance, contracts, human resources, and 

safety and management information services. Served as one of two employee board members, participated in the establishment 

of corporate strategy with responsibility for keeping the Board informed of the company’s progress toward it strategic 

initiatives. 
31

June 1973 to February 1977 

Price Waterhouse& Co. 

Boston, Ma 

Type of business: Public Accounting 

Position: Auditor 

Responsibility: Audit Large Corporations in various industries 

Education

University of New Hampshire 

Durham, NH 

Degree: Masters Business Administration – Finance 

 Graduated at top of class 1973 

Colby College 

Waterville, ME 

Degree: Business Administration – Economics 

 Graduated with Honors 1971 

Certification

Certified Public Accountant (CPA) Massachusetts 1975 

Citizenship

United States 

Stock Ownership

None 
32
33
34
35

RESUME KEY PERSONNEL - Director of Maintenance and Chief Inspector 

Michael G. Marczyk 

5107 Federal Road, 

Hemlock, NY 14466 

(585)-346-6130 Office 

(585)-746-3226 Cell 

Altius Aviation, LLC 

Syracuse, NY 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

October 2013 to Present 

Position: Director of Maintenance, Director of Quality Assurance (CI), and Manager of Maintenance 

Responsibility: Directs and manages the execution of all Maintenance and Quality Inspection activities and takes steps to 

prevent or correct discrepancies caused by improper/ineffective maintenance practices. 

August 2012 to September 2013: 

Position: Director of Quality Assurance 

Responsibility: Assures inspections and maintenance actions are performed according to specific technical guidance presented 

in the aircraft and system maintenance manuals, Maintains Repair Station Manual, engineering drawings and other technical 

publications. 

Previous Employment

December 2011 to July 2012 

Talon Air, Inc. 

Farmingdale, NY, 

Certificate: 14 CFR145, ER-FSDO-11 

Type of business: A full service private jet charter company specializing in jet services, charters, jet maintenance, and aircraft 

management. 

Position: Technical Sales and Marketing Manager and Maintenance Operations Consultant 

Responsibility: Technical sales, marketing and special projects for the Northeast and Southeast Regions of the U.S.

March 2011 to November 2011: 

Lanmar Aviation, Inc. 

Groton, CT 

Certificate: 14 CFR135 (9 seats or less)/145, ER-FSDO-63 

Type of business: A full service fixed base operator, as well as a part 135 operator, and a full service maintenance facility. 

Approved FAA part 145 Certified Repair Station with ratings that include Airframe categories I and III, Limited Airframe, 

Engine, Radio, and Accessories Repair Station. 

Position: Manager of Maintenance and Avionics Operations / 145 Accountable Manager / 135 Supervisor of Director of 

Maintenance. 

Responsibility: Manage a safe and quality-oriented department, schedule work scope, and assist with avionics quoting and 

responsible for all aspects of the P&L. Works with the FAA and the customers 

May 2009 to February 2011: 

Stevens Aviation, Inc. 

Greenville, SC, 

Certificate: 14 CFR145 Service Center, SO-FSDO-13 

Type of business: Aircraft maintenance, modification and refurbishment, aircraft sales, flight services, and fixed base 
36

operations. Provided maintenance services for: Beechcraft, Bombardier, Cessna, Embraer, Gulfstream, Learjet, Piaggio and 

Pilatus aircraft 

Position: Technical Services Sales Representative – Northeast Region (7 states) 

Responsibility: Team member responsible for Sales and Marketing in addition to some troubleshooting, repairing and servicing 

aircraft and engine systems. Periodically perform maintenance, disassembly, rework, repair, replacement, re-assembly or 

adjustment of various aircraft systems in accordance with technical specifications, engineering instructions, and FAA 

regulations. 

June 2008 to April 2009 

Aeronautical Innovations Concepts, Inc. (ACI) 

Dunkirk, NY 

Type of business: Contract aircraft maintenance and flight operations management, inspection and maintenance services 

Position: President and Principal Consultant

Responsibility: Acting Director of Maintenance and Assistant Director of Flight Operations providing company FAA 

representation, maintenance and flight operation supervisory functions, aircraft maintenance management, on-call maintenance 

services for aircraft and engine systems, troubleshooting and performing repairs in accordance with manufacture’s technical 

specifications and FAA regulations. 

April 2008 to May 2008: 

ACP Jet Charters, Inc. 

Fort Pierce, Florida 

Certificate: 14 CFR 135 (9 seats or less), SR-FSDO-15 

Type of business: Air charter, aircraft management and maintenance. 

Position: Director of Maintenance and Director of Quality Assurance 

Responsibility: Maintaining aircraft in a ready state by servicing aircraft and engine systems, troubleshooting, and performing 

repairs in accordance with technical specifications and FAA regulations. 

May 2005 to March 2008 

Great Circle Aviation, Inc. 

Fort Pierce, FL 

Certificate: 14 CFR 135 (10 Seats or more), ER-FSDO-23 & SR-FSDO-15 

Type of business: Air charter, corporate jet management and aircraft maintenance. 

Position: Director of Maintenance and Director of Quality Assurance 

Responsibility: Maintaining aircraft in a ready state by servicing aircraft and engine systems, troubleshooting, and performing 

repairs in accordance with technical specifications and FAA regulations 

June 2003 to April 2005 

International Group, LLC 

Penn Yan, NY 

Certificate: 14 CFR 135 (10 Seats or more), ER-FSDO-23 

Type of business: Aircraft charter, rental, and leasing services. 

Position: Director of Maintenance and Director of Quality Assurance

Responsibility: Maintaining aircraft in a ready state by servicing aircraft and engine systems, troubleshooting, and performing 

repairs in accordance with technical specifications and FAA regulations. 

May 2002 to May 2003 

Airborne/First Flight LLC 

Horseheads, NY 

Certificate: 14 CFR 135 (10 seats or more)/145, ER-FSDO-23 

Type of business: Aircraft charter, management services, sales, and aircraft maintenance and support services. 

Position: G-IV Manager/Technician/Inspector/Sales/Flight Technician 
37

Responsibility: Responsible for inspection, troubleshooting, maintenance and repair of aircraft systems, structure and engines. 

Working performed under the supervision of a certified A&P Director of Maintenance 

November 1985 to April 2002 

Eastman Kodak Company Aviation Services 

Rochester, NY 

Certificate: 14 CFR 91/145, ER-FSDO-23 

Type of business: Corporate flight department 

Position: Senior Maintenance & Avionics Technician 

Technician/Cabin Safety Attendant 

Responsibility: Assigned to Bombardier MSG-3 Team for CL300 1st Production Aircraft Program

March 1984 to October 1985 

Gulfstream Aerospace Corporation 

Savannah, GA 

Certificate: 14 CFR 145, SR-FSDO-11 

Type of business: Aircraft service and maintenance support center and parts distribution. 

Position: Service Center Maintenance Technician/Lead 

Responsibility: Assigned to GIIB Program and 1st Production Team for G-IV Program 

November 1983 to February 1984

Dolphin Airlines/PBA 

Tampa, FL 

Certificate: 14 CFR 121, SR-FSDO-35 

Type of business: Scheduled commuter airline operating in the State of Florida 

Position: Maintenance Technician 

Responsibility: Responsible for inspection, troubleshooting, maintenance and repair of aircraft systems, structure and engines. 

Working performed under the supervision of a certified A&P Director of Maintenance.

August 1980 to October 1983 

Embry-Riddle Aeronautical University 

Daytona Beach, FL 

Certificate: 14 CFR 147, SR-FSDO-15 

Type of business: Education Aeronautical University 

Position: Student in Aeronautical Engineering Technology Program and Part Time Lab Assistant for Powerplant Program 

Responsibility: Set up Lab/Shop projects per faculty instructions and assist faculty members in the lab. Maintain lab equipment 

to include aircraft. Perform supply and inventory duties for equipment and consumables. . 

March 1975 to July 1980 

Panorama Flight Services 

White Plains, NY 

Certificate: CFR-135, SR-FSDI-11

Type of business: Fixed Base Operator 

Position: Apprentice Aircraft Maintenance Technician Part-Time 

Responsibility: Diagnose, adjust, repair, or overhaul aircraft engines and assemblies, such as hydraulic and pneumatic systems, 

includes helicopter and aircraft engine specialists. Working performed under the supervision of a certified A&P Director of 

Maintenance. 
38

Education

Embry-Riddle Aeronautical University 

Daytona Beach, FL 

Certificate: 14 CFR 147, SR-FSDO-15 

Degree: Associate Degree in Aviation Maintenance Technology, April 1983 

Certification 

Airframe, Power Plant, and I.A. Certificate No. 3436540 N.D.T. 

Eddy Current Level II 

Radio and Instrument Repairman: (K-Cert: 2570805 (RVSM) / CB Cert: 3074573) 

Citizenship

United States 

Stock Ownership

None 
39
40
41
42
43

RESUME KEY PERSONNEL – Chief Pilot 

Michael J. DePasquale 

33 Greenbriar Drive 

Lancaster, New York 14086 

(716) 830-7045 

Altius Aviation, LLC 

Syracuse, New York 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

December 2009 to Present 

Position: Chief Pilot, Check Airman 

Responsibility: Responsible for the management of Flight Personnel to ensure that all company pilots meets the proper FAA 

qualifications and that aircraft are operated in accordance with provisions of the company’s flight manual and the current 

Federal Aviation Regulations. As a Check Airman, responsibilities include evaluating and certifying the knowledge and skills 

of other company pilots. Conduct proficiency checks either by observation, verbal, or written review. 

Concurrent Employment

December 2009 to Present 

Williams International Air, Inc. 

Rochester, New York 

Certificate: N/A 

Type of business: Corporate flight department 

Position: Chief Pilot 

Responsibility: Responsible for Learjet 60 operations including the management of other Flight Personnel to ensure 

compliance with FAA qualification requirements and that the aircraft is operated in accordance with provisions of the 

company’s flight manual and the current Federal Aviation Regulations. 

Previous Employment

October 2005 t to November 2009 

JetSmart, Inc. 

Rochester, New York 

Certificate: 14 CFR 135 

Type of business: 14 CFR135 (No Longer in Operation), ER-FSDO-23. 

Position: Check Airman, August 2008 to January 2010 

 Chief Pilot, September 2006 to January 2009 

Responsibility: Responsible for the management of Flight Personnel to ensure that all company pilots meets the proper FAA 

qualifications and that aircraft are operated in accordance with provisions of the company’s flight manual and the current 

Federal Aviation Regulations. As a Check Airman, responsibilities include evaluating and certifying the knowledge and skills 

of other company pilots. Conduct proficiency checks either by observation, verbal, or written review. 

March 2005 to September 2005 

Great Circle Aviation, Inc. 

Dunkirk &Rochester, New York 

Certificate: 14 CFR 135 

Type of business: Air charter, corporate aircraft management and maintenance 

Position: Chief Pilot/Captain - Learjet 60 

Responsibility: Responsible for preparing flight plans and for the safe and economic operation and management of aircraft 

carrying passengers and/or cargo. Managed company’s Anti-Drug Program. 
44

August 2002 to February 2005 

Delaware North Companies 

Buffalo, New York 

Certificate: 14 CFR Part 91 

Type of business: Corporate flight department 

Position: Captain Challenger 601 

 First Officer Gulfstream IV SP 

Responsibility: Responsible for preparing flight plans and for the safe and economic operation and management of aircraft 

carrying passengers and/or cargo. Managed company’s Anti-Drug Program. As a First Officer, responsible for assisting the 

captain by monitoring the flight instruments, handling radio communications, watching for air traffic, and taking over the flight 

controls when directed by the captain. 

January 1993 to July 2002 

Great Circle Aviation, Inc. 

Dunkirk-& Rochester, New York 

Certificate: 14 CFR 135 (10 Seats or more), ER-FSDO-23 & SR-FSDO-15 

Type of business: Air charter, corporate jet management and aircraft maintenance 

Position: Chief Pilot Worldwide Operations, July 2000 to July 2002 

 Captain Learjet 60, 31/31a-35a/36-55, August 2008 to July 2002 

 Captain Piper Cheyenne, January 1993 to July 2002 

Responsibility: Responsible for the management of Flight Personnel to ensure that all company pilots meets the proper FAA 

qualifications and that aircraft are operated in accordance with provisions of the company’s flight manual and the current 

Federal Aviation Regulations. As a Captain, responsiblities include preparing flight plans and for the safe and economic 

operation and management of aircraft carrying passengers and/or cargo. Managed company’s Anti-Drug Program. 

March 1992 to December 1992 

Al-Tech Specialty Steel Company / The Red Wing Company 

Dunkirk-Fredonia, New York 

Certificate: 14 CFR 91 

Type of business: Corporate flight department 

Position: First Officer – Piper Cheyenne II 

Responsibility: Assist the captain by monitoring the flight instruments, handling radio communications, watching for air traffic, 

and taking over the flight controls when directed by the captain. 

January 1991 to February 1992 

Dunkirk Aviation Flight School 

Dunkirk, New York 

Certificate: Part 141 Flight School 

Type of business: Flight School 

 

Education

Erie Community College 

Orchard Park, New York 

Degree: None, Attended September 1987 to December 1990 
45

Certification and Flight Experience

Airline Transport Pilot Certificate #3335930 

Type Ratings: CL-600, LR-60. LR-Jet and DA-50 (SIC Only) 

6,900 hours: Total Flight Time 

3,950 hours: Turbo Jet 

1,675 hours: Turboprop 

1,275 hours: Piston 

Citizenship

United States 

Stock Ownership

None 
46
47
48
49

RESUME KEY PERSONNEL – Director of Safety 

Robert McCutchan 

814 E. 40th Street 

Tacoma, WA 98404-2906

(253) 472-5218 

Altius Aviation, LLC 

Syracuse, NY 

Certificate: 14 CFR135 #Y9NA330M (10 Seats or more), ER-FSDO-23 

Type of business: An FAA certified Part 135 air carrier providing aircraft management and charter services. 

2000 to Present 

Position: Director of Safety 

Responsibility: Responsible for providing guidance and direction for the planning, implementation and operation of the 

company’s safety management system (SMS). 

Concurrent Employment

1996 to Present 

Aviation Safety Consulting 

Tacoma, WA 

Type of business: Consulting 

Position: Owner 

Responsibility: Responsible for providing information and advice to client’s senior management on matters relating to safe 

operations. Audits client’s safety management system (SMS) and provide recommendations for improvement. 

Clients and work performed: 

 Served as Director of Aviation Safety for Airborne, Inc. 

 Taught University of Southern California (USC) Audit Preparation and Pre-Mishap Planning 

 Serve as consultant with Flight Safety Foundation auditing corporate aviation flight and service organizations 

 Contract Safety Facilitator providing consulting on aviation organization, staffing, training and work processes 

“Safety by the hour” 

 Facilitate several Fortune 100 aviation department Accident/Incident Response Plans 

 Conducted Several Deice/Anti-Ice training workshops 

 Trainer of passengers and crew-Emergency Evacuation and Cabin Safety 

 FSF Q-Star contract auditor for western half of USA 

Previous Employment

1973 to 1996 

IBM 

White Plains, New York 

Type of business: Corporate flight department 

Position: Senior Captain 

Responsibility: Provided leadership as manager and team leader of several aviation functions 

 Aviation services and fuel vendor benchmarking and oversight team leader 

 Software co-writer, team leader for purchasing, inventory control, stockroom, accounting, warranty monitoring and 

shipping processes 

 Aviation parts inventory reduction team leader 

 Wrote job descriptions, hired, trained and managed co-op flight attendants 
50

Flight and Ground Safety Team Leader 

 Lead Safety Team in establishing department accident prevention and reaction plans. 

 Developed and implemented a safety incident documenting and tracking process 

 Senior Flight Team Leader for corporate executive and customer aircraft. 

Military Training and Work Assignments

Strategic Air Command.1970-1973

 Worldwide flight experience 

 Manager of Safety, Standardization/Evaluation, Squadron Instructor Pilots (ground, flight, and simulator), and 

Instructor Upgrade Trainer 

 Performed ground and flight instrument instruction and evaluations, simulator instructor/examiner and Squadron 

Instructor Pilot. 

4

th Air Commando Squadron, Republic of South Vietnam 1968-1969

 Flew over 200 combat sorties in Vietnam, Laos, Thailand and Cambodia earning the Distinguished Flying Cross and 

11 Air Medals 

 While flying night special operations missions, managed the squadron vehicles, weapons and several crew members 

of lower, peer and superior rank 

Global Survival Training - 1968 

 Global Survival Training in the US and Jungle Survival Training in the Philippines 

 USAF Flight and Academic Training in twin engine jet aircraft 1967-1968

Education

University of Puget Sound 

Tacoma, WA 

Degree: Bachelor of Administration – Economics and Business 

USC Safety Management School 

Certification

Airline Transport Pilot 

Type Ratings: B-707, B-720, G-1159, G-IV, LR-JET, DA 2000, N-265 

Commercial Privileges: DC-3 

Total Time: 16,800 hrs. 

Gulfstream: 5,000 hrs, Lear: 6,100 hrs, DA 2000: 200 hrs, B-707/720: 1600 hrs. 

DC-3: 960 hrs, NA-265: 750 hrs.; T-37 & T-38 (military jet trainer): 230 hrs.; 

Single Engine: 160 hrs. 

Professional Associations

NBAA Operations and Safety Committees 

Flight Safety Foundation Deice Advisory Committee advisor 

Charter Member/Co-Founder, Northeast Corporate Safety Roundtable 
51

Civic Organizations

Trustee on the Board of Directors Greater Washington MS Society 

Executive Board Member of Wellspring, parent organization to the Healing Arts Guild 

Citizenship

United States 

Stock Ownership

None 
52
53
54
55

Citizenship

The citizenship of each of the individuals listed in the organizational chart is the United States of America. 

Description of Interests in Other Aeronautics Businesses

Henry Laughlin, Chief Executive Officer 

Northeast Air 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. Fixed Base Operation 

b. Location: Portland, Maine 

Pro Star Aviation 

1. Ownership 

a. Henry Laughlin – 70% ownership 

2. Principal business 

a. Aviation MRO 

b. Location: Manchester , New Hampshire 

Pro Star Pilatus 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. New aircraft sales 

b. Location: Manchester, New Hampshire 

Back Country Aviation 

1. Ownership 

a. Henry Laughlin – 100% ownership 

2. Principal business 

a. Aviation management company 

b. Location: Steamboat Springs, Colorado 

Qualifications of Technical Personnel

The following key technical personnel meet the qualifications for their respective positions as set for the in sections 119.65 and 

119.67 of the Federal Aviation Regulations. 

Vaughn J. Crawford: Director of Operations 

Michael Marczyk: Director of Maintenance/Chief Inspector 

Michael DePasquale: Chief Pilot 

Robert McCutchan: Director of Safety 
56

FINANCIAL POSITION AND 

OPERATING PLANS 
57

4. FINANCIAL POSITION AND OPERATING PLANS

The following are the financial statements of Altius Aviation, LLC for the years ending December 31, 2012, 2013, and 2014. 

Additionally, the accounting policies are also included. 

2014 Income Statement and Balance Sheet
58 TOTAL

ASSETS

Current Assets

Cash 94,023.43

Accounts Receivable 119,576.64

Prepaid Expenses 58,851.53

Total Current Assets 272,451.60

Other Assets

Certificate 110,000.00

Accumulated Amortization (43,386.90)

Total Other Assets 66,613.10

TOTAL ASSETS 339,064.70

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable 227,719.91

Accrued Expenses 13,659.06

Other Current Liabilities

Deposits 162,374.62

Federal Excise Tax Payable 50,728.35

Total Other Current Liabilities 213,102.97

Total Current Liabilities 454,481.94

Equity

Owner Equity 465,974.12

Retained Earnings 81,259.99

Net Income (662,651.35)

Total Equity (115,417.24)

TOTAL LIABILITIES AND EQUITY 339,064.70

Altius Aviation, LLC

Balance Sheet

January - December 2014
59

2012 and 2013 Income Statement and Balance Sheet
60
61
62

Altius Aviation, LLC Preparation of Financial Statements 

August 2014 – December 2014 

The Altius Aviation, LLC Financial Statements from August, 2014 through December, 2014 has been prepared internally in 

accordance with generally accepted accounting principles in the United States. They have been prepared by Howard Yates, 

CPA, the CFO of Northeast Air, Robert King, the Controller of Northeast Air, and Mark Goodwin, the General Manager of 

Northeast Air. Northeast Air is an affiliated company of Altius Aviation, LLC with common ownership. Henry Laughlin owns 

100% of Northeast Air. Combined, Mr. Yates, Mr. King and Mr. Goodwin have more than 70 years of experience in the 

aviation industry, and all have significant experience in the business of chartering aircraft.

Howard Yates graduated with a BA in Economics from Colby College in 1971 and from the University of New Hampshire with 

a Master of Business Administration with an emphasis in Finance in 1973. Howard graduated at the top of his MBA class. After 

graduation, Howard worked for Price Waterhouse& Co. for four years, where he earned the title of Certified Public Accountant 

in 1975 and focused his duties on auditing large corporations in various industries. For approximately 20 years, Howard served 

as Vice President of Administration for Bath Iron Works. In this role he was responsible for all administrative functions of the 

company including finance, contracts, human resources, and safety and management information services. He served as one of 

two employee board members, participated in the establishment of corporate strategy with responsibility for keeping the Board 

informed of the company’s progress toward it strategic initiatives. Between 1996 and 2004, Howard was the Chief Financial 

Officer for Emery Waterhouse in South Portland, Maine. Howard was responsible for all financial and accounting functions of 

the company. He was a member of a quality improvement team responsible for implementing new materials procurement 

procedures which resulted in 500,000 annual savings. From 2004 until the present, Howard has been the Chief Financial 

Officer for Northeast Air where his responsibilities include all financial and accounting functions of the company. Concurrent 

to being CFO of Northeast Air, Howard is also CFO of Altius Aviation, LLC since August 2014. Howard is responsible for all 

financial and administrative functions of the company and prepares accurate and timely budgets and financial reports for the 

company. 
63

Altius Aviation, LLC Summary of Significant Accounting Policies 

August 2014 – December 2014 

Business Activities

The company is engaged in the sale of on-demand charter and, once approved by the Department of Transportation, the sale of 

scheduled commuter flights between various cities. 

Use of estimates

Accounting statements prepared in conformity with generally accepted accounting principles in the United States requires the 

use of estimates. Actual results could differ from those estimates. 

Cash

The company considers cash in bank and other highly liquid investments with a maturity of less than three months as cash 

(currently, none). The company maintains its checking account at two banks. 

Accounts Receivable

The majority of receivables are from aircraft owners, principally for management fees and operating expenses that are the 

owner's responsibility. 

The company's commuter airline assumes that all trips will be paid by credit card on the day of the trip. As such, no Accounts 

Receivable is being forecast in the future. 

Inventories

The company's commuter airline will maintain spare parts at each of the terminal points, based on the aircraft model. Other than 

those spare parts, no inventory will be maintained by the commuter airline. 

Income Taxes

The company is treated as a partnership for income tax purposes. As such, the company does not generally pay federal or state 

corporate income tax on taxable income. Instead, the owners are responsible for individual federal and state income tax on their 

respective shares of the company's taxable income. 

Property Plant and Equipment

The company owns no property, plant and equipment as of December 31, 2014. The cost of its Part 135 certificate has been 

capitalized and is being amortized over 30 years. The company leases office and hangar space in Syracuse, NY at a rate of 

$2,500 per month. 

Deposits

The company sells block time trips for one of its aircraft and the cash received is recorded as deposits. The deposits are reduced, 

and income is recorded, when actual trips are flown. 
64

Accounts Payable

The company generally pays vendors within 45 to 60 days. The related expenses are recorded when incurred. Payroll expenses 

are recorded on a cash basis. 

Revenue Recognition

Revenue for on-demand charter and commuter fares are recognized when trips are complete. 
65

Altius Aviation, LLC Preparation of Financial Statements

January 2012 – December 2013
66

Liens or Encumbrances

There are no liens or encumbrances against any of the applicant’s or any relevant corporation’s assets, including those pledged 

as collateral for any outstanding obligations. 

Major Commitments

There are no major commitments into which the applicant or any relevant corporation has entered during the past 6 months, or 

proposes to enter into during the next 6 months, including bank or other institutional financing, private financing, issuance of 

bonds or stock in the applicant, or major contracts to perform services. 

Transactions

There are no transactions in which the applicant or any relevant corporation sold or exchanged any major assets (aircraft, land, 

buildings, etc.) during the past 6 months, or plans to sell or exchange within the next 6 months, including how any funds 

realized from those transactions were, or are intended to be, used. 

Liabilities

There are no liabilities of the applicant or any relevant corporation that are more than 60 days past due at the time of the 

application, including the amount and the circumstances under which they are past due and will be paid. 

Contingent Liabilities

There are no contingent liabilities that may have an effect on the applicant's or any relevant corporation's financial posture (e.g., 

lawsuits, pending judgments), including plans to meet those obligations. 

Statement of Significant Events

Henry Laughlin has made an additional capital infusion of $150,000 to cover operating expenses of Altius Aviation, LLC since 

the preparation of the 2014 financial statements. 
67

Service Proposal

Altius Aviation, LLC has identified an opportunity for commuter service in the northeastern US, with a focus on both leisure 

and business travel. The commuter operation is planned to be a four aircraft operation, with aircraft being phased in over the 

course of the first year of operation. The following nonstop routes are planned to be flown for the commuter operation once all 

aircraft are introduced into the schedule: 

Route #1

Westchester County Airport (HPN) and Hanscom Field (BED) – Year Round

 This market will link two major metropolitan regions in the northeastern US – New York City and Boston. It 

is expected to be largely a business market, but also will appeal to the leisure traveler. 

Route #2

Westchester County Airport (HPN) and Martha’s Vineyard Airport (MVY) – Summer/Fall 

 Martha’s Vineyard is a very popular vacation and leisure destination for residents of the NYC metropolitan 

region, and offering nonstop service is expected to stimulate demand for what is believed to be an 

underserved market.

Route #3 

Westchester County Airport (HPN) and Rutland-Southern Vermont Regional Airport (RUT) – Winter/Spring 

 This market will link the New York City metropolitan region with one of the northeast’s premier ski 

destinations in the state of Vermont. 

Route #4

Albany International Airport (ALB) and Buffalo Niagara Int’l Airport (BUF) – Year Round 

 There is a large community of interest between the Capital Region and the greater Buffalo region. This is 

expected to be both business and leisure travelers. There are currently no nonstop flights between the two 

airports. 

Route #5

Syracuse Hancock Int’l Airport (SYR) and Bradley Int’l Airport (BDL) – Year Round 

 Strong business ties exist between these two regions and there are currently no nonstop flights linking the two 

communities. 

Proposed Nonstop Markets
68

The first market to begin operating, HPN-BED, is expected to experience robust demand. As of the YE Q3 2014, over 1.3 

million O&D passengers traveled between the three major NYC metropolitan airports (LGA, JFK, EWR) and Boston (BOS). 

These passengers equated to over $280 million in gross revenue. Overall, the BOS market is the #13 O&D market when 

combining all three of the NYC airports. 

The summer/fall seasonal service between the NYC metropolitan region and Martha’s Vineyard, MA is expected to be popular 

with tourists and leisure travel, as Martha’s Vineyard has long been a favorite vacation destination for residents of the NYC 

metropolitan region. Available data suggests that there will be strong demand for such service. 

While market data is not readily available for all proposed nonstop routes, based on Altius Aviation, LLC experience operating 

an on-demand charter operation in the northeast it is expected that the other proposed routes will satisfy pent up demand. 

Rank Market Psgr Gross One 

Way Fare

Gross 

Revenue Psgr Gross One Way Fare

Gross 

Revenue Psgr Gross One Way Fare

Gross 

Revenue

13 BOS 343,776 $166.13 $57,110,707 599,153 $243.52 $145,907,381 432,674 $184.86 $79,985,695 1,375,603 $205.73 $283,003,783

TOTAL 

PSGR

GROSS 

ONE WAY 

FARE

TOTAL 

GROSS 

REVENUE

JFK LGA EWR NYC Metro Region - BOS Passengers and Revenue

YE Q3 2014

Source: Aviation DataMinerTM analysis of DOT/BTS O&D Survey 

NYC Metro Region – MVY Passengers and Revenue

YE Q3 2014

Source: Aviation DataMinerTM analysis of DOT/BTS O&D Survey 

Rank Market Psgr Gross One 

Way Fare

Gross 

Revenue Psgr Gross One Way Fare

Gross 

Revenue Psgr Gross One Way Fare

Gross 

Revenue

114 MVY 28,528 $180.27 $5,142,762 920 $229.51 $211,150 680 $302.07 $205,471 30,128 $184.52 $5,559,383

TOTAL 

PSGR

GROSS 

ONE WAY 

FARE

TOTAL GROSS 

REVENUE

JFK LGA EWR
69

Commuter Operational and Revenue Forecast

The following table illustrates the operational and passenger revenue forecast for the commuter airline’s service proposal for 

the first twelve months of operation. It is assumed that there will be four aircraft flying and a breakdown of each of the four 

aircraft required to achieve the below summary is detailed in the appendix. 

The following is the expected commencement of each aircraft into service, as is also detailed in Exhibit H in the Appendix. 

Aircraft #1: Pilatus PC12 (8 seats) beginning June 1, 2015 

Aircraft #2: Pilatus PC12 (8 seats) beginning July 1, 2015 

Aircraft #3: Pilatus PC12 (8 seats) beginning October 1, 2015 

Aircraft #4: Pilatus PC12 (8 seats) beginning January 1, 2016 

The following table summarizes the proposed daily frequency and timeframe for all of the proposed nonstop routes. 

Daily Frequencies for Proposed Routes

(Departures and Arrivals)

June 2015 – May 2016

A/C # Route Timeframe Mon Tue Wed Thu Fri Sat Sun

#1 HPN-BED Jun - May 7 8 8 8 7 - -

#2 HPN-MVY Jun - Aug 2 - - 4 6 4 6

#2 HPN-MVY Sep - Oct - - - 2 2 4 4

#2 HPN-RUT Nov - Dec - - - 2 2 4 4

#2 HPN-RUT Jan - Mar 2 - - 4 6 4 6

#2 HPN-RUT Apr - May - - - 2 2 4 4

#3 ALB-BUF Oct - May - 4 - 4 4 2 2

#4 SYR-BDL Jan - May 2 2 - 2 - - -

Total Operational and Revenue Forecast 

Summary of Commuter Operation

June 2015 – May 2016

Operational Statistics

and Revenue Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Scheduled Ops (Dep and Arr) 167 273 259 216 297 277 298 359 336 368 307 317 3,474

Total Seats 1,336 2,184 2,072 1,728 2,376 2,216 2,384 2,872 2,688 2,944 2,456 2,536 27,792

Stage Length (miles) 158 159 159 158 182 183 183 184 183 183 185 184 177

Projected Load Factor 37.5% 37.5% 37.5% 47.2% 45.7% 45.9% 45.9% 49.1% 49.1% 49.0% 50.0% 50.0% 46.2%

Projected Passengers 501 819 777 816 1,114 1,042 1,120 1,412 1,320 1,444 1,228 1,268 12,861

Available Seat Miles (ASMs) 211,088 346,640 328,976 273,792 431,360 405,888 436,640 527,376 492,560 538,336 453,760 467,264 4,913,680

Revenue Passenger Miles (RPMs) 79,158 129,990 123,366 129,216 197,106 186,378 200,248 259,056 241,648 263,764 226,880 233,632 2,270,442

Revenue Block Hours 181 296 281 234 328 306 329 395 369 405 338 349 3,810

Average One Way Gross Fare $550 1,100 1,100 1,100 1,650 1,650 1,650 2,200 2,200 2,200 2,200 2,200 $550

Passenger Revenue $275,550 450,450 427,350 448,800 612,700 573,100 616,000 776,600 726,000 794,200 675,400 697,400 $7,073,550

2015 2016 Total
70

Commuter Income Statement and Balance Sheet

While there are ramp-up costs associated with the commencement of service during the first six months causing an overall 

operating loss, the final six months indicate a profit once the airline is operating in steady state form. 

 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Total 

Revenue

Passenger Revenue 275,550 450,450 427,350 448,800 612,700 573,100 616,000 776,600 726,000 794,200 675,400 697,400 7,073,550

Total Revenue 275,550 450,450 427,350 448,800 612,700 573,100 616,000 776,600 726,000 794,200 675,400 697,400 7,073,550

Cost of Goods

Pilot Salaries 66,667 44,167 44,167 65,833 65,833 65,833 87,500 87,500 87,500 87,500 87,500 87,500 877,500

Pilot Beneifts 13,333 8,833 8,833 13,167 13,167 13,167 17,500 17,500 17,500 17,500 17,500 17,500 175,500

Support Staff Total 34,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 221,000

Aircraft Rental 147,784 241,587 229,198 191,146 260,349 242,918 261,301 315,281 295,129 323,246 269,332 278,181 3,055,450

Fuel Expense 72,656 118,773 112,682 93,974 131,691 122,722 132,059 158,599 148,391 162,514 135,908 140,259 1,530,230

Contract Maint 20,875 38,045 36,375 28,920 39,365 36,705 39,250 49,035 45,760 49,680 40,535 41,705 466,250

Suplimental Lift Cost 2,619 4,281 4,061 3,387 4,657 4,343 4,673 5,629 5,268 5,770 4,814 4,971 54,472

Landing Fees 8,350 13,650 12,950 10,800 14,850 13,850 14,900 17,950 16,800 18,400 15,350 15,850 173,700

Ramp Fees 8,350 13,650 12,950 10,800 14,850 13,850 14,900 17,950 16,800 18,400 15,350 15,850 173,700

Customer Service 8,350 8,750 7,950 8,400 8,350 7,950 8,800 7,950 7,600 8,800 7,950 8,350 99,200

Reservation Service 3,257 5,324 5,051 5,304 7,241 6,773 7,280 9,178 8,580 9,386 7,982 8,242 83,597

Total Cost of Goods Sold 386,240 514,059 491,217 448,731 577,353 545,111 605,163 703,572 666,328 718,196 619,221 635,408 6,910,599

Gross Profit (110,690) (63,609) (63,867) 69 35,347 27,989 10,837 73,028 59,672 76,004 56,179 61,992 162,951

Expenses

Payroll Expenses 9,533 11,916 9,533 9,533 11,916 9,533 11,916 9,533 9,533 11,916 9,533 9,533 123,925

Advertising 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000

Amortization 306 306 306 306 306 306 306 306 306 306 306 306 3,666

Bank Charges 75 75 75 75 75 75 75 75 75 75 75 75 900

Liability 500 500 500 500 500 500 500 500 500 500 500 500 6,000

Health & WC 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000

Office Expenses 150 150 150 150 150 150 150 150 150 150 150 150 1,800

Training & Instruction 112,000 56,000 56,000 224,000

Rent or Lease of Buildings 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 15,150

Telephone/Internet 500 500 500 500 500 500 500 500 500 500 500 500 6,000

QuickBooks Payments Fees 10 10 10 10 10 10 10 10 10 10 10 10 120

Accounting Fees 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000

Consulting Fees 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 13,417

Interest on Loan to Ow ner 2,063 2,063 2,063 2,063 2,063 2,063 2,063 2,063 2,063 2,063 2,063 2,063 24,750

Total Expenses 132,266 22,649 20,266 76,266 22,649 76,266 22,649 20,266 20,266 22,649 20,266 20,266 476,728

Net Operating Income (242,956) (86,259) (84,133) (76,197) 12,698 (48,278) (11,812) 52,762 39,405 53,354 35,913 41,726 (313,777)

Notes to Statements

June and May Startup Cost This includes the May Startup cost for Pilot Wages and Benefits, Support Staff Wages and Pilot Training 

along w ith the startup cost for Pilot Wages and Training for the aircraft starting in July

September Loss is due to start up cost for Pilots and Pilot Training for Aircraft starting in October

December Loss is due to start up cost for Pilots and Pilot Training for Aircraft starting in January -

Altius Aviation, LLC

Income Statement (Commuter Division)

June 2015 to May 2016
71

Cost of Goods Assumptions for Commuter Airline Division

1. Pilot Salaries 

a. A per month total cost for all pilots as they come on board 

b. 8 PIC each at $80,000/yr when fully staffed 

c. 8 SIC each at $50,000/yr when fully staffed 

d. One PIC acting as Chief Pilot an additional $10,000/yr 

2. Pilot Benefits 

a. A per month total cost for all pilots as they come on board 

b. Based on 20% of the PIC & SIC salaries 

3. Pilot Training 

a. A per event cost for full crew per aircraft flight training 

b. 2 PIC costs $10,000/pilot/class - Flight Safety 

c. 2 SIC costs $18,000/ pilot/class - Flight Safety 

d. Four crew members per aircraft 

e. $56,000 per training event 

i. May-A/C #l

ii. June - A/C #2 

iii. September - A/C #3 

iv. December - A/C #4 

4. Support staff total 

a. A per month total cost for 3 employees for both salaries and benefits 

i. 2 Flight Followers $40,000/yr each, plus 20% for benefits 

ii. 1 Maintenance director $90,000/yr, plus 20% for benefits 

5. Aircraft rental 

a. A per month total cost for repayment to owner for aircraft use 

b. Cost is calculated on an hourly rate, each trip leg of a daily flight is calculated at 1 hour. 

c. Based on $ 1320 per hour to the aircraft owner 

d. Ramp up schedule 

i. Begins in June with 1 aircraft 

ii. July - September has 2 aircraft total 

iii. October - December has 3 aircraft total 

iv. January - May has 4 aircraft total 

6. Contract maintenance 

a. A per month total cost for unscheduled maintenance 

b. Standby maintenance on site per aircraft, per trip leg 

c. $125 per trip leg 

7. Supplemental lift cost 

a. A per month total cost for back up aircraft during fleet scheduled maintenance. 

b. Frequency assumption 

i. Each aircraft is on a 150 hour inspection schedule 

ii. Based on a 4 day scheduled maintenance event 

iii. Averaged over the entire fleet per month 

iv. Based on 50% need factor 

c. The cost is an estimated $280 per flight 

i. Current charter rate of supplemental lift $1600/hr 

ii. Owner cost per hour already factored in $1320/hr 

8. Landing fees 

a. A per month total cost for airport landing fee of $50 per trip leg 
72

9. Ramp fees 

a. A per month total cost for Fixed Base ramp fee of $50 per trip leg 

10. Customer service 

a. A per month total cost Fixed Base fee of $50 per trip leg for one aircraft 

b. For using the customer service personnel at an FBO to: 

i. Verify identification of passengers 

ii. Weigh bags 

iii. Transport passenger bags to aircraft 

11. Reservation service 

a. A per month total cost for online reservation fee 

b. Estimated at $6.50 per reservation 

c. Using Radixx’s cost structure as a guide only (Radixx.com) 

12. Payroll Expenses 

a. A per month total cost for Administration personnel 

b. The amount is 50% of current Charter certificate payroll expense 

c. The amount includes 20% benefits 

d. Based on payroll periods per month 

e. Personnel 

i. DO ($70,000 + 20%)/2 

ii. DOM ($70,000+ 20%)/2 

iii. DO Admin ($40,040 + 20%)/2 

13. Interest on loan from owner 

a. A per month total cost for interest for capital requirement loan from Owner 

b. Capital requirement of $750,000 

c. Annual interest rate set at 4.5% 

14. Other Expenses 

a. A per month total cost for each line item 

b. The following categories are 50% of the corresponding current Charter certificate's expenses

i. Advertising 

ii. Amortization 

iii. Bank Charges 

iv. Liability insurance 

v. Health and Worker’s Compensation 

vi. Office Expenses 

vii. Rent or Lease of buildings 

viii. Telephone/Internet 

ix. QuickBooks payment fees 

x. Accounting fees 

xi. Consulting fees 

15. Fuel Expense 

a. Calculated by multiplying the monthly block hours by an assumed price of $5.02 per gallon 
73 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 

ASSETS

Current Assets

Cash 494,820 406,291 318,375 189,205 208,153 163,082 102,235 164,400 198,219 259,711 280,420 324,574 

Spare Parts Inventory 100,000 100,000 100,000 150,000 150,000 150,000 200,000 200,000 200,000 200,000 200,000 200,000 

Prepaid Expenses 10,000 15,000 15,000 20,000 25,000 25,000 25,000 30,000 30,000 30,000 30,000 30,000 

Total Current Assets 604,820 521,291 433,375 359,205 383,153 338,082 327,235 394,400 428,219 489,711 510,420 554,574 

TOTAL ASSETS 604,820 521,291 433,375 359,205 383,153 338,082 327,235 394,400 428,219 489,711 510,420 554,574 

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable 77,776 80,506 76,722 78,750 90,000 93,207 94,172 108,576 102,989 111,127 95,923 98,351 

Other Current Liabilities

Federal Excise Tax Payable 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 

Total Other Current Liabilities 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 

Total Current Liabilities 97,776 100,506 96,722 98,750 110,000 113,207 114,172 128,576 122,989 131,127 115,923 118,351 

Equity

Ow ner Equity 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 

Retained Earnings 0 0 0 0 0 0 0 0 0 0 0 0 

Net Income (242,956) (329,215) (413,348) (489,545) (476,847) (525,125) (536,937) (484,175) (444,770) (391,416) (355,503) (313,777)

Total Equity 507,044 420,785 336,652 260,455 273,153 224,875 213,063 265,825 305,230 358,584 394,497 436,223 

TOTAL LIABILITIES AND EQUITY 604,820 521,291 433,375 359,205 383,153 338,082 327,235 394,400 428,219 489,711 510,420 554,574 

Altius Aviation, LLC

June 2015 to May 2016

Balance Sheet (Commuter Division)
74

Charter Division Income Statement and Balance Sheet

 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Total 

Revenue

Services Net Charter Revenue 63,825 77,025 78,825 81,650 84,588 71,025 82,425 82,665 82,665 82,665 67,665 93,465 948,488 

Management Fees 15,500 15,500 17,500 17,500 17,500 19,500 19,500 19,500 19,500 19,500 19,500 19,500 220,000 

Co-Pilots PC 12's 2,954 2,215 2,954 5,908 5,908 5,908 4,431 4,529 4,529 4,529 4,529 8,960 57,354 

Ow ner Revenue 119,133 108,933 119,133 135,142 145,558 159,933 139,533 140,893 140,893 140,893 140,893 202,093 1,693,033 

Pass through Revenue 5,957 5,447 5,957 6,757 7,278 7,997 6,977 7,045 7,045 7,045 7,045 10,105 84,652 

Total Revenue 207,369 209,120 224,369 246,956 260,831 264,363 252,866 254,632 254,632 254,632 239,632 334,123 3,003,526 

Cost of Goods Sold

Aircraft Leases 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 132,000 

Write off King Air Repairs 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 19,020 

Aircraft Maintenance 6,250 8,333 8,333 8,333 8,333 6,250 8,333 8,333 8,333 8,333 6,250 8,333 93,750 

Engine Reserve 6,875 9,167 9,167 9,167 9,167 6,875 9,167 9,167 9,167 9,167 6,875 9,167 103,125 

Altius Company Pilots 6,154 7,692 6,154 6,154 7,692 6,154 7,692 6,154 6,154 7,692 6,154 6,154 80,000 

King Air Pilots 10,615 13,269 10,615 10,615 13,269 10,615 13,269 10,615 10,615 13,269 10,615 10,615 138,000 

Total Pilot Services 16,769 20,962 16,769 16,769 20,962 16,769 20,962 16,769 16,769 20,962 16,769 16,769 218,000 

Aircraft Rental 119,133 108,933 119,133 135,142 145,558 159,933 139,533 140,893 140,893 140,893 140,893 202,093 1,693,033 

Ow ner pass through expenses 5,957 5,447 5,957 6,757 7,278 7,997 6,977 7,045 7,045 7,045 7,045 10,105 84,652 

Sales Commissions 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 

Fuel Expense 15,060 20,080 20,080 20,080 20,080 15,060 20,080 20,080 20,080 20,080 15,060 20,080 225,900 

Total Cost of Goods Sold 192,629 195,507 202,024 218,833 233,963 235,469 227,637 224,872 224,872 229,065 215,477 289,132 2,689,480 

Gross Profit 14,740 13,614 22,345 28,123 26,869 28,893 25,229 29,760 29,760 25,568 24,155 44,991 314,046 

Expenses

Payroll Expenses 9,533 11,916 9,533 9,533 11,916 9,533 11,916 9,533 9,533 11,916 9,533 9,533 123,925 

Advertising 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 

Amortization 306 306 306 306 306 306 306 306 306 306 306 306 3,666 

Bank Charges 75 75 75 75 75 75 75 75 75 75 75 75 900 

Dues & Subscriptions 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 14,700 

Liability 500 500 500 500 500 500 500 500 500 500 500 500 6,000 

Health & WC 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 

Office Expenses 150 150 150 150 150 150 150 150 150 150 150 150 1,800 

Training & Instruction 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 18,420 

Rent or Lease of Buildings 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 1,263 15,150 

Telephone/Internet 500 500 500 500 500 500 500 500 500 500 500 500 6,000 

Travel 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 

Travel Meals 400 400 400 400 400 400 400 400 400 400 400 400 4,800 

Scheduling Softw are 725 725 725 725 725 725 725 725 725 725 725 725 8,700 

QuickBooks Payments Fees 10 10 10 10 10 10 10 10 10 10 10 10 120 

Accounting Fees 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 

Consulting Fees 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 1,118 13,417 

Interest on Loan to Ow ner 2,408 2,488 2,488 2,408 2,488 2,408 2,488 2,488 2,328 2,488 2,408 2,488 29,375 

Total Expenses 25,497 27,960 25,577 25,497 27,960 25,497 27,960 25,577 25,416 27,960 25,497 25,577 315,973 

Net Operating Income (10,757) (14,346) (3,232) 2,627 (1,091) 3,397 (2,731) 4,183 4,344 (2,392) (1,342) 19,414 (1,927)

Altius Aviation, LLC

Income Statement (Charter Division)

June 2015 to May 2016

 Accrual Basis
75

Cost of Goods Assumptions for Altius On-Demand Charter 

1. Aircraft Leases 

a. The monthly flat rate for the leased King Air B-200

Write off King Air Repairs 

b. Repayment of prepaid capital improvements to Leased King Air B-200

2. Aircraft Maintenance 

a. King Air B-200 monthly maintenance costs 

b. Based on $250 per hour/month 

3. Engine Reserve 

a. King Air B-200 monthly engine reserve costs 

b. Based on $275 per hour/month 

4. Altius Company Pilots 

a. Company SIC’s 

b. Based on two SIC’s at $769.23 per week 

c. Based on the pay periods per month 

5. King Air Pilots 

a. Company King Air B-200 PIC & SIC 

b. Based on the combined weekly salaries 

c. Based on the pay periods per month 

6. Aircraft Rental 

a. The repayment to the aircraft owners 

b. Based on the hours flown for the month 

c. Based on the individual rate per hour of each aircraft 

d. Aircraft 

i. Lear 31 - $2300/hr 

ii. Lear 60 - $2975/hr 

iii. PC-12’s - $1360/hr 

7. Owner Pass Through Expenses 

a. Based on 5% for the aircraft rental expenses 

8. Sales Commissions 

a. Charter Sales function is outsourced 

b. Monthly rate for charter sales company 

9. Fuel Expense 

a. Company King Air B-200 monthly fuel expense only 

b. Based on the hours flown 

c. 120 gallons per hour fuel burn 

d. At a $5.02 cost per gallon 

e. Other than the King Air, all other fuel expenses are owner responsibilities 

10. Payroll Expenses 

a. A per month total cost for Administration personnel 

b. The amount is 50% of current Charter certificate payroll expense 

c. The remaining 50% of expense has been allocated to the Commuter Airline Division 

d. The amount includes 20% benefits 

e. Based on payroll periods per month 

f. Personnel 

i. DO ($70,000 + 20%)/2 
76

ii. DOM ($70,000 + 20%)/2 

iii. DO Admin ($40,040 + 20%)/2 

11. Other Expenses 

a. A per month total cost for each line item 

b. The following categories are 50% of the corresponding current Charter certificate’s expenses. 

c. The remaining 50% of expense has been allocated to the Commuter Airline Division 

i. Advertising 

ii. Amortization 

iii. Bank Charges 

iv. Liability insurance 

v. Health and Worker’s compensation 

vi. Office Expenses 

vii. Rent or Lease of buildings 

viii. Telephone/internet 

ix. QuickBooks Payment fees 

x. Accounting fees 

xi. Consulting fees 

12. Dues & Subscription 

a. Monthly allocation for technical publications 

13. Training & Instruction 

a. Company King Air B-200 pilot training 

b. All training costs allocated over a 12 month period 

14. Travel 

a. All administrative personnel and pilot travel expenses 

b. All travel costs allocated over a 12 month period 

15. Travel Meals 

a. All administrative personnel and pilot travel meal expenses 

b. All travel meal costs allocated over a 12 month period 

16. Scheduling Software 

a. All charter quoting software costs allocated over a 12 month period 

17. Interest on Loan from Owner 

a. A per month total cost for interest for capital requirement loan from Owner 

b. Capital requirement of $651,000 

c. Annual interest rate set at 4.5% 

d. Based on Owner’s total investment to date 
77

 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 

ASSETS

Current Assets

Cash 115,428 98,671 85,616 87,875 89,664 84,549 71,677 100,243 93,303 90,582 86,573 127,154 

Accounts Receivable 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 

Prepaid Expenses 50,000 45,000 45,000 40,000 35,000 35,000 35,000 30,000 30,000 30,000 30,000 30,000 

Total Current Assets 285,428 263,671 250,616 247,875 244,664 239,549 226,677 250,243 243,303 240,582 236,573 277,154 

Other Assets

Certificate 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 

Accumulated Amortization (47,053) (47,664) (48,275) (48,886) (49,497) (50,108) (50,719) (51,330) (51,941) (52,552) (53,163) (53,774)

Total Other Assets 62,947 62,336 61,725 61,114 60,503 59,892 59,281 58,670 58,059 57,448 56,837 56,226 

TOTAL ASSETS 348,376 326,008 312,341 308,989 305,167 299,441 285,958 308,913 301,362 298,030 293,410 333,381 

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable 69,550 71,529 71,094 75,116 82,385 83,262 82,510 86,282 84,387 88,447 80,169 95,726 

Accrued Expenses 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 

Other Current Liabilities

Deposits 105,000 95,000 85,000 75,000 65,000 55,000 45,000 60,000 50,000 45,000 50,000 55,000 

Federal Excise Tax Payable 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 

Total Other Current Liabilities 130,000 120,000 110,000 100,000 90,000 80,000 70,000 85,000 75,000 70,000 75,000 80,000 

Total Current Liabilities 224,550 216,529 206,094 200,116 197,385 188,262 177,510 196,282 184,387 183,447 180,169 200,726 

Equity

Ow ner Equity 865,974 865,974 865,974 865,974 865,974 865,974 865,974 865,974 865,974 865,974 865,974 865,974 

Retained Earnings (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392)

Net Income (10,757) (25,103) (28,335) (25,709) (26,800) (23,403) (26,134) (21,951) (17,607) (19,999) (21,341) (1,927)

Total Equity 123,825 109,479 106,247 108,873 107,782 111,179 108,448 112,631 116,975 114,583 113,241 132,655 

TOTAL LIABILITIES AND EQUITY 348,376 326,008 312,341 308,989 305,167 299,441 285,958 308,913 301,362 298,030 293,410 333,381 

Altius Aviation, LLC

Balance Sheet (Charter Division)

June 2015 to May 2016
78

Consolidated (Commuter and Charter) Income Statement and Balance Sheet

 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Total 

Revenue

Services Net Charter Revenue 63,825 77,025 78,825 81,650 84,588 71,025 82,425 82,665 82,665 82,665 67,665 93,465 948,488 

Management Fees 15,500 15,500 17,500 17,500 17,500 19,500 19,500 19,500 19,500 19,500 19,500 19,500 220,000 

Co-Pilots PC 12's 2,954 2,215 2,954 5,908 5,908 5,908 4,431 4,529 4,529 4,529 4,529 8,960 57,354 

Ow ner Revenue 119,133 108,933 119,133 135,142 145,558 159,933 139,533 140,893 140,893 140,893 140,893 202,093 1,693,033 

Pass through Revenue 5,957 5,447 5,957 6,757 7,278 7,997 6,977 7,045 7,045 7,045 7,045 10,105 84,652 

Micro Airline Revenue 275,550 450,450 427,350 448,800 612,700 573,100 616,000 776,600 726,000 794,200 675,400 697,400 7,073,550 

Total Revenue 482,919 659,570 651,719 695,756 873,531 837,463 868,866 1,031,232 980,632 1,048,832 915,032 1,031,523 10,077,076 

Cost of Goods Sold

Aircraft Leases 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 132,000 

Write off King Air Repairs 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 1,585 19,020 

Aircraft Maintenance 6,250 8,333 8,333 8,333 8,333 6,250 8,333 8,333 8,333 8,333 6,250 8,333 93,750 

Engine Reserve 6,875 9,167 9,167 9,167 9,167 6,875 9,167 9,167 9,167 9,167 6,875 9,167 103,125 

Altius Company Pilots 86,154 60,692 59,154 85,154 86,692 85,154 112,692 111,154 111,154 112,692 111,154 111,154 1,133,000 

King Air Pilots 10,615 13,269 10,615 10,615 13,269 10,615 13,269 10,615 10,615 13,269 10,615 10,615 138,000 

 Total Pilot Services 96,769 73,962 69,769 95,769 99,962 95,769 125,962 121,769 121,769 125,962 121,769 121,769 1,271,000 

Landing fees 8,350 13,650 12,950 10,800 14,850 13,850 14,900 17,950 16,800 18,400 15,350 15,850 173,700 

Ramp Fees 8,350 13,650 12,950 10,800 14,850 13,850 14,900 17,950 16,800 18,400 15,350 15,850 173,700 

Aircraft Rental 266,917 350,520 348,331 326,287 405,907 402,851 400,834 456,175 436,022 464,139 410,225 480,275 4,748,484 

Support Staff Airline 34,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 221,000 

Customer Service 8,350 8,750 7,950 8,400 8,350 7,950 8,800 7,950 7,600 8,800 7,950 8,350 99,200 

Reservation Service 3,257 5,324 5,051 5,304 7,241 6,773 7,280 9,178 8,580 9,386 7,982 8,242 83,597 

Suplimental Lift Cost 2,619 4,281 4,061 3,387 4,657 4,343 4,673 5,629 5,268 5,770 4,814 4,971 54,472 

Contract Maintenance 20,875 38,045 36,375 28,920 39,365 36,705 39,250 49,035 45,760 49,680 40,535 41,705 466,250 

Ow ner pass through expenses 5,957 5,447 5,957 6,757 7,278 7,997 6,977 7,045 7,045 7,045 7,045 10,105 84,652 

Sales Commissions 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 

Fuel Expense 87,716 138,853 132,762 114,054 151,771 137,782 152,139 178,679 168,471 182,594 150,968 160,339 1,756,130 

Total Cost of Goods Sold 578,869 709,566 693,241 667,564 811,316 780,581 832,799 928,444 891,201 947,261 834,698 924,540 9,600,079 

Gross Profit (95,950) (49,995) (41,522) 28,193 62,216 56,882 36,067 102,788 89,432 101,571 80,334 106,983 476,997 

Expenses

Payroll Expenses 19,065 23,832 19,065 19,065 23,832 19,065 23,832 19,065 19,065 23,832 19,065 19,065 247,850 

Advertising 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 

Amortization 611 611 611 611 611 611 611 611 611 611 611 611 7,333 

Bank Charges 150 150 150 150 150 150 150 150 150 150 150 150 1,800 

Dues & Subscriptions 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 14,700 

Liability 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 

Health & WC 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 

Office Expenses 300 300 300 300 300 300 300 300 300 300 300 300 3,600 

Training & Instruction 113,535 1,535 1,535 57,535 1,535 57,535 1,535 1,535 1,535 1,535 1,535 1,535 242,420 

Rent or Lease of Buildings 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 30,300 

Telephone/Internet 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 

Travel 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 

Travel Meals 400 400 400 400 400 400 400 400 400 400 400 400 4,800 

Scheduling Softw are 725 725 725 725 725 725 725 725 725 725 725 725 8,700 

QuickBooks Payments Fees 20 20 20 20 20 20 20 20 20 20 20 20 239 

Accounting Fees 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 

Consulting Fees 2,236 2,236 2,236 2,236 2,236 2,236 2,236 2,236 2,236 2,236 2,236 2,236 26,833 

Interest on Loan to Ow ner 4,470 4,551 4,551 4,470 4,551 4,470 4,551 4,551 4,390 4,551 4,470 4,551 54,125 

Total Expenses 157,763 50,609 45,843 101,763 50,609 101,763 50,609 45,843 45,683 50,609 45,763 45,843 792,701 

Net Operating Income (253,713) (100,605) (87,365) (73,570) 11,606 (44,881) (14,543) 56,945 43,749 50,962 34,571 61,140 (315,704)

Altius Aviation, LLC

Income Statement (Consolidated: Commuter + Charter)

June 2015 to May 2016
79

 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 

ASSETS

Current Assets

Cash 610,248 504,963 403,991 277,080 297,817 247,631 173,912 264,643 291,522 350,293 366,993 451,729 

Accounts Receivable 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 

Spare Parts Inventory 100,000 100,000 100,000 150,000 150,000 150,000 200,000 200,000 200,000 200,000 200,000 200,000 

Prepaid Expenses 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 

Total Current Assets 890,248 784,963 683,991 607,080 627,817 577,631 553,912 644,643 671,522 730,293 746,993 831,729 

Other Assets

Certificate 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 

Accumulated Amortization (47,053) (47,664) (48,275) (48,886) (49,497) (50,108) (50,719) (51,330) (51,941) (52,552) (53,163) (53,774)

Total Other Assets 62,947 62,336 61,725 61,114 60,503 59,892 59,281 58,670 58,059 57,448 56,837 56,226 

TOTAL ASSETS 953,195 847,299 745,716 668,194 688,320 637,523 613,193 703,313 729,581 787,741 803,830 887,955 

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable 147,326 152,035 147,817 153,865 172,385 176,469 176,682 194,857 187,377 199,574 176,092 194,077 

Accrued Expenses 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 

Other Current Liabilities

Deposits 105,000 95,000 85,000 75,000 65,000 55,000 45,000 60,000 50,000 45,000 50,000 55,000 

Federal Excise Tax Payable 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 

Total Other Current Liabilities 150,000 140,000 130,000 120,000 110,000 100,000 90,000 105,000 95,000 90,000 95,000 100,000 

Total Current Liabilities 322,326 317,035 302,817 298,865 307,385 301,469 291,682 324,857 307,377 314,574 296,092 319,077 

Equity

Ow ner Equity 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 1,615,974 

Retained Earnings (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392) (731,392)

Net Income (253,713) (354,318) (441,683) (515,253) (503,647) (548,528) (563,071) (506,126) (462,377) (411,415) (376,844) (315,704)

Total Equity 630,869 530,264 442,899 369,329 380,935 336,054 321,511 378,456 422,205 473,167 507,738 568,878 

TOTAL LIABILITIES AND EQUITY 953,195 847,299 745,716 668,194 688,320 637,523 613,193 703,313 729,581 787,741 803,830 887,955 

Footnotes: 

The Ow ner Equity is the December 2014 balance of 465,974

Expected Capital requirements of ongoing Charter Division 400,000

Expected Capital requirements of Commuter Airline Division 750,000

Total Ow ner Equity 1,615,974

June 2015 to May 2016

Altius Aviation, LLC

Balance Sheet (Consolidated: Commuter + Charter)
80

Estimate of Capital to Commence Operations

It is estimated that $940,000 will be needed to commence the commuter operations as detailed in this document. The basis of 

this estimate is as follows: 

1. Startup – Pilot Salaries ($22,500) 

 For the month prior to starting operations: 

 4 pilots salaries (1st month only) 

 A. 2 PIC each at $80,000/year 

 B. 2 SIC each at $50,000/year 

2. Startup – Pilot Benefits ($4,500) 

 For the month prior to starting operations: 

A. 4 pilots salaries (1st month only) 

 B. Based on 20% of each salary 

 

3. Startup – Pilot Training ($56,000) 

A. A per event cost for full crew per aircraft flight training 

 B. 2 PIC costs $10,000/pilot/class – Flight Safety 

C. 2 SIC costs $18,000/pilot/class – Flight Safety 

D. Four crew members per aircraft 

E. $56,000 per training event 

4. Startup – Support Staff ($17,000) 

For the month prior to starting operations: 

A. First month total cost for three employees for both salaries and benefits 

 - 2 Flight Followers $40,000/year each, plus 20% for benefits 

 - 1 Maintenance Director $90,000/year, plus 20% for benefits 

5. Stocked aircraft parts at each location of operation ($200,000) 

A. 8 locations with $25,000 per location 

 

6. Estimated losses for the first six months of operation including start-up costs ($525,000) 

7. Estimated miscellaneous costs for the first six months of operation ($13,000) 

8. Working capital deficit as of December 31, 2014 ($115,417) 

Description of Proposed Form and Source of Capital to Support Commuter Operations

Financial statements and supporting financial information have been submitted under seal in accordance with Rule 12 of the 

Department’s Procedural Rules. 

There are no outstanding judgments against the applicant, relevant corporations, key personnel employed by each, or any 

person having substantial interest in the applicant.
81

COMPLIANCE 

DISPOSITION 
82

5. COMPLIANCE DISPOSITION 

There are currently no pending enforcement actions or formal complaints involving the Statute, and the rules and regulations of 

the Department, including the FAA, involving the applicant, its key personnel, relevant corporations, including any other 

company in which the directors, principal officers, or owners of the applicant have or once had a substantial interest, or persons 

having a substantial interest in any of these companies. 

Compliance letters have been signed and inserted with the resumes in this application. 

There have been no aviation related related accidents or incidents which the applicant or any of the key personnel has had either 

during the year preceding the date of the application, or at any time in the past that remains under investigation by the FAA, the 

NTSB, or by the company itself. 

Altius Aviation, LLC received a Letter of Correction in August, 2011 due to a conflict in its manuals relating to duty periods 

and rest time. A Warning Letter was received in September, 2011 due to the operation of an aircraft with an open discrepancy. 

These have been resolved and are not outstanding issues. 
83

APPENDIX 
84

6. APPENDIX 

Exhibit A
85
86

Exhibit B
87

Exhibit C
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109

Exhibit D
110
111

Exhibit E
112
113

Exhibit F
114

Exhibit G
115

Exhibit H

Operational and Revenue Forecast By Aircraft

Aircraft #1

HPN-BED

Operational Statistics

and Revenue Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Scheduled Ops (Dep and Arr) 167 175 159 168 167 159 176 159 152 176 159 167 1,984

Total Seats 1,336 1,400 1,272 1,344 1,336 1,272 1,408 1,272 1,216 1,408 1,272 1,336 15,872

Stage Length (miles) 158 158 158 158 158 158 158 158 158 158 158 158 158

Projected Load Factor 37.5% 37.5% 37.5% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 46.8%

Projected Passengers 501 525 477 672 668 636 704 636 608 704 636 668 7,435

Available Seat Miles (ASMs) 211,088 221,200 200,976 212,352 211,088 200,976 222,464 200,976 192,128 222,464 200,976 211,088 2,507,776

Revenue Passenger Miles (RPMs) 79,158 82,950 75,366 106,176 105,544 100,488 111,232 100,488 96,064 111,232 100,488 105,544 1,174,730

Revenue Block Hours 181 190 172 182 181 172 191 172 165 191 172 181 2,149

Average One Way Gross Fare $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550

Passenger Revenue $275,550 $288,750 $262,350 $369,600 $367,400 $349,800 $387,200 $349,800 $334,400 $387,200 $349,800 $367,400 $4,089,250

Aircraft #2

HPN-MVY and HPN-RUT

Operational Statistics

and Revenue Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Scheduled Ops (Dep and Arr) - 98 100 48 56 52 50 104 94 92 54 52 800

Total Seats - 784 800 384 448 416 400 832 752 736 432 416 6,400

Stage Length (miles) - 160 160 160 160 174 174 174 174 174 174 174 169

Projected Load Factor - 37.5% 37.5% 37.5% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 46.4%

Projected Passengers - 294 300 144 224 208 200 416 376 368 216 208 2,954

Available Seat Miles (ASMs) - 125,440 128,000 61,440 71,680 72,384 69,600 144,768 130,848 128,064 75,168 72,384 1,079,776

Revenue Passenger Miles (RPMs) - 47,040 48,000 23,040 35,840 36,192 34,800 72,384 65,424 64,032 37,584 36,192 500,528

Revenue Block Hours - 106 108 52 61 56 54 113 102 100 58 56 867

Average One Way Gross Fare - $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550

Passenger Revenue - $161,700 $165,000 $79,200 $123,200 $114,400 $110,000 $228,800 $206,800 $202,400 $118,800 $114,400 $1,624,700

Aircraft #3

ALB-BUF

Operational Statistics

and Revenue Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Scheduled Ops (Dep and Arr) - - - - 74 66 72 72 66 72 70 70 562

Total Seats - - - - 592 528 576 576 528 576 560 560 4,496

Stage Length (miles) - - - - 251 251 251 251 251 251 251 251 251

Projected Load Factor - - - - 37.5% 37.5% 37.5% 50.0% 50.0% 50.0% 50.0% 50.0% 45.3%

Projected Passengers - - - - 222 198 216 288 264 288 280 280 2,036

Available Seat Miles (ASMs) - - - - 148,592 132,528 144,576 144,576 132,528 144,576 140,560 140,560 1,128,496

Revenue Passenger Miles (RPMs) - - - - 55,722 49,698 54,216 72,288 66,264 72,288 70,280 70,280 511,036

Revenue Block Hours - - - - 86 77 84 84 77 84 82 82 656

Average One Way Gross Fare - - - - $550 $550 $550 $550 $550 $550 $550 $550 $550

Passenger Revenue - - - - $122,100 $108,900 $118,800 $158,400 $145,200 $158,400 $154,000 $154,000 $1,119,800

Aircraft #4

SYR-BDL

Operational Statistics

and Revenue Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Scheduled Ops (Dep and Arr) - - - - - - - 24 24 28 24 28 128

Total Seats - - - - - - - 192 192 224 192 224 1,024

Stage Length (miles) - - - - - - - 193 193 193 193 193 193

Projected Load Factor - - - - - - - 37.5% 37.5% 37.5% 50.0% 50.0% 42.6%

Projected Passengers - - - - - - - 72 72 84 96 112 436

Available Seat Miles (ASMs) - - - - - - - 37,056 37,056 43,232 37,056 43,232 197,632

Revenue Passenger Miles (RPMs) - - - - - - - 13,896 13,896 16,212 18,528 21,616 84,148

Revenue Block Hours - - - - - - - 26 26 30 26 30 139

Average One Way Gross Fare - - - - - - - $550 $550 $550 $550 $550 $550

Passenger Revenue - - - - - - - $39,600 $39,600 $46,200 $52,800 $61,600 $239,800

2016 Total

2015 2016 Total

2015 2016 Total

2015 2016 Total

2015