# BEFORETHE DEPARTMENTOFTRANSPORTATION OFFICEOFTHESECRETARY WASHINGTON,D.C.
Applicationof) ) 

# MenagerieEnterprises,Inc.d/b/a)DOCKETDOT-OST-2014-0192 MonarchAir) ) 

# Forauthoritytoconductscheduled) Passengeroperationsasacommuterair) Carrierunder49U.S.C.41738)

APPLICATIONOF MENAGERIEENTERPRISES,INC. D/B/AMONARCHAIR SupplementalResponsetoSecondInformationRequest Communicationswithrespecttothisdocumentshouldbesentto:

February25,2015RebeccaB.

# MacPherson JonesDay 51LouisianaAve.,NW Washington,DC20001 Telephone:202-879-3939 Fax:202-626-1700 Email:rmacpherson@jonesday.com

# ApplicationofBEFORETHE DEPARTMENTOFTRANSPORTATION OFFICEOFTHESECRETARY WASHINGTON,D.C.
MenagerieEnterprises,Inc.d/b/a MonarchAir) ) 

# ) ) ) 

# ) ) )

# DOCKETDOT-OST-2014-0192
Forauthoritytoconductscheduled Passengeroperationsasacommuterair Carrierunder49U.S.C.41738

APPLICATIONOF MENAGERIEENTERPRISES,INC. D/B/AMONARCHAIR SupplementalResponsetoSecondInformationRequest
FinancialPositionandOperatingPlans Anapplicant forcommuterauthorityisexpectedtobepreparedtofullyprosecuteitsapplication atthetimeitisfiled.Withrespecttofznancialfitness,theapplicantisrequiredtoprovide current financialdata,andthreeyearsof historic financialdata,togetherwithadetailed forecastof itspre-operatingcostsandapro-forma forecastprofitandlossstatementreflecting allrevenuesandexpensestheapplicantexpectstoearn/incurduringits firstyearof actual commuteroperations.Inaddition,thecompanymustdemonstratethatithasobtainedallof the fundingneededtomeetour financialfitnesstestor,ataminimum,thatithasareasonableplan fordoingso.Pleaseprovidethefollowing: IntheDecember23,2014,submission,youindicatethat1\1onarchwillneed$422,349to commencetheproposedcommuteroperations.DoesMonarchconsiderthisasitspre-operating cost forecast?

# If so,pleaseexplainhowthesecostswerederived.

# {f not,pleaseprovideapreoperatingcostforecastthatident{fzesallcostsexpectedtobeincurredbyMonarchpriortothe actualstartof itsoperations. 

# ThefollowingresponseisprovidedasaresultofMonarchAir'supdatetoitsBalance Sheet(attachedExhibit1)andProjectedRevenuesandExpenses(attachedExhibit2).Monarch estimatesthatthepre-operatingcostforecastwillbeapproximately$157,000.Thatcostconsists ofthefollowing:

2

# Professionalservices(i.e.,legalandaccountingfees) Andapplicationfee Salariesfortwo-mancrew Aircraftinsurance InitialTraining$60,000 $25,800 $3,000 $70,000
Inaddition,asindicatedonthespreadsheetprovidedasExhibit2tothissubmission,the firstyear'soperatingexpensesareanticipatedtocostatotalof$6,317,469.16.Asimple25%of thesecostsresultsinaprojectedfinancialfitnessthresholdof$1,736,367.29($1,579,367.29+ 

# 157,000). Certification Thecontentsofthisapplicationandtheattachedexhibitsaretrueandcorrecttothebest ofmyknowledgeandbelief.PursuanttoTitle18UnitedStatescodeSection1001,I,Trey Sawtelle,inmyindividualcapacityandastheauthorizedrepresentativeoftheapplicant,have notinanymannerknowinglyandwillfullyfalsified,concealedorfailedtodiscloseanymaterial factormadeanyfalse,fictitious,orfraudulentstatementorknowinglyusedanydocuments whichcontainsuchstatementsinconnectionwiththepreparation,filingorprosecutionofthe application.Iunderstandthatanindividualwhoisfoundtohaveviolatedtheprovisionsof18 U.S.C.section1001shallbefinedorimprisonednotmorethanfiveyears,orboth.

Attachments: Exhibits



# 3Balance Sheet Month

I Month
2 Month

.1 Month

4 Month

5 Month<> Month

7 Month

8 Month

9 Month 10 Month II Month 12 ASSETS Current Assets Cash 434,070(>.1 309,29154 299202.72

,14 L947 14 445A.15

..13 440..10·1 47 558,864 86 517.577.58 525,798 .12 527,703 71 529,629 02 454,555
19 Accounts Receivable
551 182 28 55 L 182.28 55LI82 28
55 Ll82.28 55LI82 28 55LI8218 55U82 28
55 u 82.28 55LI82 28 55LI82.28 551.182 28
55 L 182.28 Loans to hnployecs 8200 ()() 8,200 00 8200 00 8.200.00 8,200 00 8,200 ()() 8.200 00 8200 00 8200.00 8.200 00 8,200 00 8200.00 Fuel Credtt Retimds Reccmrhle

() ()() 000

0 00 ()()()

() 00

0 ()()

0 00

() 00

() 00

() 00

() 00 277.571.40 Imentones ·12.U87 76 42.1. 787.76 423,787.76 423,787 76 423.787 76 423,787 76 423,787 76 423,787.76 42.U87.76 421.787 76 423,787 76 42.1)87 76 Prepmd Insurance 5.277 08 5,27708 5,277.08 5,277 08 5277 08 5)77 08 5,27708 5,27708 5.277.08 5.277.08 5.277.08 5.27708 l'otal Current i\sscts 1,42251775 U97,B866 1287.649
84 L430394 26 1.433,882 45

I 428)5159 L547Jll98 1506,02,1 70 1.514,245 44 1516.150.83 L518,07614 L720573
71 Fixed Assets Maduncry
& Fqtnpmcnt 70,1.19 20 70J39 20 70,13920 70.139.20 70,1.1920 70,139.20

70, 1.19.20 70,13920 70.139.20

70, 1.19.20 70,13920

70, 1.19.20 ;\Jcran
& Am:raH Eqwpmcnt 61(>.825 94 616.825 94 616,825 94 616.825.94 616,825 94 616.825.94 616,825 9,+ 616.825.94 616,825 94 616,825 94 616.825.94 616,825 94 Rtse A1rcrail

2

0 00

0 00

0 00 2.50(),()00.00 L500Jl00 00 2.500,000 00 2,500,000 00 2,500,(100.00 2,500,()00 ()() 2,500,1100 00 2500,(100 00 2500,000.00 RJSe i\Jrcrall

3 0.00

() 00

() 00

() 00

() 00

() 00 2.500.000 00 2,500.000 00 2,50(),(100 00 2,500_000.00 2,500,()00 00 2.500,000.00 Fun11turc

& Ftxturcs ·+8,845 47 48.845.4

7 ·18,845 47 -18,845

4 7 48,8+547 48.8,15
n 48,845.47 48,845 47 48,84547 ,18,84547 48.845 47 48,845 47 Computer Equipment 54,<>16 46 54,61646 54,616 46 54,61646 54,61646 54,616 4(> 54,616.46 54_616.46 54J>I6 46 54,61646 54,61646 54,616.46 Lcase!Hlld Impron'mcnts 90,74.1 70 90,74.1 70 90.74.1.70 90,743 70 9(1,741.70 90.741 70 9(1,743.70 9(),74.170 90,741 70 9(),743.70 90.741.70 90,74370 Accumulated lkprectatton -725.371 67 -729.5.18.34 -71.U0501 -757.705 01 -78L705 01 -805,705
01 -859.455

0 I -913.205

0 I -966,955
01 -1Jl20.705
01 -L074.455

01 -I 128.205 01 Total Ftxed Assets 155.799
10
15 L6.12.43 147,465.76 2.62.1.465.76 2.599,465
76 2575.465
76 5,02L715 76 4,967.965
76 4.914,215 76 4.860.41>5 71> 4,80(>,715 76 4,752,965 76 Other i\ssets !\trcratl Insurance Deposit I·U14M 14Jl464 14,13464 14,134 64 14,134 64 I,UJ,l64 14,134.64 14.1.1464 14.1.14 64 14J34.64 14.114 64 14.134.64 Aircraft Escrow

I >cposils 57,191 63 57.491.61 57.491.63 57.491.63 57.491.63 57.491.63 57A916.1 57.491.63 57.491 61 57.491.61 57.491.61 57.491.63 Aircraft Purchase

I kpmats 15.000 ()() 15,()00 ()() 15,000 00 15.000.00 15,(100.00 15JJOO 00 l5Jl00 00 15,()()() 00 15.000 00 15Jl00.00

15 000 00 15.000 ()() COil Checks O!llstandmg IJJOO 00 LOOO 00 1.000 00 LOOO 00 LOOO 00

I JlOO.OO 1,000 00 1,000.00 1.000.00 1.000 00 LOOO 00 1,000 00 Ikpostls 15.565 00 15565.00 15,565 00 15.565 00 15,565 00 15.565 00 15.565.00 15,565 00 15.565.00 15565.00 15,565 00 15.565 ()() Gift Certificates Outstanding IVJOO 149.00
149 00 149.00 149.00
149 00 149.00 149.00 119.00

149 00 149.0(1

149 00 Total Other Assets

I 03.340 27 103..:140 27 IO.U40.27 103.340.27 103.34027 101,:14027 103.340 27 103340.27 103.140 27 103

..140 27

I 0.1,1·10 27

I 03.340.27 TOTAL ASSETS 1.68L657.12 1552.711
1() 1.538.455.87

4J 57,200.29
4J 36.688 48 4J07,55762 6,672.368

0 I 6,577330
73 6.5.11 ,801.47 6.479.956.86 6.428,132.17 6,576,879
74 LL\BILITJES A:\ll EQI TrY Accounts Payable 874,696.81 874.696.83 874.696 83 874.696.83 874,696 81 874.696.83 874,696.83 816,678 06 816,678 06 81(),56058 804.791 20 766,] 15.56 N I' - l.egaC\ Texas Bank 643.644.64 610,889
15 617,788.80 604,909 61 59L878.19 578,875 02 565,72.1 04 552594.70 5.19,401.53 526,()68.74 512,750.62 499292 37 LOC

- Legacy Texas Bank 297J100 00 297,()(10 00 297.000.00 297,000 00 297,(100.00 297,()00 00 297,(100 00 297.000.00 297.(100.00 297,(100 00 297,()00.00 297JJOO 00 LOC

- Legacv Texas Bank (RISe)

0 00

0 00

0 00

() 00

0 00

0 00 0.00

0 00

() ()()

0 00

0 00

0 00 Loans from Shareholder 50.000 00 50,000 00 50,(100.00 50,000.00 50Jl00 00 50Jl00 00 50JJOO 00 50Jl00.00 50,(100 ()() 50.000 00 50,000.00 50.000 00 Payroll Tax Liability

0 06 0.06 0.06 0.06 0.06 0.06

0 06 0.06 0.06 0.06 0.06

() 06 LOC-BB&T

0 00

() 00

0 I)()

0 ()()

0 00

0 00

() 00

() 00

0 00

() 00

() 00

() 00 Sales Tax Payable 18J.J2.% 18.142.56 18.142.56 18J42.56 18.142 56 18J42 56 18J42 5(, 18J4256 18.142 56 18J42.56 18,142.56 18.142.56 Exhibit

1Total

(_ 'wTcn1 **L~ahilit!cs**LXX3,4S·l 09 LX7tU2R 60

I ,857J>28 25 1.844,749 06 L81U17
64 1.818,714.47

I _805'>62.49 U34AI518 L72L22·l21 UOU71 94

I.68? .1>8544 1.630,750 55 Other Liabilities NP RJSc A1rcralt

2
2,500Jl00 00 2.483,900 29 2.467.733 49 2,451.499
:n2A35Yi7
53 2.418.82781 2AtP.l89 88 2.385.8.13.46 2.369.308.26 NPR1se Annan

1

2,500.000 00 2.483.900 26 2,4(>7.733 49 2.4.51.499
33 2.435.197
53 2,418.827
81 Loan

-TreyA \"tatJon,Inc 14.900 00 14')00 00 14.900 00 14.900.00 14.900.00 14.900 00 14.900 00 14.900 ()() l--1.900 0014.900 ()() 14.900 ()() 14,900 00 Loan- Trc\' i\\'>atton
Ll .C 49.600 00 ·19.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.i>OO 00 49.1>00 00 ·19.600 ()() 49.600 00 Refwtdahlc lnstlrance Ikposlts 16,92336 16.92.1 36 16.923 36 16.923 36 16.92.1.36 16.923 36 !(,_923 ,36 1(1.923 36 16.923

..36

I11.923 36 16.923.36 16.923 3(J Total Other **L~abilit1cs**81.42.1 36 81.42\.36 8L-!23.36 2.581,423.36 2_5()5.323 65 2.549.156.85 5.(132.922.69 5.000.521

15 4'!67.984
M1.9.15.312.57 4.902.4.54
35 4.869.55943 Eqwty Capital Stock 1.000 00 1.000 00 1.000 00 1.000.00 1.000 00 1.000.00 1.000.00 1.0()() 00 1.000 00 1.000 00 1.000.00 1.000 00 AddttJOnal Pa1d in Capttal 3.89-l 67 3,89467 .l.X'1467 3.894.67 .1.894 67 3.894 67 .3.89467 3,894 67 3.89·1 673.89-1 67 3.894 673.894.67 Rctamcd **l~arnings**-544.11387 -544.11.1 87 -544.113.87 -54-U 13.87 -544.113 87 -5H.113S7 -544.113.87 -544.113.87 -54-U 13.87 -544.11.3 87 -544.113.87 -544.1!.3.87 Re\ cnucs

( )\·cr

(l Jndcr) Expenses 2.55.%8 87 !.39. 778 60 1.18.1123.46 170.247 07 27R.866.39 278.905 50 37.1.102 03 381.613 40 381.811.80 382.091 55 382.21us 615.788.96 Totall'qlllt\' -28.3.25033 -.199.440 (J()-400.595.74 -268.972.13 -26tU52
81 -2(J(UI3 70 -166.117.17 -157.605.80 -15740740 -157.1271>5 -157.007 (J2 76.569.76 TOTAL LIABILITIES

& 1.681.1157
12 1.552.71136 1.538.-155.87 4.157.200 29 4.13(>.1>88 48 EQlTIT

4.107.557
62 1>,6 72.368

0I 6.577..130
7.1 (,_531.80147 6A79.956 86 (J.-128. 13217 6.576,879
74 * There will be cnnstdcrahlc amountof cash hmld upthat will be used to paydown the LOC Legacy Texas Bank liabhty acccountTh1s is not currently reflected onthe balance sheet asthe exacttuncof tins has **~"d**tobe dcknmneJBalance Sheet- :\on-Rise Operations Month

I Month
2 Month

3 Month-! Month' Month

6 Month

7 Month

8 Month Y Month 10 Month II Month 12 ASSETS

l 'urrent Assets Cash 216.278 38 207.183 29 198.594-17 189.1>60 79 180.948 27 172.1183 52 163.247 02 96.2-+2 9-l 87.281.27 72.12929 57.202.79

9 ..174.70 Accounts Receivable 551.18228

55

I 182.28

55 1.182.28 551.182.28 551.182 28 551.18228 551.182 28 551.182.28 551.182.28 551.182 28 551.182.28 551.182.28 Loans to l:inployees 8.200 00 8.200.110 8.200 00 8.200 ()() 8.200.00 8.200 (1(1 8.200 00 8.200 00 8.200 ()() 8.200 (I() 8.200.00 8.200 00 Fuel Crcd1t Refunds Rccctvable

() 00

0 00

() ()()

0 ()()

0 ()()

() 00

0 ()()

() 00

() 110

() ()()

() 00 130.000.00 lnycntoncs 423.787 76 423.787.76 423.787 76 -123.787 76 423.787 76 423.787 76 423.787 76 -123.7X7 76 -123.7X7.76 423.787 76 -123.7S7 76 423.787 76 Prepaid Insurance 5.277 118 5.277 08 5.277 08 5.27708 5.277 08 5.277 08 5.27708 5.277 08 5.277 ox 5.277 OS 5.277.08 5.277.08 Total Current Assets 1.2114.725 50
I, 195.630.41

Ll 87.041.59 1.178.107.91

I 169.395 39

I 160.530 6-1

I 151.6'14 14 1.08-1.690 06

I JJ75.728 39 !060.576
41 !045.649.91

I 128.02182 Fixed Assets Machmerv

& Equipment 70.139 20 70,139.20 70.139 20 70.139.20 70.139 10 70,139 20 70.139 20 70.139.20 70.139.20 70.139 20 70.139 20 70,139.20 A1cratl & Aircraft Fqwpmcnt 616.825.9-l 616,825.94 616.825 94 616.825.94 616.825.94 616.825 94 616.825 9-1 616.825 94 61 h.825 94 616.825.94 616,825.94 616.825 94 Furniture

& Fixtures -18.84547 48.845.47 48,845.47 48.845.47 48.845.47 48.845 47 48.84547 48.845 47 -lX.84.'.47 48.845.47 48.845 47 48.845 47 Computer Equipment 54.616 46 5-1,616 46 54.610.41\ 54.61646 54.616.46 54.616 46 5-l.616.46 54.616 46 54.616.46 54.616 46 54.616.46 54.616 46 l"cascho!J Impn)\ emcnts 90_743.70 90.743.70 90.743 70 90.743 70 90_743.70 90.743.70 90.743 70 90.743 70 90.743 70 90.743 70 90.743 70 90.743 70 Accumulated Depreciation -725,371.67 -729,538.34 -733.705 Ill -737.871.68 -742.038 35 -746.205 02 -750.371.69 -754.538.36 -758.705 03 -762,871 70 -767.038 37 -771,205 04 Total Fixed Assets 155.700.10 15163243 1-17.465 76 143.209.09 139.132.42 134.%5 75 130.799 08 176_632 41 122.465.74 118.299 07 114.132.40 109.965 73 Other Assets Aircraft Insurance Deposit 14,134 64 14.134.64 14.134.64 14.134.64 14.134 64 14.134.64 14.134 64 14.134.64 14.13464 14.134 64 14,134.64 14,134.64 Atrcran Esno\\ Deposits 57.491 6.1 57.491.63 57.491 63 57.491.63 57.491 63 57.491 63 57.49163 57.491 63 57.491 63 57.491 63 57_491.63 57.491.63 /\rrcrall Purchase Deposits 15.000 00 15.000.00 15.000 00 15.000.00 15.0111100 15.000 00 15.000.00 15JIOO 00 15.000 00 15_ooo on 15.000 00 15.000.00 COD Checks Outstanding 1000 00 1.000 00 IJJOO 00 1.000 ()() 1.0110 00 1.1100 ()() IJIOO 00 1.000 00 1.000 00 1.000 00 1.000 00 LOOO 00 Deposits 15.565 ()() 15.565 00 15.565 ()() 15.565 00 15.565 00 15.565 ()I) 15.565 00 15.565.110 15.565 00 15.565 00 15565 00 15,565.00 <rift Certificates Outstanding

149 00 149.00 149.00
149 00 149 (I() 149 00 149.00
149 ()I) 149.00
149 00 1-10 00 149.00 Total Other Assets 103_3"10 27

I 03.340.27 103.340 27

I 03.340.27 1113.340.27 103.340 27 103.340.27 103.340 77 103.3-10.27 1113.34027 103,340 27

I 03.3-+0.27 TOTAL ASSETS 1.463.864 87

I .450.603
II 1437.847 62 1.424.747.27

I _41 1868 08 1.398.836 66 1.385.833.49

u 14.662 74 1301_534.40 1.282.215
75 1.263.122.58 1.341,327
82 UARILITIES **A:'~!))**EQJiJTY Accounts Pavablc 87-1.6% 8} 874.696 8.1 874.690 83 874.696.83 874.696 83 874.696.83 874.6'16.83 816.678 06 816.678 ()() 810,560 58 804.792.20 766_315.56 N. P -I ,egacv Texas Bank 6-13,6-+4 64 630.889
15 617.7R8 80 604.909

oI 591.878.19 578.875 02 565.723 04 552.594 70 539.-+03.53 526.068 74
51 '-750 62 499.292 37 LOC

- Legacy Texas Bank 2'!7.000 lltl 297.000.00 297.1100.00 297.000 00 297.1100 00 297.000.00 297.000 ()() 297.000 110 297.0110 00 297,000.110 297.000 110 297.000 00 Loans from Shareholder 50.000 00 50.0110 00 50.000 00 50.000 ()() 50.1100.00 50.0011 ()() 50.000 00 511.000.00 50.0011.00 50.000.00 50.000 00 50_000 ()() Payroll Tax Liability
11.06 0.06 0116

() 06

() 116

0 06

() 06

0 06 0.06

0 06 0.116 0.06 LOC- BB&T

II 00

0 00

II 00

() 00

() 00 000 000

0 00

(I 00

() 00

() 00

() 00 Sales Tax l'avablc 18.142 '>6 18.142.50 18.142.56 18.142 56 18.142.56 18.142.56 18.142 56 18.14256 18.142 56 18.142 56 18.142.56 18,142.56 -rotal Current Lmbiliues 1.883484 09 1.870.728.60 1.857.628 25 1.844.749 06 1.831.717 64 1.818.714 47 1.805.56249 1.734.415 38 1.721224
21 1.701.771.94 1.682.685.44 1.630. 750.55 Other Lwbililies J ,oan

- Trey A Y!atlotL lnc 14.900.00 14.900 00 14.90(1 00 14.900.00 14.900.00 14.900.00 14.900 00 14.900.00 14.900.00 14.900.00 14.900.00 14.900 00 Loan Trev A \latwn LLC 49.600 ()() 49,600 ()() 49.600.00 49.600.00 49.600.00 49.600 00 49.600 00 49.600 ()() 49.600 I)() 49.600 00 49.600.00 49.600.00 Refundable Insurance Deposlls 16.923 36 16.923.36 16.923.36 16.923.36 16.923.36 16.923.36 16.923 36 16.923 36 16,92336 16.923.36 16.923.36 16.923.36 Total Other Ltabililies 81.423.36 81.423 36 81423 36 81.423.36 81.423.36 81.423 36 81423 36 81423.36 81.423 36 81.423 36 81.423.36 81.423 36 Fquitv Capital Stock 1.000 00 t.ooo on 1.1)00 00 IJlOO 00 1.000.00 1.000 ()() LOOOOO IJ)()() 00 LOOO 00 1.000.00 1.000 ()() 1,000 ()() i\ddttJOnal Patd In Capt tal 3.894 67 3.894.67 **3.8~4.67**3.894.67 3.894 67 3.894.67 3.894 67 3.894.67 3,894.67 3.894.67 3.894.67 3.894.67 Retained **l"~arnings**-544.IIH7 -544.113.87 -544.113.87 -544.113 87 -544.113.87 -544,113.87 -544.113.87 -544.113 87 -544.113.87 -544.113.87 -544.113.87 -544.113.87 Revenues Over (Under) Expenses 38,176 62 37.670.35 38.015.21 37.794 05 37.946.28 37,91803 38.()66 84 38.043.20
38. I 06.03 38,23965 38.232.98 168.373.11 Total Equity -50 I .()42.58 -501.548.85
-50 I .203 99 -501.425
15 -501.272.92 -501.301
17 -501.152.36 -501.176 00 -50Lil3
17 -500.979.55 -500.986.22 -370.846 09 TOTAL LIABILITIES

&

I .463.864 87

I ,450.603
II 1.437.847.62 1.424.747.27 1.411.868 08 1.398.836.66 1.385.83349 1314.662 74 1.301.534 40 1.281.215.75 1.263.122 58 U4U2782 EQl!ITYBalance Sheet

-Rise Operations Month

I Month

2 Month

3Month
4 Month

5 Month6 Month

7 Month

8 Month

9 Month10 Month IIMonth12 ASSETS Current Assets Cash 217.79225

I02.108.25 100.608.25 252.286.35 264_487 06 268.220 95 395.617.84 421.334.64 4:>8.517 05 455.564.42 472.426 23 444.980.49 Fuel Tax Credit Recetvabk

147.571.40 Total Current Assets 217.792.25 102.108.25 100.608.25 252.286.35 264.487 06

168.220.95 395.617.84

42 1_334 64 438.517 05 455.564 42 472.426.23 592.551.89 Ftxed Assets Rtsc 1\m:ratt

2

()00

()00

()00 2.50()_()()0 00 2.500.000 ()() 2.500.000 00 2.500.000.00 2.500.000 00 2.500J)()() 00 2.500_000 00 2.500.000 00 2.500_()()() ()() RtseA!fcrall

3000 0.00

0 00 0.00

() 00

000 2500.000 002.500.000 ()() 2.500.000 002.500.000 ()() 2.500.000.00 2.500.000 00 Accumulated

f kprec1atlon

()00

() 00

()00

-P1JB3 33 -39.666 ()6-59.499 99

-I09.083.32 -158.666 65 -208.249 98 -257.833
31 -307.416.64 -356.999.97 Total Ftxcd Assets

()00

0 ()()

0Oil 2.480.161167 2,46<U33.34 2.440.500

0I4.890.916
68 4.841.333.35 4.791,750 02 4.742.166 694.692.583 36 4.643.000 03 Other AS<ets rota!

tlther Assets

000

000

0 00

()00

()00

()00

000

0 00

()00

() 00

() ()()

() ()() TOTAL ASSETS 217.792.25 102.108.25 100.608 25 2.732.453
02 2.724.82040 2.708.720 96 5,286,534
52 5.262.667 99 5.230.267 07 5.197.731

II 5.165.()09 59 5.235.551.92 LIABILITIES **A:'~<**I> EQt:ITY Inc- Legacy Texas Bank (Rise)

I)00

() ()()

() ()()

() ()()

() 00

0 I)()

() ()()

0 00

000

() ()()

0 00

() 00 Total Current Ltabtlitics

I)00

()00

0 00

() 00

()00

() ()()

()00

0 ()()

() 00

() ()()

() ()() ()()() Other Ltahiltltes N. PRtse Atrcrall

2 2.500.000.00 2.483.900.29 2.467.733.49 2.451.499.33 2,435.197
53 2.418.827
81 2.402.389
88 2.385.S3346 2,369,308.26 NT Rise Aircraft

3

2.500.000 00 2.483.900 262.467.733 49 2.451.499.33 2.435.197.53

2.4 18.827.81 lola] Other Liabilities

() 00

() 00

() ()()2.500.000.00 2_483.900 29 2An7.733 49 **~.951**,49\l 33 -1.919.097
79 4.886.561 30 4.853.889.214.821 _()30 99 4.788.13607 1-:qutt\' Capttal Stock

0 ()()

0 00

0 00

() ()()

()00

0 ()()

0 00

0 00

() ()()

0 00

0 ()()

() 00 Additwnal Paid In Capt tal

()00 000

() ()()

()00

()00

() ()()

() 00

0 00

()00

0 00

() ()() 0()() Rctamcd Earnmgs ()I)()

0 ()()

0 00

() 00

() ()()

()00

0 00

() ()()

() 00

0 ()()

0 ()()

0 00 Revenues Over (Under) Expenses 217.792.25 102.108.25 100.608 25 232.453 02 240.920.11 240.987.47 335.03519 343.570.20 343.705 77 343.841.90 343.978.60 447.415 85 Total Fqlllty 217.79225 102.108.25

I00.608 25 232.453.021- 240.920
II240.987 47 335.035
19 343.570 20 34.1.705. 77 **343.84190~ 343.97~.___** 447.415.85 --

# '---

# IIII

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# IIIII

# III

# II

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# d**~** ;;. 

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# I**~**RE\"E:\1 ES **\fon~Rrse**Fcc !t.'\Cnue Rrse rc\cnut' **,\rrcr<~fl**

J D.\1 1/0l" **Rr~e**re\Cllllt: \m:rdtl"' Il\IAIOl' Rrsc rcvenll(' \rrcrart

I D.\1-.\t:s R1sc H.'\l'nue **rnrtr;~!**st.1rt up fee Arrcraft sales & **commrs~ron** Rrsc rc\cnue tldrmng bdled Fuel tax credit for non-R1sc **:Jirl::JLj~~ ~tax** cre(ht fo1 R1se ;wualt

I Fuel tax cred!t for R1sc aHCr<lft Fuel tax credit Cur R1sc di!CJdft G1·oss re' enue COST OF GOOI>S SOUl :\on-RJse mrttdlt npeldtmg C'.pen.<,(' :\on-R1se ,ult:Jd!t msutdiKl' Rtsc <lllTtaft

1 **1nsur;~ncc** Rtsc :mer aCt 2 **1nsur;~nce** R1se al!l'J<Ift

1 msuLmce R1se oHICJaft

I h,mgar fees R1sc a11crd!t

'"' hangm fee.., R1sc dl!l'!clfl

i hang,u fees R1sc **ancr<~ft**

I m!'>ccllancou'l fees R1se HJrcJclft

2 miscellaneous fceo. R1sc **a~rcralt**

1 mhccllnncou;, fees R1se aucnlft

I rcl'ur htshment Rtsc an craft 2 rcfwb1shmcnt Rtsc mrcran

3 rcfurh1shmcm .":on-R1sc ctn\ tramlllg custs R1sc **a~rcralt**

I cten tram In\! costs R1sc ;_mcraft

2 ern\ **tramm~~** co:,t:-. R1sc mrcrat!

1 UC\\ **tr;,nn11~** COS!.'> Non-R1sc **cmc~;dt**fut'! costs R1.c.,c ;_wcran

l fuel cust:-. RISe am::ralt

2 rud **co~h** R1se cl!!Cldft

1 fuel costs ( iround

tT ansportat10n

* ,'l"orHutcratl lease e.'.pcnse {c u olf1cc spave)"""

- l\fnnth

l 550,000 ()() V1X 96,..J. n 5 L2X·:1- oo ()() (J.f_

..:j()() ()() 1.035,8()8,33 ().(J..J-+ \7 I 135410 I .500 00 I .500 00 ·{.b!h h7 L2'SO 00 2 500 ()() 17 OX\ 31 h7JJ20 -+7 1.2511 011 21. 16(1 (,7 :\fnnth,., \lunth

j \,fonth

...J550_000 ()() 550 00(1 00 550,1)()() 00 16fLCJ64 11 **16~L!J6...J-**11 1(ll('l(),..J.11 **02.~92h7** L250 oo1.250 ()() L25fl 00 ()6,1)00 ()() 920,214.33 920,214.33 1,389,407.00 \)_()4...J- 37 9.0-f-+ 17 9JJ44 17 1 L 15..:1-

I 0 11.154

I 0
II. 154 10 1.500 ()() 1.500 00 LSOO (J(J 1.5\10 00 1.500 00 1.500 ()() 1.500 ()(l I_SOO UO 1.500 ()() 1JJ16 h7 1.616 h7 1Jll6 b7 1Jd 6 67 ! .25il 00 L250 IJO 1250 00 1.2511 ()() 2_500 ()() 2_500 00 **'""~.~·00**00 10'.1!00 ()() 17.ox1
n 17.0X1 33 J7J>XJ 33 h7.020 47 h7.02() -1-7 (J7,1J20 47 ()7.(+2017 I .250 00 1.250 ()()

I .250 00 21.](1(1 ()7

2 L I l1(1 fl7 23.1 (}6 67

Projected Revenues and Exu<·nses l\1onth

5 :\lonth

6 \fonth

7 :'vfonth X l\tonth

lJ **~\ilonth**

! 0 **~vtonth**II ivtonth 12 550.000 00 550_000 ()() 550J)00 ()() 55n.ooo oo 550.000 00 550,000 00 5'i0J)()() {)() 550.(1()0 ()() 3hf(l)(J..J- 'l\ 1M(tJ6..J.11 1ML9h4 JJ **Jll~\_l}(J.f**33 l68Y6-l- Jl **'(J~{.C)(J4**1.1 1rJl:(

1 }().:J. 11 J(Jl-L964
n 372j92 67 172,)92

6 7 n:.5CJ2 h7 172,"lJ2 (}7 372.5

1 >:2 67 l72_592

6 7 172.Yl2 67 37:2_592 67 29).632 (17 295.632 h7 2CJSJd2 67 :295,632 67 29S_hl2 67 2'l5,63:2 (J7 l.c5o 110 Lc5o oo

1<::so oo 1_250 ()() t.:5o oo

I.e 5o oo

I .250 00 !_250 ()() \)6Jl)0 ()()

110.(100 00 -l-X_6R.f 06 1h.511 0·1 UU02 R9 1,292,807.00 1.292,807.00 1.(>85,039.67 1.588,439.67 1588A39.!,7 1,588,439.67 1,588,439,()7 1,821,739.65 (J.(J44 37 I)J)..J-+ 37 9Jl..J4 17 9.04..:1- 37 9_0...J-4 .17 9JJ44 37 \)jJ44 17 '!.04417 11.35410

II. 154 10 11.3'410

1 L35..:J- 10 11154 10

II .354 10
II. 154 IO

1 I .354

I 0 1.500 00 1.500 00 1.50() 00 1.500 00 1.500 00 1.50000 1.500 00 1.50000 1.500 ()I) 1.50000 1.500 00 1.500 \)() 1500 ()() 1.500 00 1.501100 uoooo 1.500 ()() 1.50() ()() 1.511000 1.5111100 1.500 00 1.500 00 1.500 00 1.50000 L5UO ()() 1.500 llO 1,500 ()() 1.500 ()() uoooo 1.500 00 1.50() 00 L5fJU 00 LSOO 00

I **~500**llll 1.500 \10 1.500 00 \.50000 1.500 ()() 1.::-oo no 1.500 0() 1.511000 1.500 00 1.500 00 1.500 ()() 3.hl6 (J7 1.hl6 (J7 1.61 (J 67 3,(}1() 67 1JJ1h h7 3,bl6 67
**~.h**1 (J (J7 lJJI h 67 3.h!6 67 3Jd(l 67 L(J16 (J7 3JJI667 3JJl() h7 3_6]667

l.(J 16 67 j_(J](J h7 l.(J!(J (17 1JJ1
(} (17 3.1Jl6 67 1,61 (J h7 1.b](J 67 1,616 CJ7 !.25() 00 L250 ou 1.250 \)() L250 00 L.250 00 1.:so oo 1.250 00

I ,250 00 1.250 00 1.250 00 1.2'50 ()() L250 oo L250 00 1.250 ()()

I ,2"0 00 !.250 ()() -- 00 1.251100 1.250 ()() 1.250 ()I)

I .250 00 1,.250 00 2.500 ()() 2500 ()() 2.500 ()() 2.50(1 ()() '1_500 (){) 2,500 00 :.500 ()() .:::_500 00 105.()()() ()() J7.oxJ
n n.mn11 l?JJXJ 31 17JJXl JJ 17,0S

I l1 17.0R3 l1 1711XJ 11 17.\JRJ l1 67Jl2() cf7 (17_020 -+7 (17.020 47 67.020 47 tJ7.o:::n -+7 (J7_(J2() 47 67.(}2() 47 67.()20 ..:J-7 67.()20 17 h7Jl20 **~7**(J7JJ2() 37 67.020.17 (,7.()C() J7 h7Jl20J7 (17.020 37 67.()20 37 -1-lJ.X-L: 17 **~'l.X-12**

J 7 49,1-\-l-2

3 7 ..:J-9_X42n 41)_iH2 37 4'J.X42 17 1.250 ()() 1.:so oo 1.250 00

I **,:~50**00

I 250 OU

I ,250 00 1.2'0 00 L250 oo 21, ](l(J h7 21.166()7

2i,
I 61} ()7 :23.16h67 23.1Nl67

21, J6(J {J7 21,1h(}67
23,1 (J() 67 Exhibit

2[ ,Jccnses and :-\1m-Rise Ulillntcnam:c Dcpurtment R1se an craft

! mamlt:ndncc department parts and supplws R1sc am:raft

2 mamtcn;mcc department parts ,md supplies R1sc a!rcrall

1 mamtcnancc department parts and supplies R1sc ;:urcralt

! mamtcn;mce Cll!l111C

I t'SCI \CS R1sc a1rcraft

2 matntcnancc cnw:mt,'

1 cscn cs R1sc aJrcrafl

1 mamicnancc P1!ot shop supphes Ramp·lmd1ng 11..·es R1se reqUJred au craft supphcs S:J!cs deparimem expl'nscs **Non~RJ~c**tnp and en.'\\ expenses R1se tnp and **Cll.'\~**expenses (costs are nmmah/ed annss the ·\ctual expenses vvould l!kclv be shghtlv lmvcr wHh fc\\CI aucntl. but pdots will not stav ovcrrnght.
so t SJgndicant Total cost of **~onds ~old**  **Gro~s**pro lit 1cXI'E:\SES Advc!tJSlt1g Bank fees -P Busmess promot!ons
*'' ('hai!tahlc cDntnbuttons l\1onarch charter dcpartmcJlt CXDC!l&C I\fonarch chark'l department expense ,tJ(' (fuel. datab<J:.c subscnptltln:., cxpt'11Sl'S

) ( 'nmpukJ expense and **up~radcs** ( 'nnsuJtmg SCfVICC

H Contract lahor Cicdtt card fees

1 Del!vcrv and t!cJ¥-ht Dues and subscnptwns

** Ftanchtsc1a\.

,., **~011-R!st.'**llnngdt sen Jce<>
20X x: 50()()() 27,5 "l'J 24 IX.111 7l '.811 11 .!JH11 ::;9! 67 2 081 l1 ))() 2lJ (1,q._J.(l 67 340,842.S3 69S.OSS.80

I 7'0 00 I 250 00 250 --Lih6 <11 n_J11_11 2.91
() (J(! 7.166 (17 17.(1(1() 00 ..J.. !(J() b7 2.313 1.1 1.81J 11 !2.0X3 D 5,2(1(1 (17
"OX .11 2()8 1.1 208 33 20R 33 82.500 00 X2.500 00 82.500 00 82.500 00 27.5_N 2..J. 27.519 24 27.539 24 27.5 ;9 24 27.5:N 24 27.539 24 4X.111 71 4X.1.11 73 4X.111 71 48.331 73 4X.lll 73 48.313 73 5.811 .J1 5.8l111 5.Rl111 5.813 l3 4.ll3 11 4.131 )1 4.111 11 4.133 ]] 2'll (,71 291 (J7
29! 67
291 (,7 :::_mn :n 2JJ81 11

2 081 11 2,081 33 L250 oo 1.250 00 !.250 ()() 1_.250 00 2,217 .29 :.217 2_217 29 2.237 29 6.9-f(l ()7 (1,94(1 67 f1,').:f-{l 67 6,lJ.:f-(J h7 **340,8~2.S3 3~2.342.S3** 596,60254 **~91.602.S~** 079,371.80 577,871.80 **792.80~.46**801,204.46 \.750 ()() 1.750 00 1.750 ()() 1.750 00 2';()
250
250
250 1.250 ()() !_250 ()() 1.250 ()() 1..250 {)() :so
250
250
250 --L ](dl 67 .1-_](J() 67

.:J-, ]6(l ()7 4.1()() h7 L1,3)(Jl 11_1n.1:1 11.111.33 **31.311.~3** ::;_()]{) b6 :_l)J() (J(J 2.9\(J h(1 .2.()]6 66 **7~!**(J() b7 7,166 (J7 7.HJ6 h7

7. \()() 67 17.000 00 17.(100 00 17.(100 ()() 17.0()0 ()() 4.!(J6 (J7

--L !(1b67

4. !f1(1 67 4.!6667 2.H111 2.11 13 2.31111 2.31111 1.811 11 U11 11 UCl3 11 un n 12.083
n 12.11X1 11 12.mn 11 12.mn JJ 5.266 (J7 5,2b(1 67 5.266 (17 5,26() (17
20X 33
:::ox 33 208 33 208 31 208 B 208 33 20R .13 82.500 uo 82,500 00 82.500 00 82,500 ()() 1C.500 00 82.500 00 82,500 00 27.'519 2il 275N2-t 27.539 24 27.519 24 27.5.'19 24 27_5 N 24 27.519 24 27.51924 27_5'1') 24 27.51<) 24 27.51') 24 27.539 24 275N24
27.5 N 2-l20,-l.XO h1 20AXO 63 20AXU 63 20.-lXO (J3 20_.:1-80 61 20AXO 63 48J11 7) **-t~·UlJ**71 48.133 73 4X. l11 7J 4R.ll1 71 4Rlll71 lR.111 71 48.313 71 48.331 73 48J11 71 48.311 7l 48.11.1 71 .JXJ11 71 4R.l11 73 1:\945 25 15.945 25 35.945 25 **~'),945**25 35.945 25 15.945 25 5,831 33 5.X33 13 5)01 33 5.811 11 5.831 .ll 5Xl1 11 5JU.131 4.13.1 n U1111 1113 11 4.131 31 4]1113 4.13) 31 4)31 31 29! ()7
.29! (17
.2()1 67
.291 67
291 {>7
2l)J 67
29! ()7 :::_08) n 2,0l(i 31 2,0X1 31 :::.mn n 2.(181 31 :::_mn 13 2JJ8] 33 I .:250 00

00

1 .2-"0 no 1.250 00 L:250 oo 1.250 00 1.250 ()() **~.2i729 ~,237** ::;9 2.217 **.2_2~7**:29 2.237 :29 .2.237 .2') (J_9.:j.(J 67 h.9'Ul (J7 (1_'-l46 67 (1,9-:J-6 (>7 h,9-f6 67 (1.94-6 (J7 6.94() 67 **~91,602.S4**710,737.46 60S,737.46 605.737.4() 605.737.46 60S.737.46 60S,737.46 801,204.46 974,302.21 982.702.21 982,702.21 982,702.21 982.702.21 1.216,002.19 1.750 ()() 1.750 ()() L750 00 1.750 ()I) 1.750 00 1.750 ()() 1.750 ()() 250
250
250
250

::so
250
250 !.250 00 1.250 00

I 250 00 1,2)0 00

I .250 00 1.250 00 1.250 ()() .250
.250
250
.250
250
250
250 --L !6h 67

-l-. ]6() h7 4_]6() 67

4. !(16 67 4,1()() 67

.:J-,1 (J() 67 4.16667 13.331.11 1J.1J1.11 13.313_11 11.DJ,11 'll.lll.ll 11.113.13 33.111.13 2.916 h\1 2_9](16fl 2.\)J(J ()() 2_9! (J hh 2,916 ()() 2,')](1 (J() 2.9](1 6(J 7.166 (J7

7. !<1h 67 7.]6(1 67 7.16b (17 7_!6667 7.16() 67 7Jh(J67 17 000 00 17.()()() 00 17.()1)0 ()() 17.000 ()() 17.000 Oil 17.0011 ()() 17.000 00 4.1()() (J7

-+. !h6 67 .:J-,166 (17 4-.J6(J h7 -+.166 h7

... LJ(J6 (J7 4.1h<> 67 2J33 11 2.311 2..11111 2.11'1 33 2.33111 :.11J l3 2333 JJ LR1111 l.R1113

l.R l1 3.1 UJ111

i.R ll 11 l.R13 11 1.81111 I :::_083 13

! **2.08_~**JJ !2JJXJ

J ·;

! 2.083 .11 12.mn 11 12.{)83 31 12.0R1 1.1 5.26CJ h7 :\266 ()7 5.2(16 (>7 5,266 b7 5.266 b7 5.266 b7 5.266 67Insurance (llO!Hll!Crah) LO(' mtcrest cxpcnc,e R1sc am:ran

2 mtcrcst R1se am:ran

?I mtl'rest e-..::pcnsc R1:o:.e 8Jrnaft

I I .ease Expense Legal and pl \)fcsswna! **serv11.:e~ 0Jon~R1sc** **rmcr<~rt**i\1aJntendnce sen Jce plans **~-teals**and entertainment :'1.1JscdLmcous expense OfTice expense Office supphcs
"* Non-R1se payroll senJce fees Rtsc **pa~**roll serv1cc fees ..1-.< Pnnt1ng and tl'ploductJon costs Rt'f('rt'ntc l1hrarv "''' Rent expense "''' Non-atJct:lil **Rcpmr~**and mamtcnancc **~mall**shop tools "* I nxcs *"' Tckphnne and COn1fl1lll11C<lt!Oll.) !'ram mil and educ,ltton (unrelated
to crl'V\ trdlllll1g, **wh~t:h**
IS a!re<Jdv accounted f(H) rrmd t:nlf(nm_;., l'tJilt!es **~on-R1se**v.:ajli..'S and sa!ancs 1 1nc!udcs pavro!l t,J:\cs and **en1plov~{':**ht:ncfits
Pl Ol!! **<~ms)** R1se wages and sa1ancs admrmstrattYc starr {mdudt•s paytn!! taxes and crnp!ovee benefits
nt **o~1**ams) Rtsc wage;, dlld '>dlanes au craft

1 mmntcnancc (mdudcs pay10!l taxes ;md cmp!ovee bcncftb pro\i,rams) Rtse \\ages and saL:uJe\ a1rcrat1

2 and 3 mamtenam:e {mdudcs payroll and crnployce benellt;,) R1sc zmd saLmes aucraH

I 2 tltg_ht ere'' (mc1udcs pav10ll tilxcs and ernplmee benefits PII.HLrctnb) Rtse \\ages and sa!atJcs aucraH

2 --3 fltght ere\\ ( mdudcs payroll **<~nd** cmnlovce benef1ts
pr ou1 ams)
)4! 67 1.054 6.2 3H,I50 00 .L(,()(Jbh 12JIXJ 13 IOX1 ,13 2,')()() 00 2JJ(l6 {J7 150000 933 ]6(1 1,850 00 27.9](J 67 llll nnn 7.lb6 h7 '1A!h (J7 2 {)j{J (,(, 2,5::-1, 11 250 1.:250 ()() 202,()]6 (J() 8,11111 6,250 ()() ::?::"JWO 00 1.541 67 **1.5/~**

I h 7 U41 67 3,541 67j :2,991 Wl :2JJ49 {)_) 2.H70

I q 2.717 l)61 l ()_ f 16 (l7

1 o, 149 sxl JXJ 50 00 1HJ 50 00 1S_I5000 38,150 ()() 4Jl6h h6 4_(16{) (J6 -Lh6666 4J>(l6 66 12.mn 33 12.mn 33

I 2JH'U JJ

I 2.083 33 1081 11 IIJX1 33 1083 13

I 083 33 2,500 ()() 2,500 ()() 2.500 00 250000 ::?:JJ(l() ()7 2_(J6(J h7 :2JJb6 67 2JJ(l(l 67 .150000 3.50() ()()

.1 5()() 00 ljO() ()() L500 oo uoooo uoo 00 1,500 ()() ](J()
]6()
415
415 X25
X2)

g25

R25 I ,850 00 1850 00 I.K51J 00

I ,850 00 27,\)!6 67 27_

1 )!(1 h7 :27.916 67 27_l)](l 67 Ullll

l. j 13 11
3.3 n J1 lJ.B_B 1_n1
n
1.1 n 33

3, BJ 33 1.133 31 7, ]bh (J7

7. lb6 (17 7_](J() (17

7, \(J(l 67 5.4!6 h7 ::-AIIlfJ7 'lAI6(J7 5_-1-16 67 2,l)j() {J{) 2,91() 66 2_()j() {l(J 2,9!() 66 2 .. :\X' l) 2.5?\3 33 2.:"83 11 2,5Xl 11 250

250
250 1,250 00 USOIIO J,:so oo 3,250 ()() :2U2,()!

11 6f1 202_fllh ()(l 202.()[(1 b6 20:2.916 b(J X,lll13 8.331 11 **~.1ll11**8,11111 (1,250 ()() h,250 ()(} h.:-250 00 (J,25(J ()() IH88 X'J 11.888 X') 25.XOO 00 25.XOU 00 25,800 00 25,801) 00 ".\X,70(J 00

38 71)0 00 1,541 67 ,L541 67 15--1-1 67 3541 67 U41 67 1,541 67 15,11 h7 2.7·-+6 21

40 2J<21 04 2.558 21
2A 14 59 2All :26 2.291

I 3 I 0_2X2 22 !0,214 58 ]\l_l--1-6 (J{) HUl7X 45 IOJJ09 9c, 9,941 IX 9)\72 12 !0_416 il7
!0. )4() 58

1 n.:x2 22 10,214 58

I 0,146 f>()

I 0Jl7X 45 3SJ 5U ()() **1~,150**()() lK.I 5() 00 1XJ 5() 00 1X,I50 00 18,150 ()() **1~J**50()() 4JJ(J(l 66 :l,b()() (J6 -1J>h(l 66 4.6MJ b6 1,6(J(J 66 'tb6b(J(J 4,66() ()() 12JlXl ll 12.mn n 12_083 33 12.mn 33 12JJ:-i11.1 12J)X3 .lJ 12JIX3 11 IOXl )) 1118111

I OX111 IOXJ .11 IOXl 31

I OXl 11 1083 33 2 500 I)()

:2 ..:'100 ()(J 2.500 ()() 2500 00 2.500 ()() 2,500 00 250000 2.bbb 67 2JJ(J6 (J7 2.666 67 2,h6h
6 7 2.666 67 2,666 67 2,666 67 .L5011 00

) 500 ()() 1.500 00 150000 1500 ()() 1500()0 (500 00 I ,500 UO 1.500 ()() 1,5110 ()(I 1.500 ()()

I ,500 00 150000 uoooo ,liS
(J6(J
666
()()()
66(1
()(){)
666 X.25

X25

825

X25

1-\25

X25
X25 I ,850 110

I ,8511 00

I ,850 00

I ,XSO 00

I ,850 00

I 850 00

I ,850 Oil 27.91667 27.916 h7 27,91667 27,()1

() h7 27.()j() b7 27,()!6 (l7 27.l)1

() 67 U11l1 3Jn 1.11111 U33.11 1J11 n nnD L:;:;·; 13 1.3.1111 1_113 11

;, n1 33

1 33133 LBJ 31 1,11' ll 1311 11 7_16(1 fJ7

7_ !C>{l (,7

7, !6() 67

7, j()(l ()7

7. !6() (J7

7_ j()(l {l7 7.166 67 5Alh 67 5A1h 67 SAI(J 67
:SA 16 67 5_41() (J7 5_41(J 67
SA 16 67 :2.()]() b() 2.9](1 ()() 2,9!h (16 :2.fJ]() 6(J 2,9](, ()() :2.9!6 (J(J

:2 ..916 66 2.5R1 33 :,sn 11 2_ss1 :n 2,581 3J :2,583 31 2.SX3 33 2583 33 :250
250

2'10
250
250
250 3 250 Oil .1,250 00 1.250 00 usooo 3.250 ()() 1,250 Oil 1,250110 202.916 ()() 202,9!(1 66

6() 202,916 ()(J 202,9!6 (J() 202,9!() b(J 202,()16 ()() 8Jl11l 811111 **~.lllll**8,111 13 8,13] ll X3ll 11 X,111 11 (){) (),250 (){) ().2"\0 00 6,250 00 h_250 00 (J.::?:50 (){) b,250 00 13,XX8 X(J 1.XXX X9 :;_xsx Wl 1.XX8 8() ll,XXX X'J

1 1)'\SX Xq 13,888 89 25_800 ()() 25_soo on 25_XO(J 00 25JWO 00 25,800 00 25,80() ()(I 25,800 ()() 1X}OO OIJ 18.700 00 18.700 00 18.700 I)() 18.700 ()() 18,700 ()() 18,700 00R1sc \\ages and salanes a1rcraft

J J flight

I

I

I

I

I { mcludes pavro!l taxes

I 18700 ool JX.7oo ool JX.700 ool 18.7110 OOI 18.7001101 18.700 00 cmolovce benefits orogrmm) Total expens(•s 434,920.26 43:1,426.531 43:1,081.671 498,557.391 498,338.071 498,298.961 547,450.181 547,338.811 547,140.411 546,860.661 546,7 40.631 :146,463.23 I

I

I

I

I

I

I Revenue-s over (under) 260,13:1.:14 143,94:u71 142,790.131 294.247.!)71 302,866.391 302,905.501 426,852.031 435.363.401 435,561.801 435,84J.il51 435,%1581 669538.96 ex[!CilSt's before dt'[!rPdation

4, !66 671 -t\6() 671 4,\66 67 I 'l.81111l 19Yl1J11 **19.8~~**33 Deprcc1atwn Income Tax

I

I

I

I

I

I

I
ool 2il,750 OOI 29.750 ool 29.750 oo1 29.750 0111 29.75000 **Ba~m**R!st' An craft
J Revt•nues over (under)

I 255,968.871 139,778.601 138,623.461 270,H7.071 278,866.391 278,905501 373,102.031 381.1>13.401 381,811.801 382,09J.il51 382,211.581 615,788.96 e-xnenses after dt•[!redation

* * denotes indirect costsPro.iecte!l Revenues and Expenses- :'lion-Rise Operations Month

I Month

2 Month

3 Month

4 Month

5 Month

6 Month

7 Month
R Month9 Month 10 Month II Month 12 REVE:'IiliES
Fcc revenue 550J)()() 00 550.0(10 00 550.000.00 550.000.00 550.000 00 550Ji00.00 550.000 00 'i'iO.OOO.OO 550.000.00 550.000.00 :i:iO.OOO 00 550.000.00 AircraH sales & commtssion 1.250 00 1,250.00 1.250.00 1.250 00 1.250 ()() 1.250 ()() 1.250 00 1.250.00 1.250 00 1.250.00 1.250 00 1.250 00 Fnel tax credit for mrcraft

130.000 00 (;ross revenue 551,250.00 551,250.00 551,250.00 551,250.00 551,250.00 551,150.00 551,250.00 551,250.00 551,250.00 551,250.00 551,250.00 681,250.00 COST OF GOODS SOLD Aircraft operating expense 9.(14437 9.044 37 9.044 37 9,044 37 9.044 37 9.044 37 9.044 37 9.044 37 9.044.37 9,()44.37 9.044 37 9.044 37 Aircraft msurancc

I 1.354 10 11.354.10 11.35·110 11.354.10

I 1.354 10 11.354.10

I 1.354.10 IU5410

I U54.10

I 1.354.10

I 1.35410

I 1.354.10 Crew trammg costs 2,500.00 2,500 00 2.500 ()(I 2.50(1 ()() 2.500 00 2.500 00 2.500 00 2.:i00 (I() 2.500 00 2.500.00 2,500 00 2500.00 i\ircrat1 lite! costs 37.083.33 37.083.33 37.083.33 37.083 33 37.1183.33 37.()83 33 37.08333 37.083 33 37.083.33 37.083 33 37.083.33 37.(183.33 Ground transportatiOn

* * 1.250.00 1.250 00 1,25000 1.2:i0 00 1.25000 1.250 00 1.250.00 1.250 00 1.250 00

I ,250 00 1.250.00 1.250.00 Non-aircran lease expense 2.\.166 67 23,166 67 23.166 67
23

..166 67 23.166.67 23.16667 23.166 67 23.166 07 23.16667 23.16667 23.16667 23.166.67 (c.e:., offices 1acc) ** Lll:cnses and tCcs ** 208 33 208.33 208.33 208.33 208.33
208 33 208.33
20R :n 208.33 208.33
208 33 208.33 Maintenance t)cparttncnt 82.500 00 82.500 00 82.500 00 82,500 00 82.500 00 82.5001111 82.500.00 82.500.00 82.500.00 82.500.00 82.500 ()() 82.500.00 Outstdc SCIYICCS **

3. 750.00 3.750 00 3,750 00 3.750 00 3,75000 3.75000 3.750.00 3.750 00 3.750.00 3.75000 3.750.00 3.750 00 Pilot shop supplies

* * 4.333 .B '1.333 33 4.333 33 4.333 33 .:LJ33.33 4.333 33 4.333 33 4.333 33 4.333.33 4.333 33 4.333.33 4.333.33 Rampdanding tees ** 291.67 291.67 291.67
291 67 291 o7 291 o7 291 67 291.67
291 67 291 67 291.67 291.67 Sales department expenses** 1.2:i0 00 1.250 00 1.250 00 1.250 00 1.250 00 1.250 00 1,250 00 1.250 00 1.250 00 1.250.00 1.250.00 1.250 I)() Trip and ere\\ txpcnscs 2,237.29 2.237 29 2.237.29 2.237 29 2.237.29 2.237 29 2.237.29 2.237.29 2.237 29 2.237.29 2,237 29 2.237.29 Total cost of goods sold 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,%9.09 178,969.09 178,969.09 Gross profit 372,280.91 372,280.91 372,280.91 372,180.91 372,180.91 372,280.91 372,280.91 372.280.91 372,280.91 372,280.91 372,280.91 502,180.91 EXPENSES i\dvcrttsing

** 1,750.00 1,750 00 ],750 00 1.750.00 1.750.00 1.7'i0 ()() 1.750.00 1.750 ()() 1.750.00 1.750.00 1.750 00 1.750.00 Bank tees**

250
250
250
250
250
250
250
250
250
250
250
250 Bnsincss promotwns

** 1.250.00 1.250.00 1.250.00 1.250 00 1.250 00 1.250 1!0 1.250 00 1.250.00 1.250.00 1.250 ()() 1.250.00 1.250.00 Chan table contnbntions

**
250
250
250
2'i0
250
250
250
2'i0
250
250
250
250 Monarch charter tkpartmcnt ,l.J(J(\67 4,166 67 expense

4.166.67 4.16667 4,1116 67 4,16667 4.166.67 4,16667 4.166 67 4.166 67 4.166 67 4.166.67 Monarch cl1artcr dcpmimcnt 33.333.33 33.333.33 33.333.33 33.333,33 33.333.33 33333. ".\3 33.333.33 3.1.333.33 33.333,33 33.333.33 33.333.33 33,333.33 expense 41C Computer expense atJd 1.250 00 1.250 ()() 1.250 00 1,250 00 1.250 00 1.250 ()() 1.25!1 00

I ,251! 00

I ,250 00 1.250 00 1.250 00 1,250.00 u 10radcs ** Consulting sctvtcc ** '-!.111667 4.1M67 4.166.07 4.16667 1.16667 4.166 67 4.16667 4.16n 67 :1.166.67 4.106.67 4.166.67 4.166.67 Contract labor "* 15.!100 00 15.000 00 15.000 00 15.000 0!1 15.000 00 15.000 ()(I 15.000.00 15.000 00 15.000.00 15.000.00 15.000.00 15,000.00 Credit card ICes ** 4,166.67 4,166 o7 4.166()7 4,166 67 4.16667 4,166 67 4.166 67 4.16667 4,16667 '1.166 67 4.166.67 4.166 67 Delivery and freight
"* 2.333.33 2.333.33 2.333.33 2.333.33 2.333.33 2333.33 2.333 33 L333 33 1,333 33 2.333 33 2,333.33 2.333.33 Dues and subscnpuons

** 1.583 33 L:iX3.33 1.5X3.33 1.583.33 1.583 33 1.583 33 1.583.33 1.583.33 1.5X3.33 1.583 33 1.583.33 1.583 33 Franchise lax** 3.750.00 3.750.00 3.7SO.OO 3.75000 3.750 00 3.750 00 3.750.00 3,750 00 3,750 ()() 3.750 00 3.750.00 3.750 00 **Non~Rlsc**

I hmgnr scrvtccs 5.2()667 5.266.67 5,266 67 5.266.67 5.16o 67 5.266 67 5.266.67 5.266 67 5.266 67 5.266.67 5.266 67 5.266.67 Insurance (non-mrcrall)

** 3.541 67 3.541.67 3.541.67 3.)41 67 3.541 67 3.5-11 67 3.541.67 3.541 67 3.541.67 3.541 67 3.541.67 3.54167LOC mterest expense 3.054 62 2.993 WJ 2.649 03 2.870.19 2,717 96 2.746.21 2.597-10 2.621 ().! 2.558 21 2A 1·159 2431.26 2.291.13 Legal and professional sen Jccs **1.666 66 1.666 66 1.660 (J() 1.666 i>l> 1,666 66 1.66666 1.666 66 1.606.66 1.666 66 Lh66.66 1.666 66 1.666.66 Aircran Mamtcnancc S(:f\'ICC 12.083 33 12.083 33 12.(183 33 12.083 33 12.083 3.l plans

12.083 33 12.083 33 12.(183

..13 12.083 33 12.(183.33 12.(183 33 12.083.33 Meals and cntertammcnt

** 833 33 X33 33 833.33 833.33 833.33
X33 33 R33 33 833.33
833 33 833.13
833 33 833.33 Mtsccllancous expense ** 1.666.67 1.666 67 1.666.67 1.666.67 1.666 67 1.666.67 1.666.67 1.666 67 L66h.67 1.666 67 1.666.67

I ,666.67 O!Ticc expense

* * 1.60667 1.666 67 1.666 67 1.666.67 1.666 67 1.666 67 1.666 67 1.666.67 1.666 67 1.61>1> 67 1,666.67 1.666.67 Office snpphcs ** 2.500 00 2.500 00 2.500 00 2.500.00 2,500 00 2.500 00 2.500.00 2.500 00 2.500 00 2.500 00 2,500.00 2.500.00 Payroll sen JCC ICes **
933 1.500 ()() 1.50000 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500.00 Printing ami reprodtlc1ion costs **
625
n25
625
625
625
625
625
625
625
625
625
625 Reference librarv ** 1Jl16 67 1.016.67 U11667 1.016 67 1.016 67 1.016 67 1.016 67 1.016 67
LO 16.67 1.016.67 1.016.67 1.016 67 Rent expense ** 27.9161>7 27.916 67 27,916 67 27.916 67 27.91667 27.916 67 27.916.67 27,911>67 27.916.67 27.916.67 27.916 67 27.916.67 **Non-air~**ran Rcpa1rs and 3.333.33 3.333.33 3.333 33 3.333 33 3_333 33 3.333 33 3.333.33 3.333 33 3.333 33 3.333.33 3.333 33 3,333 33 mamtcnancc

** Small shop tools** 3333.33 3.333 33 3.333 33 3.33:1 33 3,333 33 3.333.33 3.333.33 3.333 33 3.333.33 3.333.33 3.3:H33 3.333.33 Taxes** 4.16667 4,166 67 4.166.67 4.166 67 -U6667 4.166.67 4.16667 -!.166.67 4.166.67 4.166 67 4.166.67 4.166.67 Telephone and 5.41667 5..116 67 5.416 67 .'.41667 5.416 67 5..116 1>7 5.41667

5.4 ]() 67 5.416.A7 5.416 67 'i.416.67 5.416 67 commtmicatwns

** Trammg and education (unrelated

to crew 1raming. 2.500 00 2.'i00 00 2.500 ()() 2.500 ()() 2.500 00 1.500.00 2.500 00 2.500 00 2.500 00 1.500 00 2.500.00 2.500 00 which
1s separately accounted !(Jr) ** rravcl ** 2JlX3.33 2.0R3 33 2.083.33 2.0R.l 33 2Jl8333 2JlR3 33 2.083 33 2.()83.33 2.083 :n 2JlR33.l 2.()83 33 2.<183 33 llntl(mns

2'i0
250
250
250
250
250
251!
250
2'i0
250
250
250 llttliltes ** 3.250 00 3.250 ()() 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250.00 3.250.00 Wages and salaries (mcludcs payroll taxes and employee 202.916 6() 202.916 66 202.916 06 202.916 66 202.916 66 202.916 66 202.916.66 202,'116 66 202.916 66 202.916.66 202.916.66 202.916.66 benefits programs) Total expenses 329,937.62 330,443.89 330,099.03 330,320.19 330,167.96 330,196.21 330,047.40 330,071.04 330,008-21 329,864.59 329,88L26 329,741.13 Revenues over (under) 42,343.29 41,837.02 42,181.88 41,960,72 42,112.95 42,084.70 42,233.51 42,209.87 42,272.70 42,416.32 42,399.65 172,539.78 expenses before depreciation Depreciation

- Income Tax 4.16667 4.166.A7 '1.166 67 4.166.67 4,166 67 -1.166 67 -1.166 67 4.166 67 4.166.67 4.166(17 ·1.166 67 4.16667 Basis Revenues on•r (under) 38,171>.62 37,670.35 38,015.21 37,794,05 37,946.28 37,918.03 38,066.84 38,043.20 38,106.03 38,249.65 38,232.98 168,373.11 exJJenses after de >recialion

** denotes indirect costs

# j~L>



# ~**~ ·~** 

# 'g·g'g
;::;:;::;::=:

# 2;

**~ ~:::::25-~-**  

# ::;

=Riscrcquucdam:raft

2_0X\ **1~1**2.Wt131l 2.0X'

2 OX3 3J!
2 UX3 3 l 2JJX; 2JJX3_:nl 2.mu3:; 20X3 2.0X3 2_0X3.i1 Saks department **C"-pen~~·s**
.,, (costs

(, (,_9.-f(, (,71
(,_ 1 ).-f(, (,Jj

(, (j,_j.(, 1>71

(, l).j_(, (,7

()
1 ).-f(, 67 (,_941> (,7 6_9.-f(, h]

(, \).-f(, (,7 (,_l).-f(, (,_(),.J.(, 67 costs arc ll.Q!.l!W:ntlkant

J Total cost of goods sold 16l,tP3.44I 16LS73.44I 163,313.44! .tt7,633.45l 312,633.451 312.633.451 531.768.371 426,768371 426,768.371 426,768.371 426,768.37! 426.768.37 Grossl'rofit .U2,774.89I 207,090.891 205590.891 420.:"23.55! 428,9B.51_ 428,923.55! 602,021.301 610,421.301 610,421.301 610.421.30! 610.421.301 113,721.28 I **EXPE~SES**

I Barth. ('hantabkcontnh_'""':o"':_:ns:.._'-c'+------,,----,-'-_:_:_;_=,c===c;.:-===r===r==--'2-=r====-;====r'-'-'==.:,. { 'omptllcr ,·,pcnsc anlt n CrcJJt rard **JL·c~** Ddt1cn and fretght"'"'" Dues and **sub~utp!ton..,** !IJM,(,(, j(,fJ{J(,(, ]f)l,(,{)(, !(,(!()(,(, j(,(,(, {,(, j(,(,{,(,(, ]6(,(,(,(, j(,(>/!6(! j(,(J(,(,(, ](,(,(,(,(, j(,(,(,fJ(, ]6()(, 66 :\o Ct)St **as~cssed**

Rrsc\\!!l he I!l\OJCcd \Ja a dra\\·d0\\11 unIts letter of F'"'""'·""" "" 11l "'"''I sn1 nl '''' 11l "I
nl x3331JI ""''I

J'l Xl13'11 >3.13331 x.m !ns1uaJKC {non-aucraftl

;-..;o cost assessed

tn mcrea<;c ih a result of the nc'1 R1sc au-craft

7 mtneq

\0 214 "iK J(U46(,6 10.07:\ .t'i \()_{){)i)%

'!_
1 >4\ IN

1J K72 L?. R1sc am:rafl 1mterest C'-pcn:-:e

\() 416 (,7 !0,349 l0,2X2

2 \1!.2!4 "iX 10.\.t(, (,() \0 07X Rtc-:e am:raft

I Lease 1','\pensc 'lK.J 'iO 00 1X hOOO 11-:_\ )() ()() 1X_J-:;o O!J IX !"iO 00 **~X_**

I "O 00 3X !'lO 00 3}L\"i0 00 3X_I.:;o oo! ;x_l.'io oo **~X_!**'iO 00 **~X.!**'iO 00 Legal and pwfcssJona! **\H.:~: ~000** )000 **~000**1000 .\()()() 1000 iOOO **-~000**>000 ':.;{)()() JOOO **~000** 0-1cnls and cntcrt;Hnment

 ~'iiJ** **2'~0**2:"0 250 **.:'~o**2'10 250 .?:"0 2"i0 2'i(l 2:"0 **2'~0** !vhscdlaneous '-'"-PCilSe

n
X l { l} Xl { 1
X l 3 I X33 3_ X33 _)_: **X.~3**3.

X 1\ 11 X:i3 3:
X3 \ 33 X_n 33 X33 3.' X3J 33 Office c'\pcrhl'
*"'

I 000 1000

I 000

! 000 1000 JOOO

I 0{)0 lOOO

I 000

I 000

! 0011

I 000 Pnntmg and rcprodoct1on costs Rdl:JCIKC llhlilr\

H Rent e'\pcnse
"* NlnHmcraft Rcpans and lll<lHIICllil!\CCh Small shop tools **r~'IC]llhme**and uJmmlmtcatHms

20() ()() 200 ()() woo \(j(j(j j.j(,(,(, i-](,(,(,

!OOO! IOOO! !OOO! !OOOI l!HHil 1000 (,(,(: (,(,() (\(,61 (,(,(, (,!)(, (,(,(, 200()() :oo 00 200 (){) 200 ()() 200 ()() 200 ()() 200 ()()j 200 (){) 200 ()() 200()(1 0-:o cmt **as~cs~ed**agaJJlo-t R1sc opcratmm became costs me not C"-pcctcd
to **mcrca~c**

a Jcst!lt of the llC\\ opcratlons Nu cost assessed **agmn~l**Rtsc **opetatron~**because costs arc not c'\pcctcd
tn mer case as a result of the nc\\ OJK'rilllons i()(J(l 3000 i()()() 3000 **~{)()() ~()()()** '-000 "<000 3000 ;ooo -f!(Jid,

(,(, 4!1> llfl 4J(, (,(, -fj(,(,6 4!6 ()(,

(>(, .j.j(,(;(, .tJ(,()(! 4lh h() No cost assc:-sed agamst **R1~c**Ppcratlmb hccausc costs <Ht not c'\pectcd
tn mcrcasc
as a result of the nc\\ operatJOm **Ltlhtlc~**

:\p cost assessed agmn'>l Rhc operations b>.'C<lllSt **co~**IS arc not L'\.pcctcd
to mcrt:asc as a result of the JK\\ operations R1se \\ilt_i,C'> and **-:alanc~** adnumstratl\e -:tafT

{ mdude-, **pa~**rol! **l<l\l',~**and cmplm cc benefit;, **pro~nuns)**

X HI x.nn.11 X.113
X_1\3 **X.1l~**x.m XJ13

x.::;n :n Total Cost of Goods Total Expenses Total of both 25% of total expense Pre-operating cost DOT Fitness Number 4,195,630.89 2,121,838.27 6,317,469.16 1,579,367.29 157 000.00 1,736,367.29RI<>c \\ages and sa!aw:s am;raft

I mamtcnanc('

,, ()() (,_2'\() 0{)

(, 2"'0 00 (>_1'10 00 (mdudcs pa\foll lii\.CS ;md <:nip!mcc bene-fits **PnH.:~.QID.S**

l R1sc ''age<> and '<alancs am:raft

2 and 3 rmuntCJiatKC
J1_XXXI\I)

!3 XXX X<lj i'.XXX X'll (mcludcs **pa~ro!!**and **cmplo~cc** bcw:lhsl --- **::!'~.XOil**ool 2" xoo ool **2'~.xoo**ool 2'l_XOO OOj 2'\JHJO ool xoo ool I

I 1X.7oo ool ,x_7oo ool 3X70!IOOI I Total expenses

I I 04,982.64 104.9R2.64 104,982.641168,237.201168,170.111168,102.751 RcYcnues owr (under).

.I 217.791.251102,108.2Sito0,608.251 252.28(d51 260.75.).441 260,820,801 cxpt•nses before depretmtnm D.oprccwtton- Income Ta\ Basts Rtsc Am:raft **Dcprce~at10n-**Income' l'il\. Basis R1scAucr;1ft Rf'Yt•nues over (under) expenses after dt•oreciation

**~** 217,792.1:'1 102,108.25! 100,608.251 232,453.021 240.920.111 240.987.47

(, 150 ()() 1 ;_xxx X<) I l:l.XXX )'li)j l:l.XXX X()l !3XXXX9j !1.XXX X'J! XXXWl 2'l.fWOOO! 25.XOO OOj ::.:;_xooool 2'lJWOOO! .-::'i_XOOOOI 2"lWOOO ;;x 7oo ool **1~UOO**ooj ·'' 7oo ool 1X.7oo ool 3X.700 OOI \X.70000 ;;x_7oo ool **3~UOOOOI**\X.7000!il 3X70000j
**~X_**700 OOI 1X.700 Oil 217,402.781 217,267.771 217,132.201 216,996,071 216,859.371 216,722.10 384,618.521 393,153.531 393,289.101 393A25.l31 393,56J.<)JI 496,999,18 335,035,191 343,570.201 343,705.77 343,841.901 343,978.601 447,415,85 * * denott>s indirect costs