SILVERBERG 

GOLDMAN& 

B IKO FF, L.L.P. 

ATTORNEYS AT LAW 

GEORGETOWN PLACE • SuiTE 120 • 1101 30TH STREET, NW • WASHINGTON, D.C. 20007 

VOICE (202) 944-3300 • FACSIMILE (202) 944-3306 

September 4, 2014 

VIA ELECTRONIC SUBMISSION 

Mr. Shabu Thomas 

Air Carrier Fitness Division 

Office of Aviation Analysis 

U.S. Department of Transportation 

1200 New Jersey Avenue, S.E. 

Washington, D.C. 20590 

Re: Application of Gulf & Caribbean Cargo, Inc. 

Dockets DOT -OST -1996-1023 and DOT -OST -1996-1071 

Dear Mr. Thomas: 

Enclosed please find the financial statements of Gulf & Caribbean Cargo, Inc. d/b/a IFL 

Group ("Gulf & Caribbean") for the seven months ended July 31,2014. This letter and the 

enclosed financial statements have been filed in the above-referenced Dockets. 

With the submission of the updated financial statements, we trust that Gulf & 

Caribbean's April28, 2014 Application for reissuance of its certificates of public convenience 

and necessity is now complete and that the Department is in position to act favorably on the 

request. 

Very truly yours, 

SILVERBERG, GOLDMAN & BIKOFF, L.L.P. 

Attorneys for 

GULF & CARIBBEAN CARGO INC. 

d/b/a L OUP 

By: -+--t._f !?~' ~~,___ Enclosure 
Gulf & Caribbean Cargo, Inc. 

Financial Statement (For the 7 months Ended) 

As of July 31, 2014 
Current Assets: 

Cash On Hand & In Banks 

Inventory-Fuel BRO 

Prepaid Expenses 

Accounts Rec.-IFL Charter & Trk 

Accts Rec.- IFl Group, Inc. 

Accounts Rec.-Misc. 

State(s) Corporate Income Taxes 

Total Current Assets 

Fixed Assets: 

Airplanes 

F umiture & Fixtures 

Hanger Equipment 

Mobile Equipment 

Total Assets, At Cost 

less: Accumulated Depreciation 

Total Fixed As8eta 

other Aneta 

Deposits 

Investments 

TOTAL ASSETS 

iFLGroup 

Balance Sheet - (For the 7 Months Ended) 

Balance as of 

For the Period from July 31, 2014 to July 31, 2014 

(Amounts are in lCY) 

Saiam:e 

9,349,079.67 

26,628.13 

100,728.10 

4,865,663.85 

271,721.28 

5,661.89 

4,283.92 

14,623,966.84 

15,722,736.25 

349,819.34 

500.00 

46,089.24 

16,119,144.83 

(4,028,605.73) 

12,090,539.10 

2,300.00 

81,422.78 

83,722.78 

211,798,228.72 
LIABiliTIES AND STOCKHOLDERS' EQUITY 

LIABILITIES 

Current Liabilities: 

Accounts Payable-Trade 

Accounts Payable-IFL Group, inc. 

Accrued Expenses 

Loan Payable-Officers 

Payroll Withholding & Employee Expense Payable 

Federal Income Tax Payable 

MiChigan Business Tax Payable 

Total Current Liabilities 

Defemtd Federal income Tax 

Stockholden' Equity: 

Common Stock, 1,000 Issued 1.00 

Paid In Capital Shadrack, lLC 

Retained Earnings 

Current Year's Earnings (Loss) 

TOTAL LIASIUTIES AND STOCKHOLDERS' EQUITY 

IFL Group 

Balance Sheet- (For the 7 Months Ended) 

Balance as of 

For the Period from July 31,2014 to July 31,2014 

Balance 

961,643.26 

1,513,121.29 

800,026.61 

14,on, 120.00 

25,139.87 

646,855.36 

1,080.00 

18,1124,986.41 

2,041,512.00 

1,000.00 

100,000.00 

3,982,391.41 

2,648,338.90 

6,73'1,730.31 

26,798,2211.72 
SALES: 

Sales-Air Freight Non-Sched CV 

Sales-Air Freight Non-Sched 727 

Sales-Air Freight Scheduled CV 

Sales-Other 

Total Sales 

Cost of Sales 

Gross Profit 

Operating Expense 

NET OPERATING INCOME (LOSS) 

other Income (Expenses): 

lntarest Income 

Discounts Taken 

Bad Debts & Casulty Recovery 

Property Damages 

interest Expense 

Net other Income (Expense) 

NET INCOME (LOSS) BEFORE TAXES 

Federal Income Taxes 

NET INCOME (LOSS) 

IFL Group 

Income Statement (For the 7 Months Enoed) 

Period and Year lo Date with Percentage ofTotal Revenue 

For the Period from July 1, 2014 to July 31, 2014 

Current Period Percent Year To Data 

414,637.22 11.17% 4,242,011.68 

1,283,858.87 34.57% 16,702,966.80 

1,761,914.35 47.98% 11 ,624,490.39 

233,100.00 6.28% 1,092,360.00 -----~--------~ -------

3,713,510.44 100.00% 33,661,828.87 

(2,935,907.30) (79.06)% (26,767,322.86) 

777,603.14 20.94 % 6,894,506.1)1 

(374,278.73) (1 0.013)% (2,685,202.82) 

403,324.41 10.116% 4,209,303.19 

----~--

_,_, ___ 

738.40 0.02% 3,043.119 

6,879.3!1 0.1!1".4 53,833.63 

13,217.!11 

(8116.115) (0.02}% (1,978.97) 

(40,084.00) (1.00)% (279,480,55) 

----···-~ ·--·----

(33,353.06) (!UIO)% (211,364.29) ·-- ----------

369,971.35 9.96% 3,997,938.90 

125,000.00 3.37% 1,349,6011.00 

----~---- -- ---~---- -

244,971.35 (U~Il% 2,846,338.00 

=.:::.=":::::.:=--=- =..:::.=--==-":: 

Percent 

12.60% 

49.62% 

34.53% 

3.25% 

100.110% 

(79.52)% 

20.46% 

(7.98)% 

1:Ui0% 

-------

0.01% 

0.16% 

lt04% 

(0.01)% 

(lUll)% ~-------~--

(1!.63)% --------~-·---

11.88% 

4.01% 

7.117% 

=::-:--=::=-