# SILVERBERG GOLDMAN& 

# BIKOFF, 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 ELECTRONICSUBMISSION Mr. Shabu Thomas Air Carrier Fitness Division Office ofAviation Analysis U.S. Department ofTransportation 1200 NewJersey Avenue, S.E. Washington, D.C. 20590 Re: Application ofGulf& 

# Caribbean Cargo, Inc. Dockets DOT-OST-1996-1023 and DOT-OST-1996-1071 DearMr. Thomas: Enclosed please find the financial statements ofGulf& 

# 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. Withthe submission ofthe updated financial statements, we trust that Gulf& 

# Caribbean's April28, 2014 Application for reissuance ofits certificates ofpublic convenience and necessity is now complete and that the Department is in positionto act favorably onthe 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 CurrentAssets
Fixed 

### Assets: Airplanes 

### Fumiture & Fixtures Hanger Equipment Mobile Equipment 

### Total Assets, At 

### Cost

less: Accumulated Depreciation Total Fixed As8eta 

### otherAneta

Deposits Investments
TOTAL ASSETS 

### iFLGroup Balance Sheet - (For the 7 Months Ended) Balance as of Forthe 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 83,722.78 211,798,228.72LIABiliTIES 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 incomeTax Stockholden' Equity: Common Stock, 1,000 Issued 1.00 Paid In Capital Shadrack, 

### lLC Retained Earnings CurrentYear's Earnings (Loss)

TOTAL LIASIUTIES AND STOCKHOLDERS' EQUITY 

### IFL Group Balance Sheet- (For the 7 Months Ended) Balance as of Forthe 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 

### 26,798,2211.72SALES: Sales-Air Freight Non-Sched CV Sales-Air Freight Non-Sched 727 Sales-Air Freight Scheduled CV Sales-Other Total Sales Costof 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 Datewith Percentage ofTotal Revenue Forthe Period from July 1, 2014 to July 31, 2014
Current Period Percent YearTo 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% =::-:--=::=-