BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Application of ) 

) 

Menagerie Enterprises, Inc. d/b/a ) DOCKET 

Monarch Air ) 

) 

For authority to conduct scheduled ) 

Passenger operations as a commuter air ) 

Carrier under 49 U.S.C. 41738 ) 

APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Communications with respect to this document should be sent to: 

November 7, 2014 

Rebecca B. MacPherson 

Jones Day 

51 Louisiana Ave., NW 

Washington, DC 20001 

Telephone: 202-879-3939 

Fax: 202-626-1700 

Email: rmacpherson@jonesday.com 
BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Application of 

Menagerie Enterprises, Inc. d/b/a 

Monarch Air 

For authority to conduct scheduled 

Passenger operations as a commuter air 

Carrier under 49 U.S.C. 41738 

) 

) 

) 

) 

) 

) 

) 

) 

DOCKET 

APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Menagerie Enterprises, Inc. d/b/a Monarch Air1 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 Menagerie Enterprises, Inc. d/b/a Monarch Air states the following: 

Applicant is a sub-chapter S corporation organized on August 24, 1984 under the laws of the 

State of Texas. Its address, telephone and fax numbers, and email are: 

Menagerie Enterprises, Inc. d/b/a Monarch Air 

4580 Claire Chennault St. 

Addison, Texas 75001 

Telephone: 972-931-0345 

Fax: 972-931-0450 

Email: tsawtelle@monarchair.com 

Menagerie Enterprises, Inc. is a citizen of the United States as defined in section 401 02( a) (15) 

of the Statute. Menagerie Enterprises, Inc. is wholly owned by Raymond Sawtelle, a citizen of 

the United States. All directors, officers and key personnel are citizens of the United States. 

1 For purposes of this application, the name Menagerie Enterprises, Inc. is used when referring to the status 

of financial assets, liabilities and conditions; the name Monarch Air is used when describing the operations of the 

company as a part 13 5 air carrier. 
Applicant commenced operations on June 23, 1986 as a flight school, aircraft rental facility and 

retail pilot shop. On August 18, 1988, the FAA issued Monarch Air air carrier certificate No. 

MNGA501 G, authorizing it to conduct on-demand airplane operations (passenger and cargo) 

under 14 C.F .R. part 13 5. Presently, Monarch Air operates as an on-demand passenger air 

carrier, flight school, aircraft rental facility, retail pilot shop, aircraft and aircraft part sales 

facility, aircraft management company and aircraft maintenance facility (air agency certificate 

No. MNGR501G). 

Applicant requests authority to engage in scheduled passenger operations as a commuter air 

carrier and proposes to provide scheduled service exclusively to members of a newly established 

membership club, Rise. Based upon Rise member demand, Monarch Air will operate flights 

initially between Dallas, Texas and Houston, Texas and between Dallas, Texas and Austin, 

Texas. The number of scheduled operations will be dictated by member demand, although at 

within the first year of operations least four daily roundtrip flights between Dallas and Houston 

and two daily roundtrip flights between Dallas and Austin are contemplated. In addition, based 

on member demand, applicant may expand operations to include the San Antonio and Midland 

markets in Texas and the Oklahoma City and Tulsa markets in Oklahoma. Applicant will 

purchase three King Air 350 aircraft to support the commuter operations. Each aircraft will seat 

nine passengers. Monarch Air will use its existing aircraft, as needed, in the event one or more 

of the new King Air are unavailable because of maintenance. These aircraft consist of two 

Beech King Air B200s (7 passengers), one Beech King Air B300 (7 passengers), one Cessna 525 

(6 passengers), one Westwind 1124 (8 passengers), one Westwind 1124A (8 passengers) and one 

Learjet 31 (7 passengers). 

Information in support of the applicant's fitness to conduct the proposed air transportation 

operations is contained in the Appendix and the Exhibits to the Appendix. 

The contents of this application and the attached Appendix and Exhibits are true and correct to 

the best of my knowledge and belief. Pursuant to Title 18 United States Code section 1001, I 

Trey Sawtelle, in my individual capacity and as the authorized representative of the Menagerie 

Enterprises, Inc. d/b/a/ Monarch Air, 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. §1001 shall be fined or imprisoned not more 

than five years, or both. 

Attachments: 

Appendix with exhibits 

Certificate of Service 

Motion for Confidential Treatment of Documents 

2 

Submitted by, 

Trey Sawtelle, 

President 
Appendix 

Filing of Menagerie Enterprises, Inc. d/b/a Monarch Air in accordance with 14 C.F.R. 

204.3 

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

Menagerie Enterprises, Inc. d/b/a Monarch Air 

4580 Claire Chennault St. 

Addison, Texas 75001 

Telephone: 972-931-0345 

Fax: 972-931-0450 

Email: tsawtelle@monarchair.com 

(b) The form of the applicant's organization. 

Sub-chapter S corporation 

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

Texas 

(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's 

corporation is in good standing. 

Please see a copy of the Certificate of Fact, issued by Nandita Berry, Secretary of the 

State ofTexas, on October 15,2014, certifying that Menagerie Enterprises, Inc. is in good 

standing, at Exhibit 1. 

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

Please see affidavit of Raymond F. (Trey) Sawtelle III, 1 president of Menagerie 

Enterprises, Inc. d/b/a Monarch Air, at Exhibit 2. 

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

(I) Their names and addresses; 

Trey Sawtelle 

4314 Indian Creek Drive 

Frisco, Texas 75034 

972-896-6150 

Robert Johnson 

13927 Pyramid 

Dallas, Texas 75234 

214-213-2531 

1 In the remainder of this document, Mr. Sawtelle is referred to as "Trey" to readily distinguish him from his father 

and to reflect his signature. However, his formal name is listed on all documents on file with the FAA. 
Shaun Braley 

10024 Bradford Grove Drive 

Frisco, Texas 75035 

214-729-5874 

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

Trey Sawtelle- Sawtelle has been the chief pilot2 at Monarch Air since 1991. He was 

named president of the company in 2002 and director of operations in 2009. Prior to joining 

Monarch Air full-time, Sawtelle worked for American Airlines as a flight engineer and first 

officer in line operations conducted under 14 C.P.R. part 121 for approximately 9 years and as 

line captain and check airman for Express One International for approximately two years before 

joining American Airlines. Sawtelle possesses an FAA-issued ATP certificate (#2639057) and 

holds type ratings as a captain for the B-727, B-737, CE-500, and BE-300. He has over 11,000 

flight hours. Sawtelle's resume is attached as Exhibit 3. 

Robert Johnson- Johnson has been director of maintenance at Monarch Air since 2001, 

where he is responsible for overall operation of the aircraft maintenance department. He also 

currently acts as Monarch Air's chief inspector. Prior to joining Monarch Air, Johnson was 

president of ADS Aircraft Services, Inc. for approximately 14 years. He has held an FAA-issued 

A&P certificate (#2886186) since 1979. Johnson's resume is attached as Exhibit 4. 

Shaun Braley- Braley holds ATP (#2706157), CFI-A and CFI-I certificates issued by the 

FAA. He is type-rated on the Westwind Jet (IA-1124) and King Air 300/350 (BE-300, BEB300). He has over 3,800 flight hours, over 2,100 as PIC, and is part 135 current. Braley has 

worked at Monarch Air, Inc. as a pilot since 2006, having served as the assistant chief pilot since 

2010. As assistant chief pilot, he is responsible for maintaining records required by 14 C.P.R. 

part 135, as well as revisions to the minimum equipments lists, operations specifications and 

checklists. He also performs other managerial duties related to flight operations. Braley's 

resume is attached as Exhibit 5. 

(3) The number of shares ofthe 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. 

Trey Sawtelle- None. 

Robert Johnson- None. 

Shaun Braley- None. 

2 Sawtelle meets the qualifications for director of operations and chiefpilot set forth in 14 C.F.R. §§119.65 and 

119.67, and Johnson and Braley meet the requirements of these sections for director of maintenance, chief inspector 

and chief pilot. Monarch Air does not presently have a director of safety. However, §§119.65 and 119.67 only 

apply to operations are conducted under part 121. The flights Monarch Air currently conducts or intends to conduct 

as a commuter operator is covered by part 135. 

2 
(4) The citizenship of each; 

Trey Sawtelle- United States 

Robert Johnson- United States 

Shaun Braley- United States 

(5) A description ofthe 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. 

Trey Sawtelle- director of Menagerie Enterprises, Inc. from 2002 to present; president of 

Menagerie Enterprises, Inc. from 2002 to present; manager of Menagerie Enterprises 

Management, LLC 2006 to present; vice-president of Trey Aviation, Inc. 1995 to present. 

Robert Johnson- president of ADS Aircraft Services, Inc. from 1987 to 2001 

Shaun Braley -- none 

(g) A list of all persons having a substantial interesl in the applicant. Such list shall include: 

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

Raymond Sawtelle- director of Menagerie Enterprises, Inc., United States citizen, 

resides at 1775 CR 1215, Savoy, Texas 75479 

Sheila Sawtelle -- director of Menagerie Enterprises, Inc., United States citizen, resides at 

1775 CR 1215, Savoy, Texas 75479 

Trey Sawtelle-- director of Menagerie Enterprises, Inc., United States citizen, resides at 

4314 Indian Creek Drive, Frisco, Texas 75034 

(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; 

Raymond Sawtelle - 1 00% of all authorized, issued and outstanding stock. 4 

Sheila Sawtelle- None. 

Trey Sawtelle- None. 

3 Nick Kennedy, the owner of Rise, could be considered to have a substantial interest in Monarch Air for the limited 

purpose of determining citizenship since Monarch Air's arrangement with Rise is that Rise will pre-pay the monthly 

operating expenses ofthe operations Monarch Air will conduct on behalf of Rise's members. In this regard, one 

could conclude that Kennedy, if a foreign citizen, could exert impermissible influence on those operations. Since 

Kennedy is a U.S. citizen, such concerns are not applicable here. 4 All stock is common stock. 

3 
(3) if 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; 

Sheila Sawtelle - Wife of Raymond Sawtelle 

Trey Sawtelle - Son of Raymond Sawtelle 

(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, 

Raymond Sawtelle- Not applicable. 

Sheila Sawtelle- Not applicable. 

Trey Sawtelle-- Not applicable. 

(ii) Substantially engaged in the business of aeronautics, 

Raymond Sawtelle- Chairman of the board of Menagerie Enterprises, Inc. and related 

companies (see 4 (iv) below); Line pilot at Delta Airlines (1966-1997) 

Sheila Sawtelle- Not applicable 

Trey Sawtelle- President, director of operations and chief pilot at Monarch Air (1991-

present); line pilot at American Airlines (1999-2008) and Express One International (1997 -1999) 

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

Raymond Sawtelle - Director at Monarch Air 

Sheila Sawtelle - Director at Monarch Air 

Trey Sawtelle - Director and president of Monarch Air 

(iv) A holder of I 0 percent or more of total outstanding voting stock of any such 

entity, the list shall describe such relationship(s). 

Raymond Sawtelle - 1 00% holder of all authorized, issued and outstanding voting stock 

of Menagerie Enterprises, Inc., Menagerie Aircraft Management, LLC, Trey Aviation LLC, and 

Trey Aviation, Inc. 

Sheila Sawtelle- Not applicable. 

Trey Sawtelle -- Not applicable. 

(h) A list of the applicant's subsidiaries, if any, including a description of each subsidiary's 

principal business and relationship to the applicant. 

None. 

4 
(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. 

Menagerie Enterprises, Inc. does not own shares of stock in or control any air carrier, 

foreign air carrier, common carrier, or person substantially engaged in the business of 

aeronautics. However, Raymond Sawtelle, the sole stockholder of Menagerie Enterprises, Inc., 

is also the sole stockholder in the following companies: Menagerie Aircraft Management LLC, 

Trey Aviation LLC, and Trey Aviation, Inc. 

Menagerie Aircraft Management LLC is an operating company whose sole client is El 

Dorado Casino of Shreveport, Louisiana. It manages a single King Air 350 (N42ED) to shuttle 

clients to and from the casino and Addison Airport in Dallas County, TX. Menagerie Aircraft 

Management LLC was formed to satisfy the legal requirements of the Louisiana State Gaming 

Commission; it has one employee, Jill Sawtelle. Ms. Sawtelle is Trey Sawtelle's spouse and is a 

citizen ofthe United States. Trey Aviation LLC is an aircraft leasing company for larger aircraft 

typically engaged in part 135 operations. The company currently owns a Westwindjet (N41C), 

which it leases to Menagerie Enterprises, Inc. for use in its charter department. Trey Aviation, 

Inc. is an aircraft leasing company for smaller aircraft (typically flight training aircraft). 

Presently, the company does not own any aircraft, although it has owned several smaller aircraft 

in the past. 

(j) To the extent any relevant corporation has been engaged in any business prior to the filing of 

the application, each applicant shall provide: 

(1) Copies of the 1 OK Annual Reports filed in the past 3 years by any relevant 

corporation required to file such reports with the Securities and Exchange Commission, and 

Not applicable. 

(2) Copies ofrecentlyfiled 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. 

Not applicable. 

(k) If 1 OK 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; 

Menagerie Enterprises, Inc. - Please see attached Exhibit 6A. 

Menagerie Aircraft Management LLC- Please see attached Exhibit 6B. 

Trey Aviation LLC -Please see attached Exhibit 6C. 

Trey Aviation, Inc.- Please see attached Exhibit 6D. 

* Statements for Menagerie Enterprises, Inc. are on an accrual basis; statements for the 

other relevant corporations are on a cash basis. 

5 
(2) The Income Statement of each relevant corporation; 

Menagerie Enterprises, Inc. -- Please see attached Exhibit 6A. 

Menagerie Aircraft Management LLC -Please see attached Exhibit 6B. 

Trey Aviation LLC- Please see attached Exhibit 6C. 

Trey Aviation, Inc.- Please see attached Exhibit 6D. 

(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; 

Please see attached Exhibit 7 with respect to Menagerie Enterprises, Inc. Financial 

statements for related corporations were prepared in accordance with generally accepted 

accounting principles, but because of the simplicity of the statements, as justified by their size, 

no significant accounting policies are implicated. 

(4) A statement of significant events occurring subsequent to the most recent Balance 

Sheet date for each relevant corporation; 

Menagerie Enterprises, Inc. -None. 

Menagerie Aircraft Management LLC -None. 

Trey Aviation LLC -None. 

Trey Aviation, Inc.- None. 

(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. 

The financial statements were compiled by the firm of Beaird Harris & Co., P.C. and 

more specifically by the following individuals -Kristen Jones, CPA, Jon Bryant, CPA and Pat 

Beaird, CPA. Beaird Harris & Co., P.C. does not have any affiliation with the applicant, 

Menagerie Enterprises, Inc., other than an accountant/client relationship and an investment 

advisor/client relationship. 

(!) 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. 

None. 

6 
(m) The number of actions and outstanding judgments of less 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, and the total amount owed by each on 

such judgments. 

None. 

(n) 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; 

Monarch Air will purchase three King Air 350 aircraft to support the commuter 

operations. Each aircraft will seat nine passengers. Monarch Air will use its existing aircraft, as 

needed, in the event one or more ofthe new King Air are unavailable because of maintenance. 

These aircraft consist of two Beech King Air B200s (7 passengers), one Beech King Air B300 (7 

passengers), one Cessna 525 ( 6 passengers), one Westwind 1124 (8 passengers) one Westwind 

1124A (8 passengers) and one Learjet 31 (7 passengers). A spreadsheet identifying the lease for 

each aircraft and copies of the lease agreements for the aircraft currently in Monarch Air's fleet 

are attached as Exhibits 8A-8H. 

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

aircraft. 

Menagerie Enterprises, Inc. intends to purchase the three King Air 350 aircraft, although 

it will not finalize the sale unless and until DOT has granted commuter authority. A copy of a 

letter from Steve Young, executive vice president of Legacy Texas Bank expressing the bank's 

willingness to provide financing for the purchase of aircraft to support Rise operations is 

attached as Exhibit 9. 

(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. 

The sworn affidavit is attached as Exhibit 10. 

(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.) 

None. 

(p) A description of all charges ofurifair 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 

7 
be employed) by any relevant corporation in the past I 0 years. Such descriptions shall include 

the disposition or current status of each such proceeding. 

Synergy v. Groesbeck, et al. -Dallas County district court, Dallas, TX 

The above-listed action was instituted by Synergy Aviation ("Synergy"), a company 

owned by Menagerie Enterprises, Inc.'s former chief financial officer, Paul Clark. Menagerie 

Enterprises, Inc. does not possess a financial interest in Synergy. Synergy sought recovery of a 

commission on the sale of an aircraft to Groesbeck. Groesbeck's defense included the assertion 

of a third party action against Menagerie Enterprises, Inc. and counterclaims against Synergy and 

Clark, contending violations of the Texas Deceptive Trade Practices Act ("DTP A") and 

assertions of fraud. Menagerie Enterprises, Inc. and Clark asserted counterclaims for frivolous 

DTP A claims against Groesbeck. Menagerie Enterprises, Inc., Synergy, Clark and Groesbeck 

agreed to a mutual release of all claims without the exchange of any additional consideration, 

resulting in the dismissal of Groesbeck's claims against Menagerie Enterprises, Inc., Synergy 

and Clark in 2014. 

(q) A description of any aircraft accidents or incidents (as defined in the National 

Transportation Safety Board Regulations, 49 C.F.R. 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 ofthe occurrence; 

(2) The type offlight; 

(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.) 

None. 

(r) A brief narrative history of the applicant. 

Monarch Air commenced operations on June 23, 1986 as a flight school, aircraft rental 

facility and retail pilot shop. On August 18, 1988, the FAA issued Monarch Air air carrier 

certificate No. MNGA501G, authorizing it to conduct on-demand airplane operations (passenger 

and cargo) under 14 C.F.R. part 135. Presently, Monarch Air operates as an on-demand 

passenger carrier, flight school, aircraft rental facility, retail pilot shop, aircraft and aircraft part 

sales facility, aircraft management company and aircraft maintenance facility (air agency 

certificate No. MNGR501G). A copy ofMonarch Air's organizational chart is attached as 

Exhibit 11. 

8 
(s) A description of all federal, State and foreign authority under which the applicant has 

conducted or is conducting transportation operations, and the identity of the local FAA office 

and personnel responsible for processing an application for any additional FAA authority 

needed to conduct the proposed operations. 

Monarch Air currently holds a part 119 certificate authorizing it to conduct on-demand 

operations under part 135 and a part 145 air agency certificate authorizing it to operate an 

approved repair station with a class rating of airframe class 3, limited airframe and limited 

powerplant. Any additional authority to conduct scheduled operations will be processed through 

the FAA's North Dallas Flight Standards District Office (FSDO) which is the FSDO with 

oversight of Monarch Air's existing operations. Monarch's principal operations inspector at the 

FSDO is Cameron Baker. 5 Monarch Air has sent a copy of its Pre-application Statement of 

Intent to the FSDO. A copy of that document is attached as Exhibit 12. 

(t) A description of the service to be operated ifthe application is granted: 

Monarch Air requests authority to engage in scheduled passenger operations as a 

commuter air carrier and proposes to provide scheduled service exclusively to members of a 

newly established membership club, Rise. Rise will act as a ticket agent on behalf of its 

members and will pay Monarch Air a fixed monthly sum, per aircraft, to cover all operating 

costs. The contract of carriage will be between each Rise member and Monarch Air and will be 

provided as part of the original membership agreement with Rise. 

The contracts between Rise and its members are on a month-to-month basis. Rise is to 

maintain a letter of credit for Monarch to draw on weekly to cover its operations on behalf of 

Rise's members. This payment will cover Rise's operating expenses (including insurance, 

payments on the Rise-dedicated aircraft, fuel and maintenance costs, and costs associated with 

paying administrative staff, maintenance personnel and crewmembers). Thus, at no point in time 

will Rise members be in a position where their money is at risk because of Monarch Air's 

financial situation. The contract between Rise and Monarch Air is a five year contract with a 3-

day termination clause for cause, including the failure of Rise to maintain the agreed upon letter 

of credit at the agreed upon level on a weekly basis. In addition to relying on Rise to pay 

Monarch's operating costs on a weekly basis, Monarch Air has obtained a line of credit in 

connection with the completion of the Rise contract that well exceeds the anticipated weekly 

costs associated with Monarch Air providing the agreed upon service for the first three months of 

operations. 6 A copy of the letters verifying the line of credit from LegacyTexas Bank and BB&T 

are attached as Exhibits 13 and 14, respectively. 

Based upon Rise member demand, Monarch Air will operate flights initially between 

Dallas, Texas and Houston, Texas and between Dallas, Texas and Austin, Texas. The number of 

scheduled operations will be dictated by member demand, although within the first year of 

operations at least four daily roundtrip flights between Dallas and Houston M-F (one daily 

roundtrip flight S-S), and two daily roundtrip flights between Dallas and Austin M-F (one daily 

roundtrip flight S-S) are contemplated. Monarch Air's planned business model anticipates that 

5 Mr. Baker may be reached by phone at 214-277-8519 or by email at cameron.baker@faa.gov. 6 Monarch Air has only accounted for the first three months of operations because it will not add additional aircraft 

if demand is not sufficient to justify the expense. The addition of a second aircraft more than doubles the monthly 

operating costs. If Monarch Air were to decide against adding additional aircraft, costs would be reduced slightly 

month over month because of the reduction in required interest payments for the aircraft. 

9 
one airplane will be available for daily, round-trip service between Dallas and Houston 

immediately upon commencing operations. Three months later, a second aircraft will commence 

a second set of daily, roundtrip flights between the two cities. Six months after commencing 

operations, a third aircraft will be used for daily, roundtrip operations between Dallas and 

Austin. Based on member demand, Monarch Air may expand operations to include the San 

Antonio and Midland markets in Texas and the Oklahoma City and Tulsa markets in Oklahoma, 

although Monarch Air anticipates such operations would not commence in year one. 

Monarch Air will purchase three King Air 350 aircraft to support the commuter 

operations. Each aircraft will seat nine passengers. Monarch Air has not signed a letter of intent 

to purchase or purchase agreement because it will not purchase the aircraft should it not be 

granted commuter authority. However, Monarch Air has surveyed the market for appropriate 

aircraft and has determined there are currently at least 23 King Air 350 aircraft currently on the 

market that are available for immediate purchase. Accordingly, Monarch Air is not concerned 

that it would be unable to secure the aircraft. Monarch Air will use its existing aircraft, as 

needed, in the event one or more of the King Air are unavailable because of maintenance. A list 

of these aircraft has been provided above and as Exhibit 8A. 

The majority of maintenance tasks will be performed by Monarch Air staff. 

Approximately ten percent of maintenance will be performed under a fixed contract because the 

aircraft will not be located at Monarch Air's base when the maintenance is required. One 

hundred percent of crewmember training will be performed under a fixed contract with a part 

142 training facility. 

Attached as Exhibit 15 is a forecast Balance Sheet for calendar year 2015, broken down 

by month, quarter and year. All statements are prepared on an accrual basis. Menagerie 

Enterprises, Inc. recognizes that DOT may not have completed the review process by January 1, 

2015, but notes that there would be no differences in assumptions if the period for which a 

forecast Balance Sheet is provided differed by a couple of months. Exhibit 16 is a forecast 

Income Statement, broken down by month, quarters, and year, for December 2014 (provided to 

show pre-operation start-up costs) and calendar year 2015. General company forecasted 

revenues and costs are based on historical numbers utilizing Monarch Air's current business 

model. All forecasted estimated costs and revenues associated with the anticipated Rise 

operations are specifically identified in the description of the applicable line items. These 

figures are based on the proposed flying and business model. Estimated revenues are based on 

the agreed upon hourly rate that will be collected by Rise for its members. Estimated expenses 

are listed by each aircraft over the 12 month period, showing the growth of the fleet. Aircraft 

expenses are based on historical averages and aviation consulting reports provided by the aircraft 

manufacturer and Conklin & de Decker. 

Because Monarch Air will only be providing service to Rise members and Rise will be 

responsible for all marketing, pre-operating expenses and start-up costs will be low. 

Additionally, Monarch Air is an established air carrier with trained and current pilots capable of 

flying the type of aircraft that will be used in the Rise operations. Monarch Air already has all 

operating and maintenance manuals required for part 135 operations, existing equipment and 

facilities (including hangar space), and administrative staff capable of handling the logistics of 

the Rise operations. Monarch Air does intend to purchase the first aircraft 30 days prior to 

launch of the Rise operations to allow time for a conformity inspection, but Monarch Air will not 

10 
be required to service the loan immediately.7 Thus, pre-operating and start-up costs consist 

solely ofthe application fee ($670), accounting fees (approximately $16,000) and legal fees 

(approximately $24,000) associated with seeking commuter authority. However, as a 

conservative measure, Monarch Air has provided non-essential pre-operation costs in the month 

of December 2014 that address certain aircraft costs, trip and crew expenses and flight crew 

wages and salaries. Based on Monarch Air's existing ability to fly the types of flights 

contemplated for Rise members, the amount of capital needed to commence operations is 

roughly the equivalent of the first month's costs associated with those operations. Taken 

together, the anticipated cost for December 2014 and January 2015 represents a conservative 

estimate of start-up costs. As noted in the Statement of Revenue and Expenses for December 

2014 and January 2015, that amount is approximately $341,466. 8 When combined with the costs 

associated with the application, the total costs are expected to be approximately $XXX. Rise has 

committed to paying an initial start-up fee to defray these costs, as indicated in the Statement of 

Revenue and Expenses for December and January. That fee is independent of any revenue 

generated from flying Rise customers. 

The forecast Income Statement assumes additional costs and revenues as aircraft 

dedicated to servicing Rise members are added. As indicated in the forecast Income Statement, 

Monarch Air anticipates that it will acquire a third aircraft approximately two months before 

commencing the third set of anticipated operations (DAL-AUS). During this interim period, the 

aircraft will be fitted for the anticipated Rise operations. Costs associated with that aircraft are 

accounted for in the forecast Income Statement, but revenue is not projected for the aircraft until 

the Dallas-Austin operations commence. 

The forecast Income Statement does not include estimated revenue block hours and 

revenue miles by number of passengers to be carried, because Monarch Air's contract with Rise 

is a fixed price contract per aircraft operated by Monarch Air on behalf of Rise's members. As 

such, Monarch's costs and projected income are not dependent on load factor. 9 Monarch is paid 

the same hourly rate regardless of the number of passengers on the flight. For the same reason, 

estimates of traffic which would be generated in each market receiving the proposed service are 

depicted merely as the number of aircraft serving the market. Monarch assumes each aircraft 

will be flown four times a day (two roundtrips) Monday through Friday and two times a day (one 

roundtrip) Saturday and Sunday. It assumes demand is constant throughout the year. For the 

first airplane, commencing service in the first month of operations, total revenue hours over the 

first year of operations is projected at 2,218.67 hours, with 417,720 nautical miles flown. For the 

second aircraft, those figures drop to 1 ,664 revenue hours and 311,040 nautical miles flown 

because the aircraft is projected to fly only nine months. The third aircraft, projected to fly only 

six months, has projected revenue hours of 825 revenue hours and 188,928 nautical miles. Since 

the distance between Dallas and Austin is less than the distance between Dallas and Houston, the 

amount of revenue hours and nautical miles for the third aircraft is less than half the amounts for 

the first aircraft. 

7 There will be no closing costs associated with purchasing the aircraft and no loan payments are due within the first 

30 days. Should there be a delay in the launch date, Rise is required to cover all expenses related to the aircraft, 

including debt service. 8 This amount is conservative in that it includes the cost of financing a new King Air, as well as the one-time cost of 

training new pilots. Since Monarch Air already has these capabilities, it could commence operations without 

incurring these additional roughly $85,000 in costs. However, since it would have to account for these costs at some 

point, it has done so here. 9 Likewise, estimated revenue hours are not broken out by aircraft type because the same model airplane will be 

used for all flights. 

11 
(u) A signed counterpart of Agreement 18900 (OST Form 4523) as required by part 203 ofthis 

chapter. 

Please see attached Exhibit 17. 

Additional financial information for Menagerie Enterprises, Inc. 

Menagerie Enterprises, Inc. maintains an active banking relationship with LegacyTexas 

Bank. The bank has provided Menagerie Enterprises, Inc. and its related entities with numerous 

loans. Current loans, along with their secured collateral, are listed in the attached Exhibit 13. At 

present, Menagerie Enterprises, Inc. has three trade accounts with balances that are more than 60 

days past due. Cowles & Thompson PC is owed legal fees ($38,604.72) associated with a third 

party declaratory judgment award. The parties have agreed to a mutual release and there will be 

no judgment adverse to Menagerie Enterprises, Inc. Cowles & Thompson have agreed to a 

December 1, 2014 date for payment of the outstanding fees. Menagerie Enterprises, Inc.'s books 

also indicate an unpaid bill from Dallas Airmotive Inc. in the amount of$19,777.07. Menagerie 

Enterprises, Inc. has had continuing problems regarding invoicing and service issues with this 

repair facility. Once these issues are satisfactorily resolved, the outstanding bills will be settled. 

Pratt & Whitney has several warranty issues for which Menagerie Enterprises, Inc. is awaiting 

resolution. Resolution of these issues should result in a credit in excess of the $47,522.45 due to 

the manufacturer. Should any balances remain, they will be paid once the credit is received. 

12 
List of Exhibits 

1. Certificate of Fact, Office ofthe Secretary of State, October 15, 2014 

2. Affidavit of Citizenship dated November 4, 2014 

3. Resume ofRaymond F. (Trey) Sawtelle III 

4. Resume of Robert E. Johnson 

5. Resume of Shaun Braley 

6. Financial Information 

A. Balance Sheet and Income Statement for Menagerie Enterprises, Inc. 

B. Balance Sheet and Income Statement for Menagerie Aircraft Management 

C. Balance Sheet and Income Statement for Trey Aviation LLC 

D. Balance Sheet and Income Statement for Trey Aviation Inc. 

7. Notes to Financial Statements 

8. Aircraft information 

A. List of Current Aircraft Fleet (confidential submission) 

B. Aircraft Management Agreement and Operating Agreement for N118GW 

C. Aircraft lease Agreement for N161RC (confidential submission) 

D. Aircraft Management Agreement and Operating Agreement for N214GB 

E. Aircraft Lease Agreement for N38MG (confidential submission) 

F. Aircraft Management agreement and Operating Agreement for N 41 C 

G. Aircraft Lease Agreement for N407W (confidential submission) 

H. Aircraft Lease Agreement for N514DS (confidential submission) 

9. Letter from Steve Young, Legacy Texas Bank, dated October 31, 2014 (confidential 

submission) 

10. Affidavit of Safety Compliance dated November 4, 2014 

11. Monarch Air Organizational chart 

12. Preapplication Statement oflntent dated November 5, 2014 

13. Letter from Steve Young, Legacy Texas Bank, dated October 1, 2014 (confidential 

submission) 

14. Letter from Donald Jones, BB&T, dated October 6, 2014 (confidential submission) 

15. Forecast Balance Sheet for Menagerie Enterprises, Inc. for calendar year 2015 

16. Forecast Income Statement for Menagerie Enterprises, Inc. for December 2014 and 

calendar year 2015 

17. Completed OST Form 4523 dated November 4, 2014 

13 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

DIBI A MONARCH AIR 

Exhibit 1 
Corporations Section 

P.O.Box 13697 

Austin, Texas 78711-3697 

Office of the Secretary of State 

Certificate of Fact 

N audita Berry 

Secretary of State 

The undersigned, as Secretary of State of Texas, does hereby certify that the document, Legacy Filing 

for MENAGERIE ENTERPRISES, INC. (file number 64760900), a Domestic For-Profit Corporation, 

was filed in this office on March 18, 1983. 

It is further certified that the entity status in Texas is in existence. 

Phone: (512) 463-5555 

Prepared by: SOS-WEB 

In testimony whereof, I have hereunto signed my name 

officially and caused to be impressed hereon the Seal of 

State at my office in Austin, Texas on October 15, 2014. 

Nandita Berry 

Secretary of State 

Come visit us on the internet at http://www.sos.state. tx. us! 

Fax: (512) 463-5709 Dial: 7-1-1 for Relay Services 

TID: 10264 Document: 572805330003 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 2 
AFFIDAVIT OF CITIZENSHIP 

STATE OF TEXAS 

COUNTY OF f}:z(/q S 

Raymond F. Sawtelle, III being duly sworn, deposes and says: 

1. That he is duly elected, qualified, and serving as president of Menagerie Enterprises, Inc. 

d/b/a Monarch Air and that he is authorized to and does make this affidavit for it. 

2. That Menagerie Enterprises, Inc. d/b/a Monarch Air is a citizen of the United States within 

the meaning of 49 U.S.C. 40102(a)(15). 

z.;;.;;;- Raymond F. Sawtelle, III 

Subscribed and sworn to before me this 4 day ofNovember, 2014 

··l'l:~~.. SARAH COX nY 

{*~.1\\,A MY COMMISSION EXPIRES '-%.-... ..itf MayS, 2017 ,,,,?f.l~"'' 

Signature ofNotary Pub 1c 

(SEAL) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 3 
Raymond F. Sawtelle III (Trey) 

4314 Indian Creek Drive 

Frisco, Texas 75034 

(972) 896-6150 

PROFESSIONAL EXPERIENCE 

May 1991-

Present 

October 1999 -

June 2008 

February 1997 -

October 1999 

Monarch Air, Addison, Texas. President, Director of Operations, and Chief Pilot of an 

integrated aviation service company specializing in aircraft charter, sales, flight training and 

maintenance with year-after-year success achieving revenue, profit, and business growth 

objectives with start-up, turnaround, and rapid-change environments. Customer-focused and 

performance-driven. Led and motivated teams comprised of more than 65 employees focusing 

on excelling in customer service and relations. FAA approved and certified facility for Part 

135, 141, and 145 operations. 

American Airlines, Dallas/Ft. Worth, Texas. Employed as a FAR 121 line pilot. Flight 

Engineer on Boeing 727 aircraft for 4 months and First Officer on Fokker FlOO. Retired to 

pursue my role with Monarch Air full-time. 

Express One International, Dallas, Texas. Line Captain and Check Airman training First 

Officers and Flight Engineers on Boeing 727 aircraft flying passenger and freight configured 

equipment on domestic and international operations under FAR 121. 

FLIGHT EXPERIENCE Airline Transport Pilot 

Flight Engineer Turbojet 

EDUCATION 

Captain Type Ratings: B-727, B-737, CE-500, BE-300, 1124 

F.C.C. Radio Licensee 

Total Flight Time: 11.000 Hours 

August 1999 -

June 2000 

Embry-Riddle Aeronautical University, Daytona Beach, Florida. Attended course for 

Bachelor Aviation Science Program. 

January 1992-

January 1994 

Collin County Community College, Plano, Texas. General Studies for B.A. m Business 

Management. 

PERSONAL 

Birth Date ............ .. 

Height/ Weight ...... . 

Health ................ .. 

Marital Status ........ . 

Hobbies ................ . 

November 21, 1972 

73" I 240 Lbs 

Excellent I Nonsmoker 

Married with 2 children 

Sports, Computers, Recreational Flying, active in 

community organizations such as the Race for the 

Cure, and other cancer awareness events. 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 4 
Robert E 

Johnson 

13927 Pyramid 

Dallas, Texas 75234 

214-213-2531 

robert@monarchair.com 

Employment History 

Director of Maintenance 

2001-Present Monarch Air, Addison, Texas 

• Overall operation of aircraft maintenance department 

• Successfully started and maintain CRS 

• Maintain airworthiness of Flight School and Charter Aircraft 

President 

1987-2001 ADS Aircraft Services, Inc., Addison, Texas 

• Overall operation of all company functions 

• Started and maintained all CRS operations 

Shop Foreman and Chief Inspector 

1981-1987 Campbell Aviation, Addison, Texas 

• Aircraft maintenance scheduling 

• Verified proper job completions 

• Researched all aircraft records 

Aircraft Mechanic 

1980-1981 Chaparral Aviation, Addison, Texas 

• Responsible for proper maintenance on aircraft 

Test Cell Operator 

1980-1980 Cooper Airmotive, Dallas, Texas 

• Build and test CJ610, CF700, JT15D, and PT6 

Aircraft Electrician 

1976-1982 United States Navy and Naval Reserve, Dallas, Texas 

• Responsible for proper electrical maintenance on aircraft 

Building Maintenance 

1974-1976 Plano Nursing Home, Plano, Texas 

• General building maintenance 

Education 

1973-1976 RL Turner High School, Carrollton, Texas 

• High School 

1977 United States Navy, Millington, Tennessee 

• Basic Electricity and Electronics 

1977 United States Navy, Millington, Tennessee 

• Aircraft Electrician 

1979 Braniff Education/ North Lake College 

• A&P Certificate 

1981 Beechcraft, Wichita, Kansas 

• C&E 90 Maintenance Familiarization 
1985 Flight Safety, Lakeland, Florida 

• PA 42 Maintenance Familiarization 

2004 Flight Safety, Las Vegas, Nevada 

• PAMA Aviation Maintenance Management Training 

2004 Flight Safety, Wichita, Kansas 

• Citation 750 Maintenance Familiarization 

2008 Garmin, Olathe, Kansas 

• G-1000 Maintenance Familiarization 

2009 Williams International, Walled Lake, Michigan 

• FJ-44 Maintenance Familiarization 

2010 ABARIS Training, Reno, Nevada 

• Cessna Composite Repair Training 

2012 Flight Safety, Online Training Course 

• RVSM Maintenance Practices 

Certifications and Miscellaneous Training 

1980 A&P Certification 

1996 lA Certification 

2002 FAA Bronze Award 

2006 Michelin Tire Training 

2011 Cessna Citation Conference 

2012 Cessna Citation Conference 

2012 FAA Bronze Award 

2012 Aeromech IAI1124 RVSM training 

2013 Cessna Citation Conference 

2013 FAA Bronze Award 

2014 Cessna Citation Conference 

References 

References are available on request. 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 5 
SHAUN BRALEY 

1 0024 Bradford Grove Dr, Frisco TX 75035 · (214) 729-587 4 · sbraley@flamingduck.com 

Objective 

Education 

Flight Experience 

Work Experience 

References 

A full-time position as a pilot 

Parks College, Saint Louis University, St. Louis, MO 

Graduation Date: May 14, 2005 

Bachelor of Science in Aviation 

ATP, CFI-A, CFI-1 

Type Ratings: Westwind Jet (IA-1124), King Air 300/350 (BE-300, BE-B300) 

3800 TT, 2100 PIC, 3150 MEL, 3100 Turbine, 1000 Jet 

Westwind: 1000 TT, 530 PIC, 135 Current 

King Air (B350, 300, B200, 200, F90): 2150 TT, 1000 PIC, 135 Current 

Monarch Air- Assistant Chief Pilot 

Oct., 2010- Present, Addison, TX 

Westwind 1124 and King Air F90, 200, B200, 300, B300 (350) 

Part 135 charter 

Responsible for duties delegated by the Chief Pilot, including 135 records, revisions to MELs, GOM, 

Ops Specs, and checklists, and other managerial duties related to flight operations 

Monarch Air- Pilot 

Feb., 2006- Oct., 2010, Addison, TX 

Westwind 1124 and King Air 

Part 135 Charter 

In addition to flying duties: Day-to-day operations of flight department such as ordering stock, updating 

personnel records, prepare training for new-hires, etc. 

CAE Simuflite- "Right Seater'' 

Nov., 2005- Nov., 2006, DFW Airport, TX 

King Air B350: Act as SIC to assist clients in training for initial and recurrent type and ATP ratings 

Monarch Air- Flight Instructor 

Jul., 2005- Nov., 2006, Dallas, TX (KRBD) 

In addition to normal flight instructor duties, responsibilities include sales, aircraft dispatch, and day-today operations of the flight school 

References are available on request. 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 6A 
MENAGERIE ENTERPRISES, INC. 

UNAUDITED FINANCIAL STATEMENTS 

and 

ACCOUNTANTS' COMPILATION REPORT 

DECEMBER 31,2011 
BEAIRD HARRIS 

&CO., P.C. 

CERTIFIED PUBLIC ACCOUNTANTS 

ACCOUNTANTS' COMPILATION REPORT 

To The Shareholders 

Menagerie Enterprises, Inc. 

Addison, Texas 

12221 Merit Dnve, 'Surte /SO 

Dallas. TX 7SZ:, I 

Phone: 972-503-1040 

Fax. 972-503-1 120 

WNW bh-co corn 

We have compiled the accompanying statement of assets, liabilities, and equityincome tax basis of Menagerie Enterprises, Inc. (an S corporation) as of December 31, 

2011, and the related statement of revenues and expenses - income tax basis for the 

twelve months then ended. We have not audited or reviewed the accompanying 

financial statements and, accordingly, do not express an opinion or provide any 

assurance about whether the financial statements are in accordance with the income tax 

basis of accounting. 

Management is responsible for the preparation and fair presentation of the financial 

statements in accordance with the income tax basis of accounting and for designing, 

implementing, and maintaining internal control relevant to the preparation and fair 

presentation of the financial statements. 

Our responsibility is to conduct the compilation in accordance with Statements on 

Standards for Accounting and Review Services issued by the American Institute of 

Certified Public Accountants. The objective of a compilation is to assist management in 

presenting financial information in the form of financial statements without undertaking 

to obtain or provide any assurance that there are no material modifications that should 

be made to the financial statements. 

We are not independent with respect to Menagerie Enterprises, Inc. 

Dallas, Texas 

November 6, 2014 

Member of American Institute of Certified Public Accountants I Member of Texas Society of Certified Public Accountants 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Shareholder Receivable 

Accounts Receivable 

1 031 Exchange Pending 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Total Other Assets 

TOTAL ASSETS 

December 31, 2011 

UNAUDITED 

ASSETS 

$ 110,226.13 

185,441.26 

520,612.65 

4,305.29 

2,999.00 

79,156.00 

402,434.17 

2,162.01 

$ 47,788.44 

351,399.94 

46,865.91 

44,367.42 

45,060.09 

(499,655.80) 

$ 14,134.64 

57,491.63 

47,500.00 

1,000.00 

16,565.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,307,336.51 

35,826.00 

136,691.27 

$ 1,479,853.78 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

December 31, 2011 

UNAUDITED 

LIABILITIES AND EQUITY 

Current Liabilities 

Accounts Payable 

Payroll Tax Liability 

Sales Tax Payable 

LOC- Legacy Texas Bank 

Gift Certificates Outstanding 

Refundable Insurance Deposits 

Loan - Trey Aviation, Inc 

Deferred Gain AJC Sale 

Current Portion of Long-Term Debt 

Total Current Liabilities 

Long-Term Liabilities 

N/P- Legacy Texas Bank 

Less: Current Portion of Long-Term Debt 

Total Long-Term Liabilities 

Equity 

Common stock, $0 par value, 1,000 shares authorized and 

1 ,000 shares issued and outstanding 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

$ 886,077.39 

816.59 

19,890.15 

175,000.00 

7,345.00 

24,445.36 

47,851.50 

29,604.00 

65,165.16 

$ 462,797.93 

(65, 165.16) 

$ 1,000.00 

3,894.67 

(255,233.99) 

76,365.18 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,256,195.15 

397,632.77 

(173,974.14) 

$ 1,479,853.78 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2011 

Revenues 

Fee Revenue 

Aircraft Sales & Commission 

Fuel Tax Credit 

Gain on Sale of Asset 

Interest Income 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Sales 

Crew Training Costs 

Fuel 

Ground Transportation 

Lease Expense 

Lease Revenue Paid 

Licenses & Fees 

MX Department 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies 

Sales Department Expenses 

Trip & Crew Expenses 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Cash Over Short 

Charitable Contributions 

UNAUDITED 

Charter Department Expense 

Charter Department Expense - 41 C 

Computer Expense & Upgrades 

Consulting Service 

Contract Labor 

Credit Card Fees 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 6,248,276.36 

328,800.00 

79,156.00 

46,231.00 

3,321.80 

$ 6,705,785.16 

$ 60,359.41 

129,971.77 

286,800.00 

89,008.09 

637,066.81 

80.00 

221,176.16 

3,840.00 

337.25 

855,247.31 

58,506.95 

81,280.43 

1,242.66 

585.00 

171,430.56 

35,974.51 

$ 2,632,906.91 

$ 4,072,878.25 

$ 34,103.82 

1,954.22 

22,659.40 

(10.12) 

350.00 

22,786.00 

66,883.37 

7,653.48 

29,627.01 

137,204.63 

61,235.69 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2011 

UNAUDITED 

Delivery & Freight 

Dues & Subscriptions 

Employee Benefits Programs 

Finder's Fees 

Franchise Tax 

Hangar Services 

Insurance 

Interest Expense 

Legal & Professional 

Maintenance Service Plans 

Meals & Entertainment 

Miscellaneous Expense 

Office Expense 

Office Supplies 

Payroll Taxes 

Payroll Service Fees 

Printing & Reproduction 

Reference Library 

Rent Expense 

Repairs & Maintenance 

Small Shop Tools 

Taxes 

Telephone & Communications 

Training & Education 

Travel 

Uniforms 

Utilities 

Wages & Salaries 

Total Expenses 

Revenues Over (Under) Expenses Before Depreciation 

Depreciation - Income Tax Basis 

Revenues Over (Under) Expenses After Depreciation 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 32,273.59 

11,517.33 

140,536.65 

4,997.50 

47,348.00 

62,825.38 

42,805.31 

44,895.17 

33,067.87 

74,383.36 

7,554.19 

2,417.73 

668.66 

21,813.83 

172,036.47 

9,828.47 

4,513.10 

41,301.37 

249,211.89 

102,404.42 

27,662.26 

26,340.88 

72,897.44 

27,641.40 

16,562.05 

6,198.26 

49,627.49 

2,088,614.63 

$ 3,806,392.20 

$ 266,486.05 

190,120.87 

$ 76,365.18 
MENAGERIE ENTERPRISES, INC. 

UNAUDITED FINANCIAL STATEMENTS 

and 

ACCOUNTANTS' COMPILATION REPORT 

DECEMBER 31, 2012 
BEAIRD HARRIS 

&CO., P.C. 

CERTIFIED PUBLIC ACCOUNTANTS 

ACCOUNTANTS' COMPILATION REPORT 

To The Shareholders 

Menagerie Enterprises, Inc. 

Addison, Texas 

12221 Ment Drive. Suite 750 

Dallas. TX 752~, I 

Phone 972-503-l 040 

Fax: 972-503-! I 20 

wwvv.bh-n:; com 

We have compiled the accompanying statement of assets, liabilities, and equityincome tax basis of Menagerie Enterprises, Inc. (an S corporation) as of December 31, 

2012, and the related statement of revenues and expenses - income tax basis for the 

twelve months then ended. We have not audited or reviewed the accompanying 

financial statements and, accordingly, do not express an opinion or provide any 

assurance about whether the financial statements are in accordance with the income tax 

basis of accounting. 

Management is responsible for the preparation and fair presentation of the financial 

statements in accordance with the income tax basis of accounting and for designing, 

implementing, and maintaining internal control relevant to the preparation and fair 

presentation of the financial statements. 

Our responsibility is to conduct the compilation in accordance with Statements on 

Standards for Accounting and Review Services issued by the American Institute of 

Certified Public Accountants. The objective of a compilation is to assist management in 

presenting financial information in the fonn of financial statements without undertaking 

to obtain or provide any assurance that there are no material modifications that should 

be made to the financial statements. 

We are not independent with respect to Menagerie Enterprises, Inc. 

Dallas, Texas 

November 6, 2014 

Member of American Institute of Certified Public Accountants I Member of Texas Society of Certified Public Accountants 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Franchise Tax Refund Receivable 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

December 31, 2012 

UNAUDITED 

ASSETS 

$ 128,538.07 

648,572.52 

8,200.00 

21,577.58 

91,448.00 

311,180.66 

9,501.65 

$ 60,817.34 

887,395.94 

48,845.47 

51,157.97 

45,060.09 

(829,703.00) 

$ 14,134.64 

57,491.63 

47,500.00 

16,565.00 

2,731.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,219,018.48 

263,573.81 

138,422.27 

$ 1,621,014.56 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

December 31, 2012 

UNAUDITED 

LIABILITIES AND EQUITY 

Current Liabilities 

Accounts Payable 

Payroll Tax Liability 

Sales Tax Payable 

LOC - Legacy Texas Bank 

Customer Pre-Paid Shop Work 

Refundable Insurance Deposits 

N/P - Cessna Finance 

Current Portion of Long-Term Debt 

Total Current Liabilities 

Long-Term Liabilities 

N/P- Legacy Texas Bank 

Less: Current Portion of Long-Term Debt 

Total Long-Term Liabilities 

Equity 

Common stock, $0 par value, 1,000 shares authorized and 

1,000 shares issued and outstanding 

Additional Paid In Capital 

Distributions 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

$ 883,224.16 

(8.37) 

13,634.62 

194,000.00 

70,142.77 

22,111.36 

282,800.00 

103,560.48 

$ 641,255.51 

(1 03,560.48) 

$ 1,000.00 

3,894.67 

(185,441.26) 

(178,868.81) 

(126,730.09) 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,569,465.02 

537,695.03 

(486, 145.49) 

$ 1,621,014.56 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2012 

Revenues 

Fee Revenue 

Aircraft Sales & Commission 

Fuel Tax Credit 

Interest Income 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Crew Training Costs 

Commissions Paid - Aircraft Sales 

Fuel 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies 

Sales Department Expenses 

Trip & Crew Expenses 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Cash Over Short 

Charitable Contributions 

UNAUDITED 

Charter Department Expense 

Charter Department Expense - 41 C 

Computer Expense & Upgrades 

Consulting Service 

Contract Labor 

Credit Card Fees 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

7,651,996.82 

10,942.71 

91.448.00 

255.04 

7,754,642.57 

106,116.95 

134,697.16 

64,640.11 

10,000.00 

902,220.40 

90.00 

227,019.52 

981.15 

858,878.90 

902,909.41 

63,872.32 

2,012.32 

4.36 

25,086.58 

33,274.43 

3,331,803.61 

4.422,838.96 

112,179.90 

3,267.25 

22,507.70 

(215.30) 

8,086.16 

29,511.61 

64.467.98 

8,266.65 

17,086.77 

220.404.60 

63,163.51 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2012 

UNAUDITED 

Delivery & Freight $ 

Dues & Subscriptions 

Employee Benefits Programs 

Finder's Fees 

Franchise Tax 

Hangar Services 

Insurance 

Interest Expense 

Legal & Professional 

Maintenance Service Plans 

Meals & Entertainment 

Miscellaneous Expense 

Office Expense 

Office Supplies 

Payroll Taxes 

Payroll Service Fees 

Printing & Reproduction 

Reference Library 

Rent Expense 

Repairs & Maintenance 

Small Shop Tools 

Taxes 

Telephone & Communications 

Training & Education 

Travel 

Uniforms 

Utilities 

Wages & Salaries 

Total Expenses $ 

Revenues Over (Under) Expenses Before Depreciation $ 

Depreciation - Income Tax Basis 

Revenues Over (Under) Expenses After Depreciation $ 

SEE ACCOUNTANTS' COMPILATION REPORT 

34,274.14 

22,401.55 

167,358.35 

8,928.09 

17,951.42 

94,414.25 

42,807.36 

59,960.78 

39,238.62 

119,307.11 

11,251.03 

1,295.85 

927.93 

36,749.69 

189,415.53 

10,035.87 

6,584.06 

45,605.00 

275,167.99 

57,206.88 

35,648.77 

16,524.46 

76,533.24 

33,970.16 

22,055.93 

4,751.84 

49,488.35 

2,190,940.77 

4,219,521.85 

203,317.11 

330,047.20 

(126,730.09) 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2012 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Income Tax Basis of Accounting 

The Company's policy is to prepare its financial statements on the income tax basis of 

accounting. 

Nature of Operations 

The Company is engaged in aircraft charter services, aircraft repairs and maintenance, 

flight school instruction, and product sales. 

Revenue Recognition 

Revenue on aircraft charter services is recognized when the service is provided. Revenue on 

aircraft repairs and maintenance is recognized when service is completed. Revenue on flight 

school instruction is recognized when service is completed. Revenue on product sales is 

recognized when shipped or when the customer takes possession in the pilot shop. 

At December 31, 2012, cash consists of monies held in checking accounts, money market 

accounts and cash on hand. 

Inventory 

Inventories are stated at the lower of cost (determined on the first-in, first-out basis) or 

market, inventory consists of maintenance/repair, maintenance parts, and retail pilot shop 

inventory. 

Property, Equipment, and Depreciation 

Property and equipment are stated at cost. Depreciation is provided on the modified 

accelerated cost recovery system, the same method used for federal income tax purposes. 
MENAGERIE ENTERPRISES, INC. 

UNAUDITED FINANCIAL STATEMENTS 

and 

ACCOUNTANTS' COMPILATION REPORT 

DECEMBER 31,2013 
BEAIRD HARRIS 

&CO., P.C. 

CERTIFIED PUBLIC ACCOUNTANTS 

ACCOUNTANTS' COMPILATION REPORT 

To The Shareholders 

Menagerie Enterprises, Inc. 

Addison, Texas 

12221 Merit Drive, Suite 750 

Dallas. TX 75251 

Phone: 972-503-1 040 

Fax. 9 72-':>03- i I 20 

W\NW.bh-co. corn 

We have compiled the accompanying statement of assets, liabilities, and equity -

income tax basis of Menagerie Enterprises, Inc. (an S corporation) as of December 31, 

2013, and the related statement of revenues and expenses - income tax basis for the 

twelve months then ended. We have not audited or reviewed the accompanying 

financial statements and, accordingly, do not express an opinion or provide any 

assurance about whether the financial statements are in accordance with the income tax 

basis of accounting. 

Management is responsible for the preparation and fair presentation of the financial 

statements in accordance with the income tax basis of accounting and for designing, 

implementing, and maintaining internal control relevant to the preparation and fair 

presentation of the financial statements. 

Our responsibility is to conduct the compilation in accordance with Statements on 

Standards for Accounting and Review Services issued by the American Institute of 

Certified Public Accountants. The objective of a compilation is to assist management in 

presenting financial information in the form of financial statements without undertaking 

to obtain or provide any assurance that there are no material modifications that should 

be made to the financial statements. 

We are not independent with respect to Menagerie Enterprises, Inc. 

Dallas, Texas 

November 6, 2014 

Member of American Institute of Certified Public Accountants I Member of Texas Society of Certified Public Accountants 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

Deposits 

Total Other Assets 

TOTAL ASSETS 

December 31, 2013 

UNAUDITED 

ASSETS 

$ 87,656.31 

647,881.85 

7,500.00 

111,664.00 

285,328.03 

9,282.12 

$ 63,535.40 

616,825.94 

48,845.47 

53,209.32 

45,060.09 

(656,716.41) 

$ 14,134.64 

57,491.63 

15,000.00 

15,565.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,149,312.31 

170,759.81 

102,191.27 

$ 1,422,263.39 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

December 31, 2013 

UNAUDITED 

LIABILITIES AND EQUITY 

Current Liabilities 

Accounts Payable 

Payroll Tax Liability 

Sales Tax Payable 

LOC- Legacy Texas Bank 

Refundable Insurance Deposits 

Loan -Trey Aviation, Inc 

Loan - Trey Aviation LLC 

Loans from Shareholder 

Current Portion of Long-Term Debt 

Total Current Liabilities 

Long-Term Liablities 

N/P- Legacy Texas Bank 

Less: Current Portion of Long-Term Debt 

Total Long-Term Liabilities 

Equity 

Common stock, $0 par value, 1,000 shares authorized and 

1,000 shares issued and outstanding 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

$ 657,122.17 

0.25 

12,162.67 

152,000.00 

16,923.36 

14,900.00 

19,600.00 

40,000.00 

143,810.76 

$ 804,794.99 

(143,810.76) 

$ 1,000.00 

3,894.67 

(491,040.16) 

190,905.44 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,056,519.21 

660,984.23 

(295,240.05) 

$ 1.422,263.39 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2013 

Revenues 

Fee Revenue 

Aircraft Sales & Commission 

Fuel Tax Credit 

Gain on Sale of Asset 

Interest Income 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Crew Training Costs 

Commissions Paid - Aircraft Sales 

Fuel 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Sales Department Expenses 

Trip & Crew Expenses 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Cash Over Short 

UNAUDITED 

Charter Department Expense 

Charter Department Expense - 41 C 

Computer Expense & Upgrades 

Consulting Service 

Contract Labor 

Credit Card Fees 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

6,368,051.83 

205,000.00 

111,664.00 

156,152.00 

25.80 

6,840,893.63 

108,532.39 

136,249.20 

63,100.27 

850.00 

547,415.04 

84.00 

272,397.54 

830.70 

827,218.11 

254,342.57 

52,046.19 

3,484.14 

20,931.09 

26,847.47 

2,314,328.71 

4,526,564.92 

49,853.73 

1,925.15 

17,817.94 

(28.33) 

23,835.80 

396,823.57 

4,731.65 

44,659.84 

213,532.36 

59,291.66 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the twelve months ended December 31, 2013 

UNAUDITED 

Delivery & Freight $ 

Dues & Subscriptions 

Employee Benefits Programs 

Finder's Fees 

Franchise Tax 

Hangar Services 

Insurance 

Interest Expense 

Legal & Professional 

Maintenance Service Plans 

Meals & Entertainment 

Miscellaneous Expense 

Office Expense 

Office Supplies 

Payroll Taxes 

Payroll Service Fees 

Printing & Reproduction 

Reference Library 

Rent Expense 

Repairs & Maintenance 

Small Shop Tools 

Taxes 

Telephone & Communications 

Training & Education 

Travel 

Uniforms 

Utilities 

Wages & Salaries 

Total Expenses $ 

Revenues Over (Under) Expenses Before Depreciation $ 

Depreciation - Income Tax Basis 

Revenues Over (Under) Expenses After Depreciation $ 

SEE ACCOUNTANTS' COMPILATION REPORT 

36,954.72 

20,069.35 

163,716.75 

1,360.51 

44,412.03 

63,221.26 

42,769.78 

65,019.21 

32,253.75 

110,246.22 

7,716.54 

25,801.94 

1,694.34 

22,868.11 

161,170.47 

10,320.25 

4,726.33 

12,165.67 

332,629.18 

34,398.22 

30,559.19 

40,366.90 

73,765.62 

19,608.16 

20,369.71 

2,122.85 

36,904.52 

2,027,269.12 

4,256,924.07 

269,640.85 

78,735.41 

190,905.44 
MENAGERIE ENTERPRISES, INC. 

UNAUDITED FINANCIAL STATEMENTS 

and 

ACCOUNTANTS' COMPILATION REPORT 

AUGUST 31,2014 
BEAIRD HARRIS 

& CO., P.C. 

PUBLIC ACCOUNTANTS 

ACCOUNTANTS' COMPILATION REPORT 

To The Shareholders 

Menagerie Enterprises, Inc. 

Addison, Texas 

We have compiled the accompanying statement of assets, liabilities, and equityincome tax basis of Menagerie Enterprises, Inc. (an S corporation) as of August 31, 

2014, and the related statement of revenues and expenses- income tax basis for the 

eight months then ended. We have not audited or reviewed the accompanying financial 

statements and, accordingly, do not express an opinion or provide any assurance about 

whether the financial statements are in accordance with the income tax basis of 

accounting. 

Management is responsible for the preparation and fair presentation of the financial 

statements in accordance with the income tax basis of accounting and for designing, 

implementing, and maintaining internal control relevant to the preparation and fair 

presentation of the financial statements. 

Our responsibility is to conduct the compilation in accordance with Statements on 

Standards for Accounting and Review Services issued by the American Institute of 

Certified Public Accountants. The objective of a compilation is to assist management in 

presenting financial information in the form of financial statements without undertaking 

to obtain or provide any assurance that there are no material modifications that should 

be made to the financial statements. 

We are not independent with respect to Menagerie Enterprises, Inc .. 

Dallas, Texas 

November 3, 2014 

MemlJer of American Institute oF CertifierJ PulJiic t\ccounrants 1 Member of lexas Society of Certified PulJiic Accounran[s 

F;:v:: 9?;~-'-~03-! 1 

V,"fV,;</ t·~(!-t;C, :".(.f~i 
MENAGERIE ENTERPRISES, INC. 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

Deposits 

Total Other Assets 

TOTAL ASSETS 

BALANCE SHEET 

INCOME TAX BASIS 

August 31, 2014 

UNAUDITED 

ASSETS 

$ 

$ 

$ 

127,517.44 

430,757.31 

8,200.00 

111,664.00 

382,276.89 

14,580.15 

116,005.17 

616,825.94 

49,370.47 

54,616.46 

90,743.70 

(710,588.41) 

14,134.64 

57,491.63 

15,000.00 

15,565.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,074,995.79 

216,973.33 

102,191.27 

$ 1 ,394,160.39 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

August 31, 2014 

UNAUDITED 

LIABILITIES AND EQUITY 

Current Liabilities 

Accounts Payable 

Payroll Tax Liability 

Sales Tax Payable 

LOC - Legacy Texas Bank 

LOC- BB&T 

Gift Certificates Outstanding 

Refundable Insurance Deposits 

Loan -Trey Aviation LLC 

Loan- Trey Aviation, Inc 

Loans from Shareholder 

Current Portion of Long-Term Debt 

Total Current Liabilities 

Long-Term Liabilities 

N/P- Legacy Texas Bank 

NIP- Legacy Texas Bank- Tools 

Less: Current Portion of Long-Term Debt 

Total Long-Term Liabilities 

Equity 

Common stock, $0 par value, 1 ,000 shares authorized and 

1 ,000 shares issued and outstanding 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

$ 844,652.44 

0.15 

12,379.11 

297,000.00 

20,000.00 

125.00 

14,480.36 

19,600.00 

14,900.00 

110,000.00 

161,898.96 

$ 706,717.88 

45,000.00 

(161 ,898.96) 

$ 1,000.00 

3,894.67 

(300, 134.72) 

(395,454.50) 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,495,036.02 

589,818.92 

(690,694.55) 

$ 1 ,394,160.39 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the eight months ended August 31, 2014 

Revenues 

Fee Revenue 

Interest Income 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Crew Training Costs 

Fuel 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies 

Trip & Crew Expenses 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Cash Over Short 

UNAUDITED 

Charter Department Expense 

Charter Department Expense - 41 C 

Computer Expense & Upgrades 

Consulting Service 

Contract Labor 

Credit Card Fees 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 4,025,849.95 

13.38 

$ 4,025,863.33 

$ 75,570.54 

92,892.02 

66,410.31 

292,162.74 

1,019.40 

151,851.84 

447.50 

633,348.81 

20,240.14 

37,127.53 

15,545.49 

1,931.17 

73.33 

$ 1 ,388,620.82 

$ 2,637,242.51 

$ 15,097.87 

1,445.03 

8,118.60 

(31.51) 

6,190.21 

294,538.96 

2,898.13 

15,737.79 

103,739.03 

32,546.22 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

For the eight months ended August 31, 2014 

UNAUDITED 

Delivery & Freight 

Dues & Subscriptions 

Employee Benefits Programs 

Franchise Tax 

Hangar Services 

Insurance 

Interest Expense 

Legal & Professional 

Maintenance Service Plans 

Meals & Entertainment 

Miscellaneous Expense 

Office Expense 

Office Supplies 

Payroll Taxes 

Payroll Service Fees 

Printing & Reproduction 

Reference Library 

Rent Expense 

Repairs & Maintenance 

Small Shop Tools 

Taxes 

Telephone & Communications 

Training & Education 

Travel 

Uniforms 

Utilities 

Wages & Salaries 

Total Expenses 

Revenues Over (Under) Expenses Before Depreciation 

Depreciation- Income Tax Basis 

Revenues Over (Under) Expenses After Depreciation 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 16,787.87 

13,997.23 

124,170.09 

45,500.00 

35,102.28 

33,373.28 

36,953.78 

74,606.19 

97,656.50 

4,177.77 

1,871.81 

679.79 

21,622.20 

121,577.20 

7,630.08 

3,852.31 

19,471.85 

215,668.90 

50,248.88 

18,395.82 

577.32 

46,371.98 

18,346.73 

15,054.44 

2,219.40 

32,744.98 

1 ,439,886.00 

$ 2,978,825.01 

$ (341 ,582.50) 

53,872.00 

$ ~395,454.50~ 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 6B 
11:19 AM 

10/20/14 

Cash Basis 

Menagerie Aircraft Management, LLC 

Balance Sheet 

As of August 31, 2014 

ASSETS 

Current Assets 

Checking/Savings 

Operating Account 

Total Checking/Savings 

Accounts Receivable 

Accounts Receivable 

Total Accounts Receivable 

Total Current Assets 

TOTAL ASSETS 

LIABILITIES & EQUITY 

Liabilities 

Current Liabilities 

Accounts Payable 

Accounts Payable 

Total Accounts Payable 

Credit Cards 

Bank of America 

BOA- Dave 

BOA-Sam 

BOA- Riley 

BOA- Shaun 

BOA-James 

BOA- Trey 

BOA- Kevin Highsmith 

Bank of America - Other 

Total Bank of America 

Total Credit Cards 

Other Current Liabilities 

Payroll Liabilities 

Form 941 Payable 

FUTA Payable 

SUTA Payable 

Total Payroll Liabilities 

Total Other Current Liabilities 

Total Current Liabilities 

Total Liabilities 

Equity 

Shelia Sawtelle Capital 

Owner's Capital 

Retained Earnings 

Net Income 

Total Equity 

TOTAL LIABILITIES & EQUITY 

Aug 31,14 

44,344.33 

44,344.33 

-830.00 

-830.00 

43,514.33 

43,514.33 

-81,730.58 

-81,730.58 

8,608.19 

27,390.37 

150,613.82 

28,094.50 

181,544.70 

114,013.62 

134,851.50 

-630,005.88 

15,110.82 

15,110.82 

422.22 

55.15 

-10.54 

466.83 

466.83 

-66,152.93 

-66,152.93 

-94.91 

-9,396.09 

-10,882.58 

130,040.84 

109,667.26 

43,514.33 

Page 1 
11:18AM 

10/20/14 

Cash Basis 

Menagerie Aircraft Management, LLC 

Profit & Loss 

January through August 2014 

Ordinary Income/Expense 

Income 

Limo/Transportation Income 

Charter Flight 

Food/Beverage Fees 

Fuel Fees 

Hangar I TD Fees 

Maintenance Fees 

Management Fee 

Navigation Chart Fees 

Pilot Fees 

Ramp Fees 

Total Income 

Cost of Goods Sold 

Limo/Transportation 

Charter Cost 

Food/Beverage 

Fuel 

Hangar/TO 

Maintenance 

Navigation Charts 

Pilot Costs 

Ramp Costs 

Total COGS 

Gross Profit 

Expense 

Training Expense 

Bank Service Charge 

Legal & Professional 

Licenses & Fees 

Meals & Entertainment 

Payroll Wage Expense 

Payroll Tax Expense 

FUTA Expense 

HI Expense 

OASDI Expense 

SUTA Expense 

Total Payroll Tax Expense 

Total Expense 

Net Ordinary Income 

Net Income 

Jan- Aug 14 

18,230.00 

20,922.44 

16,727.20 

357,529.79 

9.450.00 

236,286.46 

30,518.40 

-18.40 

138,410.75 

6,001.52 

834,058.16 

11,861.75 

29,778.44 

14.498.23 

310,177.32 

7,378.80 

201,522.75 

102.83 

83,839.73 

5,387.95 

664,547.80 

169,510.36 

17,200.00 

318.07 

284.00 

486.04 

2,632.41 

16,900.50 

236.89 

257.93 

1,102.88 

50.80 

1,648.50 

39.469.52 

130,040.84 

130,040.84 

Page 1 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 6C 
12:38 PM 

11/03/14 

Cash Basis 

ASSETS 

Trey Aviation LLC 

Balance Sheet 

As of August 31, 2014 

Current Assets 

Checking/Savings 

Legacy Bank 

Total Checking/Savings 

Other Current Assets 

Loan - Monarch Air 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

Westwind 1 - N41C 

Accumulated Depreciation 

Total Fixed Assets 

TOTAL ASSETS 

LIABILITIES & EQUITY 

Liabilities 

Long Term Liabilities 

Loan- N41C 

Total Long Term Liabilities 

Total Liabilities 

Equity 

Ray Sawtelle Equity 

Retained Earnings 

Sheila Sawtelle Equity 

Net Income 

Total Equity 

TOTAL LIABILITIES & EQUITY 

Aug 31, 14 

35,346.20 

35,346.20 

19,600.00 

19,600.00 

54,946.20 

399,565.72 

-342,468.00 

57,097.72 

112,043.92 

669,025.53 

669,025.53 

669,025.53 

-873,823.63 

294,402.70 

-8,826.49 

31,265.81 

-556,981.61 

112,043.92 

Page 1 
12:38 PM 

11/03/14 

Cash Basis 

Trey Aviation LLC 

Profit & Loss 

January through August 2014 

Jan- Aug 14 

Ordinary Income/Expense 

Income 

Lease Income 105,000.00 

Total Income 105,000.00 

Expense 

Legal & Professional 3,751.00 

Miscellaneous 70,000.00 

Total Expense 73,751.00 

Net Ordinary Income 31,249.00 

Other Income/Expense 

Other Income 

Interest Income 16.81 

Total Other Income 16.81 

Net Other Income 16.81 

Net Income 31,265.81 

Page 1 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 6D 
11:15 AM 

10/20/14 

Cash Basis 

ASSETS 

Trey Aviation Inc. 

Balance Sheet 

As of August 31, 2014 

Current Assets 

Checking/Savings 

Colonial Money Market 

Operating Account 

Legacy Money Market 

Total Checking/Savings 

Other Current Assets 

Loan Receivable - Monarch 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

Frasca Sim 

Aircraft - N2202X 

Machinery & Equipment 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Organization Costs 

Amortization 

Total Other Assets 

TOTAL ASSETS 

LIABILITIES & EQUITY 

Liabilities 

Long Term Liabilities 

N/P - Frasca Sim 

Total Long Term Liabilities 

Total Liabilities 

Equity 

Capital Stock 

Additional Paid in Capital 

Retained Earnings 

Net Income 

Total Equity 

TOTAL LIABILITIES & EQUITY 

Aug 31, 14 

8,212.33 

14,406.47 

50,000.00 

72,618.80 

14,900.00 

14,900.00 

87,518.80 

80,750.00 

0.01 

2,597.99 

-83,348.50 

-0.50 

1 '150.00 

-1 '150.00 

0.00 

87,518.30 

1,203.08 

1,203.08 

1,203.08 

1,000.00 

80,078.00 

-1,582.56 

6,819.78 

86,315.22 

87,518.30 

Page 1 
11:15AM 

10/20/14 

Cash Basis 

Trey Aviation Inc. 

Profit & Loss 

January through August 2014 

Ordinary Income/Expense 

Income 

Lease Income 

Interest Income 

Total Income 

Gross Profit 

Expense 

Legal & Professional 

Total Expense 

Net Ordinary Income 

Net Income 

Jan -Aug 14 

9,958.38 

0.40 

9,958.78 

9,958.78 

3,139.00 

3,139.00 

6,819.78 

6,819.78 

Page 1 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 7 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2011 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Income Tax Basis of Accounting 

The Company's policy is to prepare its financial statements on the income tax basis of 

accounting. 

Nature of Operations 

The Company is engaged in aircraft charter services, aircraft repairs and maintenance, 

flight school instruction, and product sales. 

Revenue Recognition 

Revenue on aircraft charter services is recognized when the service is provided. Revenue on 

aircraft repairs and maintenance is recognized when service is completed. Revenue on flight 

school instruction is recognized when service is completed. Revenue on product sales is 

recognized when shipped or when the customer takes possession in the pilot shop. 

At December 31, 2011, cash consists of monies held in checking accounts, money market 

accounts and cash on hand. 

Inventory 

Inventories are stated at the lower of cost (determined on the first-in, first-out basis) or 

market, inventory consists of maintenance/repair, maintenance parts, and retail pilot shop 

inventory. 

Property, Equipment, and Depreciation 

Property and equipment are stated at cost. Depreciation is provided on the modified 

accelerated cost recovery system, the same method used for federal income tax purposes. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2011 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- CONTINUED 

Presentation of Sales Taxes 

The State of Texas imposes a sales tax on all ofthe Company's product sales to non-exempt 

customers. The Company collects that sales tax from customers and remits the entire amount 

to the State. The Company's accounting policy is to exclude the tax collected and remitted to 

the State from revenue and cost of sales. 

Income Taxes 

The Company, with the consent of its shareholders, has elected under the Internal Revenue 

Code to be an S corporation. In lieu of corporate income taxes, the shareholders of an S 

corporation are taxed on their proportionate share of the Company's taxable income. 

Therefore, no provision or liability for federal income taxes has been included in the financial 

statements. The federal income tax returns of the Company for 2011, 2010, and 2009 are 

subject to examination by the IRS, generally for three years after they were filed. 

2. CONCENTRATIONS OF CREDIT RISK 

Financial instruments that potentially subject the Company to concentrations of credit risk 

consist principally of trade accounts receivable. The Company grants credit primarily to 

commercial customers located in Texas. 

Trade accounts receivable are stated at the amount management expects to collect from 

outstanding balances. Receivables rvcorded in the financial statements represent valid claims 

against debtors for sales or other charges arising on or before the statement of assets, 

liabilities, and equity date. The direct write-off method is used to deduct bad debt expenses 

related to the receivables when collection efforts have been exhausted and the receivables are 

deemed worthless. 

3. BANK DEMAND NOTE PAYABLE 

The Company maintains a revolving line-of-credit from LegacyTexas Bank that provides for 

borrowings up to $350,000 with interest at the Prime Rate as published in the Wall Street 

Journal plus 3.25%. The line-of-credit agreement provides for a security interest in all 

Leasehold Improvements. 

The Company maintains a secondary revolving line-of-credit from Branch Banking & Trust 

(BB&T) that provides for borrowings up to $50,000 with interest at the Prime Rate as 

published in the Wall Street Journal plus 3.25% The shareholder of the company is the 

borrower on this secondary revolving line-of-credit. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2011 

UNAUDITED 

4. LONG-TERM DEBT 

Long-term debt at December 31, 2011 consists ofthe following: 

Note payable to LegacyTexas Bank, due in 60 monthly 

installments of $3,789.09 through April 26, 2015, then in 23 

monthly installments of $3,769.55 through March 26, 2017, then 

one installment of $3,769.48 on April 26, 2017. Secured by a 

2009 Cessna C172S Aircraft with an FAA Registration Number 

ofN50858 (Serial Number 10894-2009). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $4,021.68 through May 20, 2016, then in 23 monthly 

installments of $4,021.67 through April 20, 2018, then one 

installment of $4,021.59 on May 20, 2018. Secured by a 2011 

Cessna C172S Aircraft with an FAA Registration Number of 

N9161 T (Serial Number 11093-2011 ). 

Total Long-Term Debt 

Less current maturities 

Non current maturities 

5. COMMITMENTS 

Operating Leases 

December 31, 2011 

$205,241.25 

257,556.68 

462,797.93 

65,165.16 

$397.632.77 

The Company currently rents an aircraft hangar and office in Addison, Texas on a month-tomonth basis. Rent expense for the period ended December 31, 2011 was $200,200.00. The 

Company is responsible to pay all utilities, repairs and maintenance and real estate taxes. The 

aircraft and office in Addison, Texas is rented from the shareholder ofthe Company. 

The Company currently has a ground lease from Addison Airport on a month-to-month basis. 

Rent expense for the period ended December 31, 2011 was $45,751.26. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2011 

UNAUDITED 

5. COMMITMENTS - CONTINUED 

Aircraft Leases 

The Company leases small aircraft for its flight trammg operations and for its rental 

operations. The term of these leases for small aircraft are on a week to week basis. The 

owners are responsible to pay all maintenance, inspection, and daily operations expenses of 

the aircraft. The Company is responsible for insurance on the aircraft being leased. Costs 

incurred are offset against revenues generated and the excess of revenues over costs is paid to 

the owners. 

The Company leases large aircraft for its charter-on-demand "FAA part 135 Air Carrier 

service" operations. The term of these leases for large aircraft are on an annual basis. The 

owners are responsible for all maintenance, inspection, alterations, or modifications of the 

aircraft. The owners are responsible for all daily operations expenses including but not 

limited to airport charges (landing fees, overnight parking fees, and other airport fees), fuel, 

oil, catering, aircraft de-icing, hangaring, and other supplies and services as deemed necessary 

and reasonable. The Company is responsible for insurance on the aircraft being leased. 

Owners are paid either on a flight-hour basis or on a percentage-basis as specified in the lease 

agreement. 

6. RELATED PARTY TRANSACTIONS 

Trey Aviation, LLC. 

The Company leases a 1983 IAI-1124 Westwind FAA registration N41C from Trey Aviation, 

LLC, a related party. The shareholder of the Company is the sole member of Trey Aviation, 

LLC. The Company leases the aircraft for $15,000 I month and the amount paid for the 

twelve months ending December 31, 2011 was $180,000 

Trey Aviation, Inc. 

The Company leases a Frasca Mentor Flight Training Device from Trey Aviation, Inc., a 

related party. The shareholder of the Company is the sole shareholder of Trey Aviation, Inc. 

The Company leases the flight training device for $49.00/hour and the amount paid is based 

on hours used. The amount paid for the twelve months ending December 31, 2011 was 

$16,248.40. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2012 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- CONTINUED 

Presentation of Sales Taxes 

The State of Texas imposes a sales tax on all ofthe Company's product sales to non-exempt 

customers. The Company collects that sales tax from customers and remits the entire amount 

to the State. The Company's accounting policy is to exclude the tax collected and remitted to 

the State from revenue and cost of sales. 

Income Taxes 

The Company, with the consent of its shareholders, has elected under the Internal Revenue 

Code to be an S corporation. In lieu of corporate income taxes, the shareholders of an S 

corporation are taxed on their proportionate share of the Company's taxable income. 

Therefore, no provision or liability for federal income taxes has been included in the financial 

statements. The federal income tax returns of the Company for 2012, 2011, and 2010 are 

subject to examination by the IRS, generally for three years after they were filed. 

2. CONCENTRATIONS OF CREDIT RISK 

Financial instruments that potentially subject the Company to concentrations of credit risk 

consist principally of trade accounts receivable. The Company grants credit primarily to 

commercial customers located in Texas. 

Trade accounts receivable are stated at the amount management expects to collect from 

outstanding balances. Receivables recorded in the financial statements represent valid claims 

against debtors for sales or other charges arising on or before the statement of assets, 

liabilities, and equity date. The direct write-off method is used to deduct bad debt expenses 

related to the receivables when collection efforts have been exhausted and the receivables are 

deemed worthless. 

3. BANKDEMANDNOTEPAYABLE 

The Company maintains a revolving line-of-credit from LegacyTexas Bank that provides for 

borrowings up to $350,000 with interest at the Prime Rate as published in the Wall Street 

Journal plus 3.25%. The line-of-credit agreement provides for a security interest in all 

Leasehold Improvements. 

The Company maintains a secondary revolving line-of-credit from Branch Banking & Trust 

(BB&T) that provides for borrowings up to $50,000 with interest at the Prime Rate as 

published in the Wall Street Journal plus 3.25% The shareholder of the company is the 

borrower on this secondary revolving line-of-credit. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31,2012 

UNAUDITED 

4. SHORT-TERM DEBT 

Note payable to Cessna Finance Corporation, due in one semiannual installment of$10,928.48 on July 18, 2012, succeeded by 1 

final balloon payment due January 17, 2013. The interest rate on 

this short-term note is LIBOR plus 7.185% and is secured by a 

2012 Cessna C172S Aircraft with an FAA Registration Number of 

N106NK (Serial Number 11156-2012). 

5. LONG-TERM DEBT 

Long-term debt at December 31,2012 consists ofthe following: 

Note payable to LegacyTexas Bank, due in 60 monthly 

installments of $3,789.09 through April 26, 2015, then in 23 

monthly installments of $3,769.55 through March 26, 2017, then 

one installment of $3,769.48 on April 26, 2017. Secured by a 

2009 Cessna C172S Aircraft with an FAA Registration Number 

ofN50858 (Serial Number 10894-2009). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $4,021.68 through May 20, 2016, then in 23 monthly 

installments of $4,021.67 through April 20, 2018, then one 

installment of $4,021.59 on May 20, 2018. Secured by a 2011 

Cessna C 172S Aircraft with an FAA Registration Number of 

N9161T (Serial Number 11093-2011). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $3,939.16 through January 25, 2017, then in 23 monthly 

installments of $3,933.54 through December 25, 2018, then one 

installment of $3,933.54 on January 25, 2019. Secured by a 

2012 Cessna C172S Aircraft with an FAA Registration Number 

ofN106NK (Serial Number 11156-2012). 

Total Long-Term Debt 

Less current maturities 

Noncurrent maturities 

December 31,2012 

$282,800.00 

December 31,2012 

$171,855.91 

223,451.12 

245,948.48 

641,255.51 

103,560.48 

$537.695.03 
6. COMMITMENTS 

Operating Leases 

MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2012 

UNAUDITED 

The Company currently rents an aircraft hangar and office in Addison, Texas on a month-tomonth basis. Rent expense for the period ended December 31, 2012 was $200,200.00. The 

Company is responsible to pay all utilities, repairs and maintenance and real estate taxes. The 

aircraft and office in Addison, Texas is rented from the shareholder ofthe Company. 

The Company currently has a ground lease from Addison Airport on a month-to-month basis. 

Rent expense for the period ended December 31, 2012 was $46,256.88. 

Aircraft Leases 

The Company leases small aircraft for its flight trammg operations and for its rental 

operations. The term of these leases for small aircraft are on a week to week basis. The 

owners are responsible to pay all maintenance, inspection, and daily operations expenses of 

the aircraft. The Company is responsible for insurance on the aircraft being leased. Costs 

incurred are offset against revenues generated and the excess of revenues over costs is paid to 

the owners. 

The Company leases large aircraft for its charter-on-demand "FAA part 135 Air Carrier 

service" operations. The term of these leases for large aircraft are on an annual basis. The 

owners are responsible for all maintenance, inspection, alterations, or modifications of the 

aircraft. The owners are responsible for all daily operations expenses including but not 

limited to airport charges (landing fees, overnight parking fees, and other airport fees), fuel, 

oil, catering, aircraft de-icing, hangaring, and other supplies and services as deemed necessary 

and reasonable. The Company is responsible for insurance on the aircraft being leased. 

Owners are paid either on a flight-hour basis or on a percentage-basis as specified in the lease 

agreement. 

7. RELATED PARTY TRANSACTIONS 

Trey Aviation, LLC. 

The Company leases a 1983 IAI-1124 Westwind FAA registration N41C from Trey Aviation, 

LLC, a related party. The shareholder of the Company is the sole member of Trey Aviation, 

LLC. The Company leases the aircraft for $15,000 I month and the amount paid for the 

twelve months ending December 31,2012 was $180,000 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2012 

UNAUDITED 

7. RELATED PARTY TRANSACTIONS- CONTINUED 

Trey Aviation, Inc. 

The Company leases a Frasca Mentor Flight Training Device from Trey Aviation, Inc., a 

related party. The shareholder ofthe Company is the sole shareholder of Trey Aviation, Inc. 

The Company leases the flight training device for $49.00/hour and the amount paid is based 

on hours used. The amount paid for the twelve months ending December 31, 2012 was 

$24,901.80. 

8. RESTATED FINANCIALS 

The financial statements have been restated for changes related to the filing of the tax return 

on September 4, 2013, after we had issued the compiled financial statements on March 15, 

2013. As a result ofthis change, Accounts Receivable increased by $53,076.51, Shareholder 

Receivable decreased by $185,441.26 and distributions increased by $185,441.26. On the 

Income Statement, as a result ofthis change, Fee Revenue increased by $53,076.51, resulting 

in an overall Revenues Over (Under) Expenses After Depreciation increase of $53,076.51. 

This change has been reflected on the reissued financial statements. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2013 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Income Tax Basis of Accounting 

The Company's policy is to prepare its financial statements on the income tax basis of 

accounting. 

Nature of Operations 

The Company is engaged in aircraft charter services, aircraft repairs and maintenance, 

flight school instruction, and product sales. 

Revenue Recognition 

Revenue on aircraft charter services is recognized when the service is provided. Revenue on 

aircraft repairs and maintenance is recognized when service is completed. Revenue on flight 

school instruction is recognized when service is completed. Revenue on product sales is 

recognized when shipped or when the customer takes possession in the pilot shop. 

At December 31, 2013, cash consists of monies held in checking accounts, money market 

accounts and cash on hand. 

Inventory 

Inventories are stated at the lower of cost (determined on the first-in, first-out basis) or 

market, inventory consists of maintenance/repair, maintenance parts, and retail pilot shop 

inventory. 

Property, Equipment, and Depreciation 

Property and equipment are stated at cost. Depreciation is provided on the modified 

accelerated cost recovery system, the same method used for federal income tax purposes. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2013 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- CONTINUED 

Presentation of Sales Taxes 

The State of Texas imposes a sales tax on all of the Company's product sales to non-exempt 

customers. The Company collects that sales tax from customers and remits the entire amount 

to the State. The Company's accounting policy is to exclude the tax collected and remitted to 

the State from revenue and cost of sales. 

Income Taxes 

The Company, with the consent of its shareholders, has elected under the Internal Revenue 

Code to be an S corporation. In lieu of corporate income taxes, the shareholders of an S 

corporation are taxed on their proportionate share of the Company's taxable income. 

Therefore, no provision or liability for federal income taxes has been included in the financial 

statements. The federal income tax returns of the Company for 2013, 2012, and 2011 are 

subject to examination by the IRS, generally for three years after they were filed. 

2. CONCENTRATIONS OF CREDIT RISK 

Financial instruments that potentially subject the Company to concentrations of credit risk 

consist principally of trade accounts receivable. The Company grants credit primarily to 

commercial customers located in Texas. 

Trade accounts receivable are stated at the amount management expects to collect from 

outstanding balances. Receivables recorded in the financial statements represent valid claims 

against debtors for sales or other charges arising on or before the statement of assets, 

liabilities, and equity date. The direct write-off method is used to deduct bad debt expenses 

related to the receivables when collection efforts have been exhausted and the receivables are 

deemed worthless. 

3. BANK DEMAND NOTE PAYABLE 

The Company maintains a revolving line-of-credit from LegacyTexas Bank that provides for 

borrowings up to $350,000 with interest at the Prime Rate as published in the Wall Street 

Journal plus 3.25%. The line-of-credit agreement provides for a security interest in all 

Leasehold Improvements. 

The Company maintains a secondary revolving line-of-credit from Branch Banking & Trust 

(BB&T) that provides for borrowings up to $50,000 with interest at the Prime Rate as 

published in the Wall Street Journal plus 3.25% The shareholder of the company is the 

borrower on this secondary revolving line-of-credit. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2013 

UNAUDITED 

4. LONG-TERM DEBT 

Long-term debt at December 31, 2013 consists of the following: 

Note payable to LegacyTexas Bank, due in 60 monthly 

installments of $3,789.09 through April 26, 2015, then in 23 

monthly installments of $3,769.55 through March 26, 2017, then 

one installment of$3,769.48 on April26, 2017. Secured by a 

2009 Cessna C 172S Aircraft with a:n FAA Registration Number 

ofN50858 (Serial Number 10894-2009). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $4,021.68 through May 20, 2016, then in 23 monthly 

installments of $4,021.67 through April 20, 2018, then one 

installment of $4,021.59 on May 20, 2018. Secured by a 2011 

Cessna C172S Aircraft with an FAA Registration Number of 

N9161T (Serial Number 11093-2011). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $3,939.16 through January 25, 2017, then in 23 monthly 

installments of $3,933.54 through December 25, 2018, then one 

installment of $3,933.54 on January 25, 2019. Secured by a 

2012 Cessna C 172S Aircraft with an FAA Registration Number 

ofN106NK (Serial Number 11156-2012). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $3,999.45 through August 19, 2013, then in 23 monthly 

installments of $3,998.20 through July 19, 2020, then one 

installment of$3,998.16 on August 19, 2020. Secured by a 2012 

Cessna C 172S Aircraft with an FAA Registration Number of 

N190ME (Serial Number 11190-2012) 

Total Long-Term Debt 

Less current maturities 

Noncurrent maturities 

December 31, 2013 

$136,256.27 

187,262.76 

210,656.86 

270,619.10 

804,794.99 

143,810.76 

$660.984.23 
5. COMMITMENTS 

Operating Leases 

MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2013 

UNAUDITED 

The Company currently rents an aircraft hangar and office in Addison, Texas on a month-tomonth basis. Rent expense for the period ended December 31, 2013 was $252,200.00. The 

Company is responsible to pay all utilities, repairs and maintenance and real estate taxes. The 

aircraft and office in Addison, Texas is rented from the shareholder ofthe Company. 

The Company currently has a ground lease from Addison Airport on a month-to-month basis. 

Rent expense for the period ended December 31, 2013 was $47,397.54. 

Aircraft Leases 

The Company leases small aircraft for its flight training operations and for its rental 

operations. The term of these leases for small aircraft are on a week to week basis. The 

owners are responsible to pay all maintenance, inspection, and daily operations expenses of 

the aircraft. The Company is responsible for insurance on the aircraft being leased. Costs 

incurred are offset against revenues generated and the excess of revenues over costs is paid to 

the owners. 

The Company leases large aircraft for its charter-on-demand "FAA part 135 Air Carrier 

service" operations. The term of these leases for large aircraft are on an annual basis. The 

owners are responsible for all maintenance, inspection, alterations, or modifications of the 

aircraft. The owners are responsible for all daily operations expenses including but not 

limited to airport charges (landing fees, overnight parking fees, and other airport fees), fuel, 

oil, catering, aircraft de-icing, hangaring, and other supplies and services as deemed necessary 

and reasonable. The Company is responsible for insurance on the aircraft being leased. 

Owners are paid either on a flight-hour basis or on a percentage-basis as specified in the lease 

agreement. 

6. RELATED PARTY TRANSACTIONS 

Trey Aviation, LLC. 

The Company leases a 1983 IAI-1124 Westwind FAA registration N41C from Trey Aviation, 

LLC, a related party. The shareholder of the Company is the sole member of Trey Aviation, 

LLC. The Company leases the aircraft for $15,000 I month and the amount paid for the 

twelve months ending December 31, 2013 was $180,000 

Trey Aviation, Inc. 

The Company leases a Frasca Mentor Flight Training Device from Trey Aviation, Inc., a 

related party. The shareholder of the Company is the sole shareholder of Trey Aviation, Inc. 

The Company leases the flight training device for $49 .00/hour and the amount paid is based 

on hours used. The amount paid for the twelve months ending December 31, 2013 was 

$25,122.30. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 2013 

UNAUDITED 

7. CLAIMS AND LAWSUITS 

The Company was named as a Third-Party Defendant in a lawsuit that was filed in July 2013. 

This lawsuit was settled in October 2014 releasing the Company from any claim related to this 

lawsuit. The Company has not provided an accrual for this lawsuit as the amount being 

sought was not specified and unknown. 

8. RESTATEDFINANCIALS 

The financial statements have been restated for two changes related to the filing of the tax 

return on September 15, 2014, after the compiled financial statements had been issued on 

March 13, 2014. As a result of this change, Accounts Receivable increased by $44,690.99 

and Loan- Trey Aviation LLC decreased by $30,000.00. On the Income Statement, as a 

result ofthis change, Fee Revenue increased by $44,690.99 and Wages & Salaries decreased 

by $30,000.00, resulting in an overall Revenues Over (Under) Expenses After Depreciation 

increase of$74,690.99. This change has been reflected on the reissued financial statements. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

AUGUST 31, 2014 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Income Tax Basis of Accounting 

The Company's policy is to prepare its financial statements on the income tax basis of 

accounting. 

Nature of Operations 

The Company is engaged in aircraft charter services, aircraft repairs and maintenance, 

flight school instruction, and product sales. 

Revenue Recognition 

Revenue on aircraft charter services is recognized when the service is provided. Revenue on 

aircraft repairs and maintenance is recognized when service is completed. Revenue on flight 

school instruction is recognized when service is completed. Revenue on product sales is 

recognized when shipped or when the customer takes possession in the pilot shop. 

At August 31, 2014, cash consists of monies held in checking accounts, money market 

accounts and cash on hand. One of the money market accounts is restricted to disbursements 

related to a client aircraft. The amount in this money market account as of August 31, 2014 is 

$55,912.89 

Inventory 

Inventories are stated at the lower of cost (determined on the first-in, first-out basis) or 

market, inventory consists of maintenance/repair, maintenance parts, and retail pilot shop 

inventory. 

Property, Equipment, and Depreciation 

Property and equipment are stated at cost. Depreciation is provided on the modified 

accelerated cost recovery system, the same method used for federal income tax purposes. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

AUGUST 31, 2014 

UNAUDITED 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -CONTINUED 

Presentation of Sales Taxes 

The State of Texas imposes a sales tax on all of the Company's product sales to non-exempt 

customers. The Company collects that sales tax from customers and remits the entire amount 

to the State. The Company's accounting policy is to exclude the tax collected and remitted to 

the State from revenue and cost of sales. 

Income Taxes 

The Company, with the consent of its shareholders, has elected under the Internal Revenue 

Code to be an S corporation. In lieu of corporate income taxes, the shareholders of an S 

corporation are taxed on their proportionate share of the Company's taxable income. 

Therefore, no provision or liability for federal income taxes has been included in the financial 

statements. The federal income tax returns of the Company for 2013, 2012, and 2011 are 

subject to examination by the IRS, generally for three years after they were filed. 

2. CONCENTRATIONS OF CREDIT RISK 

Financial instruments that potentially subject the Company to concentrations of credit risk 

consist principally of trade accounts receivable. The Company grants credit primarily to 

commercial customers located in Texas. 

Trade accounts receivable are stated at the amount management expects to collect from 

outstanding balances. Receivables recorded in the financial statements represent valid claims 

against debtors for sales or other charges arising on or before the statement of assets, 

liabilities, and equity date. The direct write-off method is used to deduct bad debt expenses 

related to the receivables when collection efforts have been exhausted and the receivables are 

deemed worthless. 

3. BANK DEMAND NOTE PAYABLE 

The Company maintains a revolving line-of-credit from LegacyTexas Bank that provides for 

borrowings up to $350,000 with interest at the Prime Rate as published in the Wall Street 

Journal plus 3.25%. The line-of-credit agreement provides for a security interest in all 

Leasehold Improvements. 

The Company maintains a secondary revolving line-of-credit from Branch Banking & Trust 

(BB&T) that provides for borrowings up to $50,000 with interest at the Prime Rate as 

published in the Wall Street Journal plus 3.25% The shareholder of the company is the 

borrower on this secondary revolving line-of-credit. 
MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

AUGUST 31, 2014 

UNAUDITED 

4. LONG-TERM DEBT 

Long-term debt at August 31,2014 consists ofthe following: 

Note payable to LegacyTexas Bank, due in 60 monthly 

installments of $3,468.37 through September 23, 2014, then in 

23 monthly installments of $3,459.47 through August 23, 2016, 

then one installment of $3,459.44 on September 23, 2016. 

Secured by a 2009 Cessna C 172S Aircraft with an FAA 

Registration Number ofN50858 (Serial Number 1 0894-2009). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $4,021.68 through May 20, 2016, then in 23 monthly 

installments of $4,021.67 through April 20, 2018, then one 

installment of $4,021.59 on May 20, 2018. Secured by a 2011 

Cessna C 172S Aircraft with an FAA Registration Number of 

N9161 T (Serial Number 11093-2011 ). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $3,939.16 through January 25, 2017, then in 23 monthly 

installments of $3,933.54 through December 25, 2018, then one 

installment of $3,933.54 on January 25, 2019. Secured by a 

2012 Cessna C 172S Aircraft with an FAA Registration Number 

ofN106NK (Serial Number 11156-2012). 

Note payable to LegacyTexas Bank due in 60 monthly installments 

of $3,999.45 through August 19, 2013, then in 23 monthly 

installments of $3,998.20 through July 19, 2020, then one 

installment of$3,998.16 on August 19, 2020. Secured by a 2012 

Cessna C172S Aircraft with an FAA Registration Number of 

N190ME (Serial Number 11190-2012) 

Note payable to LegacyTexas Bank due in 48 monthly installments 

of $1,037.84 through August 13, 2018 with interest at 5.000% 

per annum based on a year of 360 days. Secured by all 

equipment purchased using the proceeds of this note. The 

shareholder has personally guaranteed this note. 

Total Long-Term Debt 

Less current maturities 

Noncurrent maturities 

August 31, 2014 

$111,235.97 

161,930.98 

186,079.33 

247,471.60 

45,000.00 

751,717.88 

161,898.96 

$589.818.92 
5. COMMITMENTS 

Operating Leases 

MENAGERIE ENTERPRISES, INC. 

NOTES TO FINANCIAL STATEMENTS 

AUGUST 31, 2014 

UNAUDITED 

The Company currently rents an aircraft hangar and office in Addison, Texas on a month-tomonth basis. Rent expense for the period ended August 31, 2014 was $168,133.36. The 

Company is responsible to pay all utilities, repairs and maintenance and real estate taxes. The 

aircraft and office in Addison, Texas is rented from the shareholder of the Company. 

The Company currently has a ground lease from Addison Airport on a month-to-month basis. 

Rent expense for the period ended August 31, 2014 was $31,851.84. 

Aircraft Leases 

The Company leases small aircraft for its flight trammg operations and for its rental 

operations. The term of these leases for small aircraft are on a week to week basis. The 

owners are responsible to pay all maintenance, inspection, and daily operations expenses of 

the aircraft. The Company is responsible for insurance on the aircraft being leased. Costs 

incurred are offset against revenues generated and the excess of revenues over costs is paid to 

the owners. 

The Company leases large aircraft for its charter-on-demand "FAA part 135 Air Carrier 

service" operations. The term of these leases for large aircraft are on an annual basis. The 

owners are responsible for all maintenance, inspection, alterations, or modifications of the 

aircraft. The owners are responsible for all daily operations expenses including but not 

limited to airport charges (landing fees, overnight parking fees, and other airport fees), fuel, 

oil, catering, aircraft de-icing, hangaring, and other supplies and services as deemed necessary 

and reasonable. The Company is responsible for insurance on the aircraft being leased. 

Owners are paid either on a flight-hour basis or on a percentage-basis as specified in the lease 

agreement. 

6. RELATED PARTY TRANSACTIONS 

Trey Aviation, LLC. 

The Company leases a 1983 IAI-1124 Westwind FAA registration N41C from Trey Aviation, 

LLC, a related party. The shareholder of the Company is the sole member of Trey Aviation, 

LLC. The Company leases the aircraft for $15,000 I month and the amount paid for the eight 

months ending August 31, 2014 was $120,000 

Trey Aviation, Inc. 

The Company leases a Frasca Mentor Flight Training Device from Trey Aviation, Inc., a 

related party. The shareholder of the Company is the sole shareholder of Trey Aviation, Inc. 

The Company leases the flight training device for $49.00/hour and the amount paid is based 

on hours used. The amount paid for the eight months ending August 31, 2014 was 

$12,308.80. 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

DIBI A MONARCH AIR 

Exhibit 8A 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8B 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8C 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8D 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8E 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8F 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8G 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 8H 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 9 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 10 
AFFIDAVIT OF SAFETY COMPLIANCE 

STATE OF TEXAS 

COUNTY OF pq_ 1/tzS 

Raymond F. Sawtelle, III being duly sworn, deposes and says: 

1. That he is duly elected, qualified, and serving as president of Menagerie Enterprises, Inc. 

d/b/a Monarch Air and that he is authorized to and does make this affidavit for it. 

2. That all aircraft owned and leased by Menagerie Enterprises, Inc. d/b/a Monarch Air have 

been certified by the Federal Aviation Administration and currently comply with all applicable 

Federal Aviation Administration safety standards under Part 135 as well as the noise standards of 

Part 36 ofthe Federal Aviation Regulations. 

Subscribed and sworn to before me this 4 day ofNovember, 2014 

~ 

~-''"'''•;,,,. SARAH COX 

fl;~};~ MY COMMISSION EXPIRES \~)if ... ~~ May 8, 2017 ''l"l,?f.,,, 

ol~~ Signature of Notary Pubr 

(SEAL) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

DIBI A MONARCH AIR 

Exhibit 11 
MONARCH AIR 

Where You & Your Business Take Flight! 

Organizational Chart 

~--------...... -------1 :·······•·;····~ K~~~~k~t~~R~'::;i~'> ~~~~,-------~ 

38 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 12 
r'UIIII MJ.IJ.IIUVt:U 

OMB No 2120-0593 

01/31/2008 

0 PREAPPLICATION STATEMENT OF INTENT 

US Department of Transportation 

Federal Aviation Administration 

Paperwork Reduction Act Statement: Title 49 U.S.C., Section 44702 empowers the Secretary of TransportatJon to 1ssue a1r carrier operat1ng certificates and to establish m1nimum safety standards for the 

operation of the air carrier to whom such certificates are issued. The completed Preapplication Statement of Intent (PAS I) denotes an intent by the applicant to continue the certrfication process The local 

FAA Flight Standards District Office (FSOO) uses the PASJ to evaluate the complexity of the proposed operation. The FAA will use the information 11 collects and rev1ews to ensure compliance and 

adherence to regulations and, if necessary, take enforcement action on violators of the regulations. The FAA estimates the average burden for thJs certificate application process. to include processing of 

lh1s form, is 96 hours Respondents have been given no assurance of confidentiality. An agency may not conduct or sponsor, and a person is not required to respon to a collection of information unless tt 

displays a currently valid OMB control number. The OMB control number associated with this collectton is 212(}.0593. Comments concerning the accuracy of th1s burden and suggestions for reductng the burden should be diraC1ad to the FAA at: 800 Jndeoandanca Ava SW Wash1noton 0!;~20591 Attn: Information Collection Clearance Officer ABA-20~ 

Section 1A. To Be Completed By All Applicants 

1. Name and mailing address of company 2. Address of principal base where operations will be conducted 

Menagerie Enterprises, Inc. D/B/A Monarch Air (do not use post office box) 

4580 Claire Chennault St. Addison Airport (KADS) 

Addison, TX 75001 4580 Claire Chennault St. 

Addison, TX 75001 

3. Proposed Start-up date 14. Requested three-letter company Identifier In order of preference 

01/01/2015 1.w~ ~ ~ 

5. Management Personnel 

Name (Last, first. middle) Title Telephone (including area code) 

Sawtelle, Raymond F President 972-931-03445 

Menagerie Enterprises, Inc. D/B/A Monarch Air 

Section 1 B. To Be Completed By Air Operators 

6. Proposed type of operation (check as many as applicable) 

~ Air Carrier Certrficate 0 Part121 ~ Passengers and Cargo 0 Single Pilot Operator 

D Operating Certificate · 0 Part 125 0 Cargo Only D Single Pilot-in-Command Operator llJ Part 135 Iii Scheduled Operations 0 Basic Part 135 Operator 

llJ Nonscheduled Operations 

Section 1C. To Be Completed By Air Agencies 

7. Proposed type of agency and ratlng(s) 

0 Part 145 Repair Station 0 Part 147 Maintenance Technical School 

D Domestic 0Airframe 

0 Foreign 0New 0 Renew 0 Powerplant 

Dsatellite 0 Both 

0Airframe 0 Instrument 

D Powerplant DAccessory D Part 149 Parachute Loft 

0 Propeller D Specialized Service 

D Radio 

Section 10. To Be Completed By Air Operators 

8. Aircraft Data 9. Geographic area of Intended operations 

Numbers and types of aircraft Number of passenger seats or (by make, model, and series) Within the states of Texas, Louisiana and Oklahome cargo payload capacity 

2 Beech King Air 200 7 

1 Beech King Air 300 7 

1 Learjet 31 7 

1 Westwind 1124 8 

1 westwind 1124A 8 

1 Cessna 525 6 

3 Beech King Air 350 (will only be acquired if 9 

commuter authority is granted) 

FAA Form 8400·6 (6-95) Supersedes Prev1ous Ed1llon NSN0052-00-B89-4002 
Section 1E. To Be Completed By All Applicants 

10. Additional Information that provides a better understanding of the proposed operation or business (attach additional sheets, if necessary) 

Monarch Air currently holds a part 119 certificate authorizing it to conduct on-demand operations under part 135, which it will continue to 

conduct. In addition, Monarch Air intends to seek commuter authority from DOT to engage in scheduled passenger operations as a 

commuter air carrier and proposes to provide scheduled service exclusively to members of a newly established membership club, Rise. 

Rise will act as a ticket agent on behalf of its members and will pay Monarch Air a fixed monthly sum. per aircraft, to cover all operating 

costs. The contract of carriage will be between each Rise member and Monarch Air and will be provided as part of the original 

membership agreement with Rise. Based upon Rise member demand, Monarch Air will operate flights initially between Dallas, Texas 

and Houston, Texas and between Dallas, Texas and Austin, Texas. The number of scheduled operations will be dictated by member 

demand, although at least two daily roundtrip flights between Dallas and Houston M-F (one daily roundtrip flight S-S), and two daily 

roundtrip flights between Dallas and Austin M-F (one daily roundtrip flight S-S) are contemplated. More likely, there will initially be two 

daily roundtrips between Dallas and Houston, which will expand over time to four daily roundtrips (two on S-S). Monarch Air's planned 

business model anticipates that one airplane will be available for daily, round-trip service between Dallas and Houston immediately upon 

commencing operations. Three months later, a second aircraft will commence a second set of daily, roundtrip flights between the two 

cities. Six months after commencing operations, a third aircraft will be used for daily, roundtrip operations between Dallas and Austin. 

Based on member demand, Monarch Air may expand operations to include the San Antonio and Midland markets in Texas and the 

Oklahoma City and Tulsa markets in Oklahoma, although Monarch Air anticipates such operations would not commence in year one. 

Monarch Air intends to purchase three King Air 350 aircraft to support the commuter operations. Each aircraft will seat nine passengers. 

Monarch Air will use its existing aircraft, as needed, in the event one or more of the King Air are unavailable because of maintenance. 

The majority of maintenance tasks will be performed by Monarch Air staff. Approximately ten percent of maintenance associated with 

the Rise operations will be performed under a fixed contract because the aircraft will not be located at Monarch Air's base when the 

maintenance is required. One hundred percent of crewmember training will be performed under a fixed contract with a part 142 training 

facility. 

11. The statements and Information contained on this form denote an intent to apply for FAA certification. 

so~ Date Name and Title 

\l-0~- \'-\ Raymond F. Sawtelle, President 

Section 2. To Be Completed By FAA District Office 

Received by {district office): Date forwarded to Region: 

Date: 

For: 0 Action 0 Information only 

Remarks 

Section 3. To Be Completed By Regional Office 

Received by: Precertiflcatlon Number; 

Date: Date coordinated with AVN-120: 

District office assigned responsibility: Date forwarded to district office: 

Remarks 

FAA Form 8400-6 {6-95) Supersedes Prev•ous Ed11ion NSN: 0052-00-889-4002 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

DIBI A MONARCH AIR 

Exhibit 13 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

DIB/ A MONARCH AIR 

Exhibit 14 

(Confidential Treatment Requested) 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 15 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC- Legacy Texas Bank 

January 31, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

LOC- Legacy Texas Bank (Rise) 

$ 125,124.89 

551 '182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(7 40,246.67) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

643,644.64 

85,336.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 '113,572.01 

2,640,924.10 

103,340.27 

$ 3,857,836.38 
Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,483,900.29 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

134,911.84 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,696,820.09 

2,565,323.65 

(404,307.36) 

$ 3,857,836.38 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

February 28, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

$ 69,688.09 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

~759,288.34~ 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

630,889.15 

85,336.00 

50,000.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,058,135.21 

2,621,882.43 

103,340.27 

$ 3,783,357.91 
Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

0.06 

25,000.00 

18,142.56 

$ 2,467,733.49 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

89,355.66 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,684,064.60 

2,549,156.85 

(449,863.54) 

$ 3,783,357.91 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 1 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC - Legacy Texas Bank 

March 31, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

LOC- Legacy Texas Bank (Rise) 

$ 58,307.47 

551 '182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(778,330.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

617,788.80 

85,336.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,046,754.59 

5,1 02,840.76 

103,340.27 

$ 6,252,935.62 
Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

N/P Rise Aircraft 2 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,451,499.33 

$ 2,500,000.00 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

88,267.88 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 ,670,964.25 

5,032,922.69 

(450,951.32) 

$ 6,252,935.62 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC- Legacy Texas Bank 

April 30, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

$ 69,646.57 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(817,205.01} 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

604,909.61 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,058,093.69 

5,063,965.76 

103,340.27 

$ 6,225,399.72 
LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

Gift Certificates Outstanding 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

$ 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,435,197.53 

$ 2,483,900.29 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

191,348.68 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,572,749.06 

5,000,521.18 

(347,870.52) 

$ 6,225,399.72 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

NIP- Legacy Texas Bank 

LOC- Legacy Texas Bank 

May 31, 2015 

UNAUDITED 

ASSETS 

$ 71,640.87 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(856,080.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 874,696.83 

591,878.19 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,060,087.99 

5,025,090.76 

103,340.27 

$ 6,188,519.02 
LOC - Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,418,827.81 

$ 2,467,733.49 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

200,035.92 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,559,717.64 

4,967,984.66 

(339, 183.28) 

$ 6,188,519.02 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

June 30, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

$ 64,947.93 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(894,955.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

578,875.02 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,053,395.05 

7,486,215.76 

103,340.27 

$ 8,642,951.08 
LOC - Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

N/P Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,402,389.88 

$ 2,451,499.33 

$ 2,500,000.00 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

200,143.24 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,546,714.47 

7,435,312.57 

(339,075.96) 

$ 8,642,951.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

July 31, 2015 

UNAUDITED 

ASSETS 

$ 71,512.99 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{963,580.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 874,696.83 

565,723.04 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,059,960.11 

7,417,590.76 

103,340.27 

$ 8,580,891.14 
LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

NIP Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,385,883.46 

$ 2,435,197.53 

$ 2,483,900.26 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

200,143.24 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 ,533,562.49 

7,386,404.61 

(339,075.96) 

$ 8,580,891.14 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

August 31, 2015 

UNAUDITED 

ASSETS 

$ 101,512.99 

551 '182.28 

8,200.00 

423,787.76 

. 5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{1 ,032,205.01 ~ 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 816,678.06 

552,594.70 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,089,960.11 

7,348,965.76 

103,340.27 

$ 8,542,266.14 
LOC - Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

N/P Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,369,308.26 

$ 2,418,827.81 

$ 2,467,733.49 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

281,777.04 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,462,415.38 

7,337,292.92 

(257,442.16) 

$ 8,542,266.14 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

September 30, 2015 

UNAUDITED 

ASSETS 

$ 107,897.93 

551 '182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{1 '1 00,830.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 816,678.06 

539,403.53 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,096,345.05 

7,280,340.76 

103,340.27 

$ 8,480,026.08 
LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

NIP Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,352,664.00 

$ 2,402,389.88 

$ 2,451,499.33 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

282,044.50 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,449,224.21 

7,287,976.57 

(257, 174.70) 

$ 8,480,026.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P - Legacy Texas Bank 

October 31, 2015 

UNAUDITED 

ASSETS 

$ 107,897.93 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(1,169,455.01} 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 810,560.58 

526,068.74 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,096,345.05 

7,211,715.76 

103,340.27 

$ 8,411,401.08 
LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,335,950.39 

$ 2,385,883.46 

$ 2,435,197.53 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

282,393.60 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,429,771.94 

7,238,454.74 

(256,825.60) 

$ 8,411,401.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC- Legacy Texas Bank 

November 30, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

$ 107,897.93 

551,182.28 

8,200.00 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{1 ,238,080.01} 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 804,792.20 

512,750.62 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,096,345.05 

7,143,090.76 

103,340.27 

$ 8,342,776.08 
LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

NIP Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,319,167.14 

$ 2,369,308.26 

$ 2,418,827.81 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

282,583.27 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 ,410,685.44 

7,188,726.57 

(256,635.93) 

$ 8,342,776.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

December 31, 2015 

UNAUDITED 

ASSETS 

$ 75,000.00 

551,182.28 

8,200.00 

259,235.40 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(1 ,306,705.01~ 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 766,315.56 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 ,322,682.52 

7,074,465.76 

103,340.27 

$ 8,500,488.55 
NIP- Legacy Texas Bank 

LOC - Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan -Trey Aviation, Inc 

Loan - Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Distributions 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

499,292.37 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,302,313.96 

$ 2,352,664.00 

$ 2,402,389.88 

$ 14,900.00 

$ 

49,600.00 

16,923.36 

1,000.00 

3,894.67 

(544,113.87) 

542,166.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,358,750.55 

7,138,791.20 

2,946.80 

$ 8,500,488.55 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 1 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

LOC -Legacy Texas Bank 

March 31, 2015 

UNAUDITED 

ASSETS 

LIABILITIES AND EQUITY 

LOC -Legacy Texas Bank (Rise) 

$ 58,307.47 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

(778,330.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

$ 874,696.83 

617,788.80 

85,336.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,046,754.59 

5,102,840.76 

103,340.27 

$ 6,252,935.62 
Loans from Shareholder 

Payroll Tax Liability 

LOG- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

N/P Rise Aircraft 2 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,451,499.33 

$ 2,500,000.00 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

88,267.88 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,670,964.25 

5,032,922.69 

(450,951.32) 

$ 6,252,935.62 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

June 30, 2015 

UNAUDITED 

ASSETS 

$ 64,947.93 

551 '182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{894,955.01} 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 874,696.83 

578,875.02 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,053,395.05 

7,486,215.76 

103,340.27 

$ 8,642,951.08 
LOC- Legacy Texas Bank 

LOC - Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

NIP Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,402,389.88 

$ 2,451,499.33 

$ 2,500,000.00 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

200,143.24 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,546,714.47 

7,435,312.57 

(339,075.96) 

$ 8,642,951.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

N/P- Legacy Texas Bank 

September 30, 2015 

UNAUDITED 

ASSETS 

$ 107,897.93 

551,182.28 

8,200.00 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{1, 100,830.01 ~ 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 816,678.06 

539,403.53 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,096,345.05 

7,280,340.76 

103,340.27 

$ 8,480,026.08 
LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

N/P Rise Aircraft 2 

N/P Rise Aircraft 3 

Loan -Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,352,664.00 

$ 2,402,389.88 

$ 2,451,499.33 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

282,044.50 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,449,224.21 

7,287,976. 57 

(257,174.70) 

$ 8,480,026.08 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

December 31, 2015 

UNAUDITED 

ASSETS 

$ 75,000.00 

551,182.28 

8,200.00 

259,235.40 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

{1 ,306, 705.01) 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 766,315.56 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,322,682.52 

7,074,465.76 

103,340.27 

$ 8,500,488.55 
N/P- Legacy Texas Bank 

LOG- Legacy Texas Bank 

LOG- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOG- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

N/P Rise Aircraft 1 

NIP Rise Aircraft 2 

NIP Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Distributions 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

499,292.37 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,302,313.96 

$ 2,352,664.00 

$ 2,402,389.88 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544,113.87) 

542,166.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1 ,358, 750.55 

7,138,791.20 

2,946.80 

$ 8,500,488.55 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF ASSETS, LIABILITIES AND EQUITY 

INCOME TAX BASIS 

Current Assets 

Cash 

Accounts Receivable 

Loans to Employees 

Fuel Credit Refund Receivable 

Inventories 

Prepaid Insurance 

Total Current Assets 

Fixed Assets 

Machinery & Equipment 

Aircraft & Aircraft Equipment 

Rise Aircraft 1 

Rise Aircraft 2 

Rise Aircraft 2 

Furniture & Fixtures 

Computer Equipment 

Leasehold Improvements 

Accumulated Depreciation 

Total Fixed Assets 

Other Assets 

Aircraft Insurance Deposit 

Aircraft Escrow Deposits 

Aircraft Purchase Deposits 

COD Checks Outstanding 

Deposits 

Gift Certificates Outstanding 

Total Other Assets 

TOTAL ASSETS 

Current Liabilities 

Accounts Payable 

December 31, 2015 

UNAUDITED 

ASSETS 

$ 75,000.00 

551,182.28 

8,200.00 

259,235.40 

423,787.76 

5,277.08 

$ 70,139.20 

616,825.94 

2,500,000.00 

2,500,000.00 

2,500,000.00 

48,845.47 

54,616.46 

90,743.70 

p ,306,705.01 ~ 

$ 14,134.64 

57,491.63 

15,000.00 

1,000.00 

15,565.00 

149.00 

LIABILITIES AND EQUITY 

$ 766,315.56 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,322,682.52 

7,074,465.76 

103,340.27 

$ 8,500,488.55 
N/P- Legacy Texas Bank 

LOC- Legacy Texas Bank 

LOC- Legacy Texas Bank (Rise) 

Loans from Shareholder 

Payroll Tax Liability 

LOC- BB&T 

Sales Tax Payable 

Total Current Liabilities 

Other Liabilities 

NIP Rise Aircraft 1 

N/P Rise Aircraft 2 

NIP Rise Aircraft 3 

Loan- Trey Aviation, Inc 

Loan -Trey Aviation LLC 

Refundable Insurance Deposits 

Total Other Liabilities 

Equity 

Capital Stock 

Additional Paid In Capital 

Distributions 

Retained Earnings 

Revenues Over (Under) Expenses 

Total Equity 

TOTAL LIABILITIES & EQUITY 

499,292.37 

50,000.00 

0.06 

25,000.00 

18,142.56 

$ 2,302,313.96 

$ 2,352,664.00 

$ 2,402,389.88 

$ 14,900.00 

49,600.00 

16,923.36 

$ 1,000.00 

3,894.67 

(544, 113.87) 

542,166.00 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,358,750.55 

7,138,791.20 

2,946.80 

$ 8,500,488.55 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 16 
_{LV 

Aircraft Insurance - $3.0 Hull and 1OOM liablity 

Hangar Fees - Full time hangar storage 

Other Expense - GPS database, navigation charts, EFB 

Management Program 

Ad Valorem Tax 

Aircraft Refurb 

Debt Service- $2.5@ 5% 10 Yr 

Total Yearly Fixed Expenses 

Crew Salary - Full time crew salary 

Flight Crew Training - Initial 

Fuel 129 gallons@ 

Operating Repair & Maintenance 

Engine Reserves Depriciation - Higher Annual Use Fee 

Direct Operating Cost Per Hour 

Retail Price to Rise 

$4.02 I Gal 

$18,000 

$18,000 

$3,500 

$24,000 

$7,500 

$14,400 

$318,192 

$403,592 

$154,800 

$32,200 

$518.58 $148.95 

$261.42 $102.00 

$1,030.95 

$1,624.00 
Rise Aircraft 1 Rise Aircraft 2 Rise Aircraft 3 

Aircraft Type King Air 350 King Air 350 King Air 350 

Aircraft Make Beech craft Beech craft Beech craft 

Seating 9 Pax 9 Pax 9 Pax 

Fixed Income $403,592 $302,694 $201,796 

Crew $309,600 $348,300 $232,200 

Hourly $3,603,120 $2,702,340 $1,339,800 

$4,316,312 $3,353,334 $1,773,796 

Route DAL-DWH-DAL DAL-DWH-DAL DAL-AUS-DAL 

Frequency: 

M-F 4/ day 4/ day 4/ day 

S-S 21 day 21 day 21 day 

Revenue Hours 2218.67 1664 825 

Revenue Nautical Miles 417,720 311,040 188,928 

Seasonal Peak Change NA NA NA 

Load Factors NA NA NA 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

December 2014 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revenue- Initial Start Up Fee 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 1 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Ground Transportation 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 1 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses- Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

50,000.00 

1,250.00 

584,583.33 

9,044.37 

11,354.10 

1,500.00 

3,616.67 

2,500.00 

37,083.33 

2,500.00 

1,250.00 

208.33 

82,500.00 

6,000.00 

1,000.00 

3,750.00 

4,333.33 

291.67 

4,000.00 

1,250.00 

2,237.29 

500.00 

174,919.09 

409,664.25 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 12,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 2,800.00 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 3,054.62 

Legal & Professional $ 15,000.00 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 15,000.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise Aircraft 1 (1 Flight Crew) $ 12,900.00 

Total Expenses $ 382,371.29 

Revenues Over (Under) Expenses Before Depreciation $ 27,292.96 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

January 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revenue - Initial Start Up Fee 

Aircraft Sales & Commission 

Rise Revenue - Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 1 

Crew Training Costs 

Crew Training Costs - Rise Aircraft 1 

Fuel 

Fuel - Rise Aircraft 1 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 1 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

51,284.00 

1,250.00 

64,400.00 

1,009,960.01 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

3,616.67 

1,250.00 

2,500.00 

70,000.00 

37,083.33 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

437,618.55 

572,341.46 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 3,054.62 

Interest Expense- Rise Aircraft 1 $ 10,416.67 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 1 (2 Flight Crew) $ 25,800.00 

Total Expenses $ 418,387.96 

Revenues Over (Under) Expenses Before Depreciation $ 153,953.50 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

February 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 1 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 1 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses- Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

1,250.00 

894,276.01 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

3,616.67 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

367,618.55 

526,657.46 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,993.89 

Interest Expense - Rise Aircraft 1 $ 10,349.58 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries - Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 1 (2 Flight Crew) $ 25,800.00 

Total Expenses $ 418,260.14 

Revenues Over (Under) Expenses Before Depreciation $ 108,397.32 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

March 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

i=ee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 1 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Engine Reserves - Rise Aii"craft 1 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses- Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

1,250.00 

894,276.01 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

369,118.55 

525,157.46 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,649.03 

Interest Expense- Rise Aircraft 1 $ 10,282.22 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 1 (2 Flight Crew) $ 25,800.00 

Total Expenses $ 417,847.92 

Revenues Over (Under) Expenses Before Depreciation $ 107,309.54 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

April 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue - Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Aircraft Sales & Commission 

Rise Revenue - Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Crew Training Costs 

Crew Training Costs - Rise Aircraft 2 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

1,250.00 

96,600.00 

1,363,468.68 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

2,500.00 

105,000.00 

37,083.33 

95,879.82 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

48,333.73 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

652,238.00 

711,230.68 
Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,870.19 

Interest Expense- Rise Aircraft 1 $ 10,214.58 

Interest Expense- Rise Aircraft 2 $ 10,416.67 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (3 Flight Crew) $ 38,700.00 

Total Expenses $ 481,007.00 

Revenues Over (Under) Expenses Before Depreciation $ 230,223.68 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

May 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Engine Reserves- Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

1,250.00 

1 ,266,868.68 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

48,333.73 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

547,238.00 

719,630.68 

1,750.00 
Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,717.96 

Interest Expense- Rise Aircraft 1 $ 10,146.66 

Interest Expense- Rise Aircraft 2 $ 10,349.58 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (3 Flight Crew) $ 38,700.00 

Total Expenses $ 480,719.76 

Revenues Over (Under) Expenses Before Depreciation $ 238,910.92 

SEE ACCOUNTANTS' COMPILATION REPORT. 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

June 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Mise Fees- Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

1,250.00 

1,266,868.68 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

48,333.73 

48,333.73 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 

547,238.00 

719,630.68 

1,750.00 
Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,746.21 

Interest Expense- Rise Aircraft 1 $ 10,078.45 

Interest Expense- Rise Aircraft 2 $ 10,282.22 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries - Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (3 Flight Crew) $ 38,700.00 

Total Expenses $ 480,612.44 

Revenues Over (Under) Expenses Before Depreciation $ 239,018.24 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

July 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Rise Revnue -Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue- Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Rise Revenue - Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Insurance - Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Crew Training Costs- Rise Aircraft 3 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves- Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

295,632.67 

1,250.00 

96,600.00 

1 ,659, 101.35 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

105,000.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 
Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

6,946.67 

787,835.30 

871,266.05 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,597.40 

Interest Expense- Rise Aircraft 1 $ 10,009.96 

Interest Expense- Rise Aircraft 2 $ 10,214.58 

Interest Expense- Rise Aircraft 3 $ 10,416.67 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries- Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 529,444.17 

Revenues Over (Under) Expenses Before Depreciation $ 341,821.89 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

August 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue- Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance - Rise Aircraft 3 

Aircraft Hanger Fees - Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees - Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb- Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses- Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

295,632.67 

1,250.00 

1 ,562,501.35 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 
Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

682,835.30 

879,666.05 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,621.04 

Interest Expense- Rise Aircraft 1 $ 9,941.18 

Interest Expense- Rise Aircraft 2 $ 10,146.66 

Interest Expense- Rise Aircraft 3 $ 10,349.58 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 529,264.02 

Revenues Over (Under) Expenses Before Depreciation $ 350,402.04 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

September 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Rise Revnue -Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue -Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Insurance - Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves- Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

295,632.67 

1,250.00 

1,562,501.35 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 
Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

682,835.30 

879,666.05 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,558.21 

Interest Expense- Rise Aircraft 1 $ 9,872.12 

Interest Expense- Rise Aircraft 2 $ 10,078.45 

Interest Expense- Rise Aircraft 3 $ 10,282.22 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 528,996.56 

Revenues Over (Under) Expenses Before Depreciation $ 350,669.50 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

October 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue- Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance- Rise Aircraft 3 

Aircraft Hanger Fees - Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees - Rise Aircraft 3 

Aircraft Mise Fees- Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

295,632.67 

1,250.00 

1,562,501.35 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 
Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

682,835.30 

879,666.05 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,414.59 

Interest Expense- Rise Aircraft 1 $ 9,802.77 

Interest Expense- Rise Aircraft 2 $ 10,009.96 

Interest Expense- Rise Aircraft 3 $ 10,214.58 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 528,647.46 

Revenues Over (Under) Expenses Before Depreciation $ 351,018.60 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

November 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Rise Revnue -Aircraft 2 DAL-HOU (3 mas after intial operation) 

Rise Revnue -Aircraft 3 DAL-AUS (6 mas after initial operation) 

Aircraft Sales & Commission 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance- Rise Aircraft 3 

Aircraft Hanger Fees - Rise Aircraft 1 

Aircraft Hanger Fees - Rise Aircraft 2 

Aircraft Hanger Fees - Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves- Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

MX Engine Reserves- Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

533,333.33 

359,692.67 

372,592.67 

295,632.67 

1,250.00 

1,562,501.35 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 

1,250.00 

2,237.29 

6,946.67 
Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

682,835.30 

879,666.05 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
CharterDepartmentExpense-41C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,431.26 

Interest Expense- Rise Aircraft 1 $ 9,733.13 

Interest Expense- Rise Aircraft 2 $ 9,941.18 

Interest Expense- Rise Aircraft 3 $ 10,146.66 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries - Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 528,457.79 

Revenues Over (Under) Expenses Before Depreciation $ 351,208.27 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

December 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue- Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Fuel Tax Credit 

Fuel Tax Credit- Rise Aircraft 1 

Fuel Tax Credit- Rise Aircraft 2 

Fuel Tax Credit- Rise Aircraft 3 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance- Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 533,333.33 

$ 359,692.67 

$ 372,592.67 

$ 295,632.67 

$ 1,250.00 

111,664.00 

69,548.65 

52,161.48 

25,861.27 

$ 1,821,736.75 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

9,044.37 

11,354.10 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

1,500.00 

3,616.67 

3,616.67 

3,616.67 

1,250.00 

1,250.00 

1,250.00 

2,500.00 

37,083.33 

95,879.82 

95,879.82 

71,304.75 

1,250.00 

23,166.67 

208.33 

82,500.00 

27,539.24 

27,539.24 

20,480.63 

48,333.73 

48,333.73 

35,945.25 

3,750.00 

4,333.33 

291.67 

2,083.33 
Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1,250.00 

2,237.29 

6,946.67 

682,835.30 

1,138,901.45 

1,750.00 

250.00 

1,250.00 

250.00 

4,166.67 
Charter Department Expense - 41 C $ 33,333.33 

Computer Expense & Upgrades $ 1,250.00 

Consulting Service $ 4,166.67 

Contract Labor $ 15,000.00 

Credit Card Fees $ 4,166.67 

Delivery & Freight $ 2,333.33 

Dues & Subscriptions $ 1,583.33 

Employee Benefits Programs $ 15,833.33 

Franchise Tax $ 5,833.33 

Hangar Services $ 5,266.67 

Insurance $ 3,541.67 

Interest Expense $ 2,291.13 

Interest Expense - Rise Aircraft 1 $ 9,663.20 

Interest Expense- Rise Aircraft 2 $ 9,872.12 

Interest Expense- Rise Aircraft 3 $ 10,078.45 

Legal & Professional $ 3,333.33 

Maintenance Service Plans $ 12,083.33 

Meals & Entertainment $ 833.33 

Miscellaneous Expense $ 1,666.67 

Office Expense $ 1,666.67 

Office Supplies $ 2,500.00 

Payroll Taxes $ 18,750.00 

Payroll Service Fees $ 1,500.00 

Printing & Reproduction $ 625.00 

Reference Library $ 1,016.67 

Rent Expense $ 27,916.67 

Repairs & Maintenance $ 3,333.33 

Small Shop Tools $ 3,333.33 

Taxes $ 4,166.67 

Telephone & Communications $ 5,416.67 

Training & Education $ 2,500.00 

Travel $ 2,083.33 

Uniforms $ 250.00 

Utilities $ 3,250.00 

Wages & Salaries $ 168,333.33 

Wages & Salaries - Rise (Admin Staff) $ 8,333.33 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 6,250.00 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) $ 13,888.89 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 25,800.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 38,700.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 38,700.00 

Total Expenses $ 528,110.46 

Revenues Over (Under) Expenses Before Depreciation $ 610,791.00 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

Quarter 1 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revenue- Initial Start Up Fee 

Aircraft Sales & Commission 

Rise Revenue- Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 1 

Crew Training Costs 

Crew Training Costs- Rise Aircraft 1 

Fuel 

Fuel - Rise Aircraft 1 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 1 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1,600,000.00 

1,079,078.02 

51,284.00 

3,750.00 

64,400.00 

2,798,512.02 

27,133.10 

34,062.30 

4,500.00 

1,500.00 

4,500.00 

10,850.00 

3,750.00 

7,500.00 

70,000.00 

111,250.00 

287,639.47 

3,750.00 

69,500.00 

625.00 

247,500.00 

82,617.72 

145,001.18 

11,250.00 

13,000.00 

875.00 

6,250.00 

3,750.00 

6,711.87 

20,840.00 

1 '17 4,355.64 

1 ,624,156.38 

5,250.00 

750.00 

3,750.00 

750.00 

12,500.00 
Charter Department Expense - 41 C $ 100,000.00 

Computer Expense & Upgrades $ 3,750.00 

Consulting Service $ 12,500.00 

Contract Labor $ 45,000.00 

Credit Card Fees $ 12,500.00 

Delivery & Freight $ 7,000.00 

Dues & Subscriptions $ 4,750.00 

Employee Benefits Programs $ 47,500.00 

Franchise Tax $ 17,500.00 

Hangar Services $ 15,800.00 

Insurance $ 10,625.00 

Interest Expense $ 8,697.54 

Interest Expense - Rise Aircraft 1 $ 31,048.47 

Legal & Professional $ 10,000.00 

Maintenance Service Plans $ 36,250.00 

Meals & Entertainment $ 2,500.00 

Miscellaneous Expense $ 5,000.00 

Office Expense $ 5,000.00 

Office Supplies $ 7,500.00 

Payroll Taxes $ 56,250.00 

Payroll Service Fees $ 4,500.00 

Printing & Reproduction $ 1,875.00 

Reference Library $ 3,050.00 

Rent Expense $ 83,750.00 

Repairs & Maintenance $ 10,000.00 

Small Shop Tools $ 10,000.00 

Taxes $ 12,500.00 

Telephone & Communications $ 16,250.00 

Training & Education $ 7,500.00 

Travel $ 6,250.00 

Uniforms $ 750.00 

Utilities $ 9,750.00 

Wages & Salaries $ 505,000.00 

Wages & Salaries - Rise (Admin Staff) $ 25,000.00 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 18,750.00 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 77,400.00 

Total Expenses $ 1,254,496.01 

Revenues Over (Under) Expenses Before Depreciation $ 369,660.37 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

Quarter 2 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Aircraft Sales & Commission 

Rise Revenue - Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Mise Fees- Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Crew Training Costs 

Crew Training Costs - Rise Aircraft 2 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Engine Reserves- Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 1,600,000.00 

$ 1,079,078.02 

$ 1,117,778.02 

$ 3,750.00 

$ 96,600.00 

$ 3,897,206.04 

$ 27,133.10 

$ 34,062.30 

$ 4,500.00 

$ 4,500.00 

$ 4,500.00 

$ 4,500.00 

$ 10,850.00 

$ 10,850.00 

$ 3,750.00 

$ 3,750.00 

$ 7,500.00 

$ 105,000.00 

$ 111,250.00 

$ 287,639.47 

$ 287,639.47 

$ 3,750.00 

$ 69,500.00 

$ 625.00 

$ 247,500.00 

$ 82,617.72 

$ 82,617.72 

$ 145,001.18 

$ 145,001.18 

$ 11,250.00 

$ 13,000.00 

$ 875.00 

$ 6,250.00 

$ 3,750.00 

$ 6,711.87 

$ 20,840.00 

$ 1,746,714.01 

$ 2,150,492.03 
Advertising $ 5,250.00 

Bank Fees $ 750.00 

Business Promotions $ 3,750.00 

Charitable Contributions $ 750.00 

Charter Department Expense $ 12,500.00 

SEE ACCOUNTANTS' COMPILATION REPORT 
Charter Department Expense - 41 C $ 100,000.00 

Computer Expense & Upgrades $ 3,750.00 

Consulting Service $ 12,500.00 

Contract Labor $ 45,000.00 

Credit Card Fees $ 12,500.00 

Delivery & Freight $ 7,000.00 

Dues & Subscriptions $ 4,750.00 

Employee Benefits Programs $ 47,500.00 

Franchise Tax $ 17,500.00 

Hangar Services $ 15,800.00 

Insurance $ 10,625.00 

Interest Expense $ 8,334.36 

Interest Expense - Rise Aircraft 1 $ 30,439.69 

Interest Expense- Rise Aircraft 2 $ 31,048.47 

Legal & Professional $ 10,000.00 

Maintenance Service Plans $ 36,250.00 

Meals & Entertainment $ 2,500.00 

Miscellaneous Expense $ 5,000.00 

Office Expense $ 5,000.00 

Office Supplies $ 7,500.00 

Payroll Taxes $ 56,250.00 

Payroll Service Fees $ 4,500.00 

Printing & Reproduction $ 1,875.00 

Reference Library $ 3,050.00 

Rent Expense $ 83,750.00 

Repairs & Maintenance $ 10,000.00 

Small Shop Tools $ 10,000.00 

Taxes $ 12,500.00 

Telephone & Communications $ 16,250.00 

Training & Education $ 7,500.00 

Travel $ 6,250.00 

Uniforms $ 750.00 

Utilities $ 9,750.00 

Wages & Salaries $ 505,000.00 

Wages & Salaries- Rise (Admin Staff) $ 25,000.00 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 18,750.00 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) $ 41,666.67 

Wages & Salaries- Rise Aircraft 1 (Flight Crew) $ 77,400.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 116,100.00 

Total Expenses $ 1,442,339.19 

Revenues Over (Under) Expenses Before Depreciation $ 708,152.84 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

Quarter 3 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue- Aircraft 1 DAL-HOU 

Rise Revnue - Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue -Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Rise Revenue -Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance- Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance- Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees - Rise Aircraft 2 

Aircraft Mise Fees - Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Crew Training Costs - Rise Aircraft 3 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves - Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies- Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1,600,000.00 

1,079,078.02 

1,117,778.02 

886,898.00 

3,750.00 

96,600.00 

4,784,104.04 

27,133.10 

34,062.30 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

10,850.00 

10,850.00 

10,850.00 

3,750.00 

3,750.00 

3,750.00 

7,500.00 

105,000.00 

111,250.00 

287,639.47 

287,639.47 

213,914.25 

3,750.00 

69,500.00 

625.00 

247,500.00 

82,617.72 

82,617.72 

61,441.88 

145,001.18 

145,001.18 

107,835.75 

11,250.00 

13,000.00 

875.00 

6,250.00 

3,750.00 

6,711.87 

20,840.00 
Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 2,153,505.88 

$ 2,630,598.16 

$ 5,250.00 

$ 750.00 

$ 3,750.00 

$ 750.00 

$ 12,500.00 
Charter Department Expense - 41 C $ 100,000.00 

Computer Expense & Upgrades $ 3,750.00 

Consulting Service $ 12,500.00 

Contract Labor $ 45,000.00 

Credit Card Fees $ 12,500.00 

Delivery & Freight $ 7,000.00 

Dues & Subscriptions $ 4,750.00 

Employee Benefits Programs $ 47,500.00 

Franchise Tax $ 17,500.00 

Hangar Services $ 15,800.00 

Insurance $ 10,625.00 

Interest Expense $ 7,776.65 

Interest Expense- Rise Aircraft 1 $ 29,823.26 

Interest Expense- Rise Aircraft 2 $ 30,439.69 

Interest Expense- Rise Aircraft 3 $ 31,048.47 

Legal & Professional $ 10,000.00 

Maintenance Service Plans $ 36,250.00 

Meals & Entertainment $ 2,500.00 

Miscellaneous Expense $ 5,000.00 

Office Expense $ 5,000.00 

Office Supplies $ 7,500.00 

Payroll Taxes $ 56,250.00 

Payroll Service Fees $ 4,500.00 

Printing & Reproduction $ 1,875.00 

Reference Library $ 3,050.00 

Rent Expense $ 83,750.00 

Repairs & Maintenance $ 10,000.00 

Small Shop Tools $ 10,000.00 

Taxes $ 12,500.00 

Telephone & Communications $ 16,250.00 

Training & Education $ 7,500.00 

Travel $ 6,250.00 

Uniforms $ 750.00 

Utilities $ 9,750.00 

Wages & Salaries $ 505,000.00 

Wages & Salaries - Rise (Admin Staff) $ 25,000.00 

Wages & Salaries- Rise Aircraft 1 (Maintenance) $ 18,750.00 

Wages & Salaries - Rise Aircraft 2 & 3 (Maintenance) $ 41,666.67 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 77,400.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 116,100.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 116,100.00 

Total Expenses $ 1,587,704.74 

Revenues Over (Under) Expenses Before Depreciation $ 1 ,042,893.42 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

Quarter 4 2015 Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revnue -Aircraft 1 DAL-HOU 

Rise Revnue -Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revnue -Aircraft 3 DAL-AUS (6 mos after initial operation) 

Aircraft Sales & Commission 

Fuel Tax Credit 

Fuel Tax Credit- Rise Aircraft 1 

Fuel Tax Credit- Rise Aircraft 2 

Fuel Tax Credit- Rise Aircraft 3 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance- Rise Aircraft 2 

Aircraft Insurance- Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees- Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1,600,000.00 

1,079,078.02 

1,117,778.02 

886,898.00 

3,750.00 

111,664.00 

69,548.65 

52,161.48 

25,861.27 

4,946,739.44 

27,133.10 

34,062.30 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

4,500.00 

10,850.00 

10,850.00 

10,850.00 

3,750.00 

3,750.00 

3,750.00 

7,500.00 

111,250.00 

287,639.47 

287,639.47 

213,914.25 

3,750.00 

69,500.00 

625.00 

247,500.00 

82,617.72 

82,617.72 

61,441.88 

145,001.18 

145,001.18 

107,835.75 

11,250.00 

13,000.00 

875.00 

6,250.00 

3,750.00 

6,711.87 
Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

SEE ACCOUNTANTS' COMPILATION REPORT 

$ 20,840.00 

$ 2,048,505.88 

$ 2,898,233.56 

$ 5,250.00 

$ 750.00 

$ 3,750.00 

$ 750.00 

$ 12,500.00 
Charter Department Expense - 41 C $ 100,000.00 

Computer Expense & Upgrades $ 3,750.00 

Consulting Service $ 12,500.00 

Contract Labor $ 45,000.00 

Credit Card Fees $ 12,500.00 

Delivery & Freight $ 7,000.00 

Dues & Subscriptions $ 4,750.00 

Employee Benefits Programs $ 47,500.00 

Franchise Tax $ 17,500.00 

Hangar Services $ 15,800.00 

Insurance $ 10,625.00 

Interest Expense $ 7,136.98 

Interest Expense- Rise Aircraft 1 $ 29,199.10 

Interest Expense- Rise Aircraft 2 $ 29,823.26 

Interest Expense- Rise Aircraft 3 $ 30,439.69 

Legal & Professional $ 10,000.00 

Maintenance Service Plans $ 36,250.00 

Meals & Entertainment $ 2,500.00 

Miscellaneous Expense $ 5,000.00 

Office Expense $ 5,000.00 

Office Supplies $ 7,500.00 

Payroll Taxes $ 56,250.00 

Payroll Service Fees $ 4,500.00 

Printing & Reproduction $ 1,875.00 

Reference Library $ 3,050.00 

Rent Expense $ 83,750.00 

Repairs & Maintenance $ 10,000.00 

Small Shop Tools $ 10,000.00 

Taxes $ 12,500.00 

Telephone & Communications $ 16,250.00 

Training & Education $ 7,500.00 

Travel $ 6,250.00 

Uniforms $ 750.00 

Utilities $ 9,750.00 

Wages & Salaries $ 505,000.00 

Wages & Salaries - Rise (Admin Staff) $ 25,000.00 

Wages & Salaries - Rise Aircraft 1 (Maintenance) $ 18,750.00 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) $ 41,666.67 

Wages & Salaries - Rise Aircraft 1 (Flight Crew) $ 77,400.00 

Wages & Salaries - Rise Aircraft 2 (Flight Crew) $ 116,100.00 

Wages & Salaries - Rise Aircraft 3 (Flight Crew) $ 116,100.00 

Total Expenses $ 1,585,215.70 

Revenues Over (Under) Expenses Before Depreciation $ 1,313,017.86 

SEE ACCOUNTANTS' COMPILATION REPORT 
MENAGERIE ENTERPRISES, INC. 

STATEMENT OF REVENUES AND EXPENSES 

INCOME TAX BASIS 

2015 Year End Forecast with Rise Operation (Accual Basis) 

UNAUDITED 

Revenues 

Fee Revenue 

Rise Revenue- Aircraft 1 DAL-HOU 

Rise Revenue- Aircraft 2 DAL-HOU (3 mos after intial operation) 

Rise Revenue- Aircraft 3 DAL-AUS (6 mos after initial operation) 

Rise Revenue- Initial Start Up Fee 

Aircraft Sales & Commission 

Fuel Tax Credit 

Fuel Tax Credit- Rise Aircraft 1 

Fuel Tax Credit- Rise Aircraft 2 

Fuel Tax Credit- Rise Aircraft 3 

Rise Revenue- Training Billed 

Gross Revenue 

Cost of Goods Sold 

Aircraft Operating Expense 

Aircraft Insurance 

Aircraft Insurance - Rise Aircraft 1 

Aircraft Insurance - Rise Aircraft 2 

Aircraft Insurance - Rise Aircraft 3 

Aircraft Hanger Fees- Rise Aircraft 1 

Aircraft Hanger Fees- Rise Aircraft 2 

Aircraft Hanger Fees- Rise Aircraft 3 

Aircraft Mise Fees - Rise Aircraft 1 

Aircraft Mise Fees- Rise Aircraft 2 

Aircraft Mise Fees- Rise Aircraft 3 

Aircraft Refurb - Rise Aircraft 1 

Aircraft Refurb - Rise Aircraft 2 

Aircraft Refurb - Rise Aircraft 3 

Crew Training Costs 

Crew Training Costs - Rise Aircraft 1 (2 Flight Crew) 

Crew Training Costs - Rise Aircraft 2 (3 Flight Crew) 

Crew Training Costs- Rise Aircraft 3 (3 Flight Crew) 

Fuel 

Fuel - Rise Aircraft 1 

Fuel - Rise Aircraft 2 

Fuel - Rise Aircraft 3 

Ground Transportation 

Lease Expense 

Licenses & Fees 

MX Department 

MX Department Parts & Supplies - Rise Aircraft 1 

MX Department Parts & Supplies - Rise Aircraft 2 

MX Department Parts & Supplies - Rise Aircraft 3 

MX Engine Reserves - Rise Aircraft 1 

MX Engine Reserves- Rise Aircraft 2 

$ 6,400,000.00 

4,316,312.08 

3,353,334.06 

1,773,796.00 

51,284.00 

15,000.00 

111,664.00 

69,548.65 

52,161.48 

25,861.27 

257,600.00 

$ 16,426,561.54 

$ 108,532.39 

136,249.20 

18,000.00 

15,000.00 

9,000.00 

18,000.00 

13,500.00 

9,000.00 

43,400.00 

32,550.00 

21,700.00 

15,000.00 

11,250.00 

7,500.00 

30,000.00 

70,000.00 

105,000.00 

105,000.00 

445,000.00 

1,150,557.89 

862,918.42 

427,828.50 

15,000.00 

278,000.00 

2,500.00 

990,000.00 

330,470.90 

247,853.17 

122,883.75 

580,004.71 

435,003.53 

SEE ACCOUNTANTS' COMPILATION REPORT 
MX Engine Reserves - Rise Aircraft 3 

Outside Services 

Pilot Shop Supplies 

Ramp/Landing Fees 

Required Aircraft Supplies - Rise 

Sales Department Expenses 

Trip & Crew Expenses 

Trip & Crew Expenses - Rise 

Total Cost of Goods Sold 

Gross Profit 

Expenses 

Advertising 

Bank Fees 

Business Promotions 

Charitable Contributions 

Charter Department Expense 

215,671.50 

45,000.00 

52,000.00 

3,500.00 

25,000.00 

15,000.00 

26,847.47 

83,360.00 

$ 7,123,081.43 

$ 9,303,480.11 

$ 21,000.00 

3,000.00 

15,000.00 

3,000.00 

50,000.00 

SEE ACCOUNTANTS' COMPILATION REPORT 
Charter Department Expense - 41 C 

Computer Expense & Upgrades 

Consulting Service 

Contract Labor 

Credit Card Fees 

Delivery & Freight 

Dues & Subscriptions 

Employee Benefits Programs 

Franchise Tax 

Hangar Services 

Insurance 

Interest Expense 

Interest Expense - Rise Aircraft 1 

Interest Expense- Rise Aircraft 2 

Interest Expense- Rise Aircraft 3 

Legal & Professional 

Maintenance Service Plans 

Meals & Entertainment 

Miscellaneous Expense 

Office Expense 

Office Supplies 

Payroll Taxes 

Payroll Service Fees 

Printing & Reproduction 

Reference Library 

Rent Expense 

Repairs & Maintenance 

Small Shop Tools 

Taxes 

Telephone & Communications 

Training & Education 

Travel 

Uniforms 

Utilities 

Wages & Salaries 

Wages & Salaries - Rise (Admin Staff) 

Wages & Salaries - Rise Aircraft 1 (Maintenance) 

Wages & Salaries- Rise Aircraft 2 & 3 (Maintenance) 

Wages & Salaries - Rise Aircraft 1 (2 Flight Crew) 

Wages & Salaries - Rise Aircraft 2 (3 Flight Crew) 

Wages & Salaries - Rise Aircraft 3 (3 Flight Crew) 

Total Expenses 

Revenues Over (Under) Expenses Before Depreciation 

$ 

$ 

SEE ACCOUNTANTS' COMPILATION REPORT 

400,000.00 

15,000.00 

50,000.00 

180,000.00 

50,000.00 

28,000.00 

19,000.00 

190,000.00 

70,000.00 

63,200.00 

42,500.00 

31,945.53 

120,510.52 

91,311.42 

61,488.16 

40,000.00 

145,000.00 

10,000.00 

20,000.00 

20,000.00 

30,000.00 

225,000.00 

18,000.00 

7,500.00 

12,200.00 

335,000.00 

40,000.00 

40,000.00 

50,000.00 

65,000.00 

30,000.00 

25,000.00 

3,000.00 

39,000.00 

2,020,000.00 

100,000.00 

75,000.00 

125,000.00 

309,600.00 

348,300.00 

232,200.00 

5,869,755.63 

3,433,724.48 
SEE ACCOUNTANTS' COMPILATION REPORT 
SEE ACCOUNTANTS' COMPILATION REPORT 
SEE ACCOUNTANTS' COMPILATION REPORT 
APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Exhibit 17 
U.S. Department of Transportation 

Office of the Secretary of Transportation AGREEMENT 

Docket OST 95-236 

The undersigned carriers (hereinafter referred to as "the Carriers") hereby agree as follows: 

1. Each of the Carriers shall, effective May 16, 1966, include the following in its conditions of carriage, including tariffs embodying 

conditions of carriage filed by it with any government: 

"The Carrier shall avail itself of the limitation of liability provided in the Convention for the Unification of Certain Rules 

Relating to International Carriage by Air signed at Warsaw October 12th, 1929, or provided in the said Convention as amended by 

the Protocol signed at The Hague September 28th, 1955. However, in accordance with Article 22(1) of said Convention, or said 

Convention as amended by said Protocol, the Carrier agrees that, as to all international transportation by the Carrier as defined in 

the said Convention or said Convention as amended by said Protocol, which, according to the contract of Carriage, includes a 

point in the United States of America as a point of origin, point of destination, or agreed stopping place 

(1) The limit of liability for each passenger for death, wounding, or other bodily injury shall be the sum of US $75,000 

inclusive of legal fees and costs, except that, in case of a claim brought in a State where provision is made for separate 

award of legal fees and costs, the limit shall be the sum of US $58,000 exclusive of legal fees and costs. 

(2) The Carrier shall not, with respect to any claim arising out of the death, wounding, or other bodily injury of a passenger, 

avail itself of any defense under Article 20(1) of said Convention or said Convention as amended by said Protocol. 

Nothing herein shall be deemed to affect the rights and liabilities of the Carrier with regard to any claim brought by, on behalf 

of, or in respect of any person who has willfully caused damage which resulted in death, wounding, or other bodily injury of a 

passenger." 

2. Each Carrier shall, at the time of delivery of the ticket, furnish to each passenger whose transportation is governed by the 

Convention, or the Convention as amended by the Hague Protocol, and by the special contract described in paragraph 1, the following 

notice, which shall be printed in type at least as large as 10 point modern type and in ink contrasting with the stock on (i) each ticket; (ii) 

a piece of paper either placed in the ticket envelope with the ticket or attached to the ticket; or (iii) on the ticket envelope: 

"ADVICE TO INTERNATIONAL PASSENGER ON LIMITATION OF LIABILITY 

Passengers on a journey involving an ultimate destination or a stop in a country other than the country of origin are advised 

that the provisions of a treaty known as the Warsaw Convention may be applicable to the entire journey, including any portion 

entirely within the country of origin or destination. For such passengers on a journey to, from, or with an agreed stopping place in 

the United States of America, the Convention and special contracts of carriage embodied in applicable tariffs provide that the 

liability of 

[certain ]* 

[(name of carrier) and certain other] carriers parties to such special contracts for death of or personal injury to passengers is 

limited in most cases to proven damages not to exceed US $75,000 per passenger, and that this liability up to such limit shall not 

depend on negligence on the part of the carrier. For such passengers traveling by a carrier not a party to such special contracts or 

on a journey not to, from, or having an agreed stopping place in the United States of America, liability of the carrier for death or 

personal injury to passengers is limited in most cases to approximately US $10,000 or US $20,000. 

The names of Carriers parties to such special contracts are available at all ticket offices of such carriers and may be 

examined on request. 

Additional protection can usually be obtained by purchasing insurance from a private company. Such insurance is not 

affected by any limitation of the carrier's liability under the Warsaw Convention or such special contracts of carriage. For further 

information please consult your airline or insurance company representative." 

3. [This Agreement was filed with the Civil Aeronautics Board of the United States. The Board approved it by Order E-23680, 

adopted May 13, 1966. The Agreement (Agreement 18900) became effective May 16, 1966. On January 1, 1985, this Agreement 

became the responsibility of the Department of Transportation (DOT) by operation of law.] 

4. This Agreement may be signed in any number of counterparts, all of which shall constitute one Agreement. Any Carrier may 

become a party to this Agreement by signing a counterpart hereof and depositing it with DOT. 

5. Any Carrier party hereto may withdraw from this Agreement by giving twelve (1 

and the other Carriers parties to the Agreement. 

*Either alternative may be used. 

OST Form 4523 (Formerly CAB Form 263) 

(Signature and Date)/--r----"r+--------~r---,__..--'-_,__ __ 

(Printed Name and Title) Raymond F. Sawtelle Ill President 

(Name and Address of carrier) Menagerie Enterprises, Inc. d.b.a. Monarch Air 

4580 Claire Chennault St Addison, Texas 75001 
CERTIFICATE OF SERVICE 

I hereby certify that I have on this day served the foregoing application for commuter air carrier 

authority by first class mail, postage prepaid, upon the persons shown in the following service 

list. 

November 7, 2014 

SERVICE LIST 

Cameron Baker 

FAA North Dallas Flight Standards District Office 

8700 Freeport Parkway 

Irving, TX 75063 

Director of Operations 

Love Field Airport 

Love Field Terminal Building 

8008 Cedar Springs Road, LB 16 

Dallas, TX 75235 

Director of Operations 

William P. Hobby Airport 

7800 Airport Blvd. 

Houston, TX 77061 

Director of Operations 

Austin-Bergstrom International Airport 

3600 Presidential Blvd. 

Austin, TX 78719 

Director of Operations 

San Antonio International Airport 

9800 Airport Blvd. 

San Antonio, TX 78216 

4)-{J~P/~ 

Rebecca B. MacPherson 

Counsel for Menagerie Enterprises, Inc. 
Director of Operations 

Midland International Airport 

9506 La Force Blvd. 

Midland, TX 79706 

Director of Operations 

Tulsa International airport 

7777 E. Apache St. 

Tulsa, OK 74115 

Director of Operations 

Will Rogers World Airport 

7100 Terminal Dr. 

Oklahoma City, OK 73159 
Application of 

BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Menagerie Enterprises, Inc. d/b/a 

Monarch Air 

) 

) 

) 

) 

) 

) 

) 

) 

DOCKET 

For authority to conduct scheduled 

Passenger operations as a commuter air 

Carrier under 49 U.S.C. 41738 

MOTION OF MENAGERIE ENTERPRISES D/B/A MONARCH AIR 

TO WITHHOLD INFORMATION FROM PUBLIC DISCLOSURE 

Pursuant to section 302.12 of the Department's Rules of Practice, Menagerie Enterprises, Inc. 

d/b/a Monarch Air hereby moves to withhold from public disclosure Exhibits 8A-H, 9, 13, and 

14 to the above-captioned application for issuance of commuter air carrier authority. These 

documents are being filed with this Motion in a sealed envelope marked "Confidential Materials 

-Rule 12 Treatment Requested." In support of this Motion, Menagerie Enterprises, Inc submits 

the following: 

• Exhibits 8A-H consist of existing leasing agreements between Menagerie Air and the 

owners of the aircraft. 

Exhibit 8A. 

Exhibit 8B. 

Exhibit 8C. 

Exhibit 8D. 

Exhibit 8E. 

Exhibit 8F. 

Exhibit 80. 

Exhibit 8H. 

List of Current Aircraft Fleet 

Aircraft Management Agreement and Operating Agreement for N 1180 W 

Aircraft lease Agreement for N161RC 

Aircraft Management Agreement and Operating Agreement for N214GB 

Aircraft Lease Agreement for N38MG 

Aircraft Management agreement and Operating Agreement for N41 C 

Aircraft Lease Agreement for N407W 

Aircraft Lease Agreement for N 514 DS 

• Exhibits 9, 13 and 14 provide information from Menagerie Enterprises, Inc.'s financial 

institutions related to existing letters of credit and willingness to extend additional 

financing, as well as information on existing balances and secured debt. 

Exhibit 9. Letter from Steve Young, Legacy Texas Bank, dated October 31,2014 
Exhibit 13. 

Exhibit 14. 

Letter from Steve Young, Legacy Texas Bank, dated October 1, 2014 

Letter from Donald Jones, BB&T, dated October 6, 2014 

The information Menagerie Enterprises, Inc. seeks to withhold from public disclosure is (1) 

commercial or financial, (2) obtained from a person outside the government, and (3) privileged 

or confidential. Moreover, release of this information would cause substantial harm to the 

competitive position of Menagerie Enterprises, Inc. or the individual from whom the information 

was obtained and serve no public interest if released. 

Exhibits 8A-8H, 9, 13, and 14 contain sensitive financial and commercial information that could 

be used by competitors to impede the applicant's plans to undertake the proposed air service. 

Moreover, the information in these exhibits is highly detailed and would not otherwise be made 

accessible to persons outside the company. As such, the information is entitled to non-disclosure 

under section 552(b) (4) oftitle 5 ofthe United States Code. 

Therefore, this information should be afforded confidential treatment by the Department under 

Rule 12. 

Attachments 

Certificate of Service 

Exhibits 

2 

Submitted by, 

/f2t~~~'lw7-- Rebecca B. MacPherson 

Counsel for Menagerie Enterprises, Inc.