I 

To: LauraRemo 

Exec Air Inc. ofNaples 

160 13th Street NW 

Naples, Florida 34120 

239-290-5668 Phone 

239-348-8871 Fax 

Chief, Air Carrier Fitness Division 

Office of Aviation Analysis 

Re: application of Exec Air, Inc. of Naples ("Exec Air") filed in Docket Daf-OST-2014-0149 on 

August 21, 2014. Letter of Questions dated 10/29/2014. 

I have responded below to each of your questions, 

I am attaching revised and requested documents, as indicated below as well as your letter reprinted 

below with answers to it~m~~ t~h 8 included. . .. 

John 

Exec 

Swasey 

Air Inc. ofNapleJ 

. /·}~ 1 

·' / 

~ 
U.S. Department of 

Transportation 

Office of the Secretary 

of Transportation 

October 29, 2014 

Mr. John Swasey 

President 

Exec Air, Inc. of Naples 

160 13rh Street NW 

Naples, FL 34120 

Dear Mr. Swasey: 

1200 New Jersey Avenue SE 

Washington DC 20590 

This letter is in reference to the application of Exec Air, Inc. of Naples C'Exec Air") filed in 

Docket DOT-OST-2014-0149 on August 21, 2014. We have completed our review of the 

information Exec Air has filed in support of its request for commuter authority and find 

several areas where the information is deficient and has revealed the need for additional 

and/ or clarifying information before we can complete processing Exec Air's application. 

The attached Information Request lists the areas where further and/ or clarification 

information is necessary. 

I ask that you respond fully to this request within 30 days of the date of this letter. We note 

that it is not our policy to keep incomplete applications open indefinitely. If we do not 

receive the information in the time period specified, we intend to dismiss Exec Air's 

application without prejudice. 

You may upload your response via the web at , or you may mail your 

response to U.S. Department of Transportation Dockets, West Building, Ground Floor, {M30, Room W12-140), 1200 New Jersey Avenue SE, Washington, D.C. 20590. In either 

case, your response should be filed in Docket DOT -OST-2014-0149. 

As is the Department's practice, further processing of Exec Air's application will be 

deferred pending receipt of this material. 

In addition, please remember that Exec Air should promptly provide the Department with 

any information regarding changes it may undergo in areas affecting its fitness (i.e., 

management, operating plans or financial condition, compliance disposition, or oV\IIlership) 

while its application is under review by the Department. 
2 

If you have any questions regarding this letter, please feel free to contact Katy O'Toole of 

my staff at (202)-366-9721 or 

~Sincerely. 

Laur . Remo 

Chief, Air Carrier Fitness Division 

Office of Aviation Analysis 

a:: Docket DOT -OST -2014-0149 

Ms. Helene Porche 

POI for Exec Air, Inc. 
Please provide the following: 

Information Request 

Exec Air, Inc. ofNaples 

1. The balance sheet Exec Air provided in its application is dated December 2007. 

A copy of Exec Air's balance sheet, current to within 3 months of the date of this 

letter is required. Additionally, please provide a forecast balance sheet for the first 

normal year ending after the initially proposed operations have been incorporated. 

A) Revised Balance sheet current 

B) Forecast/projected balance sheet for Dec 31,2015 

2. A current (within 3 months) income statement for Exec Air. 

New P&L statement through November 1,2014 

3. Income Statements for Exec Air for the past three calendar or fiscal years. Please 

do not provide U.S. Income Tax statements. 

P&L Statements for 2013, 2012, and 2011 

4. A resume for stockholder Tom Parent. Please identify his citizenship and 

supply compliance history information as required by sections 204.3(1), (m), (o), and 

(p) of our rules. 

My investor is A MD.( Medical Doctor-sergin) By profession, He is a US Citizen., he does not 

have any aviation experience and is only a 8% stock holder. Thus is classified as a minor investor 

with no operational control. With regard to the 204.3(l),(m),(o), and (p) parts of the rules. 

(I) 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. Does not apply to Tom Parent minor investor. 

(m) The number of actions and outstanding judgments of less than $5,000 against each 

relevant corporation, key personnel employed (or to be employed) by any relevant 

corporation, or person having a substantial interest in any relevant corporation, and the 

total amount owed by each on such judgments. Does not apply to Tom Parent minor 

investor. 

(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 yvarrants it, additional information may be required.) Does not apply to Tom Parent 

minor investor. 

(p} A description of all charges of unfair or deceptive or anticompetitive business practices, 

or of fraud, felony or antitrust violation, brougrt against any relevant corporation or person 

having a substantial interest in any relevant corporation, or member of the key personnel 

employed (or to be employed) by any relevant corporation in the past 10 years. Such 

descriptions shall include the disposition or current status of each such proceeding. Does 

not apply to Tom Parent minor investor. 

Please address the following questions: 

5. Mr. Jeremy Vandersluis' resume indicates he is a contract pilot, a flight instructor, 

and also a Captain for 3 separate airlines. If Exec Air is granted commuter 

authority, does Mr. Vandersluis intend to remain in these additional positions? 

Mr. Vandersluis will continue to conduct contract flying with several of his customers 

and at this time he is not employed by any other Air Carrier. Should the need arise 

Exec Air may require his full time services however we feel as there will be engulf time 

to allow him to continue to do both the contract flying and work for ExecAir. 

6. Exec Air's business plan calls for the operation of one aircraft. Operations 

for scheduled service must continue on schedule even when the aircraft has 

mechanical problems. What is Exec Air's contingency plan to maintain 

operations when the aircraft is not operational? 

Also as a matter of record ExecAir conducted contract privet routs for over ten years five days a 

week multiple stops a day for several bank customers and in that time only had flight cannulations 

three times due to mechanical issues. We even were able to schedule engine and propeller changes 

without missing a flight with three exceptions in the same time period. 

I an1 confident in our mechanical reliability, we maintain our aircraft with preventive maintains 

during non scheduled flying periods of the day. 
7. A grant of commuter authority also requires the air carrier to file BTS Form 298-C, 

A Report of Financial and Operating Statistics for Small Aircraft Operators, and 

Schedule T-100, U.S. Air Carrier Traffic and Capacity Data by Nonstop Segment 

and On-Flight Market. Please describe how Exec Air intends to track this 

information. 

As I have begun reading this decimation I believe there are instructions provided as to what is 

required to be reported, as well as where and when to file the information. We will figure it out. 

8. Exhibit 6, page 5 of 7 (Balance Sheet) states an amount of 250,000 "common 

stock issued major investors" under Stockholder Equity but then also states other 

information regarding 7,500 shares and $150,000 deposit from a stock sale. 

Please clarify the amount of stock issued and outstanding, and if applicable, 

provide a detailed description, of each class or series of stock issued. Such 

description should include: the number of shares outstanding by class or series, 

convertibility into other classes or series of stock, representation on the board of 

directors, voting rights, entitlement to dividend, consequences of failure to pay 

such dividends, and liquidation preferences. 

This cannot be any clearer there are 7500 shares issued total, I sold 8% of the shares to Tom Parent 

for $ 150,000.00 there is only one class of stock. I am submitting a revised page Exhibit 6 page 5 

of 7. To show a clearer picture of this. the 250,000 was a typo from a previous worksheet. 

Should be as follows: 

STOCKHOLDERS' EQUITY 

Preferred Stock Issued 

Common Stock Issued major Investors 

Common Stock Issued minor Investors 

Per share Asset based Equity Value 

$0 

$317,492 

$27,608 

$46 

As far as voting rights Mr. Parent has elected to be a non-voting stock holder and has such few 

shares as to be of no real effect should he elect to exercise his voting privileges. He holds no 

Board positions and does not want to have any operational control of the company. I have fully 

disclosed the Risks of owning shares in an air carrier operation and that he may not see a return on 

investment and may lose his investment if things do not go as planned. This is a requirement of the 

US SEC, Mr. Parent meats Regulation D as a suffocated Informed Investor. 
I 

Exibit 6 Finacals Page 5 of7 

Balance Sheet Exec Air, Inc. of Naples 

For Period Ending October 29, 2014 

ASSETS 

CASH ASSETS 

Cash on Hand Checkimg 

Cash on Hand Saveings 

Deposit from stock sale 6oo shares to Tom Parent on 8/2014 

placed in company money market acount 

JTOTAL CASH ASSETS 

FIXED ASSETS (estimates) 

Office Furniture & Fixtures 

Computers 

Phone System 

Office Equipment (Copiers, Fax Machines, Printers) 

Office Supplies 

Machinery & Tooling 

Company Vehicles 

Aircraft Parts (Rotables & Consumables) 

JTOTAL FIXED ASSETS 

OTHER ASSETS 

t Company owned Cessna182 

JTOTAL OTHER ASSETS 

ITOTALASSETS 

LIABILITIES AND STOCKHOLDERS' EQUI1Y 

LIABILITIES 

Passenger Charter Flight liabilities 

Annual Short term and long term Payables 

Annual Long term and long term Payables 

JTOTAL CURRENT LIABILITIES 

STOCKHOLDERS' EQUI1Y 

Prefered Stock Issued 

Common Stock Issued major Investors 

Common Stock Issued minor Investors 

Per share Asset based Equity Value 

lTotal Stockholders Equity 

0 

335,524 

29,176 

49 

lTOTAL LIABILITIES AND STOCKHOLDERS' EQU11Y 

Notes: 1 Fixed Assets based on replacement value • 

2 Liabilities based upon companies current debts. 

$7,000 

$1,ooo 

$140,000 

$2,000 

$1o,ooo 

$1,000 

$100 

$1,000 

$25,000 

$25,000 

$70,000 

$85,ooo 

$o 

$2,400 

$0 

3 Management has compiled the balance sheet with their best knowledge and belief 

of the Company's financial position. 

4 The balance sheet has not been reviewed or audited. 

MA.JOR INVI<JS'l,OHS 

.JOHN SWASEY 

'l'OM l'ARENT 

INVESTOH #2 

INVJ<JSTOR #:3 

INVES'POR #4 

7,500 Shares 

1, 700,000 6900 

150,000 600 

0 

0 

() 

1,850,000 7500 

% OF OWNI<JHSI-IIP 

H2% 

8'!/o 

0% 

0'?/o 

o~/" 

100% 

$148,oool 

$134,1001 

$85,000 

$85,oool 

$367,1001 

$2,4001 
Projected end of first year 

Balance Sheet Exec Air, Inc. of Naples 

For Period Ending December 31, 2015 

ASSETS 

CASH ASSETS 

Cash on Hand Checkimg $29,700 

Cash on Hand Saveings $25,000 

Deposit from stock sale 6oo shares to Tom Parent on 8/2• $14o,ooo 

placed in company money market acount from proffit $100,000 

JTOTAL CASH ASSETS 

FIXED ASSETS (estimates) 

Office Furniture & Fixtures 

Computers 

Phone System 

Office Equipment (Copiers, Fax Machines, Printers) 

Office Supplies 

Machinery & Tooling 

Company Vehicles 

Aircraft Parts (Rotables & Consumables) 

JTOTAL FIXED ASSETS 

OTHER ASSETS 

1 Company owned 

1 Leased 

JTOTAL OTHER ASSETS 

JTOTAL ASSETS 

Cessna 182 

Cessna 206 

LIABILITIES AND STOCKHOLDERS' EQUI1Y 

LIABILITIES 

JTotal Stock holders Equity 

0 

590,088 

51,312 

86 

JTOTAL LIABILITIES AND STOCKHOLDERS' EQUI1Y 

N ott 1 Fixed Assets based on replacement value • 

2 Liabilities based upon companies current debts. 

$2,000 

$10,000 

$1,000 

$100 

$1,000 

$25,000 

$25,000 

$70,000 

$85,000 

$130,000 

$0 

$2,400 

$0 

$134,1001 

$85,000 

$130,000 

$215,0001 

$643,8ooJ 

$641.400 

3 Management has compiled the balance sheet with their best knowledge and belief 

of the Company's financial position. 

4 The balance sheet has not been reviewed or audited. 

MA.JOH INVIDSTORS 7,500 Shares %OF OWN~JHSHIP 

rJ~(~)~~I~N~S~'VV~A~S~~~~Y~'~~~------~1~.~7~0~0~,0~(~)0~--~6~90~0----~9~2~/t~o 

'f'OM PAREN'l:' 150,000 600 8% 

INVliJS'l'OH #'2 0 0% 

INVJ{jS'l'O R #H 0 0% 

INVliJS'l'Ol~ #4 0 0% 

1 ,850,000 7500 100% 
9:30PM 

10/30/14 

Accrual Basis 

Exec Air Inc. of Naples 

Profit & Loss 

January through December 2013 

Ordinary Income/Expense 

Income 

60100 ·Charter Income 

60300 · Broker Fee Income 

60500 ·Banner Income 

60700 · Air Tour Income 

Total Income 

Expense 

66000 · Payroll Expenses 

6999 · Uncategorized Expenses 

85300 · Automobile Expense 

85400 · Advertising 

86000 · Bank and Credit Card Charges 

86500 · Business Meals and Entertainmen 

87300 · Contributions 

87800 · Depreciation 

88000 · Drug Program 

88800 · Dues and subscriptions 

89000 · Purchase Banner Equipment 

90000 · Fuel & Oil 

90200 · Interest Expense 

90400 · Insurance 

90800 · Legal and Accounting 

91 000 · Licenses & Taxes • Other 

91500 ·Meal & Entertainment 

91600 ·Misc. Expense 

91800 · Office Expense 

92800 ·Rent 

92900 · Rent ·Airplane 

93000 • Repairs and Maintenance 

93100 ·Salaries- Officer 

93200 · Payroll 

93800 · Supplies 

93900 · Taxes - Payroll 

93975 • Taxes- Property 

94100 ·Telephone 

94200 • Travel 

Total Expense 

Net Ordinary Income 

Other Income/Expense 

Other Income 

95800 • Other Income 

Total Other Income 

Net Other Income 

Net Income 

Jan- Dec 13 

126,102.21 

35.00 

2,550.00 

2,180.56 

130,867.77 

0.00 

0.00 

2,831.53 

8,143.18 

2,748.26 

973.23 

250.00 

871.05 

600.00 

4,485.64 

1,402.60 

34,374.08 

1,094.58 

8,990.67 

780.00 

729.82 

0.00 

0.00 

926.66 

14,031.03 

5,210.00 

19,824.34 

6,294.88 

4,208.99 

1,883.66 

3,140.01 

0.00 

4,940.58 

107.63 

128,842.42 

2,025.35 

161.30 

161.30 

161.30 

2,186.65 

Page 1 
8:45PM 

10/30/14 

Accrual Basis 

Exec Air Inc. of Naples 

Profit & Loss 

January through December 2012 

Ordinary Income/Expense 

Income 

601 00 · Charter Income 

60500 · Banner Income 

60700 · Air Tour Income 

60800 · Maintenance Income 

61200 ·Misc. Income 

Total Income 

Expense 

66000 · Payroll Expenses 

6999 · Uncategorized Expenses 

85300 · Automobile Expense 

85400 · Advertising 

86000 · Bank and Credit Card Charges 

86500 · Business Meals and Entertainmen 

88000 · Drug Program 

88800 · Dues and subscriptions 

89000 · Purchase Banner Equipment 

90000 · Fuel & Oil 

90200 · Interest Expense 

90400 · Insurance 

90800 · Legal and Accounting 

91000 ·Licenses & Taxes- Other 

91500 ·Meal & Entertainment 

91600 ·Misc. Expense 

91800 • Office Expense 

92800 ·Rent 

92900 · Rent -Airplane 

92950 · Rental Equipment 

93000 · Repairs and Maintenance 

93100 ·Salaries- Officer 

93200 · Payroll 

93800 • Supplies 

93900 · Taxes - Payroll 

93975 · Taxes- Property 

94100 ·Telephone 

94200 · Travel 

Total Expense 

Net Ordinary Income 

Net Income 

Jan- Dec 12 

61,896.95 

14.485.00 

1,123.75 

1,609.74 

2,718.60 

81,834.04 

275.00 

936.44 

365.93 

7,562.00 

3,391.69 

180.84 

-917.00 

177.33 

39.66 

19,39f;).01 

1.417.27 

5,930.46 

1,250.00 

548.04 

180.66 

810.64 

562.87 

14,091.36 

8,123.00 

76.32 

9,790.10 

0.00 

10,925.00 

1,687.70 

1,687.74 

0.00 

2,703.29 

770.57 --···- ···--·-

91,962.92 

-10,128.88 

-10,128.88 

Page 1 
8:36PM 

10/30/14 

Accrual Basis 

Exec Air Inc. of Naples 

Profit & Loss 

January through December 2011 

Ordinary Income/Expense 

Income 

601 00 • Charter Income 

60500 · Banner Income 

60600 · Jumper Income 

60700 ·Air Tour Income 

60800 · Maintenance Income 

61200 ·Misc. Income 

Total Income 

Expense 

Check printing 

61100 · Loan Proceeds 

6999 • Uncategorized Expenses 

85300 · Automobile Expense 

85400 · Advertising 

86000 · Bank and Credit Card Charges 

86500 · Business Meals and Entertainmen 

87400 ·Commissions 

88000 · Drug Program 

88800 · Dues and subscriptions 

89000 • Purchase Banner Equipment 

90000 · Fuel & Oil 

90400 · Insurance 

90800 • Legal and Accounting 

91 000 · Licenses & Taxes - Other 

91500 ·Meal & Entertainment 

91600 · Misc. Expense 

91800 ·Office Expense 

92800 ·Rent 

92900 · Rent - Airplane 

93000 · Repairs and Maintenance 

93200 · Payroll 

93800 · Supplies 

94100 ·Telephone 

94200 · Travel 

Total Expense 

Net Ordinary Income 

Net Income 

Jan- Dec 11 

25,684.01 

23,500.00 

19,273.67 

713.40 

254.40 

3,697.97 

73,123.45 

20.99 

-10,000.00 

3,289.08 

97.00 

4,491.68 

1,021.95 

43.56 

75.00 

240.00 

4,734.11 

702.63 

20,726.59 

8,117.20 

1,175.00 

547.25 

26.63 

162.72 

2,528.72 

15,552.12 

970.75 

10,382.32 

4,069.00 

2,763.03 

2,603.46 

15.40 

74,356.19 

-1,232.74 

-1,232.74 

Page 1 
3:14PM 

11/04/14 

Accrual Basis 

Exec Air Inc. of Naples 

Profit & Loss 

January 1 through November 4, 2014 

Ordinary Income/Expense 

Income 

60100 ·Charter Income 

60200 · Rental Income 

60300 · Broker Fee Income 

60500 · Banner Income 

60700 ·Air Tour Income 

60800 · Maintenance Income 

Total Income 

Expense 

66000 · Payroll Expenses 

6999 · Uncategorized Expenses 

85300 · Automobile Expense 

85400 · Advertising 

86000 • Bank and Credit Card Charges 

86500 • Business Meals and Entertainmen 

87300 · Contributions 

88000 · Drug Program 

88800 · Dues and subscriptions 

89000 · Purchase Banner Equipment 

90000 · Fuel & Oil 

90400 • Insurance 

90800 • Legal and Accounting 

91000 ·Licenses & Taxes- Other 

91500 ·Meal & Entertainment 

91600 · Misc. Expense 

91800 · Office Expense 

92800 ·Rent 

92900 · Rent - Airplane 

92950 · Rental Equipment 

93000 · Repairs and Maintenance 

93200 • Payroll 

93800 · Supplies 

93900 · Taxes - Payroll 

93975 • Taxes- Property 

94100 ·Telephone 

94200 · Travel 

Total Expense 

Net Ordinary Income 

Net Income 

Jan 1- Nov 4, 14 

128,309.71 

800.00 

160.00 

11,675.28 

127.50 

-1,000.00 

140,072.49 

1,215.00 

1,824.94 

60.00 

4,238.66 

29,357.31 

542.22 

1,401.65 

700.00 

2,264.62 

7,195.74 

33,064.78 

13,390.87 

1,456.40 

333.75 

202.76 

1,182.72 

2,023.97 

11,054.65 

17,055.00 

2,250.00 

8,580.44 

4,050.00 

1,296.96 

1,129.83 

1,888.41 

4,729.42 

3,009.00 

155,499.10 

-15,426.61 

-15,426.61 

Page 1 
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