INCOME STATEMENT (MODIFIED)

For the Year ending October 31, 2003

Values in USD
PC37

Revenues earned from fiscal year 2003

Mileage charges earned
Fuel charges earned
Landing charges recovered
Overnight charges recovered

149,811
53,504
20,570
6,263

396,416
165,376
33,170
18,766

276,470
122,573
26,288
9,393

Total Revenue earned per plane

230,148

613,728

434,724

1,278,600

40,479
27,166
8,025
20,570
6,542
19,420
62,816
28,563
-

130,570
71,990
13,132
33,170
18,704
51,463
86,372
79,981
-

121,259
36,674
13,160
26,288
9,342
26,217
47,112
141,205

292,308
135,830
34,317
80,028
34,588
97,100
196,300
108,544
141,205

213,581

485,382

421,257

1,120,220

Selling and Service Expenses

9,378

25,008

17,714

52,100

General and Administrative

29,497

67,038

37,541

134,076

Interest

11,193

15,990

4,797

31,980

(33,501)

20,310

(46,585)

(59,776)

Operating Expenses
Fuel Expenses
Maintenance: Parts
Flight Insurance
Aircraft Landing Fees
Overnight charges paid
Wages - Maintenance Crew
Wages - Pilots
Depreciation
Leased Aircraft
Total Operating Expenses

Net Profit/Loss

J50

Total

PN5

Comments

Allocated on cost of plane maintenance parts basis

Allocated on Equivalent Hours flown basis
Depreciation from the Balance Sheet

Allocated on revenue earned per plane basis

Allocated on kilometres flown basis
35% to PN5, 50% to PC37 and 15% to J50

INCOME STATEMENT (MODIFIED)

For the Year ending October 31, 2003

Values in USD
PC37

Revenues earned from fiscal year 2003

Mileage charges earned
Fuel charges earned
Landing charges recovered
Overnight charges recovered

149,811
53,504
20,570
6,263

396,416
165,376
33,170
18,766

276,470
122,573
26,288
9,393

Total Revenue earned per plane

230,148

613,728

434,724

40,479
27,166
8,025
20,570
6,542
32,639
62,816
28,563
-

130,570
71,990
13,132
33,170
18,704
44,878
86,372
79,981
-

121,259
36,674
13,160
26,288
9,342
19,583
47,112
141,205

226,800

478,797

414,623

1,120,220

Selling and Service Expenses

9,378

25,008

17,714

52,100

General and Administrative

44,692

44,692

44,692

134,076

Interest

11,193

15,990

4,797

31,980

(61,915)

49,241

(47,102)

(59,776)

Operating Expenses
Fuel Expenses
Maintenance: Parts
Flight Insurance
Aircraft Landing Fees
Overnight charges paid
Wages - Maintenance Crew
Wages - Pilots
Depreciation
Leased Aircraft
Total Operating Expenses

Net Profit/Loss

J50

Total

PN5

1,278,600

135,830

97,100

Comments

Allocated on Hours Flown basis

Allocated on Equivalent Hours flown basis
Depreciation from the Balance Sheet

Allocated on revenue earned per plane basis

Allocated equally to the 3 planes
35% to PN5, 50% to PC37 and 15% to J50

Exhibit 2
INCOME STATEMENT
For the Year ending October 31, 2003
Revenues from flying
Mileage Revenue
Fuel Charged to Customers
Landing and overnight charges to customers
Total Revenue
Operating Expenses
Aircraft Fuel
Airport landing fees and overnight charges
Depreciation - Aircraft
Flight Insurance
Leased Aircraft
Maintenance - Parts
Wages - Maintenance Crew
Wages - Pilots
Total Operating Expenses

Values in USD

822,697
341,453
114,450
1,278,600

292,308
114,616
108,544
34,317
141,205
135,830
97,100
196,300
1,120,220

Selling and Service Expenses

52,100

General and Administrative

134,076

Interest

31,980

Net Loss

(59,776)

Exhibit 3
Values in USD
AIRCRAFT DATA FROM FISCAL 2003

PN5

PC37

J50

Revenues earned from fiscal year 2003

Mileage charges earned
Fuel charges earned
Landing charges recovered
Overnight charges recovered

149,811
53,504
20,570
6,263

396,416
165,376
33,170
18,766

276,470
122,573
26,288
9,393

Total Revenue earned per plane

230,148

613,728

434,724

Aircraft Statistics, Fiscal 2003:

Kilometres Flown
Landings Made
Hours Flown
25% Premium Added for the jet
Equivalent Hours Flown
Price Rates, Fiscal 2003:
Mileage charged per km to customers
Fuel charged per km to customers
Expenses
Fuel Expenses
Maintenance: Parts
Flight Insurance
Airport Landing fees incurred
Overnight Charges Paid

107,008
242
400
400

243,200
310
550
550

136,192
124
240
60
300

1
1

2
1

2
1

40,479
27,166
8,025
20,570
6,542

130,570
71,990
13,132
33,170
18,704

121,259
36,374
13,160
26,288
9,342

Total
486,400
676
1,190
1,250