EFTA01087042.pdf

Avioneta Holdings LLC Balance Sheet Comparison 2013 Change 2014 ASSETS Current Assets Wells Fargo Checking $ 49,126.45 $ 122,300.35 $ 171,426.80 Total Current Assets $ 49,126.45 $ 171,426.80 Fixed Assets Aircraft $ 27,930,066.41 $ $ 27,930,066.41 Total Fixed Assets $ 27,930,066.41 $ 27,930,066.41 Other Assets Startup Working Fund s s s Charter Revenue Receivable s s 274,549.40 s 274,549.40 Reimbursement Receivable s s Total Other Assets s s 274,549.40 Total Assets $ 27,979,192.86 $ 28,376,042.61 LIABILITIES & EQUITY Liabilities Payable to Jet Aviation $ 1,190,315.00 $ (865,789.79) $ 366,175.89 Aircraft Financing Loan $ 22,725,000.00 $ (1,500,000.00) $ 21,225,000.00 Total Liabilities $ 23,915,315.00 $ 21,591,175.89 Equity Capital Contributions $ 3,576,936.19 $ 6,113,735.59 $ 9,690,671.78 Opening Balance Equity $ 5,990,255.74 $ $ 5,990,255.74 Retained Earnings $ 959.93 $ (5,685,264.00) $ (5,684,304.07) Net Income $ (5,504,274.00) $ (3,211,756.73) Total Equity $ 4,063,877.86 $ 6,784,866.72 Total Liabilities & Equity $ 27,979,192.86 $ 28,376,042.61 s EFTA01087042 EFTA01087043  Support Payable to Jet Aviation 202,878.00 211,604.00 324,462.42 $ 738,944.42 41,650.68 41,650.68 780,595.10 We didn't get credit for these items until 2015 Charter Revenue Receivable 690,503.90 (415,954.50) 274,549.40 (Oct,Nov & Dec 2014 JA Invoices) Reimbursements $ 414,419.21 (d in 2014: $6,113,735.59) Net Income 3,765,515.26 $ (3,211,75633) $ (5,504,274.00) 01/27/2015 01/27/2015 02/26/2015 ■ EFTA01087044 1) What were the accrual items for 201: Description Charter Income Reimbursements Total Income Flight Expense Fixed Less JH in Fixed (fully Reimb) Add Back 2013 Accrual Net Income for 2014 EFTA01087045 10/1/2014 JA Invoice 11/1/2014 JA Invoice 12/1/2014 JA Invoice plus 2014 costs billed In 2015 Charter Income credited to invokes Charter income for flights in 2014 received in 2015 $ 223,091.41 $ 415,954.50 Total Receivable Fixed Costs Charter Income (60,520.00) Fixed Costs Charter Income (89,000.00) Fixed Costs Charter Income (73,571.41) EFTA01087046 3? We need to impact re? 2014 IS 2014 Payments Accruals 690,503.90 $ (415,954.50) $ 274,549.40 414,419.21 $ 414,419.21 1,104,923.11 $ (415,954.50) $ 688,968.61 (876,845.05) $ (876,845.05) (4,270,371.82) $ $ (4,270,371.82) 655,353.11 $ (655,353.11) 175,183.92 $ 175,183.92 (3,211,756.73) $ (1,071,307.61) $ (4,283,064.34) EFTA01087047  s 274,549.40 s 223,091.41 s 51,457.99 CHT 165201 6.8H RS @ $8900.00 2014 CHT 166467 10HRS @ $8900.00 2014 1900165734 - COST OF FLIGHT TRIP 166951 2014 (4 Hours) EFTA01087048 Remainder EFTA01087049