Section 119.37

14 CFR Ch. I (1-1-19 Edition)

(1) A change in any of the persons, or
the names and addresses of any of the
persons, submitted to the Administrator under paragraph (b)(1) or (b)(2)
of this section; or
(2) For applicants intending to conduct operations under part 121 of this
chapter, a change in the financial information submitted to the Administrator under paragraph (e) of this section that occurs while the application
for the issue is pending before the FAA
and that would make the applicant-s financial situation substantially less favorable than originally reported.
(e) Each applicant for the original
issue of an operating certificate under
paragraph (a) of this section who intends to conduct operations under part
121 of this chapter must submit the following financial information:
(1) A balance sheet that shows assets,
liabilities, and net worth, as of a date
not more than 60 days before the date
of application.
(2) An itemization of liabilities more
than 60 days past due on the balance
sheet date, if any, showing each creditor-s name and address, a description of
the liability, and the amount and due
date of the liability.
(3) An itemization of claims in litigation, if any, against the applicant as of
the date of application showing each
claimant-s name and address and a description and the amount of the claim.
(4) A detailed projection of the proposed operation covering 6 complete
months after the month in which the
certificate is expected to be issued including - 
(i) Estimated amount and source of
both operating and nonoperating revenue, including identification of its existing and anticipated income producing contracts and estimated revenue per mile or hour of operation by
aircraft type;
(ii) Estimated amount of operating
and nonoperating expenses by expense
objective classification; and
(iii) Estimated net profit or loss for
the period.
(5) An estimate of the cash that will
be needed for the proposed operations
during the first 6 months after the
month in which the certificate is expected to be issued, including - 

(i) Acquisition of property and equipment (explain);
(ii) Retirement of debt (explain);
(iii) Additional working capital (explain);
(iv) Operating losses other than depreciation and amortization (explain);
and
(v) Other (explain).
(6) An estimate of the cash that will
be available during the first 6 months
after the month in which the certificate is expected to be issued, from - 
(i) Sale of property or flight equipment (explain);
(ii) New debt (explain);
(iii) New equity (explain);
(iv) Working capital reduction (explain);
(v) Operations (profits) (explain);
(vi) Depreciation and amortization
(explain); and
(vii) Other (explain).
(7) A schedule of insurance coverage
in effect on the balance sheet date
showing insurance companies; policy
numbers; types, amounts, and period of
coverage; and special conditions, exclusions, and limitations.
(8) Any other financial information
that the Administrator requires to enable him or her to determine that the
applicant has sufficient financial resources to conduct his or her operations with the degree of safety required in the public interest.
(f) Each financial statement containing financial information required
by paragraph (e) of this section must
be based on accounts prepared and
maintained on an accrual basis in accordance with generally accepted accounting principles applied on a consistent basis, and must contain the
name and address of the applicant-s
public accounting firm, if any. Information submitted must be signed by an
officer, owner, or partner of the applicant or certificate holder.
[Doc. No. 28154, 62 FR 13254, Mar. 19, 1997; 62
FR 15570, Apr. 1, 1997, as amended by Docket
FAA-2018-0119, Amdt. 119-19, 83 FR 9172, Mar.
5, 2018]

Section 119.37 Contents of an Air Carrier
Certificate or Operating Certificate.
The Air Carrier Certificate or Operating Certificate includes - 
(a) The certificate holder-s name;

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