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Previous: EMERALD CAPITAL HOLDINGS INC, 10KSB, 1997-12-04 |
Next: BURLINGTON INDUSTRIES INC /DE/, 8-K, 1997-12-04 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SEC. 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997
BALTIA AIR LINES, INC. (Baltia)
(Exact name of registrant as specified in its charter)
STATE of NEW YORK 11-2989648
(State of Incorporation) (IRS Employer Identification No.)
63-25 SAUNDERS STREET, SUITE 7 I, REGO PARK, NY 11374
(Address of principal executive offices)
Registrant's telephone number, including area code: (718) 275 5205
Check whether the issuer (1) filed all reports required to be filed by Section
13, or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes x.
Required reports filed herewith.
Baltia's Initial Public Offering Registration Statement became effective
September 16, 1996. Baltia is subject to filing under Section 13 or 15(d)
of the Exchange Act.
Securities Registered: SB-2 Registration Statement No. 333-20006-NY,
"Description of securities," which is hereby incorporated by reference
BALTIA IS A CORPORATE ISSUER
The number of shares outstanding of each of the issuer's classes of common
equity, as of September 30, 1997:
Class Number of
Shares
Common Stock Par Value $.0001 Per Share 4,885,000
Preferred Stock No Par -0-
Transitional Small Business Disclosure Format (Check one): No x
DOCUMENTS INCORPORATED BY REFERENCE
SB-2 Registration Statement No. 333-20006-NY
SB-2 Registration Statement No. 333-37409
PART I-FINANCIAL INFORMATION
Item 1. Financial Statement.
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
<CAPTION>
September 30, 1997 December 31, 1996
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash $ 2,582 $ 340
Other assets:
Pre-paid media placements 396,090 0
Total assets $ 398,672 $ 340
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 539,154 $ 553,405
Accounts payable to stockholders 65,318 176,012
Accrued expenses to stockholders 0 270,928
Interest payable to stockholders 0 321,168
Other liabilities to stockholders 0 22,142
Notes payable to stockholders 304,340 1,223,391
Total current liabilities 908,812 2,567,046
Accounts payable to stockholder 0 1,628,432
Total liabilities 908,812 4,195,478
Redeemable common stock 0 400,000
Stockholders' deficit:
Common stock - $.0001 par value;
100,000,000 shares authorized,
4,885,000 and 4,350,000 shares issued
and outstanding at September 30, 1997 and 488 435
December 31, 1996, respectively
Preferred stock - no par value;
15,000 shares authorized, 0 shares
issued and outstanding at September 30, 1997 and
December 31, 1996, respectively 0 0
Additional paid-in capital 4,200,613 1,648,797
Contributed Capital 1,645,586
Deficit accumulated
during development stage (6,244,369) (6,244,370)
Total stockholders' equity (deficit) (510,140) (4,595,138)
Total liabilities and stockholders'
equity $ 398,672 $ 340
</TABLE>
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
<CAPTION>
Quarterly Results Nine Months Ended Years Ended August 24, 1989
Ending September 30 September 30, December 31, (Inception) to
1997 1996 1997 1996 1996 1995 September 30, 1997
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues $ 0 0 $ 0 $ 0 $ 0 $ 0
Expenses
General and
administrative 38,185 12,952 80,833 37,126 92,749 98,017 2,085,501
Professional fees 30,625 1,160 31,625 3,810 77,817 279,543 1,957,945
Service contributions 0 10,658 0 69,534 0 397,856 1,352,516
Training expenses 0 0 0 0 0 0 225,637
Abandoned fixed asset
acquisition 0 0 0 0 0 0 205,162
Salaries and benefits 0 0 0 0 0 0 137,702
Total expenses 68,810 24,770 112,458 110,470 170,566 775,416 5,964,463
Interest expense net 0 23,998 0 58,088 68,120 134,635 392,363
Net loss (68,810) (48,768) $ (112,458) (168,558) $ (238,686) $ (910,051) $ (6,356,826)
Net loss per share ( $0.01) ( $0.01) ( $0.02) ( $0.04) ( $0.05) ($0.20) ($1.30)
</TABLE>
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
<CAPTION>
Nine Months Ended Years Ended August 24, 1989 (Inception)
September 30, December 31, to September 30,
1997 1996 1996 1995 1997
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (112,458) $ (168,558) $ (238,686) $ (910,051) $ (6,356,826)
Adjustments to reconcile net loss to net cash
provided by operation:
Depreciation 0 0 0 0 219,410
Contributed Services 293,070 0 0 397,856 1,645,586
(Increase) in prepaid expense (396,090) 0 0 0 (396,090)
Increase(decrease)in accounts
payable (124,945) 88,850 38,217 237,963 2,263,404
Increase in accrued expenses (270,928) 0 0 0 0
Increase in other liabilities (22,142) 0 0 0 0
Increase in interest payable (321,168) 50,993 68,120 67,990 0
Net cash (used) for operating
activities ( 954,661) (28,716) (132,349) (206,242) (2,655,016)
Cash flows from investing activities:
Purchase of equipment 0 0 0 0 (219,410)
Net cash (used) for
investing activities 0 0 0 0 (219,410)
Cash flows from financing activities:
Proceeds from shareholder loans(net) (2,547,482) (112,432) 125,776 40,326 (1,324,093)
Proceeds from issuance of common stock 53 0 0 107,851 1,133,272
Increase (decrease) paid-in capital 3,504,332 0 0 63,497 3,567,829
Purchase and retirement
of treasury stock 0 0 0 0 (500,000)
Net cash provided for financing
activities 956,903 181,966 125,776 211,674 2,877,008
Net increase (decrease) in cash 2,242 3,251 (6,573) 5,432 2,582
Cash at beginning of period 340 6,913 6,913 1,481 0
Cash at end of period $ 2,582 10,164 $ 340 $ 6,913 $ 2,582
</TABLE>
Item 2. Management's Discussion and Analysis or Plan of Operation,
SB-2 Registration Statement No. 333-2006-NY (effective 9-16-97), and 333-37409
(filed 10-8-97), and Amendments thereto.
PART II -OTHER INFORMATION
Item 1. Intentionally omitted.
Item 2. Intentionally omitted.
Item 3. Intentionally omitted.
Item 4. Intentionally omitted.
Item 5. Intentionally omitted.
Item 6. Exhibits and Reports on Form 8-K. Refer to exhibits on file with
the Securities and Exchange Commission in conjunction with SB-2
Registration Statement No. 333-20006-NY, Post Effective Amendment
No. 7, and SB-2 Registration Statement No. 333-37409, incorporated
herein.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Baltia Air Lines, Inc., Registrant
Date: (Signature)
By: Igor Dmitrowsky, President
Date: (Signature)
By: Walter Kaplinsky, Secretary
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