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Previous: PIMCO FUNDS MULTI MANAGER SERIES, N-30D, 1997-09-03 |
Next: BALTIA AIR LINES INC, 10QSB, 1997-09-03 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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. No x. Yes x.
Required reportsfiled herewith.
Baltia s Initial Public Offering Registration Statement became effective
September 16, 1996.
Securities Registered: SB-2 Registration Statement No. 333-20006-NY,
Amendment No. 7, (Post Effective)
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 March 31, 1997:
Class Number of Shares
Common Stock Par Value $.0001 Per Share 4,350,000
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
Amendment No. 7, (Post Effective)
PART I-FINANCIAL INFORMATION
Item 1. Financial Statement.
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
<CAPTION>
March 31, 1997 December 31,1996
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash $ 2,748 $ 340
Total assets $ 2,748 $ 340
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 553,404 $ 553,405
176,013 176,012
Accrued expenses to stockholders 270,928 270,928
Interest payable to stockholders 321,168 321,168
Other liabilities to stockholders 22,142 22,142
Notes payable to stockholders 1,270,410 1,223,391
Total current liabilities 2,614,065 2,567,046
Accounts payable to stockholder 1,628,432 1,628,432
Total liabilities 4,242,497 4,195,478
Redeemable common stock 400,000 400,000
Stockholders' deficit:
Common stock - $.0001 par value;
100,000,000 shares authorized,
4,350,000 and 4,350,000 shares issued and
outstanding at March 31, 1997 and
December 31, 1996, respectively 435 435
Preferred stock - no par value;
15,000 shares authorized, 0 shares issued
and outstanding at March 31, 1997 and
December 31, 1996, respectively 0 0
Additional paid-in capital 1,648,797 1,648,797
Deficit accumulated during development stage (6,288,981) (6,244,370)
Total stockholders' equity (deficit) (4,239,749) (4,595,138)
Total liabilities and stockholders' equity $ 2,748 $ 340
</TABLE>
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
August 24, 1989
<CAPTION>
Six Months Ended Years Ended (Inception) to
March 31,1997 December 31, March 31, 1997
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Revenues $ 0 $ 0 $ 0 $ 0
Expenses
General and administrative 6,991 92,749 98,017 1,918,912
Professional fees 4,000 77,817 279,543 1,852,503
Service contributions 0 0 397,856 1,352,516
Training expenses 0 0 0 225,637
Abandoned fixed asset
acquisition 0 0 0 205,162
Salaries and benefits 0 0 0 137,702
Total expenses 10,991 170,566 775,416 5,692,432
Interest expense net 5,382 68,120 134,635 329,625
Net loss
$ (16,373) $ (238,686) $ (910,051) $ (6,022,057)
Net loss per share $0.00 ($0.05) ($0.20) ($1.23)
</TABLE>
<TABLE>
BALTIA AIR LINES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
<CAPTION>
Six Months Ended Years Ended August 24, 1989
March 31, 1997 December 31, (Inception) to March 31,
(Unaudited) 1996 1995 1997 (Unaudited)
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (44,611) $(238,686) $ (910,051) $(6,288,981)
Adjustments to reconcile net loss to net
cash provided by operation:
Depreciation 0 0 0 219,410
(Increase) in prepaid expense 0 0 0 0
Increase (decrease) in
accounts payable 0 38,217 237,963 2,357,849
Increase in accrued expenses 0 0 0 270,928
Increase in other liabilities 0 0 0 22,142
Increase in interest payable 0 68,120 67,990 321,168
Net cash (used) for
operating activities (44,611) (132,349) (604,098) (3,097,484)
Cash flows from investing activities:
Purchase of equipment 0 0 0 (219,410)
Net cash (used) for
investing activities 0 0 0 (219,410)
Cash flows from financing activities:
Proceeds from shareholder loans (net) 47,019 125,776 40,326 1,270,410
Proceeds from issuance of common stock 0 0 107,851 1,133,219
Increase (decrease) in redeemable
common stock 0 0 400,000 400,000
Increase (decrease) paid-in capital 0 0 (336,503) (336,503)
Purchase & retirement of treasury stock 0 0 0 (500,000)
Contributed capital 0 0 397,856 1,352,516
Net cash provided for financing
activities 47,019 125,776 609,530 3,319,642
Net increase (decrease) in cash 2,408 (6,573) 5,432 2,748
Cash at beginning of period 340 6,913 1,481 0
Cash at end of period $ 2,748 $ 340 $ 6,913 $2,748
</TABLE>
Item 2. Management s Discussion and Analysis or Plan of Operation. Amendment
No. 7 of Registration Statement No. 333-2006, Management Discussion and
Analysis.
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. 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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