BALTIA AIR LINES INC
10KSB/A, 1998-08-21
AIR TRANSPORTATION, SCHEDULED
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                              UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC 20549

                               FORM 10-KSB

                          -  Amendment No. 1  - 


             ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE 

                    SECURITIES EXCHANGE ACT OF 1934 

              FOR THE FISCAL YEAR ENDED DECEMBER 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

Securities Registered: 12 G #O-28502, 
                       SB-2 Registration Statement No. 333-20006-NY


The registrant hereby amends its previously filed annual report to include,
as an addition to the previous filing, the following Exhibit List and 
related additional document submitted herewith as Exhibit 27, amending
PART III, Item 13 as follows:

   
PART III

Item 13.  Exhibits and Reports on Form 8-K. Financial Statements;
          Exhibits.  

  (a)  List of Exhibits required by Item 601 of Regulation S-B

       1.  Exhibit 27 . . . . . Financial Data Statement 
                                filed herewith and incorporated herein.

  (b)  No report has been filed on Form 8-K.
    
<PAGE>
                                     SIGNATURES

In accordance with Section 13 or 15(d) 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: 8-21-1998        _______________(SIGNATURE)__________________________ 
                                By: Igor Dmitrowsky, President       

Date: 8-21-1998        _______________(SIGNATURE)__________________________   
 
                                By: Walter Kaplinsky, Secretary          
   


<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>                     <C>                     <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   6-MOS                   9-MOS                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1997             DEC-31-1997             DEC-31-1997
<PERIOD-END>                               MAR-31-1997             JUN-30-1997             SEP-30-1997             DEC-31-1997
<CASH>                                           2,748                   6,153                   2,582                   3,135
<SECURITIES>                                         0                       0                       0                       0
<RECEIVABLES>                                        0                       0                       0                       0
<ALLOWANCES>                                         0                       0                       0                       0
<INVENTORY>                                          0                       0                       0                       0
<CURRENT-ASSETS>                                 2,748                   6,153                   2,582                   3,135
<PP&E>                                               0                       0                       0                       0
<DEPRECIATION>                                       0                       0                       0                       0
<TOTAL-ASSETS>                                   2,748                 402,243                 398,672                   3,135
<CURRENT-LIABILITIES>                        2,614,065                 843,572                 908,812                 940,044
<BONDS>                                      1,628,432                       0                       0                       0
                                0                       0                       0                       0
                                          0                       0                       0                       0
<COMMON>                                           435                     488                     488                     245
<OTHER-SE>                                   1,648,797               5,846,199               5,856,199               5,846,442
<TOTAL-LIABILITY-AND-EQUITY>                     2,748                 402,243                 398,672                   3,135
<SALES>                                              0                       0                       0                       0
<TOTAL-REVENUES>                                     0                       0                       0                       0
<CGS>                                                0                       0                       0                       0
<TOTAL-COSTS>                                        0                       0                       0                       0
<OTHER-EXPENSES>                                 4,000                   5,000                  31,625                  58,625
<LOSS-PROVISION>                                     0                       0                       0                       0
<INTEREST-EXPENSE>                               5,382                       0<F1>                   0                       0
<INCOME-PRETAX>                               (16,373)                (43,646)               (112,458)               (143,137)
<INCOME-TAX>                                         0                       0                       0                       0
<INCOME-CONTINUING>                                  0                       0                       0                       0
<DISCONTINUED>                                       0                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0                       0
<CHANGES>                                            0                       0                       0                       0
<NET-INCOME>                                  (16,373)                (43,646)               (112,458)               (143,137)
<EPS-PRIMARY>                                        0                   (.01)                   (.02)                   (.06)
<EPS-DILUTED>                                        0                   (.01)                   (.02)                   (.06)
<FN>
<F1>Accrued interest expense was waived.  See Notes to Financial Statement.
</FN>
        

</TABLE>


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