New
York
(State
or other jurisdiction of
incorporation
or organization)
|
11-2989648
(IRS
Employer
Identification
No.)
|
Indicate
the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest
practicable date:
|
Outstanding
as of
May
10, 2012
|
Class:
Common
Stock
|
1,989,728,322
|
Part
I - Financial Information
|
Page
|
Item
1 –Financial Statements:
|
3
|
Balance
Sheet – March 31, 2012
|
3
|
Statement
of Operations – Three Months Ended March 31,
2012
|
4
|
Statement
of Cash Flows – Three Months Ended March 31,
2012
|
5
|
Statement
of Shareholder Equity
|
6
|
Notes
to Financial Statements
|
7
- 8
|
Item
2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations
|
8
|
Item
3 – Quantitative and Qualitative Disclosures
about Market Risk
|
14
|
Item
4T – Controls and Procedures
|
14
|
Part
II - Other Information
|
15
|
Item
1 – Legal Proceedings
|
15
|
Item
2 - Unregistered
Sales of Equity Securities and Use of
Proceeds
|
15
|
Item
3 Default
Upon Senior Securities.
|
15
|
Item
4 - Submission
of Matters to a Vote of Security Holders.
|
15
|
Item
5 – Other Information
|
15
|
Item
6 – Exhibits
|
|
Signatures
and Certifications
|
15-17
|
Exhibit
101 – XBRL Files
|
|
Baltia
Air Lines, Inc.
|
||
Balance
Sheet
|
||
(A
Development Stage Company)
|
||
|
||
|
March
31, 2012
|
December
31, 2011
|
(unaudited)
|
||
Assets
|
||
Current
Assets
|
||
Cash
|
$39,847
|
$57,390
|
Prepaid
expenses
|
0
|
0
|
Total
current assets
|
39,847
|
57,390
|
|
||
Property
& Equipment:
|
||
equipment
|
1,762,179
|
3,513,526
|
accumulated
depreciation
|
(114,268)
|
(109,268)
|
Net
property & equipment
|
1,647,911
|
3,404,258
|
Other
Assets:
|
||
Security
deposit and other
|
317,293
|
317,293
|
Total
Assets
|
$2,005,051
|
$3,778,941
|
Liabilities
& Equity
|
||
Current
Liabilities:
|
||
Accounts
payable
|
$210,286
|
$205,285
|
Accrued
expenses
|
138,000
|
112,125
|
Total
current liabilities
|
348,286
|
317,410
|
Long-term
debt, net of discount
|
1,035,502
|
1,003,941
|
Equity:
|
||
Preferred
stock-2,000,000 authorized $0.01 par value
|
||
66,500
issued & outstanding
|
665
|
665
|
Common
stock-2,000,000,000 authorized $0.0001 par value
|
||
1,760,436,018
issued & outstanding (1,718,031,382 in Dec)
|
176,044
|
171,803
|
Additional
paid in capital
|
78,483,802
|
76,933,560
|
Deficit
Accumulated During Development Stage
|
(78,039,248)
|
(74,648,438)
|
Total
Equity
|
621,263
|
2,457,590
|
Total
Liabilities & Equity
|
$2,005,051
|
$3,778,941
|
See
notes to unaudited interim financial statements.
|
Baltia
Air Lines, Inc.
|
||||
Statement
of Operations
|
||||
(Unaudited)
|
||||
(A
Development Stage Company)
|
||||
|
||||
|
Three
Months Ended March 31,
|
8/29/89
(Inception) to
|
||
2012
|
2011
|
3/31/2012
|
||
|
||||
Revenue
|
$0
|
$0
|
$0
|
|
Costs
& Expenses:
|
||||
General
& administrative
|
1,634,051
|
2,610,324
|
71,282,271
|
|
FAA
certification costs
|
87,140
|
100,882
|
2,611,287
|
|
Training
|
0
|
0
|
225,637
|
|
Depreciation
|
5,000
|
2,500
|
361,089
|
|
Other
|
0
|
0
|
568,245
|
|
Interest
expense (income)
|
57,436
|
57,945
|
1,368,655
|
|
Loss
on sale of assets
|
1,607,183
|
0
|
1,607,183
|
|
Total
costs & expenses
|
3,390,810
|
2,771,651
|
78,024,367
|
|
Loss
before income taxes
|
(3,390,810)
|
(2,771,651)
|
(78,024,367)
|
|
Income
taxes
|
0
|
0
|
14,881
|
|
Deficit
Accumulated During Development Stage
|
($3,390,810)
|
($2,771,651)
|
($78,039,248)
|
|
Per
share amounts:
|
||||
Basic:
|
||||
Loss
|
Nil
|
Nil
|
||
Weighted
Average Shares Outstanding
|
1,739,000,707
|
1,150,504,772
|
||
See
notes to unaudited interim financial statements.
|
Baltia
Air Lines, Inc.
|
||||
Statement
of Cash Flows
|
||||
(Unaudited)
|
||||
(A
Development Stage Company)
|
||||
Three
Months Ended March 31,
|
8/29/89
(Inception) to
|
|||
Statement
of Cash Flows
|
2012
|
2011
|
3/31/2012
|
|
Cash
flows from operating activities:
|
|
|||
Deficit
Accumulated During Development Stage
|
($3,390,810)
|
($2,771,651)
|
($78,039,248)
|
|
Adjustments
required to reconcile deficit accumulated
|
||||
development
stage to cash used in operating activities:
|
||||
Depreciation
|
5,000
|
2,500
|
359,940
|
|
Amortization
of loan discount
|
31,561
|
32,070
|
180,479
|
|
Expenses
paid by issuance of common stock and options
|
422,877
|
1,253,850
|
49,886,033
|
|
Basis
of sold or disposed assets
|
1,751,347
|
0
|
1,751,347
|
|
(Increase)
decrease in prepaid expenses
|
0
|
0
|
400,301
|
|
Increase
in accounts payable & accrued expenses
|
30,876
|
136,502
|
3,499,767
|
|
Cash
flows used by operating activities:
|
(1,149,149)
|
(1,346,729)
|
(21,961,381)
|
|
|
||||
Cash
flows from investing activities:
|
||||
Purchase
of equipment
|
0
|
(77,422)
|
(3,696,583)
|
|
Security
deposits
|
(0)
|
0
|
(317,293)
|
|
Cash
used in investing activities
|
(0)
|
(77,422)
|
(4,013,876)
|
|
Cash
flows from financing activities:
|
||||
Proceeds
from issuance of common stock
|
1,131,606
|
1,406,311
|
24,420,585
|
|
Proceeds
from issuance of preferred stock
|
0
|
0
|
2,753
|
|
Loans
from related parties
|
0
|
0
|
1,351,573
|
|
Repayment
of related party loans
|
0
|
0
|
(368,890)
|
|
Proceeds
of long-term debt
|
0
|
0
|
1,109,183
|
|
Acquisition
of treasury stock
|
0
|
0
|
(500,100)
|
|
Cash
generated by financing activities
|
1,131,606
|
1,406,311
|
26,015,104
|
|
Change
in cash
|
(17,543)
|
(17,840)
|
39,847
|
|
Cash-beginning
of period
|
57,390
|
52,840
|
0
|
|
Cash-end
of period
|
$39,847
|
$35,000
|
$39,847
|
|
See
notes to unaudited interim financial statements.
|
Baltia
Air Lines, Inc.
|
|||||||||
Statement
of Stockholders' Equity
|
|||||||||
(Unaudited)
|
|||||||||
(A
Development Stage Company)
|
|||||||||
Preferred
|
Common
|
Deficit
|
|||||||
Shares
|
Par
Value
|
Shares
|
Common
Stock Amount
|
Additional
Paid-In Capital
|
Accumulated
During Development Stage
|
||||
Balance
at December 31, 2011
|
66,500
|
$665
|
1,718,031,382
|
$171,803
|
$76,933,560
|
($74,648,438)
|
|||
Stock
issued and issuable for cash
|
31,791,666
|
3,179
|
1,128,427
|
||||||
Stock
issued for services @$.039/share
|
10,612,970
|
1,062
|
421,815
|
||||||
Net
Loss
|
(3,390,810)
|
||||||||
Balance
at March 31, 2012
|
66,500
|
$665
|
1,760,436,018
|
$176,044
|
$78,483,802
|
($78,039,248)
|
|||
See
notes to unaudited interim financial statements.
|
1.
|
Basis
of Presentation
|
2.
|
Earnings/Loss
Per Share
|