Baltia Air Lines 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	4-May-15
Document And Entity Information
Entity Registrant Name	BALTIA AIR LINES INC
Entity Central Index Key	869187
Document Type	10-Q
Current Fiscal Year End Date	-19
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,984,070,178
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash	$117,882	$185,613
Other current assets	13,765	24,908
Total current assets	131,647	210,521
Property and equipment, net	2,317,020	2,316,036
Other assets:
Security deposit and other	318,683	318,683
Total assets	2,767,350	2,845,240
Current liabilities
Accounts payable and accrued expenses	2,163,920	2,572,165
Short-term debt	200,000	50,000
Accrued interest	448,500	515,325
Deposits on common stock purchases	142,500
Total current liabilities	2,954,920	3,137,490
Noncurrent liabilities
Long-term debt, net of discount	1,150,000	1,150,000
Long-term accounts payables and accrued expenses	335,523	335,523
Total noncurrent liabilities	1,485,523	1,485,523
Total liabilities	4,440,443	4,623,013
Stockholders' equity (deficit)
Preferred stock, $0.01 par value; 2,000,000 shares authorized, 66,500 issued and outstanding	665	665
Common stock, $.0001 par value; 5,986,000,000 shares authorized, 5,866,546,812 and 5,497,415,771 issued and outstanding at March 31, 2015 and December 31, 2014, respectively	586,654	549,741
Additional paid-in capital	111,093,900	108,215,743
Deficit accumulated during development stage	-113,354,312	-110,543,922
Total stockholders' equity (deficit)	-1,673,093	-1,777,773
Total liabilities and stockholders' equity (deficit)	$2,767,350	$2,845,240

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Stockholders' equity (deficit)
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	66,500	66,500
Preferred stock, shares outstanding	66,500	66,500
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	5,986,000,000	5,986,000,000
Common stock, shares issued	5,866,546,812	5,497,415,771
Common stock, shares outstanding	5,866,546,812	5,497,415,771

STATEMENTS_OF_OPERATIONS_Unaud

STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		307 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Statements Of Operations
Revenue
Costs and Expenses
General and administrative	2,422,850	2,353,148	102,928,654
FAA certification costs	347,076	296,185	5,708,465
Training			225,637
Depreciation	14,016	13,979	456,538
Other			568,245
Interest	26,448	25,895	1,836,572
Loss on sale of assets			1,607,183
Total costs and expenses	2,810,390	2,689,207	113,457,434
Net loss before income taxes	-2,810,390	-2,689,207	-113,457,434
Provision for income taxes		3,600	23,018
Deficit accumulated during development stage	($2,810,390)	($2,692,807)	($113,354,312)
Net loss per weighted share, basic and fully diluted	($0.00)	($0.00)
Weighted average number of common shares outstanding, basic and fully diluted	5,736,721,588	3,472,925,831

STATEMENT_OF_SHAREHOLDERS_EQUI

STATEMENT OF SHAREHOLDERS EQUITY (USD $)	Preferred Stock	Common Stock	Additional Paid-in Capital	Deficit Accumulated During Development Stage	Total
Beginning balance, Amount at Dec. 31, 2010	$665	$111,881	$51,747,348	($49,572,940)	$2,286,954
Beginning balance, Shares at Dec. 31, 2010	66,500	1,118,814,994
Stock issued and issuable for cash, Amount		24,137	7,783,105		7,807,242
Stock issued and issuable for cash, Shares		241,369,947
Shares issued for services, Amount		35,786	17,403,106		17,438,892
Shares issued for services, Shares		357,846,441
Net loss				-25,075,498	-25,075,498
Ending balance, Amount at Dec. 31, 2011	665	171,804	76,933,559	-74,648,438	2,457,590
Ending balance, Shares at Dec. 31, 2011	66,500	1,718,031,382
Prior period adjustment, Amount		14,798	-14,798
Prior period adjustment, Shares		147,987,304
Stock issued and issuable for cash, Amount		27,127	3,599,755		3,626,882
Stock issued and issuable for cash, Shares		271,270,882
Shares issued for services, Amount		32,925	7,653,663		7,686,588
Shares issued for services, Shares		329,248,482
Net loss				-13,623,873	-13,623,873
Ending balance, Amount at Dec. 31, 2012	665	246,654	88,172,179	-88,272,311	147,187
Ending balance, Shares at Dec. 31, 2012	66,500	2,466,538,050
Stock issued and issuable for cash, Amount		70,162	4,062,352		4,132,514
Stock issued and issuable for cash, Shares		701,621,438
Shares issued for services, Amount		12,796	2,273,171		2,285,967
Shares issued for services, Shares		127,967,500
Net loss				-6,868,196	-6,868,196
Ending balance, Amount at Dec. 31, 2013	665	329,612	94,507,702	-95,140,507	-302,528
Ending balance, Shares at Dec. 31, 2013	66,500	3,296,126,988
Stock issued and issuable for cash, Amount		197,425	9,707,018		9,904,443
Stock issued and issuable for cash, Shares		1,974,254,019
Shares issued for services, Amount		23,254	4,060,873		4,084,127
Shares issued for services, Shares		232,534,764
Shares cancelled, Amount		-550	-59,850		-60,400
Shares cancelled, Shares		-5,500,000
Net loss				-15,403,415	-15,403,415
Ending balance, Amount at Dec. 31, 2014	665	549,741	108,215,743	-110,543,922	-1,777,773
Ending balance, Shares at Dec. 31, 2014	66,500	5,497,415,771
Stock issued and issuable for cash, Amount		35,108	2,523,995		2,559,103
Stock issued and issuable for cash, Shares		351,083,008
Shares issued for services, Amount		1,805	354,162		355,967
Shares issued for services, Shares		18,048,033
Net loss				-2,810,390	-2,810,390
Ending balance, Amount at Mar. 31, 2015	$665	$586,654	$111,093,900	($113,354,312)	($1,673,093)
Ending balance, Shares at Mar. 31, 2015	66,500	5,866,546,812

STATEMENTS_OF_CASH_FLOWS_Unaud

STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended		307 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Cash flows from operations
Deficit accumulated during development stage	($2,810,390)	($2,689,206)	($113,354,312)
Adjustment to reconcile deficit accumlated during development stage to cash used in opeating activities:
Depreciation and amortization	14,016	13,979	456,538
Amortization of loan discount			294,977
Expenses paid issuance of common stock and options	355,967	911,527	63,875,803
Loss on sale of assets			1,607,183
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	11,143		386,536
Accounts payable and accrued expenses	-475,070	338,860	6,099,426
Net cash used in operating activities	-2,904,334	-1,424,840	-40,633,849
Cash flows from investing activities
Purchase of equipment	-15,000	-37,765	-4,462,290
Proceeds from sale of assets			144,164
Security deposits			-318,683
Net cash used by investing activities	-15,000	-37,765	-4,636,809
Cash flows from financing activities
Proceeds from issuance of common stock	2,559,103	1,145,000	43,451,521
Deposits on common stock purchases	142,500	836,000	142,500
Proceeds from issuance of preferred stock			2,753
Proceeds from short-term loans	150,000		200,000
Loans from related parties			1,351,573
Repayment of related party loans			-368,890
Principal payments on long-term debt			1,109,183
Acquisition of treasury stock			-500,100
Net cash provided by financing activities	2,851,603	1,981,000	45,388,540
Net increase (decrease) in cash	-67,731	518,395	117,882
Cash, beginning of period	185,613	11,549
Cash, end of period	117,882	529,944	117,882
Supplemental cash flow disclosures:
Cash paid during the year for interest	$573

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Basis of Presentation	The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2014 Annual Report on Form 10-K and should be read in conjunction with the notes to financial statements which appear in that report.
	The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.
	In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three month periods ended March 31, 2015 and 2014. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform to annual reporting requirements.
	The financial statements have been presented in a "development stage" format. Since inception, our primary activities have been raising of capital, obtaining financing and obtaining FAA Certification from the U.S. Department of Transportation. We have not commenced our principal revenue producing activities. There is no assurance the Company will commence operation in the future or that those operations will be profitable.

EarningsLoss_Per_Share

Earnings/Loss Per Share	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Earnings/Loss Per Share	Net loss per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted earnings per share assumes that any dilutive convertible securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Due to the net losses reported dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. At March 31, 2015, there are no outstanding common stock equivalents.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Stockholders' Equity	Stock Issued for Services
	During the three months ended March 31, 2015, we issued 18,048,033 shares of our common stock in exchange for services. The shares were valued at $355,967, approximately $.01 per share and reflected the share market value at the time of issuance. The shares are not registered and are subject to restrictions as to transferability.
	Stock Issued for Cash
	During the three months ended March 31, 2015, we issued 351,083,008 shares of our common stock in exchange for cash. The shares sold for cash were subscribed at $2,559,103 approximately $0.0073 weighted average per share.

Note_Payable

Note Payable	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Note Payable	On March 31, 2013 the note payable to Eastern Construction & Electric, Inc. was modified as to the repayment of the note. The repayment was modified to read "Company will repay the principal amount of $1,150,000 to lender on or before the second anniversary of the date upon which the company commences its revenue flight operations. The Company will pay accrued interest to date on or before the first anniversary of the date upon which the Company commences its revenue flight operations." All other terms of the agreement remain the same.
	Interest accrued to March 31, 2015 is $448,500.

Stockholders_Equity_Details_Na

Stockholders' Equity (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015
Stockholders Equity Details Narrative
Stock issued for services, Shares	18,048,033
Stock issued for services, Amount	$355,967
Shares price, per share value	$0.01
Stock issued for cash, Shares	351,083,008
Stock issued for cash, Amount	$2,559,103
Weighted average per share	$0.01

Note_Payable_Details_Narrative

Note Payable (Details Narrative) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Note Payable Details Narrative
Long-term debt, net of discount	$1,150,000	$1,150,000
Accrued interest	$448,500