BALTIA AIR LINES INC

CIK:0000869187|SEC Filings

STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses:
General and administrative	$ 370,862	$ 2,422,850
FAA certification costs	189,129	347,076
Depreciation	2,509	14,016
Total costs and expenses	562,500	2,783,942
Loss from Operations	(562,500)	(2,783,942)
Other Income (Expense)
Interest	(180,432)	$ (26,448)
Gain on sale of assets	54,500
Net Income (loss) for the period	$ (688,432)	$ (2,810,390)
Net loss per weighted share, basic and fully diluted	$ (0.0001)	$ (0.0005)
Weighted average number of common shares outstanding, basic and fully diluted	7,946,594,834	5,736,721,588

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operations
Net loss	$ (688,432)	$ (2,810,390)
Adjustment to reconcile deficit to cash used in operating activities:
Depreciation and amortization	2,509	$ 14,016
Non - cash interest cost	2,481
Expenses paid issuance of common stock and options	$ 148,862	$ 355,967
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		11,143
Accounts payable and accrued expenses	$ (35,914)	(475,070)
Net cash used by operating activities	$ (570,494)	(2,904,334)
Cash flows from investing activities
Purchase of equipment		(15,000)
Net cash used by investing activities		(15,000)
Cash flows from financing activities
Notes payable	$ (50,053)	150,000
Proceeds from issuance of common stock	447,500	$ 2,559,103
Net proceeds from issuance of promssory note	506,138
Deposit on common stock purchases	(175,000)	$ 142,500
Net cash provided by financing activities	728,585	2,851,603
Net increase (decrease) in cash	$ 158,091	(67,731)
Cash, beginning of period		185,613
Cash, end of period	$ 158,091	117,882
Supplemental cash flow disclosures:
Cash paid during the year for interest	$ 490	$ 573

BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash	$ 158,091
Due From Former Employee	51,874	$ 51,874
Due from the Estate of CEO/Founder	125,716	125,716
Shares of Common Stock to be Cancelled	$ 1,488,536	$ 1,488,536
Other current assets
Total current assets	$ 1,824,217	$ 1,666,126
Property and equipment, net	37,119	39,628
Other assets:
Security deposit and other	1,390	1,390
Total assets	1,862,726	1,707,144
Current liabilities
Accounts payable and accrued expenses	2,353,166	2,414,955
Deposit on common stock purchases	105,000	$ 280,000
Promissory note payable	508,619
Note payable	509,730	$ 559,783
Accrued salaries	138,700	138,700
Accrued interest	561,891	536,016
Total current liabilities	4,177,106	3,929,454
Noncurrent liabilities
Long-term debt, net of discount	1,150,000	1,150,000
Total liabilities	5,327,106	5,079,454
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; 9,986,000,000 shares authorized, 8,111,409,114 and 7,555,715,234 issued and outstanding at March 31, 2016 and December 31, 2015, respectively	811,139	755,570
Additional paid-in capital	115,294,304	114,753,511
Deficit	(119,570,488)	(118,882,056)
Total stockholders' equity (deficit)	(3,464,380)	(3,372,310)
Total liabilities and stockholders' equity (deficit)	$ 1,862,726	$ 1,707,144