Yesterday the stock price of Baltia Air Lines Inc (OTCMKTS:BLTA) declined more than 8% to close at $0.0144. The traded volume for the day was massive as investors exchanged 20.37 million shares, which is recorded as one of the biggest daily volumes witnessed by BLTA stock since the start of the year.
The high hopes
The shareholders, investors and markets are expecting that a new press release reporting the successful results of the mini-evacuation test will be released any day now. However, such kinds of rumors are floating in the industry for months. So, far Baltia Air Lines Inc (OTCMKTS:BLTA) have not expressed its views on the matter. The last announcement came on February 6, 2015 stating that the company doubled its cockpit crews.
Here, the main concern is the lack of recent updates. Also, it is important to consider the fact that the hype of positive results, if any will be short-lived as Baltia Air Lines is in dismal financial position. During the first three quarters of FY2014, the company generated capital of close to $7.1 million but as of September 30 they disclosed the cash and total current assets at mere $29,000. It is a disappointing figure. The total current liabilities were $2.7 million. The revenue figure is interesting to watch as it stands at zero, with quarterly net loss of $5.4 million.
The future ahead
As the figure shows, the capital that Baltia Air Lines raised has almost evaporated, except the 1.4 billion common shares priced at $0.005. The company sold those shares to acquire the funds. The number of outstanding shares increased to 4.93 billion from 3.3 billion in just nine months. As of November 17, the outstanding count had reached 5.2 billion. However, a Schedule 13-D filing disclosed that as of February 17, 2015 the outstanding count was 5.7 billion.