Baltia Air Lines Inc (OTCMKTS:BLTA) declined again on last trading session, losing 9.86% of its market value this time. It is not at all surprising to see the sharp decline in company’s share prices. In fact it is surprising that still they are trading well above the double zeros.
Recently, Baltia Air Lines sold 1.4 billion common shares at a price of $0.005 to support its operations. The latest financial report states that almost no amount is left of that money. As per the last report, the company posted cash and total current assets amounting to $29,000. The total current liabilities came at $2.7 million. It reported zero revenue and net loss was $5.4 million. Seeing the financial figures, it won’t be wrong to conclude that the company is trading well above its justified level.
The financial numbers doesn’t appear to be of a successful aviation company. In fact they look like the financial numbers of another OTC market penny stock that just sell pipe dreams and stock. In 2014, Baltia Air Lines outstanding shares increased in leaps and bounds to 4.93 billion from 3.3 billion in just nine months. As of November, 2014 the count reached 5.2 billion. Moreover, the problem didn’t end there as of February 2015, outstanding shares count was 5.7 billion. The financials and outstanding shares count clearly indicates that at this time it is better to avoid making any investment in the company.
The press release
In first week of February, Baltia Air Lines Inc (OTCMKTS:BLTA) informed that the second class of cockpit crew members completed ground training and will now commence simulator training. With the new group, which covers the crew members who finished the first class, the company would almost double its cockpit crews.
In last trading session, BLTA stock prices declined 9.86% to close at $0.0130.