BALTIA AIR LINES, INC. (OTCMKTS:BLTA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On May 9, 2017, Baltia Air Lines, Inc. (the Company) entered into
an Aircraft Lease Agreement (the Agreement) with Kalitta Air, LLC
(Kalitta), to which the Company will lease a Boeing 767-400ER
model aircraft from Kalitta. Such aircraft will be equipped for
worldwide geographical operations. The Company will take delivery
of the aircraft no later than July 30, 2017 for a term of 24
months unless Kalitta recalls the aircraft for conversion from
passenger use to cargo. The parties may also choose to extend the
term of the lease. Under the terms of the Agreement, Kalitta is
required to provide the Company with all historical records
related to the aircraft airframe and engines in order to meet
regulatory requirements. No later than five business days prior
to the delivery date of the aircraft to the Company by Kalitta,
the Company shall pay to Kalitta a lump sum basic rent payment.
Thereafter, the Company will be responsible for monthly
maintenance fees in connection with systems, zonal and structural
checks, accumulated flight hours, accumulated flight cycles,
landing gear overhaul and certain heavy repair maintenance. The
Company intends to use this aircraft to obtain its Air Carrier
Certification with the Federal Aviation Administration, which is
currently in process.
Item 4.01 Changes in Registrants Certifying
Accountant
On May 9, 2017, the Company entered into an engagement agreement
with GBH CPAs, PC (GBH), to which GBH will serve as the Companys
registered independent public accounting firm and will audit the
Companys balance sheet and related statements of operations,
stockholders equity and cash flows for the years ended December
31, 2016 and 2015.
During the Companys two most recent fiscal years and the
subsequent interim period preceding its engagement, neither the
Company nor anyone on its behalf consulted GBH regarding either:
(i) the application of accounting principles to a specific
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company’s financial
statements or the effectiveness of internal control over
financial reporting, and neither a written report nor oral advice
was provided to the Company that GBH concluded was an important
factor considered by the Company in reaching a decision as to any
accounting, auditing, or financial reporting issue, or (ii) any
matter that was the subject of a disagreement within the meaning
of Item 304(a)(1)(iv) of Regulation S-K, or (iii) any reportable
event within the meaning of Item 304(a)(1)(v) of Regulation S-K.
About BALTIA AIR LINES, INC. (OTCMKTS:BLTA)
Baltia Air Lines, Inc. (Baltia) is a development-stage company. The Company provides scheduled air transportation from the United States to Russia, the Baltic States and the Ukraine. Baltia is in Phase III of the FAA Air Carrier Certification. The Company has two trademarks: Baltia and Voyager Class. Baltia intends to commence scheduled non-stop service from its Base of Operations at Terminal 4, JFK Int’l Airport in New York to Pulkovo II Int’l Airport of St. Petersburg. The Company intends to provide nonstop passenger, cargo and mail service from JFK to St. Petersburg and from JFK to Riga, with online service to Minsk, Kiev and Tbilisi, as well as back up service to Moscow. It intends to operate as a Part 121 carrier, a heavy jet operator. Baltia intends to start the JFK-St. Petersburg service with one round-trip flight per week, then increase the frequency to over three round trips, and then to approximately five round trips. BALTIA AIR LINES, INC. (OTCMKTS:BLTA) Recent Trading Information
BALTIA AIR LINES, INC. (OTCMKTS:BLTA) closed its last trading session down -0.00090 at 0.00810 with 41,631,025 shares trading hands.
