My main problem is the DOT response like I said where they talk about BLTA needing 1/4 of their expected operating expenses plus start-up costs. Maybe you can bring additional investors over here if you are correct. That paragraph is my main sticking point. They don't have the nearly $15M plus start-up costs to do their main pro-forma plan from what I see. Yes, they have enough to do a toned down version but with less net income potential.
This is my sticking point. This paragraph from the DOT's response from 11/6th. That's all. I won't pester you anymore.
To meet the Department's financial fitness test, Baltia must demonstrate that it has access to funding sufficient to cover all pre-operating expenses and one-fourth of its first-year
forecasted operating expenses. Based on our review, it does not appear as though Baltia has the financial wherewithal to conduct its proposed operations. Without third-party
verification, among other things, of all lines-of-credit available, we are unable to accept Baltia's line-of-credit guarantees from Igor Dmitrowsky, Brian Glynn, and Walter
Kaplinksy. We are also unable to accept the letter of commitment from Preston Capital Partners because the funds will become available after Baltia commences operations.
Consequently, please provide the following information:
AI
