Based on what's publicly available, BLTA made 8 insider transactions in the past 12 months. Mr. Vick Luis Bolanos is the Director of Baltia Air Lines bought 150M shares at $0.01 per share, $1.5M. He can't sell his shares now. You have to also note that blta is at the end of the certification process, so they don't need to sell at the very discounted prices they used to and can be picky.
The last time Mr. Vick Luis Bolanos bought shares were on July 18 2014. I don't think that $1.2M (120M shares he bought at the time) would have been spent in 3 months. But even if the money was spent, this shows that blta management is willing to fund the company with their own money, which they might do again eliminating the need for private placement.
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