This is actually a great question. I asked myself the same one. With some DD I found this out...
It appears that the business model Baltia set forth for themselves in the beggining called for ownership of a plane outright. Once the plane is owned outright this equals zero debt load which is great for a company with zero revenues. With the uncertainty of on how long the certification was going to take, not having an exorbient lease payment each month coupled with all the operating expenses they have had up to this point, you begin to see why purchasing this 747 was actualy an acceptable move.
The 747 200 was also chosen for it's cargo capacity, which is in line with Baltia's goal of generating high margin of profits per flight.
Add in the fact that the millions of dollars spent from inception till when they begin income generating activities are considered tax deductible.
This all together puts Baltia in a unique position when it comes to growth potential since most of the profit generated should be used to grow the business.
Leasing planes in the future are definitely an option.
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