The point is BLTA is not a failure. BLTA is still in certification with FAA and still has the support financially to continue with certification. As can be seen from the previous 10Q, they were able to secure cash flow to meet all expenses for the quarter ($1,651,086) and have $14,940 left over.
Second, look at the amounts they have to raise and minimum investment requirements. IMO, people that have the discretionary funds to invest here are going to be careful with that amount of money. IMO, those giving money to BLTA have vetted the company for its legitimacy and still invested. Being there is only one or two people that report their share count (outside of executives), there must be an awful lot of people that have invested in BLTA. If something was off, there would be a problem getting financing.
Additionally, BLTA has been proactive in getting things ready for operations and advancement in certification by making contracts with other companies and employees. Some of the highlights include:
1. Increase in employees from 31 in annual report ending 12/31/14 to 71 employees as of last quarterly report
2. World Fuel Services contract for fuel services
3. Catering contract for in flight food.
4. Hiring ads placed in Russia for spot at Pulkovo.
5. Hiring of 3 pilot groups
6. hiring of stewards
7. Reception of IATA BQ
8. Reception of ICAO code BTL
9. crowdfunder started
10. Completion of Phase II
Lastly, they are working with government agencies. IMO, I would doubt they would put resources into certifying the company if the company was not trying to get certified.
IMO
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