American Airlines went bankrupt in 2011. They didn't have over 9 billion shares. They had to do a merger with US Airways to survive. And they weren't listed on the OTC after the merger, they went public on NASDAQ as a multi-billion-dollar company. The post-merger company is just over 3 years old, not exactly a long time.

If Baltia does a R/S to 10 mill and starts issuing shares to raise the O/S, I think I'll be the first one to drive a bulldozer right through headquarters. They cannot and should not issue shares to pay debt, nor provide equity to pay debt after the R/S. Get the share count down, and get the certification in the meantime without diluting the value of the stock any more than is absolutely needed - and this doesn't justify paying for a second plane with debt prior to certification or really at any point. Their single plane can generate sufficient revenue to finance a second plane without issuing shares. Unless they plan on buying back shares after issuing them to pay for a lease, I don't expect them to make such a foolish decision that'll ultimately drive down the stock price.