Is there any evidence (historical or other) to support your theory that a startup airline can trade at a higher-than-industry multiple? I don't think an airline has ever been publicly traded prior to certification. It may be heartbreaking to many if they think that applying a generalization of the inflated valuations often seen in both private and public startups to USGlobal will yield a greater-than-expected market cap in the near future, considering that this company has met most of the "do not invest" criteria that any intelligent investor would look to.

We can discuss this till the second coming, but I see no scenario in which anyone gets excited about USGlobal until there is a strong profit margin and incredible passenger experience, which the 767 won't provide, nor will charter flights. Baltia showed for 29 years that people get tired of hype. Money is all that matters, especially with USGlobal's awkward position as a non-reporting OTC pink trying to make it as an industry leader. However, if Tony and the rest of the team is able to raise tens of millions of dollars in a very short amount of time and immediately upgrade to the 777 with plans to fly multiple weekly roundtrip flights within the first few months of 2018 (excluding charter flights on the 737s), then we might be in the running for billion-dollar status. But if they decide to take their time and fly 737s for now while trying to acquire 767 leases, it'll be a very bleak scenario for us as investors. And it certainly won't involve generous valuations...