Youlie, the note that the dawg is referencing is b

Youlie, the note that the dawg is referencing is by Luis Bolanos, owner of Eastern Construction & Electric and one of the Board Members of Baltia Air Lines.  Luis loaned the $ to Baltia so that they could purchase N706BL and has a security interest in N706BL.  Luis has agreed neither to seek principle nor interest until Baltia is well on their way to earning revenues.................


On October 14, 2013 the note payable to Eastern Construction & Electric, Inc. was modified as to the repayment of the note. The repayment was modified to read Company will repay the principal amount of $1,150,000 and accrued interest of $293,250 to lender from operating revenues within two years from March 31, 2013. The Company will lender interest on the loan at 9% per annum. Interest will accrue quarterly until the principal is repaid. All other terms of the agreement remain.