Baltic International USA, Inc.

What they do

Baltic historically provided capital, management and technical services to start-up and established private companies and sold most of its Eastern European business interests in 1999. Since March 2003 it has been classified as a shell company. It has no operations and no revenues, and its business objective is to identify and acquire or combine with a target business.

Revenue drivers

• No revenue-generating operations — The company has generated no revenues since March 2003; there are no reportable segments or product lines.
• Historical investment/services activities — Prior activities providing capital, management and technical services to private companies produced no significant profits or management fees and have been discontinued.
• Proposed business combination — Any future revenue would come from a target company acquired through a merger or acquisition; no candidate or agreement has been identified.

Recent performance

At June 30, 2026 the company reported cash of $2,976, unchanged from December 31, 2025. It had a working capital deficit of $5,269,460 versus $5,177,991 at December 31, 2025, due primarily to accrual of additional liabilities. Current assets were $2,976 and current liabilities were $5,272,436. Net cash used in operating activities was $0 for the six months ended June 30, 2026 and $0 for the same period of 2025. Accumulated deficit at June 30, 2026 was $19,230,708.

Strategy

Management's stated objective for the next 12 months and beyond is to investigate and, if warranted, acquire a target company or business seeking the advantages of being publicly held. It will not restrict candidates to any specific business, industry or geographic location. Costs of investigating, filing Exchange Act reports and consummating an acquisition are expected to be paid from current cash and funds from financing or loans by stockholders or other investors. As of the filing date, no definitive agreement or specific discussions with any candidate had occurred.

Risks

• No operations or revenue — The company has had no operations or revenues since March 2003 and will likely sustain expenses without corresponding revenues until a business combination is consummated.
• Going concern / liquidity — It reported a working capital deficit of $5,269,460, an accumulated deficit of $19,230,708 and only $2,976 of cash at June 30, 2026.
• No identified target — No definitive agreement or specific discussions with any business combination candidate existed as of the filing date.
• Competition for deals — The company competes with larger, better-financed entities, including venture capital firms, for acquisition targets.

Outlook

Management expects to incur costs relating to Exchange Act filings and the consummation of an acquisition over the next 12 months. It believes it can meet these costs with current cash on hand and additional amounts, as necessary, loaned to or invested in it by stockholders or other investors. The principal objective is long-term growth through a combination with a business rather than near-term earnings. No assurance can be given that a target will be identified or a combination completed.