Baltic International USA Inc. – ‘10-Q’ for 6/30/22

On:  Monday, 8/15/22, at 6:50am ET   ·   For:  6/30/22   ·   Accession #:  918545-22-4   ·   File #:  0-26558

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Quarterly Report   —   Form 10-Q

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Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Baltic 10-Q 6-30-22                                   14     41K 
 2: EX-31       Section 302 Certification                              2±     7K 
 3: EX-32       Section 906 Certification                              1      4K 

‘10-Q’   —   Baltic 10-Q 6-30-22

Document Table of Contents

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U.S. SECURITIES AND EXCHANGE COMMISSION     
Washington, D.C.  20549       

FORM 10-Q           

(Mark One)                                                                      
[X]   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities        
Exchange Act of 1934                                                
For Quarterly Period Ended June 30, 2022.                           
OR                                                                              
[  ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities       
Exchange Act of 1934                                                
For the Transition Period From ___________ to ___________.          

Commission File Number:  0-26558                                                

    BALTIC INTERNATIONAL USA, INC.
    (Exact name of registrant as specified in its charter)

TEXAS                                              76-0336843     
(State or other jurisdiction of                         (IRS Employer           
incorporation or organization)                        Identification No.)       

6002 Rogerdale Road, Suite 300, Houston, Texas  77072 
(Address of principal executive offices)  

(713) 961-9299
(Issuer's telephone number) 

Securities registered pursuant to Section 12(b) of the Act: None                

Check whether the issuer (1) has filed all reports required to be filed by      
Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the          
preceding 12 months, and (2) has been subject to such filing requirements for   
the past 90 days.     Yes [X] No [  ]                                           

Indicate by check mark whether the registrant has submitted electronically and  
posted on its corporate Web site, if any, every Interactive Data File required  
to be submitted and posted pursuant to Rule 405 of Regulation S-T during the    
preceding 12 months.   Yes [  ]  No [X]                                         

Indicate by check mark whether the registrant is a large accelerated filer, and 
accelerated filer, a non-accelerated filer, a smaller reporting company or an   
emerging growth company.  See the definitions of "large accelerated filer,"     
"accelerated filer," "smaller reporting company" and "emerging growth company"  
in Rule 12b-2 of the Exchange Act.                                              

Large accelerated filer [  ]          Accelerated filer [  ]              
Non-accelerated filer [X]             Smaller reporting company [X]       
                              Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has     
elected not to use the extended transition period for complying with any new    
or revised financial accounting standards provided pursuant to Section 13(a) of 
the Exchange Act. [  ]                                                          

Indicate by check mark whether the registrant is a shell company (as            
defined in Rule 12b-2 of the Exchange Act).  Yes [X] No [  ].                   

Number of shares outstanding of each of the issuer's classes of common stock    
as of August 12, 2022:  10,975,760 shares.                                      

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BALTIC INTERNATIONAL USA, INC.

 TABLE OF CONTENTS

                                                                      Page

PART I - FINANCIAL INFORMATION                                                  

Item 1 -  Consolidated Financial Statements (unaudited)                         
Balance Sheets -                                            
        June 30, 2022 and December 31, 2021                              3
Statements of Operations -                                  
        Three and Six Months Ended June 30, 2022 and 2021                4
Statements of Shareholders' Deficit -                       
        Six Months Ended June 30, 2022 and 2021                          5
Statements of Cash Flows -                                  
        Six Months Ended June 30, 2022 and 2021                          7
       Notes to Consolidated Financial Statements                        8

Item 2 -  Management's Discussion and Analysis of Financial Condition           
       and Results of Operations                                        10

Item 3 -  Quantitative and Qualitative Disclosures About Market Risk       11   

Item 4 -  Controls and Procedures                                          12   

PART II - OTHER INFORMATION                                                     

Item 1 -  Legal Proceedings                                                13   

Item 1A - Risk Factors                                                     13   

Item 2 -  Unregistered Sales of Equity Securities and Use of Proceeds      13   

Item 3 -  Defaults Upon Senior Securities                                  13   

Item 4 -  Mine Safety Disclosures                                          13   

Item 5 -  Other Information                                                13   

Item 6 -  Exhibits                                                         13   

Signatures                                                                 14   

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PART I - FINANCIAL INFORMATION

Item 1.  FINANCIAL STATEMENTS                                                   

BALTIC INTERNATIONAL USA, INC.
Consolidated Balance Sheets           
(unaudited)     

                                                   June 30,     December 31,
                                                   2022           2021
ASSETS                                                                          

CURRENT ASSETS                                                                  
Cash and cash equivalents                         $     2,976    $     2,976  
                                                -----------    -----------

 Total assets                                   $     2,976    $     2,976
                                                ===========    ===========

LIABILITIES AND SHAREHOLDERS' DEFICIT                                           

CURRENT LIABILITIES                                                             
Accounts payable and accrued liabilities          $   525,546    $   512,933  
Dividends payable                                   3,944,064      3,865,208  
Short-term debt to officers and directors              69,481         69,481  
                                                -----------    -----------
 Total liabilities                                4,539,091      4,447,622
                                                -----------    -----------

COMMITMENTS AND CONTINGENCIES                                                   

SHAREHOLDERS' DEFICIT                                                           
Preferred stock:                                                              
Series A, convertible, $10 par value,                                       
499,930 shares authorized, 123,000 shares                                 
issued and outstanding                            1,230,000      1,230,000
Series B, convertible, $10 par value,                                       
$25,000 stated value, 70 shares authorized,                               
14 shares issued and outstanding                    350,000        350,000
Common stock, $.01 par value, 40,000,000 shares                               
authorized, 16,629,229 shares issued and                                    
10,975,760 shares outstanding                        166,292        166,292 
Additional paid-in capital                         13,019,530     13,019,530  
Accumulated deficit                               (18,497,363)   (18,405,894) 
Treasury stock, at cost                              (804,574)      (804,574) 
                                                -----------    -----------
  Total shareholders' deficit                     (4,536,115)    (4,444,646)
                                                -----------    -----------
 Total liabilities and shareholders' deficit    $     2,976    $     2,976
                                                ===========    ===========

See accompanying notes to consolidated financial statements.                    

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                        BALTIC INTERNATIONAL USA, INC.                                    
                    Consolidated Statements of Operations                                 
                                (unaudited)                                               

                                  Three Months Ended June 30,   Six Months Ended June 30, 
                                     2022             2021          2022           2021   
                                                                                          
REVENUES                           $     -          $     -       $     -       $       - 
                                   -------          -------       -------       --------- 
OPERATING EXPENSES:                                                                       
 General and administrative          3,906            3,906         7,811           7,815 
                                   -------          -------       -------       --------- 
INCOME (LOSS) FROM OPERATIONS       (3,906)          (3,906)       (7,811)         (7,815)
                                   -------          -------       -------       --------- 
OTHER INCOME (EXPENSE):                                                                   
 Interest expense                   (2,414)          (2,394)       (4,802)         (4,801)
                                   -------          -------       -------       --------- 
 Total other income (expense)       (2,414)          (2,394)       (4,802)         (4,801)
                                   -------          -------       -------       --------- 
INCOME (LOSS) BEFORE INCOME TAXES   (6,320)          (6,300)      (12,613)        (12,616)
INCOME TAX EXPENSE                       -                -             -               - 
                                   -------          -------       -------       --------- 
NET INCOME (LOSS)                $  (6,320)       $  (6,300)   $  (12,613)     $  (12,616)
                                   =======          =======       =======       ========= 

LOSS PER SHARE:                                                                           
Basic and diluted                  $ (0.00)         $ (0.00)      $ (0.01)        $ (0.01)

WEIGHTED AVERAGE OUTSTANDING                                                              
 COMMON SHARES:                                                                           
Basic and diluted               10,975,760       10,975,760    10,975,760      10,975,760 

See accompanying notes to consolidated financial statements.                    

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                        BALTIC INTERNATIONAL USA, INC.                                                                
           Consolidated Statements of Shareholders' Deficit                                                           
                                (Unaudited)                                                                           

                                                            Preferred Stock                                           
                                                    Series A                  Series B           Common Stock         
                                Warrants      Shares        Amount       Shares      Amount      Shares         Amount
                                                                                                                      
Balance, December 31, 2021     $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
Net loss                                                                                                              
Dividends on preferred stock:                                                                                         
 Series A, $0.25 per share                                                                                            
 Series B, $616.44 per share                                                                                          
                               ----------    --------     ----------      ---      ----------  ----------      -------
Balance, March 31, 2022        $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
Net loss                                                                                                              
Dividends on preferred stock:                                                                                         
 Series A, $0.25 per share                                                                                            
 Series B, $623.29 per share                                                                                          
                               ----------    --------     ----------      ---      ----------  ----------      -------
Balance, June 30, 2022         $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
                               ==========    ========     ==========      ===      ==========  ==========      =======

Balance, December 31, 2020     $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
Net loss                                                                                                              
Dividends on preferred stock:                                                                                         
 Series A, $0.25 per share                                                                                            
 Series B, $616.44 per share                                                                                          
                               ----------    --------     ----------      ---      ----------  ----------      -------
Balance, March 31, 2021        $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
Net loss                                                                                                              
Dividends on preferred stock:                                                                                         
 Series A, $0.25 per share                                                                                            
 Series B, $623.29 per share                                                                                          
                               ----------    --------     ----------      ---      ----------  ----------      -------
Balance, June 30, 2021         $        -     123,000     $1,230,000       14      $  350,000  16,629,229     $166,292
                               ==========    ========     ==========      ===      ==========  ==========      =======


See accompanying notes to consolidated financial statements.          

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                        BALTIC INTERNATIONAL USA, INC.                                                
           Consolidated Statements of Shareholders' Deficit                                           
                                (Continued)                                                           
                                (Unaudited)                                                           

                                   Additional                                                         
                                     paid-in      Accumulated         Treasury stock                  
                                     capital         deficit       Shares        Amount       Total   
                                                                                                      
Balance, December 31, 2021        $13,019,530    $(18,405,894)  5,653,469     $(804,574)  $(4,444,646)
Net loss                                               (6,293)                                 (6,293)
Dividends on preferred stock:                                                                         
 Series A, $0.25 per share                            (30,750)                                (30,750)
 Series B, $616.44 per share                           (8,630)                                 (8,630)
                                  -----------    ------------   ---------     ---------   ----------- 
Balance, March, 2022              $13,019,530    $(18,451,567)  5,653,469     $(804,574)  $(4,490,319)
Net loss                                               (6,320)                                 (6,320)
Dividends on preferred stock:                                                                         
 Series A, $0.25 per share                            (30,750)                                (30,750)
 Series B, $623.29 per share                           (8,726)                                 (8,726)
                                  -----------    ------------   ---------     ---------   ----------- 
Balance, June 30, 2022            $13,019,530    $(18,497,363)  5,653,469     $(804,574)  $(4,536,115)
                                  ===========    ============   =========     =========   =========== 

Balance, December 31, 2020        $13,019,530    $(18,222,586)  5,653,469     $(804,574)  $(4,261,338)
Net loss                                               (6,316)                                 (6,316)
Dividends on preferred stock:                                                                         
 Series A, $0.25 per share                            (30,750)                                (30,750)
 Series B, $616.44 per share                           (8,630)                                 (8,630)
                                  -----------    ------------   ---------     ---------   ----------- 
Balance, March 30, 2021           $13,019,530    $(18,266,282)  5,653,469     $(804,574)  $(4,307,034)
Net loss                                               (6,300)                                 (6,300)
Dividends on preferred stock:                                                                         
 Series A, $0.25 per share                            (30,750)                                (30,750)
 Series B, $623.29 per share                           (8,726)                                 (8,762)
                                  -----------    ------------   ---------     ---------   ----------- 
Balance, June 30, 2021            $13,019,530    $(18,314,058)  5,653,469     $(804,574)  $(4,352,810)
                                  ===========    ============   =========     =========   =========== 


See accompanying notes to consolidated financial statements.          

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BALTIC INTERNATIONAL USA, INC.
Consolidated Statements of Cash Flows 
(unaudited)     

                                                 Six Months Ended June 30,
                                                     2022           2021
Cash flows from operating activities:                                           
Net loss                                          $   (12,613)   $   (12,616) 
Adjustments to reconcile net loss to                                          
net cash flows from operating activities:                                   
Change in operating assets and liabilities:                                 
Accounts payable and accrued liabilities             12,613         12,613
                                                -----------    -----------
   Net cash used in by operating activities                -             (3)
                                                -----------    -----------

Net increase in cash and cash equivalents                    -             (3)  
Cash and cash equivalents, beginning of period           2,976          2,979   
                                                -----------    -----------
Cash and cash equivalents, end of period           $     2,976    $     2,976   
                                                ===========    ===========

Supplemental disclosures:                                                       
Cash paid for interest                             $         -    $         -   
Cash paid for income taxes                                   -              -   

Noncash investing and financing activities:                                     
Dividends declared and unpaid on preferred stock  $    78,856    $    78,952  

See accompanying notes to consolidated financial statements.                    

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BALTIC INTERNATIONAL USA, INC.
Notes to Consolidated Financial Statements
(unaudited)     

NOTE 1 - BASIS OF PRESENTATION                                                  

 The accompanying unaudited interim consolidated financial statements of
Baltic International USA, Inc. have been prepared in accordance with accounting 
principles generally accepted in the United States of America and the rules of  
the Securities and Exchange Commission, and should be read in conjunction with  
the financial statements and notes thereto contained in our Annual Report filed 
with the SEC on Form 10-K.  In the opinion of management, all adjustments,      
consisting of normal recurring adjustments, necessary for a fair presentation   
of financial position and the results of operations for the interim periods     
presented have been reflected herein.  The results of operations for interim    
periods are not necessarily indicative of the results to be expected for the    
full year.  Notes to the consolidated financial statements which would          
substantially duplicate the disclosure contained in the consolidated financial  
statements for fiscal 2021 as reported in the Form 10-K have been omitted.      

NOTE 2 - FINANCIAL CONDITION                                                    

  We have incurred operating losses since inception.  At June 30, 2022, we
had an accumulated deficit of $18,497,363 and current assets and current        
liabilities of $2,976 and $4,539,091, respectively, resulting in a working      
capital deficit of $4,536,115.  Net cash used in operating activities was $0 in 
the six months ended June 30, 2022 and $3 in the six months ended June 30,      
2021.  We currently have limited cash resources available and have obligations  
due or past due.                                                                

  Management believes that we will be able to achieve a satisfactory level
of liquidity to meets its business plan and capital needs for the next 12       
months.  Additionally, management believes we have the ability to obtain        
additional financing from key officers, directors and certain investors.        
Management also believes that we can continue to defer certain amounts payable  
by us that are either currently payable or past due.  However, there can be no  
assurance we will be successful to meet its liquidity needs.  There is          
substantial doubt about our ability to continue as a going concern.             

The pandemic caused by an outbreak of a new strain of coronavirus     
(COVID-19) has resulted and is likely to continue to result, in significant     
national and global economic disruption and may adversely affect our business.  
Based on the Company's current assessment, we do not expect any material        
impact on our long-term development timeline and our liquidity due to the       
worldwide spread of the COVID-19 virus.  However, we are actively monitoring    
this situation and the possible effects of our financial condition, liquidity,  
and operations.                                                                 

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NOTE 3 - LOSS PER COMMON SHARE                                                  

   Stock warrants and options are considered to be dilutive for earnings per
share purposes if the average market price during the period exceeds the        
exercise price and we had earnings for the period.  For the periods ended       
June 30, 2022 and 2021, all stock warrants and options are considered           
anti-dilutive.  Supplemental disclosures for loss per share are as follows:     

                                                        [Enlarge/Download Table]

                                Three Months Ended June 30,     Six Months Ended June 30,   
                                     2022             2021           2022           2021    
                                                                                            
Net loss to be                                                                              
 used to compute loss                                                                       
 per share:                                                                                 
 Net loss                         $    (6,320)     $   (6,300)   $   (12,613)   $   (12,616)
 Less preferred dividends             (39,476)        (39,476)       (78,856)       (78,856)
                                   ----------      ----------     ----------     ---------- 
Net loss attributable to                                                                    
 common shareholders              $   (45,796)    $   (45,776)   $   (91,469)   $   (91,472)
                                   ==========      ==========     ==========     ========== 

Weighted average number                                                                     
 of shares - basic and diluted     10,975,760      10,975,760     10,975,760     10,975,760 
                                   ==========      ==========     ==========     ========== 

Loss per common share - basic                                                               
 and diluted                      $     (0.00)    $     (0.00)   $     (0.01)   $     (0.01)
                                   ==========      ==========     ==========     ========== 

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BALTIC INTERNATIONAL USA, INC.

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND        
RESULTS OF OPERATIONS                                         

 The following discussions contain forward-looking information.  Readers
are cautioned that such information involves risks and uncertainties, including 
those created by general market conditions, competition and the possibility of  
events may occur which limit our ability to maintain or improve its operating   
results or execute its primary growth strategy.  Although we believe that the   
assumptions underlying the forward-looking statements are reasonable, any of    
the assumptions could be inaccurate, and there can therefore be no assurance    
that the forward-looking statements included herein will prove to be accurate.  
The inclusion of such information should not be regarded as a representation by 
us or any other person that our objectives and plans will be achieved.          

Current Plan of Operations                                                      

 Our current business objective for the next 12 months is to investigate
and, if such investigation warrants, acquire a target company or business       
seeking the perceived advantages of being a publicly held corporation.  Our     
principal business objective for the next 12 months and beyond will be to       
achieve long-term growth potential through a combination with a business rather 
than immediate, short-term earnings.  We will not restrict our potential        
candidate target companies to any specific business, industry or geographical   
location and, thus, may acquire any type of business.                           

    We do not currently engage in any business activities that provide us with
positive cash flows.  As such, the costs of investigating and analyzing         
business combinations for the next approximately 12 months and beyond will be   
paid with our current cash on hand and through funds from financing to be       
obtained.                                                                       

    During the next 12 months, we anticipate incurring costs related to filing
of Exchange Act reports and costs relating to consummating an acquisition.      

 We believe we will be able to meet these costs with our current cash on
hand and additional amounts, as necessary, to be loaned to or invested in us by 
our stockholders or other investors.                                            

  We may consider a business which has recently commenced operations, is a
developing company in need of additional funds for expansion into new products  
or markets, is seeking to develop a new product or service, or is an            
established business which may be experiencing financial or operating           
difficulties and is in need of additional capital.  In the alternative, a       
business combination may involve the acquisition of, or merger with, a company  
which does not need substantial additional capital, but which desires to        
establish a public trading market for its shares, while avoiding, among other   
things, the time delays, significant expense, and loss of voting control which  
may occur in a public offering.                                                 

    Any target business that is selected may be a financially unstable company
or an entity in its early stages of development or growth, including entities   
without established records of sales or earnings.  In that event, we will be    
subject to numerous risks inherent in the business and operations of            
financially unstable and early stage or potential emerging growth companies.    
In addition, we may effect a business combination with an entity in an industry 
characterized by a high level of risk, and, although our management will        
endeavor to evaluate the risks inherent in a particular target business, there  
can be no assurance that we will properly ascertain or assess all significant   
risks.                                                                          

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    We anticipate that the selection of a business combination will be complex
and extremely risky.  Because of general economic conditions, rapid             
technological advances being made in some industries and shortages of available 
capital, our management believes that there are numerous firms seeking even the 
limited additional capital which we will have and/or the perceived benefits of  
becoming a publicly traded corporation.  Such perceived benefits of becoming a  
publicly traded corporation include, among other things, facilitating or        
improving the terms on which additional equity financing may be obtained,       
providing liquidity for the principals of and investors in a business, creating 
a means for providing incentive stock options or similar benefits to key        
employees, and offering greater flexibility in structuring acquisitions, joint  
ventures and the like through the issuance of stock.  Potentially available     
business combinations may occur in many different industries and at various     
stages of development, all of which will make the task of comparative           
investigation and analysis of such business opportunities extremely difficult   
and complex.                                                                    

Liquidity and Capital Resources                                                 

We had $2,976 in cash at June 30, 2022, compared to $2,976 at         
December 31, 2021.                                                              

At June 30, 2022, we had working capital deficit of $4,536,115 as     
compared to $4,444,646 at December 31, 2021.  The increase in the working       
capital deficit is due primarily to the accrual of additional liabilities.      

 Net cash used in operating activities for the six months ended June 30,
2022 was $0 as compared to $3 for the same period of 2021.                      

  We have incurred operating losses since inception.  At June 30, 2022, we
had an accumulated deficit of $18,497,363 and current assets and current        
liabilities of $2,976 and $4,539,091, respectively, resulting in a working      
capital deficit of $4,536,115.  We currently have limited cash resources        
available and have obligations due or past due.                                 

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK             

    There has been no material change in our market risks since the end of the
fiscal year 2021.                                                               

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Item 4.  CONTROLS AND PROCEDURES                                                

   Our Chief Executive Officer and Chief Financial Officer, after evaluating
the effectiveness of our "disclosure controls and procedures" (as defined in    
the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the    
end of the period covered by this Quarterly Report on Form 10-Q, has concluded  
that our disclosure controls and procedures were effective to provide           
reasonable assurance that information we are required to disclose in reports    
that we file or submit under the Exchange Act is recorded, processed,           
summarized and reported within the time periods specified in the Securities and 
Exchange Commission rules and forms, and that such information is accumulated   
and communicated to our management, including our Chief Executive Officer and   
Chief Financial Officer, as appropriate, to allow timely decisions regarding    
required disclosure.                                                            

  There were no significant changes in our internal control over financial
reporting during our most recent fiscal quarter that materially affected, or    
were reasonably likely to materially affect, our internal control over          
financial reporting.                                                            

Limitations on the Effectiveness of Internal Control                            

    Our management does not expect that our disclosure controls and procedures
or our internal control over financial reporting will necessarily prevent all   
fraud and material errors.  An internal control system, no matter how well      
conceived and operated, can provide only reasonable, not absolute, assurance    
that the objectives of the control system are met.  Further, the design of a    
control system must reflect the fact that there are resource constraints, and   
the benefits of controls must be considered relative to their costs.  Because   
of the inherent limitations on all internal control systems, no evaluation of   
controls can provide absolute assurance that all control issues and instances   
of fraud, if any, within the Company have been detected.  These inherent        
limitations include the realities that judgments in decision-making can be      
faulty, and that breakdowns can occur because of simple error or mistake.       
Additionally, controls can be circumvented by the individual acts of some       
persons, by collusion of two or more people, and/or by management's override of 
the controls.  The design of any system of internal control is also based in    
part upon certain assumptions about the likelihood of future events, and there  
can be no assurance that any design will succeed in achieving its stated goals  
under all potential future conditions.  Over time, controls may become          
inadequate because of changes in circumstances, and/or the degree of compliance 
with the policies and procedures may deteriorate.  Because of the inherent      
limitations in a cost-effective internal control system, financial reporting    
misstatements due to error or fraud may occur and not be detected on a timely   
basis.                                                                          

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    BALTIC INTERNATIONAL USA, INC.

   PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS, None                                                

Item 1A. RISK FACTORS, Not Required                                             

Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS, None      

Item 3.  DEFAULTS UPON SENIOR SECURITIES, None                                  

Item 4.  MINE SAFETY DISCLOSURES, Not Applicable                                

Item 5.  OTHER INFORMATION, None                                                

Item 6.  EXHIBITS:                                                              

31     Certification pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002                                                 

32     Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002                                                 

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10-Q
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BALTIC INTERNATIONAL USA, INC.

SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the             
undersigned, thereunto duly authorized.                                         

BALTIC INTERNATIONAL USA, INC.
(Registrant)

Date:  August 15, 2022                   By:  /s/ David A. Grossman             
 ----------------------                  -------------------------------
                           David A. Grossman
                                  Chief Executive Officer,
                                       Chief Financial Officer and
                               Corporate Secretary

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-Q’ Filing		Date		First		Last			Other Filings
Filed on:		8/15/22		14
		8/12/22		1
For Period end:		6/30/22		1		11
		3/31/22		5					10-Q,  NT 10-K
		12/31/21		5		11			10-K,  NT 10-K
		6/30/21		2		9			10-Q
		3/31/21		5					10-Q
		3/30/21		6
		12/31/20		5		6			10-K,  NT 10-K
									List all Filings