Honestly, I feel like this whole thing was a stock pump and dump. They received money from investors in the millions and they needed to show that Baltia was doing something with it.
They purchased a old 742 just to prove that they actually did it, And now that's it. They proved to the investors that it was a risk and that they did not have enough money to start flying.
If they really wanted to start an airline flying from JFK
then they could and would of leased an old 767 to start immediate operations.