Looks like they might have bought or leased a single plane, I'm sure that is likely contingent on getting route and government authorization. Beyond that I see a facebook page and a website. There is a link to "airline captains wanted" that goes to "not found" .

It would seem that so far they are dependent on money from the BVI government and not fulfilling their commitment with payment obligations under the agreement.
This does not look good. I hope I am wrong but it screams "undercapitalized" and quite possibly will never get off the ground. The BVI will just be out their investment.
It would have made much more sense to have subsidized fares or flights made. It seems like the BVI government is playing the part of start up capital provider for a startup with no track record of operations.