I think splitting the land value makes sense. The good news, besides it going on the balance sheet and not just a footnote, is it's not an intangible asset as they expected. "Land under development" and "Real estate held for investment" looks much better on a balance sheet!
But the best news in the 10Q is the term sheet from the Qatari bank. Land rights are great, but this project is going nowhere without financing. Let's hope completing the loan doesn't take as long as completing the CCC contract. This loan would be a huge milestone and truly gets the Omagine Project underway.
One negative in the 10Q is that OMAG had to sell more shares to raise cash:
"On October 26, 2015, Omagine sold an aggregate of 1,200,000 restricted Common Shares to three non-U.S. persons who are accredited investors (500,000 restricted Common Shares each to two investors and 200,000 restricted Common Shares to one investor) for aggregate proceeds to Omagine of $1,200,000."
This increases shares outstanding by about 6.9%. I'm so sick of the dilution. I hope this is the last time OMAG has to sell shares at $1 - or even under $5. Once the bank loan and the CCC contract are complete, I believe that triggers the $70MM payment to LLC. That has to help the stock price. And with the $1,200,000 from the stock sale, OMAG has no excuse not to hire an investor relations firm immediately.
