Alton, did you factor in these figures or are they not related to book value. Thanks for doing this calculation.
Pre-Development Expenses / Success Fee
As provided for in the Shareholder Agreement, Omagine will receive payment in full from LLC of:
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(i)
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the Pre-Development Expense Amount and,
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(ii)
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the $10 million Success Fee.
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The ten (10) million dollar Success Fee will be paid to Omagine in five annual two (2) million dollar installments beginning on or within ten (10) days after the Draw Date.
Fifty percent (50%) of the Pre-Development Expense Amount will be paid to Omagine on or within ten (10) days after the Draw Date and the remaining fifty percent (50%) will be paid to Omagine in five equal annual installments beginning on the first anniversary of the Draw Date.
