The 10-Q says the Minister of Tourism signed the usufruct agreement in late April 2015! I wonder why there was no 8-K reporting this? Getting the Minister of Tourism to sign the DA took many years, so getting his signature on the usufruct agreement seems significant to me!

The usufruct agreement has now been officially transmitted to the Ministry of Housing for signature by the Minister of Housing. Once it's signed, Omagine LLC can finally sign and register the UA. This will complete the process of transferring control of the Project Land from the Government to Omagine LLC.

Once that's done, the land appraisal will be revealed and the value will go on the books of Omagine LLC!