Very long excerpts ... but incredibly good reading! I'm only 1/2- way through it but here are a few strong take-aways:

Whether to treat the rights as an asset or as a footnote has not yet been definitively agreed upon, however they are very close. Excerpt below (emphasis, mine):

"LLC received PWC’s draft report on August 13, 2015 and expects to receive PWC’s final report within a few days hereof. LLC intends promptly thereafter to consult with its auditor, Deloitte, to finalize the accounting treatment of its Usufruct Rights on LLC’s financial statements."

So we should hear very soon on this very important subject. Since management goes to great length to explain why they currently believe that the rights should be treated as an asset, and show data indicating the increased value to the company, even after receiving the draft report, I believe it's not unreasonable to be opptimistic that the rights will be treated as an asset. My opinion only as the fat lady hasn't yet sung.

There is also much discussion regarding expensing and funding of Pre-Development Expenses and defining of the first (of several) Financing Agreeement Dates. Once the first of these agreement dates occurs, that would trigger the payment to LLC of nearly $70m.

Another quote from the document (emphasis, mine):

"LLC is presently exploring possible Equity Sales and Debt Facilities in order to finance the balance of the Pre-Design Activities in an effort to accomplish the initiation and completion of the maximum amount of Pre-Design Activities. One of such Debt Facilities presently under consideration by management is a secured loan from Omagine to LLC, if and when sufficient funds are available to Omagine to make such loan. This or any other such Debt Facility would be memorialized by a written agreement constituting a Financing Agreement (as defined in the Shareholder Agreement) and the date of the closing of any such Debt Facility, provided it is the first Financing Agreement to be executed, would therefore be the Financing Agreement Date (as defined in the Shareholder Agreement). The occurrence of the Financing Agreement Date will trigger the obligations of RCA and CCC pursuant to the Shareholder Agreement to invest the Final Deferred Cash Investment of 26,628,125 Omani Rials ($69,233,125) into LLC. "

Immediately after the above paragraph, management goes into great detail describing the many benefits of an earlier Financing Agreement Date. It also describes management's intention to finance the remaining Pre-Design Activities (budgeted at ~ $20m) through either an equity sale of a piece of LLC or through a debt facility (the latter would likely trigger the first Financing Agreement Date and, therefore, the $69m infusion). The funding of the remaining Pre-Design work is very important and clearly will happen soon.

There is more good info in the document, but it is clear than an awful lot of hard work has been going on behind the scenes and continues. This project is happening.

I STRONGLY urge all shareholders to take the time to read at LEAST the excerpts of today's 10Q. And then read it a 2nd time. And then buy more stock.