I think there's more to this accounting decision than just a yes or no. Omagine Inc. already hinted that the land rights will go on the balance sheet. But the accountants also need to figure out exactly how to do it. Every transaction affects at least two accounts. So if you add an asset, then you also need to do something to liabilities or shareholders equity. And there are two entities here, Omagine, Inc and Omagine, LLC, that use different accounting rules - GAAP in the US and IFRS (International Financial Reporting Standards) in Oman. And accounting for intangible assets (like land rights) is one of the big differences between US GAAP and IFRS. So there are a bunch of decisions to make.

Omagine, Inc. is probably waiting until all of the accounting decisions have been made before announcing anything, rather than giving us answers bit by bit.