Assuming the land rights are added to the balance sheet as an asset, we don't know yet if it will increase book value immediately. We need to know how the accountants decide to handle the other side of the transaction.

It's possible the asset will be offset with some sort of liability account, because the land rights are contingent on Omagine LLC raising money and completing the minimum build obligations. It might be unlikely, but Omagine could still lose the land rights and the accountants need to consider that. But maybe they can just put it in a footnote. :)

If the other side of the transaction is Shareholders Equity, which account would it go in? I don't know what it would be besides retained earnings. And if it's retained earnings, wouldn't it have to run through the income statement first? If the accountants use the $718,614,000 average value of the Usufruct Rights, that's $718,614,000 income for Omagine LLC and $431,168,400 for Omagine, Inc. (More than $20/share!) That would be quite a one-time gain to report. But I think it would be ideal if the accountants could find a way to spread the gain over several years (to match the Omagine Project construction period). I'd love to see $3 EPS every year instead of a one-time gain.

But this is all just speculation. I have no clue what the accountants will do.

It's frustrating how long it's taking to get a final answer from the accountants. Maybe they have to get approval from the Ministry of Finance. Just kidding. (I hope!)