I don't see any basis, even remotely, of a corresponding liability. As for how it would be booked into shareholders' equity, that's a good question. In looking at the latest quarterly balance sheet, the only omaginable (pun intended) category would be "Capital in excess of par value", but that seems to be reserved for changes in common stock. Given that this land is the consideration given to Omagine for shares in LLC, and the consolidated financials reflect that fact, this line item category may be the one that would be impacted. Otherwise, I guess it would have to create a new, "write-in" item for it.

As for retained earnings, no way this would flow through that line. There is nothing related to this asset or the acquisition of this asset, that could even remotely be considered revenue or income. Furthermore, if it were considered income, it would be subject to taxation. These rights are an asset that the govt is conveying to Omagine LLC to represent their (Oman) investment in the project.

So I guess it would either flow through "Capital in excess of par value" or a new, write-in line item. I am looking forward to seeing how this is booked. In the mean time, I only see 2 options: footnote (and therefore no impact on balance sheet and book value) or an asset with an immediate increase in consolidated book value by $20+/share.