This is precisely true.
Proper and correct business dictates that one does not purchase the land prior to having everything in place.
My posts are correct and very clear as I've taken the time to look at the details of the S-1.
In the details, I've noticed that they plan on getting the S-1 done in 90 days from June 26th. It is possible that this could go longer (subject to the SEC), but it will get done. If everything is going well by the time the Oct 1st deadline is met (permit application is submitted and moving forward) but they haven't received the S-1 completion, I'm sure there will either be an extension of the option or they will buy the land with alternative financing.