Omagine Inc. (OMAGQ)

[waterchaser]

No way to spin this into something good for this low-float pump and dump. This released today:

Notwithstanding the foregoing sentence, Company management determined in March 2018 that the uncertainty surrounding the eventual outcome of the Omagine Project is now so great that the carrying value recorded for the Company’s Land Rights should be fully reserved and such earnings statements are therefore also expected to reflect an approximately 14,710 % increase in the Company’s total net loss as compared to its fiscal year 2016 total net loss in order to reflect such management determination as of the Company’s recent fiscal year end.

As a result of such uncertainty, management recently determined that the $718,614,000 carrying value of the Company’s Land Rights may in fact not be recoverable. The full value of such Land Rights has therefore been reserved as of December 31, 2017 in the financial statements for the Registrant’s majority owned subsidiary Omagine LLC and in the Registrant’s consolidated financial statements.