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NT-10K filing. Not good. 9% loss in operations

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SilverBack   Friday, 03/30/18 02:11:49 PM
Re: waterchaser post# 441
Post # of 461 
NT-10K filing. Not good. 9% loss in operations and 14,710 % increase in the Company’s total net loss.


(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

Yes

The earnings statements to be included in the Company’s report on Form 10-K for its 2017 fiscal year are expected to reflect an approximately 9% decrease in the Company’s loss from operations as compared to its fiscal year 2016 loss from operations. 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.

Everything is IMHO. Do your own DD. I don't make you push buttons. You do. Glad I could clear that up for you.
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