Omagine, Inc., along with its affiliate, filed a disclosure statement in the US Bankruptcy Court on July 7, 2020. The disclosure statement filed is related to the plan of reorganization filed by the debtor dated June 7, 2020. As per the disclosure statement filed, unsecured priority tax claim of $5,194.83 of New York State regarding interest and penalties and $1,400 claim of the State of Delaware shall be paid in cash. No amount for penalties will be paid unless and until all other allowed unsecured claims are paid in full, and then only if the claim becomes an allowed claim. Debtors have no secured claims. Unsecured Omagine note claims of $1.94 million, unsecured Omagine pre-petition insider consulting fee claims of $1.13 million and unsecured Omagine vendor claims of $0.4 million shall be paid in full from pool 6 unless pool 6 is an insufficient funds pool, in which case, each holder will be paid the pro-rata amount of its claim. Unsecured JOL vendor claims of $0.09 million are disallowed and receive no payments. Equity interests shall be cancelled. The sole source of cash that may be available to fund distributions under this plan is a recovery at the conclusion of the Oman litigation. On or about the confirmation date, the reorganized Omagine common shares shall be issued to Frank Drohan at $3,500 for 0.35 million shares Charles Kuczynski at $1,200 for 0.12 million shares Sam Hamdan at $350 for 0.035 million shares.