I don't think it sounds grim.  Omagine is going with its backup plan. It's a good thing they have one! 

The way I read the 10-Q, CCC is now out of the picture! Shocking, but considering they've been holding things up, maybe it's for the best.  It sounds like Omagine is close to agreements with a new construction company and bank and still plans to begin serious design and construction activities in Q1 2017.